Ben Winslow is a reporter with FOX 13 covering a variety of topics including politics, polygamy, vice and courts.
OGDEN, Utah — Compass Minerals, a major mineral extraction company operating on the Great Salt Lake, has announced it will abandon a lucrative lithium brine project. In a report to shareholders on Thursday, the company said its lithium development team in Ogden has been disbanded and the project will not go forward.
"The environment surrounding our lithium project today is markedly different than the one that existed a couple of years ago when we started down this path. The simple fact is that the regulatory risks have increased significantly around this project. When combined with other changes to the commercial landscape, it became clear that the risk-adjusted returns on this project are inadequate to justify the investment," said Compass Minerals CEO Edward Dowling in a statement. The"regulatory risks" could refer to a major bill being heard in the Utah State Legislature taking aim at mineral extraction in an effort to protect the Great Salt Lake. The bill by Rep. Casey Snider, R-Paradise, would have placed more of a priority on getting water into the lake, which shrunk to a historic low in 2022. The Utah Manufacturers Association told FOX 13 News it was not supportive of that legislation. "Compass Minerals will continue to monitor and engage in legislative and regulatory processes in Utah to preserve the long-term optionality of the lithium potential at its Ogden operations," the company said in its shareholder report.Lithium is increasingly needed in our electrified world, but Utah political leaders have had to balance the water-intensive mineral extraction with protecting the lake, which faces ecological collapse and presents a public health threat in the form of toxic dust storms, reduced snowpack and other harms. This article is published through the Great Salt Lake Collaborative, a solutions journalism initiative that partners news, education and media organizations to help inform people about the plight of the Great Salt Lake—and what can be done to make a difference before it is too late. Read all of our stories at greatsaltlakenews.org.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Dominates Rare Earth Elements Supply Chain, Raising National Security ConcernsRare Earth Elements, or REEs, are found in items we use every single day in the United States, but before they reach our products, they must go through China’s supply chain. The administration has been pushing for increased U.S. production of Rare Earth Elements and other critical minerals, as part of its economic agenda. But for years, efforts like the complex separation process and battery manufacturing have been dominated by China. "It is a national security concern for a couple of reasons. The first being, probably a lot of those minerals are important in the fighting or defending of your country," Sen. Kevin Cramer, R-N.D., said
Read more »
Why these Utah divisions want $9.5M to complete a major Morgan County land purchaseUtah is closing in on a major land purchase that would drastically increase the size of a popular state park and state wildlife refuge near the Morgan-Salt Lake county line.
Read more »
Burberry Turns Harrods Knight Blue With Takeover InstallationExplore the great outdoors…in the middle of London!
Read more »
Designing a Great Early-User ProgramEarly user programs are critical to the success of products. But B2B companies often are disappointed with their results. The problem is the way they are designed and implemented. This article provides a process that can make a big difference in helping companies do a better job of choosing early users and harvesting valuable information.
Read more »
Costco Has the Best Vegetarian Products & These Are Our Favorite Meat-Free FindsThey have great vegan options too!
Read more »
Man hospitalized in officer-involved shooting during stolen car investigation in SSLOne man was hospitalized after an officer-involved shooting in South Salt Lake.According to Lt.kevin doyl
Read more »