08 Mar, 2022, 06:00 ET
EVART, Mich., March 8, 2022 /PRNewswire/ -- Michigan Potash & Salt Company, LLC (MPSC) today announced that American farmers could replace Russian fertilizer imports with long-term domestic supply produced in Michigan within the next 3.5 years. Currently, the U.S. imports approximately 96 percent of the potash necessary for healthy crops – including 1 million short tons per year from Russia as per the Department of Interior. Together, Russia and Belarus control 40 percent of the World's potash supply.
"In the face of the Russian invasion of Ukraine, the United States must recognize its dependency on Russian and Belarusian potash, which is a critical fertilizer with no known substitutes," said Ted Pagano, founder and CEO of MPSC. "Without potash we can't feed the world."
At full buildout, MPSC's project stands ready to respond one-to-one for those Russian imports of potash that are lost in the most critical time of need, with domestic production from Michigan.
MPSC is developing a facility to harvest American potash and food-grade salt near Evart, Michigan – home to one of the highest-quality natural potash and salt deposits in the world. The company is currently in advanced stages of capital raising with all permits in hand while developing the necessary infrastructure to extract it safely, in an environmentally responsible and sustainable way. Full production of domestic potash from the facility is expected for 2025.
Creating more than 300 union construction jobs over three years and over 180 full-time operations positions, the project represents over a $1 Billion capital investment on a 150+ year resource base – making it one of the largest union-supported economic development projects in the country. MPSC's project will strengthen U.S. food security amidst a Global fertilizer crisis, which has seen prices triple in the past 18 months.
"Food security is national security," added Pagano.
Potash has no substitute and is a required nutrient fertilizer for healthy food crops.
About Michigan Potash & Salt Company
The Michigan Potash & Salt Company management team brings together over 300 years of industry experience, together with its EPC partner in Barton Malow – the largest trade employer in Michigan. The company is committed to developing the U.S. Potash Project in a safe and responsible manner that protects Michigan's critical natural environment and waters while supporting communities across Osceola and Mecosta counties, Michigan. To learn more about the project, please visit www.mipotash.com.
SOURCE Michigan Potash & Salt Company, LLC
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