Toronto-IC Potash Corp. said Feb. 2 that it has commenced the prefeasibility study for the Ochoa Sulfate of Potash Project in New Mexico (GM Jan. 10, Jan. 17, 2011). Through this study and concurrent environmental work, IC will establish the engineering basis for the Ochoa project for mining, processing, and SOP marketing. IC said this announcement complements recent operating progress, including two successful drill programs, the establishment of substantial measured and indicated resources, and the completion of the Preliminary Economic Assessment, which indicated that the project has a projected net present value of $1.4 billion with a discount rate of 10 percent and production level of 660,000 st/y. “I am very pleased with the operational progress made to date,” said Sidney Himmel, IC president and CEO. “We are on plan with our primary strategic goal to be in production for 2014. To achieve that, we have assembled an excellent team of accomplished professionals to complete this study and will now move quickly to establish the economic engineering parameters for the project.”
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