EPK.v EPM Mining C$.32
Posted: Monday Jul 6 8:20:09AM 2015
EPM Mining Ventures changed the name of the company to Crystal Peak Minerals, Inc. and the stock symbol to CPM.v a few days ago. Price and volume still low at C$.25.
The drought in California and the US Southwest should continue to provide high prices for SOP versus regular potash. CPM seems to have big money support for development of their project but investors probably won't care until the plant is in production. We are many months from that but I still think this will pay off eventually. There just aren't many potential SOP projects and this is in Utah so safe jurisdiction and relatively close to the big ag users in California.
Posted: Thursday Jun 11 8:38:06AM 2015
EPK.v +.02 to C$.30
This tax credit program should help the project economics for EPM Mining on their Sevier Playa SOP project.
TORONTO, ONTARIO--(Marketwired - June 11, 2015) - EPM Mining Ventures Inc. ("EPM" or the "Company") (TSX VENTURE:EPK)(OTCQX:EPKMF) today announced the creation of the "Utah High Cost Infrastructure Development Tax Credit," (the "Infrastructure Tax Credit"), which was passed during the Utah 2015 annual legislative session. The bill could have a direct positive impact on the Company's Sevier Playa Sulphate of Potash ("SOP") Project located in southwestern Utah (the "Project").
"The state of Utah has demonstrated its intention to aggressively retain its title as one of the best states for business," said Lance D'Ambrosio, Chief Executive Officer of EPM. "The Infrastructure Tax Credit was tailor-made for companies like ours which are looking to develop Utah's rich mineral resources and to expand Utah's economic future. The impact of the Infrastructure Tax Credit is very significant because the qualifying utility infrastructure costs under the incentive are projected to be as much as $150 million so the program has the potential to substantially reduce net capital expenditure costs."
Senate Bill 216 ("SB 216") was signed into law by Utah Governor Gary Herbert on March 30, 2015, creating the Infrastructure Tax Credit. The Infrastructure Tax Credit is a post-performance tax credit for all state taxes generated by a new business or expansion of an existing business in the state of Utah and provides for a total tax incentive over a twenty-year period of up to 50% of "qualifying infrastructure" costs incurred by the business. "Qualifying infrastructure" is defined to include, among other things: transmission lines, power substations, gas lines, rail facilities, road improvement projects, water self-supply projects, and water removal system projects.
"This bill was the culmination of several years of work to provide a robust incentive for businesses looking to locate in rural Utah," said Senate Majority Leader, Ralph Okerlund, who sponsored SB 216. "The Sevier Lake Playa potash project was one of several key businesses that were contemplated in the design of the Infrastructure Tax Credit due to their enormous economic potential to the state of Utah."
"The Infrastructure Tax Credit created by SB 216 has the potential to change the economic landscape of rural Utah," said Utah Lieutenant Governor Spencer Cox. "As a state, we have made the conscious decision to invest in Utah's future and SB 216 unequivocally targets rural Utah where developments like the Sevier Playa Project, among others, have historically had high barriers to entry due to the remoteness of their locations and the unavailability of essential infrastructure."
Jason Chang, Managing Director and CEO of EMR Capital said, "From an investor's perspective, the Infrastructure Tax Credit demonstrated two key points to our company. First, the state of Utah is seeking to pursue economic development across the state, and second, from a financial perspective, the Infrastructure Tax Credit reduces Sevier Playa Project risk. These factors played a role in our company's decision to take an equity position in EPM."
The Infrastructure Tax Credit became effective on May 12, 2015 and the Utah Office of Energy Development ("OED") will serve as the hosting government agency to process the application and issuance of tax credits. The Company will be working closely with OED to maximize the timing and financial benefit of the program.
Posted: Tuesday May 12 8:28:48AM 2015
EPM has a dried lake deposit in Utah. The lake bed has many valuable minerals but EPM is focused on SOP(Sulphate of Potash). SOP is used in specialty fertilizer for high value fruits, vegetables and tree nuts that are sensitive to too much salt. This becomes more important during low water conditions like the California drought. SOP has held it's value much better than regular potash and is about twice as valuble. EPM is in the permit process and this is an important step in securing final financing. The financing company is well known in the business and adds credibility to the EPM project.
There are very few SOP mines in the US or the world.