Today Cadiz Inc. (NASDAQ:CDZI) ("the Company") is pleased to announce that a multi-disciplinary panel of groundwater experts has found the Cadiz Valley Water Project can be operated on an environmentally sustainable basis to offer Southern Californians a significant water supply and storage option. The Groundwater Stewardship Committee’s findings were announced today by the Santa Margarita Water District, lead agency in the California Environmental Quality Act (CEQA) review of the Project. SMWD’s press release detailing the panel’s findings is available at www.smwd.com/gsc.
“We are grateful for the GSC’s time and efforts to analyze the new science and are excited about their report, which affirms that the science supports the operation of this Project in a safe and sustainable manner. We look forward to working with the Santa Margarita Water District in the implementation of this top panel’s recommendations,” said Cadiz President Scott Slater.
The 12-member Groundwater Stewardship Committee reached its conclusions following an extensive review of the technical studies conducted as part of the ongoing CEQA process. Its findings will be incorporated into a Draft Environmental Impact Report scheduled to be released for public comment in November.
About the ProjectThe Cadiz Valley Water Conservation, Recovery and Storage Project is designed to capture and conserve thousands of acre-feet of native groundwater currently being lost to evaporation through an aquifer system beneath private property owned by Cadiz Inc. in eastern San Bernardino County, California. SMWD is serving as the lead agency of the CEQA review for the Project. The Project will maximize the beneficial use of groundwater currently lost to evaporation by 1) capturing the natural recharge of rain and snow that filters through the ground from the nearby mountains and 2) recovering groundwater that would otherwise continue on its down slope path and be lost to salt contamination and evaporation.