Potash Ridge Corporation announced that it has signed a Memorandum of Understanding with Tetra Tech Inc. for a long-term Strategic Relationship to develop the Blawn Mountain Project.
Under the terms of this Memorandum of Understanding, Tetra Tech will undertake to perform the feasibility study on the Project. The Corporation expects to commence the feasibility study later this year, subject to successfully raising additional financing.
The Memorandum of Understanding also engages Tetra Tech to be the engineering, procurement and construction management ("EPCM") contractor for the Project on a right of first offer basis. In addition to engineering and construction support, the Memorandum of Understanding contemplates Tetra Tech participating in Build-Own-Operate ("BOO") arrangements for various infrastructure assets, which may include (but not be limited to), the Water Treatment Plant and Sulphuric Acid Plant.
Guy Bentinck, President and Chief Executive Officer said, "We are very pleased to have Tetra Tech on board as our partner through the engineering and construction aspects of our Project. This partnership combines our world class sulphate of potash project with a leading provider of consulting, engineering and construction management. Tetra Tech's willingness to participate in BOO arrangements for infrastructure assets represents our Project's first long-term strategic alliance and is a major positive step in our project financing strategy."
Brent Thompson, President of Tetra Tech's Mining and Minerals business added, "Tetra Tech is delighted to provide its engineering and construction capabilities as well as its potash expertise to the Blawn Mountain Project, adding value to Potash Ridge's team and the Project."