- Associated Press - Tuesday, March 15, 2016

HOBBS, N.M. (AP) - The owner a potential $1 billion potash mine in southeastern New Mexico is still seeking investors.

The Hobbs News-Sun reports (https://goo.gl/X2vASW) the Hobbs-based Intercontinental Potash recently pulled down the first $2.5 million of a potential $45 million commitment from Cartesian Capital Group but needs more funding.

Chief operating officer Randy Foote says the new funds will be used to update the feasibility study for the mine. He says that must be done as the company continues to seek investors for the project.

Intercontinental Potash says the company will use the money for continuing design, building, operation and maintenance technical documentation.

The polyhalite mine, located 27 miles west of Jal, has an estimated 414 million tons of polyhalite reserves on land the company has leased from the Bureau of Land Management.



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Information from: Hobbs News-Sun, https://www.hobbsnews.com

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