Intercontinental Potash Corp has secured undisclosed additional funding from Cartesian Capital Group LLC. ICP-USA owns the Ochoa project in Lea County, New Mexico.
NEW YORK, March 20, 2017 /PRNewswire/ — Cartesian Capital Group, LLC (“Cartesian”) announced its agreement with Intercontinental Potash Corp. (USA) (“ICP-USA”) to increase its ownership of ICP-USA in exchange for additional funding from affiliates of Cartesian. ICP-USA owns and develops the Ochoa Polyhalite Project in New Mexico for the production of direct application polyhalite, an organic multi-nutrient fertilizer.
Peter Yu, Managing Partner of Cartesian, said: “The Ochoa Project is ideally positioned to be a low-cost producer of a rapidly emerging, organic fertilizer, serving major markets in the Americas. As market leaders like Sirius Minerals and Israel Chemicals have demonstrated, polyhalite is the fertilizer of the future. We are pleased to expand our stake in this important project and continue its development with Graham Wheelock, Project Manager for Ochoa, and his entire team.”
Graham Wheelock, a Director of ICP-USA and Project Manager for Ochoa, added: “The Ochoa Project continues to demonstrate compelling economics as we proceed with final project design. More importantly, we have received very strong interest in our polyhalite offering from several leading global fertilizer producers. We are currently negotiating off-take agreements that will speak for nearly half of our planned production.”
About Cartesian Capital Group
Cartesian Capital Group, LLC is a global private equity firm with proven expertise in assisting closely-held companies to expand internationally. Cartesian manages more than $2.4 billion in capital and has offices in New York, São Paulo, Shanghai, Warsaw, and Bermuda.