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Asian investors eye planned New Mexico potash mine

Updated: 08/09/2014 10:08 AM | Created: 08/09/2014 10:05 AM
By: The Associated Press

CARLSBAD, N.M. (AP) — A proposed $1.02 billion potash mine in southeastern New Mexico may get a financial boost from Asian investors.

The Carlsbad Current-Argus reports (http://goo.gl/JSe3fV) that Intercontinental Potash Corp. says private investors from China and a bank in Japan have shown an interest in the proposed Ochoa Project.

Intercontinental Potash wants to develop an underground mine in southern Lea County to extract polyhalite ore to use in the production of potash.

Company spokesman Randy Foote says he couldn't name specific investors because the company has signed non-disclosure agreements with "all the major players."

Foote said he expects the company will continue to raise money for the Ochoa Project through this year and that it may be ready to break ground for the plant next year.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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