Michigan Potash & Salt Company announced the strategic importance of developing the U.S. Potash Project in response to the United States' 96% reliance on foreign imports. Potash is a required nutrient for healthy crops and currently faces global supply disruptions causing rapidly rising prices. Potash is so important it was added to the critical minerals list by the U.S. Department of Interior in 2018, declaring it a critical commodity for our country's economy and national food security. Relying on Belarus, Russia, and Canada for our potash needs puts the country in a precarious position.
"Farmers cannot get the supply they need," said Ward Forquer, Vice President of Potash Distribution.
"One of the world's largest Canadian producers has materially reduced its supply while the pending sanctions on Belarus may further threaten the global food supply chain," said Theodore Pagano, Founder and CEO of the Michigan Potash & Salt Company. "Potash prices have doubled in the past year, putting pressure on American farmers and a spotlight on national food security." Belarussian tension continues to spiral following the forced-landing of a civilian passenger plane. China, Belarus and Russia supply over half the potash needed to grow the World's food.
Fortunately, Central Michigan sits atop one of the highest-grade potash deposits in the world. "The time is right and the time is now to break ground on the U.S. Potash Project to benefit the American People for many generations," said Pagano.
The new manufacturing facility will be located near Evart, Michigan, in the heart of the American corn belt and will be the United States' first new potash development in over 30 years. The facility will employ skilled union labor and create 300 union construction jobs. Jeff Kummer, the company's COO, added "Once commissioned, the U.S. Potash Project will mark one of the largest union-supported infrastructure projects in the country. It will revitalize the local economy, decrease American reliance on foreign potash imports and bring a "Made in America" product to market."
The company is in the final stages of placing the capital necessary to move the U.S. Project forward. "Taking a proactive stance is prudent when it comes to our national food security," says Pagano.