IC Potash Corp. announced on July 15 it has received the second tranche of US$2.5 million under the strategic investment commitment by Cartesian Capital Group, LLC of up to US$45 million, as previously announced on February 29, 2016. Cartesian has agreed to make the strategic investments in ICP’s subsidiary, Intercontinental Potash Corp. The investment represents Cartesian’s continued support in the Ochoa Project. The funding enables the Company to complete the review of the feasibility study and determine the economics of producing direct application Polyhalite.
Detailed activity is currently underway to assess the technical and economic feasibility of constructing a Polyhalite production facility located near Hobbs, New Mexico, the site of the Company's extensive fully federally permitted Ochoa mineral leases. Product development studies are also advancing the characterisation of the mineral as a multi-nutrient fertilizer and market studies are assessing the demand for the product in the agricultural sector, particularly in the Corn Belt region of the United States.
ICP President and CEO Mehdi Azodi stated “the advancement of the Ochoa Project is critical to the United States fertilizer industry given the growing Polyhalite demand”