Compass Minerals announced today that the Goderich, Ontario, rock salt mine is operating at reduced rates due to geological movements which created a partial ceiling fall on Sept. 18, 2017.
While no injuries resulted from the incident, a portion of the mine's main conveyance system has been damaged. The company expects to return to normal operating rates within six weeks.
"Naturally occurring movements in our underground mines is a challenge we constantly monitor and work to mitigate. I am pleased with how our team safely prepared for and responded to this event, remaining out of harm's way and incurring no injuries. Unfortunately, we expect increased salt costs and lower production volumes to impact full-year earnings," said Compass Minerals' CEO Fran Malecha. "In addition, plant nutrient volumes in Brazil continue to lag expectations this season, which is likely to limit our Plant Nutrition South America segment sales volumes to the lower end of our guidance range."
The company now expects full-year 2017 earnings per share to range from $2.50 to $2.80.