Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) has entered into a memorandum of understanding with Tetra Tech Inc. for a long term strategic relationship regarding the Blawn Mountain Project. Under the terms of the memorandum, Tetra Tech will perform a feasibility study for Blawn Mountain and will commence the study later in 2014 subject to raising additional financing.
As quoted in the press release:
The Memorandum of Understanding also engages Tetra Tech to be the engineering, procurement and construction management (“EPCM”) contractor for the Project on a right of first offer basis. In addition to engineering and construction support, the Memorandum of Understanding contemplates Tetra Tech participating in Build-Own-Operate (“BOO”) arrangements for various infrastructure assets, which may include (but not be limited to), the Water Treatment Plant and Sulphuric Acid Plant.
Potash Ridge president and CEO, Guy Bentinck, said:
We are very pleased to have Tetra Tech on board as our partner through the engineering and construction aspects of our Project. This partnership combines our world class sulphate of potash project with a leading provider of consulting, engineering and construction management. Tetra Tech’s willingness to participate in BOO arrangements for infrastructure assets represents our Project’s first long-term strategic alliance and is a major positive step in our project financing strategy.