All Posts from April 21, 2023

AdvanSix – Management Brief

Management Briefs, Northeast

AdvanSix reported that Michael L. Marberry, the Chair of the Board of Directors, notified the company of his intention to retire from the Board, effective at the company’s annual meeting of stockholders to be held on June 15, 2023. AdvanSix said he indicated that his departure was not the result of any disagreement with management or the Board.

Effective at the annual meeting, Todd Karran will succeed Marberry as the new Board Chair, and the size of the Board will be reduced from nine to eight directors.

Richardson, Mosaic Partner on PowerCoat®

Canada, News, News Briefs, Specialty, Tampa

Richardson Pioneer, a unit of Canadian agriculture business Richardson International, and The Mosaic Co., on April 18 announced an exclusive multi-year partnership to bring PowerCoat®, a biological fertilizer complement, to Richardson Pioneer crop inputs retail locations across Western Canada. PowerCoat improves nutrient use efficiency by optimizing soil phosphorus availability to plants when applied to granular fertilizer.

“PowerCoat is proven science and is well-tested in the field,” said Jeff Wheeler, Mosaic Vice-President, Commercial. “As we continue to learn how the beneficial bacteria in the soil interact with different nutrients, we are finding that the right biologicals can increase nutrient efficiency, making every dollar invested in fertilizer work harder. We are excited about partnering with Richardson Pioneer and the value this can bring to their growers.”

“Western Canadian growers are innovative and, year in and year out, demonstrate sound farming practices that preserve the integrity of the environment while increasing food production,” said Russ Reich, Richardson International Vice President, Crop Inputs. “We are committed to supporting new technology – such as PowerCoat – and are confident in not only the product performance, but our ability to support the product through our best-in-class services and our team of sales professionals and qualified agronomists.”

Richardson said its world class fertilizer impregnation systems across its retail network allow it to provide growers superior and efficient dry fertilizer coating capability. PowerCoat is now available at all Richardson Pioneer locations.

Gensource Potash Corp. – Management Brief

Management Briefs, Potash, Saskatchewan

Gensource Potash Corp. on April 14 announced that Mike Mueller has resigned his position as a Director of the company, effective April 14. He joined the company as a Director in July 2018, and most recently served as Chair of the Audit Committee.

“It has been an honor to serve on the Gensource Board of Directors,” said Mueller. “While I am stepping down from this role, I look forward to following the company’s future progress, especially as it secures the financing necessary to put into construction the Tugaske Project, the company’s first production module of what could become several on its Vanguard Area. Gensource’s modular technology represents a modern and more sustainable way to produce and sell this critical mineral, and I unreservedly wish the company full success.”

Gensource said this change comes as the company prepares for the next phase of development, which includes the drilling of its first production cavern, followed by construction, ramp-up, and operation of the first module at the Tugaske. Associated with the financing of the project, the company expects that further Board changes will occur as the company moves towards development of the project. Gensource said it is engaged in undertaking additional steps to strengthen its overall team and value proposition in anticipation of numerous potential catalysts.

American Potash, LiK Ink New Option Agreement

Houston, TX, Lithium, News, News Briefs, Pacific N.W., Potash, Vancouver

Junior miner American Potash Corp., Vancouver, on April 17 announced that it has signed a new option agreement with LiK Resources LLC, a private Houston-based exploration company, on its Green River Potash and Lithium Project in the Paradox Basin, Utah (GM Dec. 16, 2022). The agreement replaced a previous option agreement entered into by the company and LiK on Dec. 17, 2021.

To earn a 70% interest in the project, LiK will need to make cash payments of US$150,000; advance $3 million to the company by April 28, to be used exclusively for permitting and drilling the first exploratory well under the supervision of a mutually agreed upon top-tier industry consultant; and complete two separate pre-feasibility studies, one for lithium and one for potash, evaluating a minimum of six mineral leases or claims within the project by Dec. 31, 2024.

LiK will also be required to commission a valuation of the project by an independent, mutually agreed upon third-party, to be delivered 90 days from the completion date of the pre-feasibility studies. LiK will be required to transfer $1 million in common shares to the company within 45 days of completion of the studies and valuation of the project if LiK is a publicly traded company with a market capitalization of more than $100 million.

The option agreement applies only to the company’s 11 State of Utah mineral leases and 128 federal placer mining claims and excludes areas subject to the potash permit applications that are currently under final review by the Bureau of Land Management.

Russian Tycoon Sees Fertilizer Trade Improving

News, News Briefs, Russia

Russia’s fertilizer trade is improving as the country re-routes volumes, billionaire Andrey Melnichenko, founder of EuroChem, said in a recent interview with Forbes. The EU’s earlier easing of sanctions did not have an effect, as Baltic countries, which used to be the main transportation hub for Russian fertilizers, still limit the trade, he said.

However, he said the situation is improving “despite the behavior of European bureaucrats and colleagues from the Baltic states, who blocked the transit through their territory. Many new ports are being built in Russia, thus this dangerous dependence on transit will be removed.”

