Intrepid Announces Successful Completion of Phase One and Provides Update on Phase Two of the HB Injection Pipeline Project
21 Juin 2023 - 10:15PM
Intrepid Potash, Inc. ("Intrepid," "we," or "our") (NYSE:IPI) today
announced the successful completion of Phase One and provides an
update on Phase Two of its HB Injection Pipeline Project (“the
Project”).
Project Update & Outlook
As a result of the successful completion of Phase One of the
Project, we have proven injection rates at up to 2,000 gallons per
minute (“GPM”), which is almost triple the average injection rate
of approximately 700 GPM over the previous five years. Until the
completion of Phase Two of the Project, we anticipate operating at
average injection rates of approximately 1,100 GPM, which is
approximately 55% higher than injection rates prior to starting the
Project. Following the completion of Phase Two, we anticipate
operating at injection rates in the range of 1,500 to 2,000 GPM.
For Phase Two, we continue to work through the permitting
requirements prior to commencing construction but still anticipate
we will begin construction by the end of the year, with
commissioning expected in the first quarter of 2024.
Management Commentary
Bob Jornayvaz, Intrepid's Executive Chairman and CEO commented:
“Our primary focus for 2023 is the successful execution on our
growth projects designed to improve our brine grade and
availability. Completing Phase One of the HB Injection Pipeline
Project on schedule and within budget is a great first step in
increasing our annual potash production, which should significantly
improve our unit economics. Due to the nature of the brine
injection and evaporation cycle, we expect to see production
improvements at HB starting in the fall of 2024.”
Project Background
The key goal for the new injection pipeline system is to
increase the amount of brine injected into the HB cavern system to
improve our brine grade and maximize brine availability, both of
which are essential for the efficient operation of the HB Solar
Solution Mine. The HB Injection Pipeline Project has two phases:
Phase One is the installation of a new 21-mile pipeline to increase
brine injection rates; Phase Two is the installation of an in-line
pigging system to clean the pipeline and prevent scaling to help
ensure more consistent flow rates. Capital spending for Phase One
totaled approximately $16 million.
About Intrepid
Intrepid is a diversified mineral company that delivers
potassium, magnesium, sulfur, salt, and water products essential
for customer success in agriculture, animal feed and the oil and
gas industry. Intrepid is the only U.S. producer of muriate of
potash, which is applied as an essential nutrient for healthy crop
development, utilized in several industrial applications and used
as an ingredient in animal feed. In addition, Intrepid produces a
specialty fertilizer, Trio®, which delivers three key nutrients,
potassium, magnesium, and sulfate, in a single particle. Intrepid
also provides water, magnesium chloride, brine, and various
oilfield services.Intrepid serves diverse customers in markets
where a logistical advantage exists and is a leader in the use of
solar evaporation for potash production, resulting in lower cost
and more environmentally friendly production. Intrepid’s mineral
production comes from three solar solution potash facilities and
one conventional underground Trio® mine.
Intrepid routinely posts important information, including
information about upcoming investor presentations and press
releases, on its website under the Investor Relations tab.
Investors and other interested parties are encouraged to enroll
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Contact
Evan Mapes, CFA, Investor Relations ManagerPhone:
303-996-3042Email: evan.mapes@intrepidpotash.com
Intrepid Potash (NYSE:IPI)
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