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Incitec Pivot Notes the Closure of the Rail Line Between Townsville and Phosphate Hill Due to Qld Weather Events

11 Feb 2019  |  09:11:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Impact of recent extreme Queensland weather events

Incitec Pivot noted the closure of the rail line between Townsville and Phosphate Hill as a consequence of the once in a 100-year rain event and the resultant flooding in northern Qld. The Company understands that the rail infrastructure provider is waiting for conditions to improve in order to allow full access to the rail line and assess when rail services are likely to resume. The Company began a progressive shutdown of plants within its Phosphate Hill facility over the weekend and is continuing to run each plant for as long as possible given storage and input constraints. The Company estimates that the impact of the rail closure will give rise to lost earnings before interest and tax (EBIT) of A$10m per week from 9 February 2019 until resumption of full production.

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