FREDERICK, Md., May 24, 2016 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) announced today that it has completed the purchase of a fully permitted, 327-acre parcel of land adjacent to its existing silica sand mine and plant in Ottawa, Illinois. The company plans to use the land for future mining operations and said it will add approximately 30 million tons of proven reserves. U.S. Silica purchased the property from a privately-held mining company.
The reserves are high quality Ottawa White sand and will produce coarse and medium to fine product grades. U.S. Silica's Ottawa facility serves multiple end markets such as glass, building products, foundry, filler and extenders, chemicals and oil and gas proppants.
Commenting on the transaction, U.S. Silica President and Chief Executive Officer Bryan Shinn said, "Our strong balance sheet gives us the ability to move decisively when making opportunistic investments like this that will help extend the life of our flagship operation, ensure our long-term competitive position in the marketplace and ultimately drive business success."
Cowen and Company, LLC advised on the transaction.
About U.S. Silica
U.S. Silica Holdings, Inc., a member of the Russell 2000, is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 116-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 260 products to customers across our end markets. The Company currently operates nine industrial sand production plants and eight oil and gas sand production plants. The Company is headquartered in Frederick, Maryland and also has offices located in Chicago, Illinois, and Houston, Texas.
U.S. Silica Holdings, Inc.
Director of Investor Relations and Corporate Communications
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SOURCE U.S. Silica Holdings, Inc.