OVERLAND PARK, Kan.-Great Salt Lake Minerals Corp. has arranged with the state of Utah for the acquisition of sulfate for potash specialty fertilizer.
In an exchange agreement, Compass Minerals receives leases on 37,000 acres with high mineral concentrations on sections of the remote northwest arm of The Great Salt Lake adjacent to the company's current evaporation ponds and leases, and relinquishes undeveloped leases it has held since 1967 on approximately 30,000 acres with lower mineral concentrations.
The agreement is part of a multi-phase expansion plan Compass Minerals announced in September 2007 to meet future demand for sulfate of potash.
The acreage acquired in the lease exchange agreement is subject to environmental review before any new ponds are built.
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