This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Commencement Of Construction, Intrepid Potash, HB Solar Solution Mine Project, Carlsbad, New Mexico (Photo: Business Wire)

Intrepid Potash, Inc. (“Intrepid”) (NYSE:IPI) announced today that on March 19, 2012, the Bureau of Land Management (“BLM”) issued its Record of Decision (“ROD”) approving the HB Solar Solution mine near Carlsbad, New Mexico and, with the BLM’s approval, Intrepid immediately commenced construction activities on the project. The ROD became final this month.
Commencement of construction, Intrepid Potash, HB Solar Solution mine project, Carlsbad, New Mexico. ...

Commencement of construction, Intrepid Potash, HB Solar Solution mine project, Carlsbad, New Mexico. (Photo: Business Wire)

Intrepid’s Executive Chairman of the Board, Bob Jornayvaz, stated, “We are very pleased to have begun construction of our HB project after more than three years of the BLM’s careful review and study of the project’s environmental impacts. This project is a game changer for Intrepid that will allow us to capitalize on our solution mining and solar evaporation expertise that we have developed from our current operations in Moab and Wendover, Utah. The HB Solar Solution mine will be one of the lower-cost potash mines in North America with cash costs estimated to be between $60 and $80 per ton, improving our overall cost profile and margin opportunity. We also expect the mine to increase our potash production by approximately twenty-five percent.” Mr. Jornayvaz continued, “The tremendous support for the project from the Carlsbad community; local, state, and federal government; and the oil and gas operators in the area was integral to our successful navigation of the Environmental Impact Statement process required by the National Environmental Policy Act. The ROD validates that the project meets the requirements for balanced management of public lands.”

We expect to invest a total of approximately $200 - $230 million to construct the HB Solar Solution mine, with approximately $35.3 million invested to date. Further, we anticipate that the first production from the HB Solar Solution mine will begin in late 2013 following the initial evaporation season, with increasing production in 2014, and a ramp up to full production expected in 2015, assuming the benefit of average annual evaporation cycles applied to full evaporation ponds. The estimated annual production from the HB Solar Solution mine is expected to be 150,000 to 200,000 tons of potash.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs