Compass Minerals (NYSE:CMP), through its Sifto Canada Corp. subsidiary, today announced it has entered into an agreement with the Town of Goderich, ON, and the Goderich Port Management Corporation to expand and enhance the Port of Goderich.
“Together, we have developed a vision that offers exciting possibilities for the future of Goderich and Sifto,” said Rowland Howe, Canada country executive for Compass Minerals. “We believe this joint project will bring new cargoes, jobs and opportunities to the community while providing Sifto with additional site flexibility, particularly during the winter months.”
The plan calls for the creation of new land at the port, which would provide space for additional port traffic and would give Sifto additional storage options during the winter when the lake is closed.
“The port expansion would allow us to continue to produce rock salt when lake traffic can be limited because of ice, giving us more consistent production and employment levels throughout the year and enhancing our recent CA$70 million expansion,” Howe said.
The project is expected to cost approximately CA$47.2 million, and will be financed in part through a CA$15.7 million infrastructure improvement grant from the province of Ontario, along with funds from the Goderich Port Management Corporation. Sifto’s additional fees, currently expected to total approximately CA$18.9 million over a five-year period, would provide Sifto with a renewable 25-year lease on the new land.
The plan requires completion of an environmental assessment, which is currently underway. Additionally, successful conclusions in feasibility evaluations and additional engineering studies must be finalized.
The company and the town of Goderich expect project completion in 2016.
About Sifto Canada Corp.
Sifto Canada Corp. operates the world’s largest rock salt mine in Goderich, Ontario, and is Canada’s leading provider and marketer of highway and consumer deicing salt. Sifto is also a premier provider of high-quality food salt, water care minerals, agricultural minerals, and many other consumer and industrial salt and mineral products. Sifto is a wholly owned subsidiary of Compass Minerals.