Explosive blow on Incitec Pivot

SHARES in Incitec Pivot have sunk after the explosives maker announced it had lost another major mining contract.

The Melbourne-based explosives and fertiliser maker warned its profits will take an $81 million hit over the next five years after it lost the contract to supply explosives to Gina Rineharts’s Roy Hill iron ore mine.

Incitec Pivot shares closed 4.2 per cent lower at $3.70.