Compass Minerals secures $252m from Koch
Compass will use the proceeds for section one growth of its Nice Salt Lake asset in Utah.
Koch Industries subsidiary Koch Minerals and Buying and selling (KM&T) has reached an settlement to speculate $252m in Compass Minerals inventory to assist advance the latter’s lithium growth mission in Utah, US.
In alternate, Compass would promote 6.8 million shares, at $36.87 apiece, to Koch Minerals and Buying and selling. This equates to round 17% in Compass.
Compass will use the proceeds for section one growth of its Nice Salt Lake asset, which is estimated to carry a useful resource of two.4 million metric tonnes (Mmt) lithium carbonate equal (LCE).
The agency additionally plans to make use of the capital gained from the fairness funding to cut back its debt.
Compass president and CEO Kevin Crutchfield stated: “Securing funding to aggressively pursue section one in all our lithium development alternative has been an vital focus for our administration workforce.
“This strategic funding will assist drive our lithium mission ahead, strengthen our stability sheet and improve execution capabilities throughout our whole platform.”
Compass expects the mission’s annual industrial manufacturing capability to be practically 35,000 metric tonnes (mt) of LCE.
Koch Minerals and Buying and selling vice-president Jon Chisholm stated:
“KM&T may even be working carefully with Compass Minerals and different Koch corporations to unlock a big lithium useful resource at Compass Minerals’ Nice Salt Lake facility and change into one of many first main US-based lithium producers.”
Individually, Compass selected EnergySource Minerals’ Built-in Lithium Absorption Desorption (iLiAD) lithium brine expertise platform for the primary section of its lithium mission.
Compass goals to provide cost-competitive, battery-grade lithium by 2025.
The agency plans to make use of EnergySource’s expertise alongside present evaporation ponds to take away the battery metallic from Nice Salt Lake.
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Originally posted 2022-09-15 20:29:29.