Knife River Receives Permit for Texas Quarry Operations
BISMARCK, N.D., March 30, 2021 /PRNewswire/ -- Knife River Corporation, the construction materials subsidiary of MDU Resources Group, Inc. (NYSE: MDU), announced today it has received permitting to expand operational capabilities at its Honey Creek quarry northwest of Austin, Texas.
The Texas Commission on Environmental Quality has granted Knife River a New Source Review permit. The permit allows the company to add a third crusher and wash screen, increase throughput, and extend operational hours. Knife River purchased this 570-acre property in 2019 and has continued to develop it. The site produces construction aggregates for internal and external supply, including for asphalt and ready-mix concrete production.
With the new permit, Knife River intends to add further production facilities that will be fully operational in 2022. Additionally, the company is adding a rail-loading facility at Honey Creek this year that will enable it to ship aggregates to its locations in Waco, Bryan/College Station and Beaumont.
Honey Creek contains an estimated 40-year supply of aggregates.
"This is exciting news for our Texas operations as they add capacity and rail transportation to Honey Creek," said David L. Goodin, president and CEO of MDU Resources. "Having a high-quality aggregate source provides a great advantage as we serve our customers and our own construction, ready-mix and asphalt operations."
Forward-Looking Statements
Information in this release includes certain forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release, including an estimated aggregate reserve life, site build-out timeline and statements by the president and CEO of MDU Resources, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A – Risk Factors in MDU Resources' most recent Form 10-K.
About Knife River
Knife River Corporation mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated construction services. For more information, visit www.kniferiver.com.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, is Building a Strong America® by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
Financial Contact:
Jason Vollmer, vice president and chief financial officer, 701-530-1755
Media Contacts:
Tony Spilde, Knife River communications, 541-693-5949
Laura Lueder, MDU Resources communications, 701-530-1095
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SOURCE MDU Resources Group, Inc.
