Inter-Rock Announces the Sale of Mill Creek Dolomite

Inter-Rock Minerals Inc. completed the divestiture of its Mill Creek Dolomite operations in Oklahoma to United States Lime & Minerals Inc. for a total consideration of U.S.$6.40 million in cash. The transaction, which closed on February 9, 2022, represents a strategic exit from the dolomite business for Inter-Rock.

As part of the sale structure, Mill Creek's existing debt obligations and accrued interest totaling U.S.$2.24 million were settled at closing using a portion of the sale proceeds, in accordance with the agreed transaction terms. This debt repayment reduced the net cash proceeds to Inter-Rock from the divestiture.

The acquisition strengthens United States Lime & Minerals' position in the industrial minerals sector, particularly in dolomite production, which is used in steel production, construction materials, and various industrial applications. For Inter-Rock, the sale represents a portfolio rationalization that provides immediate cash proceeds while allowing the company to focus on its core mineral assets and operations.

This transaction reflects ongoing consolidation trends in the industrial minerals sector, where larger operators are acquiring regional assets to expand their geographic footprint and production capacity. The deal structure, with immediate debt settlement, demonstrates a clean transfer of operations to the acquiring company.