Methanex showing strong financials following first-quarter report

Methanex is reporting a strong start to the 2022 financial year and progress at the the global methanol suppliers expansion in Louisiana.

The Canadian firm, which has a major plant in Medicine Hat, reported an adjusted net income of US$159 million for the first three months of the year, down from US$185 million to end 2021 when tax rates were lower on its Chilean operations.

The recent amount is about twice the US$82 million earned in the first quarter of 2021.

That comes as the global price of methanol rose about 30 per cent yearover year, and slipped only slightly over the quarter despite much higher energy prices and lower industrial activity caused by conflict in Ukraine.

Aside from the earnings report, the company publicized photos of the crews erecting the 53-metre recovery tower at the Geismar, La. plant expansion, stating the facility is on track to enter production by early 2024. The financial report states the remaining $US750 million of the construction budget will be paid from cash on hand.

Hut 8 takes over from tenants

Bitcoin miner Hut 8 Cryptocurrency will assume control of its entire facility production next week after ending a hosting relationship at the massive dataprocessing centre in Medicine Hat.

The company made the announcement April 19 that as of May 1, all capacity at the company’s five facilities in Canada will be dedicated to self-mining cryptocurrency.

Specific to Medicine Hat, the company had rented some capacity to Canadian crypto-firm TAAL. The change will add incremental production to Hut 8, that company stated.