{"id":765244,"date":"2023-06-21T16:23:12","date_gmt":"2023-06-21T20:23:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/intrepid-announces-successful-completion-of-phase-one-and-provides-update-on-phase-two-of-the-hb-injection-pipeline-project\/"},"modified":"2023-06-21T16:23:12","modified_gmt":"2023-06-21T20:23:12","slug":"intrepid-announces-successful-completion-of-phase-one-and-provides-update-on-phase-two-of-the-hb-injection-pipeline-project","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/intrepid-announces-successful-completion-of-phase-one-and-provides-update-on-phase-two-of-the-hb-injection-pipeline-project\/","title":{"rendered":"Intrepid Announces Successful Completion of Phase One and Provides Update on Phase Two of the HB Injection Pipeline Project"},"content":{"rendered":"
\n

Denver, CO, June 21, 2023 (GLOBE NEWSWIRE) — Intrepid Potash, Inc. (“Intrepid,” “we,” or “our”) (NYSE:IPI) today announced the successful completion of Phase One and provides an update on Phase Two of its HB Injection Pipeline Project (\u201cthe Project\u201d).<\/p>\n

\n Project Update & Outlook<\/strong>\n <\/p>\n

As a result of the successful completion of Phase One of the Project, we have proven injection rates at up to 2,000 gallons per minute (\u201cGPM\u201d), which is almost triple the average injection rate of approximately 700 GPM over the previous five years. Until the completion of Phase Two of the Project, we anticipate operating at average injection rates of approximately 1,100 GPM, which is approximately 55% higher than injection rates prior to starting the Project. Following the completion of Phase Two, we anticipate operating at injection rates in the range of 1,500 to 2,000 GPM. For Phase Two, we continue to work through the permitting requirements prior to commencing construction but still anticipate we will begin construction by the end of the year, with commissioning expected in the first quarter of 2024.<\/p>\n

\n Management Commentary<\/strong>\n <\/p>\n

Bob Jornayvaz, Intrepid’s Executive Chairman and CEO commented: \u201cOur<\/em>primary <\/em>focus for 2023 is <\/em>the <\/em>successful execution o<\/em>n<\/em> our growth projects<\/em> designed to <\/em>improv<\/em>e<\/em>our <\/em>brine grade and availability<\/em>. C<\/em>ompleting Phase <\/em>One<\/em> of the HB Injection Pipeline Project <\/em>on <\/em>schedule and <\/em>within <\/em>budget is a great first step <\/em>in <\/em>increasing <\/em>our<\/em>annual potash production<\/em>, which <\/em>should <\/em>significant<\/em>ly<\/em> improve our unit economics<\/em>. <\/em>Due to<\/em> the nature of the brine injection<\/em> and <\/em>evaporation<\/em>cycle, we expect to<\/em>see <\/em>production improvements <\/em>at HB <\/em>starting <\/em>in<\/em> the fall of<\/em> 2024.<\/em>\u201d<\/em><\/p>\n

\n Project Background<\/strong>\n <\/p>\n

The key goal for the new injection pipeline system is to increase the amount of brine injected into the HB cavern system to improve our brine grade and maximize brine availability, both of which are essential for the efficient operation of the HB Solar Solution Mine. The HB Injection Pipeline Project has two phases: Phase One is the installation of a new 21-mile pipeline to increase brine injection rates; Phase Two is the installation of an in-line pigging system to clean the pipeline and prevent scaling to help ensure more consistent flow rates. Capital spending for Phase One totaled approximately $16 million.<\/p>\n

\n About Intrepid<\/strong>\n <\/p>\n

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio\u00ae<\/sup>, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine, and various oilfield services.
Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid\u2019s mineral production comes from three solar solution potash facilities and one conventional underground Trio\u00ae<\/sup>\u00a0mine.<\/p>\n

Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at\u00a0intrepidpotash.com<\/a>, to receive automatic email alerts or RSS feeds for new postings.<\/p>\n

\n Contact<\/strong>\n <\/p>\n

Evan Mapes, CFA, Investor Relations Manager
Phone: 303-996-3042
Email:\u00a0evan.mapes@intrepidpotash.com<\/a><\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Denver, CO, June 21, 2023 (GLOBE NEWSWIRE) — Intrepid Potash, Inc. (“Intrepid,” “we,” or “our”) (NYSE:IPI) today announced the successful completion of Phase One and provides an update on Phase Two of its HB Injection Pipeline Project (\u201cthe Project\u201d). Project Update & Outlook As a result of the successful completion of Phase One of the Project, we have proven injection rates at up to 2,000 gallons per minute (\u201cGPM\u201d), which is almost triple the average injection rate of approximately 700 GPM over the previous five years. Until the completion of Phase Two of the Project, we anticipate operating at average injection rates of approximately 1,100 GPM, which is approximately 55% higher than injection rates prior to starting the Project. Following … <\/p>\n

Continue reading “Intrepid Announces Successful Completion of Phase One and Provides Update on Phase Two of the HB Injection Pipeline Project”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-765244","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nIntrepid Announces Successful Completion of Phase One and Provides Update on Phase Two of the HB Injection Pipeline Project - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/intrepid-announces-successful-completion-of-phase-one-and-provides-update-on-phase-two-of-the-hb-injection-pipeline-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intrepid Announces Successful Completion of Phase One and Provides Update on Phase Two of the HB Injection Pipeline Project - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Denver, CO, June 21, 2023 (GLOBE NEWSWIRE) — Intrepid Potash, Inc. (“Intrepid,” “we,” or “our”) (NYSE:IPI) today announced the successful completion of Phase One and provides an update on Phase Two of its HB Injection Pipeline Project (\u201cthe Project\u201d). Project Update & Outlook As a result of the successful completion of Phase One of the Project, we have proven injection rates at up to 2,000 gallons per minute (\u201cGPM\u201d), which is almost triple the average injection rate of approximately 700 GPM over the previous five years. Until the completion of Phase Two of the Project, we anticipate operating at average injection rates of approximately 1,100 GPM, which is approximately 55% higher than injection rates prior to starting the Project. 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