The Denver, Colorado-based miner mentioned the river was too saline for its water to be utilized in agriculture however famous it might be utilized in lieu of potable freshwater in actions reminiscent of drilling.
Intrepid, which held water rights to 19,000 acre-feet per 12 months at Pecos River, has not diverted its water since 2016, when it shut down its money-losing West facility in Carlsbad, New Mexico.
In 2017 and 2018, Intrepid submitted eight functions for short-term adjustments to its water rights to accommodate plans to promote water. The corporate obtained preliminary approval from the Workplace of the State Engineer (OSE) to promote or lease 5,700-acre ft per 12 months.
Opponents argued the corporate’s water rights had been forfeited years in the past for non-use, including that promoting water quite than utilizing it for potash refining would require public hearings and approval.
Friday’s verdict confirms that nearly all the corporate’s Pecos River water rights had been both forfeited or deserted earlier than 2017.
Amongst high three US juniors
Intrepid Potash reported earlier this month better than expected earnings and revenues for the second quarter of the 12 months.
The corporate, which belongs to the Zacks Fertilizers trade, posted revenues of $57.77 million for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 18.87%. This compares to income of $37.72 million in the identical interval final 12 months.
Intrepid, which has topped consensus income estimates thrice over the past 4 quarters, is one of many top ten US-based mid-tiers to junior miners.
The corporate has risen from its fifth place final 12 months to the quantity three spot in 2021.
Intrepid is the one US producer of muriate of potash, which is utilized in a number of industrial functions and as an ingredient in animal feed. It presently provides about 3.5% of the nation’s annual consumption of muriate of potash.
Shares within the firm have fallen from a excessive of $35.5 a chunk on August 18 to $28.32 in early afternoon on Friday, leaving it with a market worth of about $381 million.