Michigan Potash and Salt Company says it’s in the final financing stages for a new potash mine located near Evart, Mich.
The company says this would be the first new potash mine in the U.S. in more than 30 years.
Its controlling interest includes more than 150 million tons of recoverable potassium chloride product, which is said to be a tier one potash and high-grade salt reserve.
Canada is the world’s largest potash producer and exporter.
If the Michigan project continues on pace, the company would break ground this fall with the facility being completed in the next three years.
According to the U.S. Geological Survey (USGS), fertilizer accounts for about 85% of potash sales. And according to the USGS, world potash capacity is forecasted to increase to 69 million tons in 2024 from 64 million tons of production in 2020.
Imports make up more than 90% of the potash fertilizer used in the U.S. As of 2021, the largest potash production sites in the U.S. are in the southwest, notably in New Mexico and Utah. Michigan Potash and Salt Company says its new site would become the largest domestic producer.
