Press Release

MDU Resources Subsidiary Receives Permit for Texas Quarry Operations

Company Release - 11/6/2019 4:39 PM ET

BISMARCK, N.D., Nov. 6, 2019 /PRNewswire/ -- Knife River Corporation, the construction materials subsidiary of MDU Resources Group, Inc. (NYSE: MDU), announced today it has received permitting to begin operations at a strategic new aggregate quarry in Texas. The quarry contains an estimated 40-year supply of high-quality aggregates, enabling Knife River to self-supply a significant portion of the base materials it uses for construction and for the production of ready-mix concrete and asphalt. The site also will be open to third-party sales.

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The 570-acre property, known as the Honey Creek Quarry, is northwest of Austin in Burnet County, Texas. The Texas Commission on Environmental Quality has granted Knife River an Air Quality Standard Permit to construct a rock-crushing plant at the quarry. Knife River anticipates production at the site will begin in the third quarter of 2020.

"We purchased this land earlier this year with the strategic goal of being able to supply our own rock to our existing construction operations in Texas," said David C. Barney, president and CEO of Knife River. "Vertical integration is a key component of Knife River's business model. When the site is fully functional, we will be able to rail aggregates from Honey Creek to our facilities in Waco, Bryan/College Station and Beaumont. This is a great step forward for our Texas team."

Forward-Looking Statements
The information in this release includes certain forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes its expectations are based on reasonable assumptions, actual results may differ materially. 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 and Form 10-Q.

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, see the company's website at www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.

Financial Contact:
Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755

Media Contacts:
Tony Spilde, Knife River communications, 541-693-5949
Laura Lueder, MDU Resources Group manager of communications and public relations,
701-530-1095

 

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SOURCE MDU Resources Group, Inc.