Compass Minerals Agrees To Conservation Efforts; SolGold Signs $3.2B Declaration With Ecuador And More: Thursday's Top Mining Stories

Zinger Key Points
  • Compass Minerals agrees to water conservation efforts at its Ogden facility to support the Great Salt Lake’s sustainability.
  • SolGold signs a joint declaration with the Ecuadorian government for a commitment of $3.2 billion.

Top Stories for Mar. 7, 2024:
1. Compass Minerals CMP agreed to a term sheet with the Utah Division of Forestry, Fire and State Lands (FFSL) for water conservation efforts to support the Great Salt Lake's sustainability. Compass Minerals is currently developing a binding voluntary agreement from this term sheet.

The company's Ogden facility, with over 50 years of operation on the lake, produces sulfate of potash, salt and magnesium chloride, while employing nearly 400 locals.

Compass Minerals actively engages in policy and advisory groups for lake ecosystem health, and the FFSL manages Utah's sovereign lands, including navigable water bodies.

President and CEO Edward C. Dowling Jr. said, “We recognize that a healthy Great Salt Lake is essential to both the environmental and economic well-being of the region... This agreement provides a framework where critical minerals can be extracted when the lake is at appropriate levels, and water is conserved as lake levels decline.”

Compass Minerals also announced it will join Loop Capital Markets' 5th Annual Investor Conference on March 11, 2024, with CFO Lorin Crenshaw attending virtually for one-on-one meetings during the day.

2. SolGold SLGGF signed a joint declaration with the Ecuadorian government, in preparation for a Complementary Investment Protection Agreement (IPA) for the Cascabel Project in Ecuador.

The declaration was signed in Toronto at the PDAC convention by SolGold's CEO Scott Caldwell and Ecuador’s Minister of Production, Sonsoles García.

The agreement is set to be finalized in Ecuador and involves a commitment of $3.2 billion in addition to the existing $311 million investment under the current IPA, marking the largest mining investment in Ecuador's history.

CEO and President of SolGold Ecuador Scott Caldwell said, “The Complementary Investment Protection Agreement not only reinforces the protections for our key investment in Ecuador but also symbolizes a deepening of our relationship with the Ecuadorian State. President Noboa’s attendance and insightful speech at the PDAC convention were warmly welcomed by the mining community and underscore the significant support of his administration for responsible mining in Ecuador.”

Major companies including BHP Group Limited BHP, Newmont Corporation NEM and Jiangxi Copper, hold stakes in SolGold.

BHP and Newmont collectively own around 20%, while Jianxi holds around 6%.

3. The Senior Vice President of Reliance Inc. RS Arthur Ajemyan made an insider sale of 3,000 shares on March 6, totaling $968,850.

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