Cadiz (CDZI) agreed to purchase 180 miles of steel pipe from the terminated Keystone XL Pipeline Project for the construction of a network connecting the company's groundwater bank in the Mojave Desert.
The agreement includes an exclusive purchase option from GMHR Acquisition, LKM Industries and North West Iron & Metal for $5 million through Nov. 10, 2026, and three 120-day extensions for $1 million each, Cadiz said Tuesday in a regulatory filing.
If Cadiz exercises the purchase option, the cost of the pipeline assets will be $155 per linear foot with potential credits reducing the final price depending on when the option is exercised, according to the filing.
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