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Sun Oct 11, 2020, 04:16 PM

Big Utah potash project collapses for lack of investors

A few years ago, Crystal Peak Minerals boasted of plans to become a top producer of potash, a valuable mineral used in fertilizers, once it got its operation running on the bed of Utahís Sevier Lake.

Yet after successfully securing the permits and incentives it needed to commence construction last year, the Canadian-owned firm is walking away from the project after failing to raise sufficient capital, according to company news releases. Not even a promised tax credit worth up $112 million from the state of Utah could entice enough investors.

In a corporate restructuring announcement earlier this month, the Salt Lake City-based Crystal Peak reported it was handing the project to its key creditor, Australia-based private-equity manager EMR Capital Investments. Crystal Peak said it is moving on to pursue new projects targeting gold and base metals.

With great fanfare last year, the Trump administrationís Interior Department announced it was approving Crystal Peakís plans for a network of canals and evaporation ponds on the 124,000 acres comprising the mostly dry Sevier lakebed in Millard County.

Read more: https://www.sltrib.com/news/environment/2020/10/11/big-utah-potash-project/
(Salt Lake Tribune)

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Reply Big Utah potash project collapses for lack of investors (Original post)
TexasTowelie Oct 2020 OP
Wellstone ruled Oct 2020 #1

Response to TexasTowelie (Original post)

Sun Oct 11, 2020, 05:10 PM

1. Interesting,

 

sounds like the typical Mining Scam in Utah.. The known Potash deposit that is viable is on the West Side of the Colorado River in Moab.

Some what familiar with the area of the so called Potash Claim,face it,never going to happen. Access to that claim via a road network would be darn interesting.

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