Some Investors Pull Out of Frack Sand Project
Posted at: 03/14/2013 10:53 AM
MINNEAPOLIS (AP) - Some investors have pulled out of a major frack sand project proposed for Winona County of southeastern Minnesota after losing a critical vote.
Rick Frick is one of two remaining principals in Minnesota Proppant. He tells the Star Tribune the other investors got fed up and decided to focus on Wisconsin, which he says is much friendlier to the industry than Minnesota.
Frick says he'll find another site if the city of St. Charles doesn't want the plant.
The St. Charles City Council on Tuesday refused to go along with the proposal, which was envisioned as the world's largest frack sand processing and rail-loading facility.
The silica sand underneath southeastern Minnesota and western Wisconsin is highly prized by oil and gas drilling companies, which use it in hydraulic fracturing.
Information from: Star Tribune, http://www.startribune.com
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
3/14/2013 10:46:35 AM (GMT -5:00)