Canada-based Farmers North America is seeking U.S. investors for ‘Project N’ – a proposed $1.7 billion fertilizer plant that will produce ammonia, urea, and UAN, to be constructed in Regina, Saskatchewan that will be a supplier to farmers in both Canada and Montana, South Dakota, North Dakota, Minnesota, Iowa, Nebraska, and possibly Kansas. The project has raised $9 million in seed capital from approximately 3,000 Canadian farmers, however, it is actively seeking major investors that would supply the majority of the financing. The land for the site has been purchased and pre-front end engineering and design studies have been completed for investors to review. Two additional fertilizer plants are being planned for North Dakota – CHS announced it is building a $3 billion plant in Spiritwood, with production planned to begin in 2018, and Northern Plains Nitrogen is also seeking investors for a $2 billion plant near Grand Forks with construction scheduled to begin in 2015. Currently the majority of the fertilizer used by Upper Midwest farmers is produced overseas and shipped up the Mississippi River by barge. It is believed that there is sufficient demand to support the construction of multiple domestic fertilizer plants. If all plans proceed on schedule, construction of ‘Project N’ could begin in 2016 or 2017.
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