IT Minerals plans a $4.5 million capital investment to establish an importing, processing and exporting facility at the Port of New Orleans, Louisiana, for minerals sourced from Mexico and other countries.
The IT Minerals 2.5-acre site is owned by the Port of New Orleans, which will lease the property to IT Minerals for five years, with two 5-year renewal options. The New Orleans expansion will consist of an elevated concrete foundation with prefabricated modular shipping containers serving as a base of operations. The site will serve as a manufacturing, processing and shipping facility. In New Orleans, natural gas processing will heat and reform the minerals for different applications. Once processed, the product will be stored and prepared for export to commercial customers.
Governor Bobby Jindal said, “We’re proud that IT Minerals chose Louisiana over several other states for the creation of this strategic processing and transportation hub. This is a significant win for our state and will bring valuable foreign direct investment to Louisiana, expanding our international commerce sector and creating exciting new career opportunities for Louisiana families. We are pleased that IT Minerals recognizes Louisiana’s outstanding business climate, our robust transportation infrastructure and our highly skilled workforce.”
As a Port of New Orleans tenant, IT Minerals will gain access to the Industrial Canal and the New Orleans Public Belt Railroad, the Governor’s Office said. The foreign direct investment project will ship raw materials from igneous rock quarries in north central Mexico by rail to Louisiana. The project will provide a processing and shipment point that initially will serve U.S. markets followed by the Caribbean and the Central and South American markets.
“As we explored our options for setting up our new facility, we found one that offered all the conveniences we were looking for: energy, logistics, land and a friendly business environment,” IT Minerals LLC CEO Jose Domene said. “We had to look no further – the Port of New Orleans offered all we were looking for with the best attitude ever. We are sure that our investment in the area will continue to grow in the future.”
The State of Louisiana assisted IT Minerals in securing the site, and the company is expected to utilize Louisiana’s Quality Jobs and Industrial Tax Exemption Incentive programs.
“The port welcomes IT Minerals as a tenant of our Industrial Real Estate Properties,” said Port of New Orleans President and CEO Gary LaGrange. “This New Orleans Public Belt Railroad-served site on Jourdan Road, connected directly to all six Class I railroads, is a great choice for their new perlite processing facility. We are hopeful that IT Minerals’ business continues to grow at the Port of New Orleans, and in the future they are able to take advantage of the ability to export containers of perlite directly from their facility and out of the port’s new Mississippi River Intermodal Terminal. The new Intermodal Terminal is under construction and should be completed by the end of 2014.”
“Greater New Orleans Inc. is pleased to welcome IT Minerals to the region,” said President and CEO Michael Hecht of GNO Inc. “IT Minerals’ decision to invest in a manufacturing facility underscores that Louisiana’s combination of logistics, business climate and focus on international trade make it a top location for industrial projects.”