Canadian firm plans potash project in New Mexico

12 April 2011 16:47  [Source: ICIS news]

TORONTO (ICIS)--Executives at Toronto-based firm IC Potash (ICP) offered no additional comment on Tuesday regarding the company's plans to build a potash project in New Mexico.

IC Potash said in a press release that it has hired an engineering firm to begin an environmental analysis and manage the environmental permitting process at its Ochoa sulphate of potash (SOP) mining project in southeast New Mexico.

CEO Sidney Himmel said the start of the environmental work marks a milestone in ICP’s plan to build “a world class SOP production facility".

The company said the Ochoa project has an estimated “base case production level” of 660,000 tonnes/year of SOP, with a 40-year mine life. Its estimated capital cost is $660m (€455m).

SOP is a non-chloride based potash fertilizer that sells at a premium over the price of muriate of potash (MOP), according to information on ICP’s website.

ICP's shares were down 1.3% to Canadian dollar (C$) 1.49 at 10:46 local time on Canada's TSX venture exchange. The venture exchange lists emerging companies, incuding many mining and resources firms.

($1 = €0.69)

For more on fertilizers visit ICIS Fertilizers

By: Stefan Baumgarten
+1 713 525 2653

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