Denver — Prospect Global Resources Inc. and certain affiliates of Apollo Global Management LLC on Nov. 30 announced that funds managed by Apollo have signed a definitive commitment to make a $100-million investment in Prospect Global, which plans to develop potash reserves in Arizona. They also announced that Jim Dietz, a 42-year veteran of the chemical and fertilizer industry and the former COO of Potash Corp. of Saskatchewan Inc., will be joining the board of directors of Prospect Global as Apollo’s designee. Dietz has spent 27 years of his career in the fertilizer industry, including the last 17 with PotashCorp. Dietz has been serving as a project advisor to Apollo for the past six months and intends to make a direct personal investment in Prospect Global. Back in October, Prospect Global announced the forthcoming Apollo investment, as well as a 10-year deal with a Chinese potash buyer (GM Oct. 29, p. 1).
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