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Chile’s Soquimich Falls as Crops Slide, Explosion Kills Workers

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Sept. 7 (Bloomberg) -- Soc. Quimica y Minera de Chile SA, Chile’s largest fertilizer producer, fell for the first time in six days as some global crop and energy prices declined and six of the company’s employees died in an explosion.

Soquimich, as the company is known, fell 0.9 percent to 22,620 pesos at 11:39 a.m. New York time. Chile’s IPSA index fell 0.5 percent to 4,612.79.

Soquimich is investigating an accident that caused the death of six of its employees, it said in an e-mailed statement. They died when a truck carrying explosives blew up on a road in northern Chile, Television Nacional reported. Wheat futures in the Chicago Board of Trade fell as much a 1.9 percent while crude oil fell the most in a week.

“The explosion shouldn’t have an effect on the company’s long-term fundamentals,” Juan Carlos Parra, an analyst at CorpResearch SA, said today in a telephone interview. “Agricultural commodities are also falling and pressuring the stock.”

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net.

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