May 4, 2012
HB Project Team Update
The Intrepid Potash HB Solar Solution Mine Project (HB Project) has received federal approval from the Bureau of Land Management (BLM). Following more than three years of careful analysis, the BLM’s Record of Decision (ROD) approving the project was issued in March 2012 and, with BLM’s approval, Intrepid immediately commenced construction on the project. The 30-day ROD protest period ended in April 2012 with no protests received by BLM.
With an expected 28-year mine life, the HB Project will create jobs, royalty and tax revenues and other important economic benefits for the region. Intrepid anticipates a total investment of approximately $200 – $230 million to construct the HB Project, with approximately $35.3 million invested to date. The first production from the HB Solar Solution mine is estimated to begin in late 2013 with increasing production in 2014 and a ramp up to full production expected in 2015. The annual yield from the HB Project is estimated to be 150,000 to 200,000 tons of potash.
Intrepid is committed to building and operating the HB Project in an environmentally friendly and sustainable manner. The ROD describes the comprehensive environmental protection measures and monitoring tasks that will be implemented during project construction, operation and reclamation.
We deeply appreciate the tremendous support for the project from the Carlsbad community, local, state and federal elected officials, and the oil and gas operators in the area. This support was integral to our successful navigation of the Environmental Impact Statement process.
The full ROD can be found on the BLM’s Carlsbad Field Office website. For more information about the HB Project, please visit www.Intrepid-HBproject.com.
