Denver-Intrepid Potash Inc. says its efforts to convert the idle HB property in New Mexico to a solar solution mine got a lift from the state in the form of a groundwater discharge permit, but the project still has a long ways to go. Intrepid is saying the okay from the New Mexico Environment Department is a major regulatory hurdle, but its timetable depends on completion of a Bureau of Land Management (BLM) environmental impact statement (EIS) that will likely delay initial production into late 2012 or early 2013. The BLM has issued its scoping summary report for the EIS and is moving forward on preparation of the EIS on schedule. Indications are that the EIS will be completed and federal approval granted by late 2011. “Intrepid is ready and financially able to fund one hundred percent of the HB project through its available capital resources the moment Intrepid receives all required permits and approvals,” said Bob Jornayvaz, Intrepid executive chairman of the board. Intrepid expects to invest between $120-$130 million to construct the HB Solar Solution Mine. Additionally, Intrepid anticipates that, when fully operational, the HB Solar Solution Mine will add between 150,000 to 200,000 st/y of additional low-cost potash production.
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