In other Melnichenko news, Forbes reported that he has become Russia’s richest billionaire for the first time. The magazine said there are 22 more billionaires in its ranking of the richest Russians.

Nutrien Cautions Investors on “Mini-Tender” Offer

News, News Briefs, Saskatchewan

Nutrien Ltd. on April 17 said it does not endorse or recommend a “mini-tender” offer to purchase up to 1,000,000 Nutrien outstanding shares, or approximately .20%. It said the offer made by TRC Capital Investment Corp. is at a price of C$93.89 per share, which represented a discount of 4.49% and 4.40%, respectively, to the closing prices of Nutrien shares on the Toronto Stock Exchange and New York Stock Exchange on April 4, 2023, the last trading day before the mini-tender was commenced.

Nutrien said it has no association with TRC Capital and noted that the company has made similar unsolicited offers for shares of several other public companies. It said such offers are designed to avoid many of the investor protections like disclosure and procedural protections applicable to most takeover bids and tender offers under Canadian and US securities laws.

It said both the US Securities and Exchange Commission and Canadian securities regulatory authorities have expressed concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities.

Nutrien urged shareholders to obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to the offer. It said shareholders who have already tendered their shares should consider taking actions to withdraw them, including reviewing the withdrawal procedures in TRC Capital’s offering documents.

Nutrien requested that a copy of its news release on this matter be included with all distributions of materials relating to TRC Capital’s mini-tender offer related to Nutrien shares.

Pertamina, TEPCO Ink Green Hydrogen/Ammonia MOU

Green Ammonia, Green Hydrogen, Indonesia, Japan, News, News Briefs

Pt Pertamina Power Indonesia (Pertamina NRE) and Tokyo Electric Power Holdings Inc. (TEPCO) have signed a Memorandum of Understanding (MOU) on the development of green hydrogen and ammonia, according to SolarQuarter, a solar energy media company covering the Asia Pacific and Africa. The MOU is a follow-up to a joint study agreement (JSA) signed last October. The JSA also received support from NEDO, a national research and development institute in Japan.

The MOU covers the development of the project, with eventual near-term commercialization given to the Indonesian market and medium to long term targeting exports to Japan and other countries.

Pertamina has a significant geothermal portfolio, and the company is currently developing a green hydrogen and ammonia pilot project in the Ulubelu geothermal area with a production target of 100 kg/d. Indonesia has significant geothermal potential that can eventually be used for electricity production, as well as hydrogen and ammonia.

Another Blue Ammonia Project Studied for Louisiana

Blue Ammonia, Featured, Louisiana, News

St. Charles Clean Fuels (SCCF), a development company jointly owned by strategic energy investment company Copenhagen Infrastructure Partners and Sustainable Fuels Group, has added its name to the growing list of company’s  exploring the feasibility of building a blue ammonia plant in Louisiana or Texas. SCCF is eyeing a $4.6 billion ammonia production and export facility in St. Charles Parish, according to Louisiana Economic Development (LED).

The company envisions a facility designed to produce up to 8,000 mt/d of blue ammonia, according to The Advocate. LED said it would capture and sequester over 90% of the carbon dioxide emissions produced during the ammonia manufacturing process.

“St. Charles Clean Fuels is proposing to build one of the cleanest industrial projects for the new energy transition,” said SCCF Project Director Ramesh Raman. “By capturing greenhouse gases and engineering the project to consider cleaner, more efficient technologies, the company seeks to make a tangible contribution to lowering the environmental footprint for the global economy while positively benefitting the communities in which we reside.”

International-Matex Tank Terminals would lease land to SCCF at its St. Rose location on the east bank of the Mississippi River in St. Charles Parish. The New Orleans-based company would also build the storage tanks needed to hold the liquified ammonia before transportation via its existing terminal.

“International-Matex Tank Terminals is excited to provide storage and logistics services to support SCCF’s blue ammonia project,” IMTT Chairman and CEO Carlin G. Conner said. “We are proud to leverage our liquids and chemicals handling expertise to help introduce alternative clean energy sources which are vital to the global energy transition.”

The proposed site is currently undergoing a front-end engineering design (FEED) study while the company prepares permit applications. SCCF hopes to make a final investment decision in early 2024 and begin construction later that year, which would enable operations to begin in 2027.

If the project moves forward as outlined, the company expects to create 216 new direct jobs with an average annual salary of more than $90,000. Louisiana Economic Development estimates 949 new indirect jobs would result, for a total of 1,165 potential new jobs in the Southeast Region. The company also estimates the project will result in 2,000 peak construction jobs.

To attract the project, the state has prepared a competitive incentive package that would include a $6 million performance-based grant for infrastructure needs, as well as the full services of LED FastStart, Louisiana’s nationally acclaimed recruitment, customized training, and workforce development program. The company is also expected to apply for participation in the state’s Industrial Tax Exemption and Quality Jobs programs.

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