JPX Global, CGrowth enter joint venture for sand, gravel operation
JPX Global has entered into a joint venture with CGrowth Capital to extract and sell sand and gravel from a pit in Colville, Washington, according to a report from the Wall Street Journal.
The initial contract allows JPX to remove 49,900 cubic yards of material from the 15-acre Chewelah Community Pit for a potential gross value of more than $640,000.
JPX is working with CGrowth and the Bureau of Land Management (BLM) to increase the amount of extracted material to 2 million cubic yards over a 5-year period.
The contract requires JPX to pay $350,000 in working capital to the project within 30 days of entering the joint venture. JPX has paid $50,000 toward initial start-up expenses.
CGrowth will oversee and provide operational, on-site and sales support for the operation.
JPX will receive 51 percent of net proceeds, while CGrowth will receive 49 percent.
For more information, visit jpxglobalinc.com.
From our partners
Sandvik Construction’s extensive range of rock tools are world renowned for combining advanced materials technology, with skillful design focusing on…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- The Labor Department is auditing MSHA for allegedly failing to collect penalty fines390 Views
- Lafarge CEO awarded $2.78 million bonus for 'key role' in merger368 Views
- Cat introduces larger sizes of its Tier 4 Final articulated trucks359 Views
- Caterpillar intros 336F L XE hybrid excavator: smart pumps, boom work faster, burn less fuel (PHOTOS)333 Views
- Quarry explosion damages homes and cars and injures one person252 Views