Compass Minerals announced that it has agreed to a Term Sheet with the Utah Division of Forestry, Fire and State Lands (FFSL).

The Term Sheet outlines voluntary water conservation and other commitments the company will be making in an effort to help preserve the long-term sustainability of the Great Salt Lake. Compass Minerals and FFSL are currently crafting a binding Voluntary Agreement based on the framework established within the Term Sheet.

“We recognize that a healthy Great Salt Lake is essential to both the environmental and economic well-being of the region,” said Edward C. Dowling Jr., president and CEO. “We are proud to be pursuing this Voluntary Agreement with FFSL and are committed to actively contributing to the health and preservation of this vital natural resource.”

Compass Minerals’ Ogden facility has operated on the Great Salt Lake for over half a century, producing sulfate of potash, salt and magnesium chloride from the lake’s mineral-enriched brine. The company’s Ogden operation currently provides nearly 400 local jobs and representatives of Compass Minerals participate on multiple policy and advisory groups focused on ensuring a healthy lake ecosystem.

As part of its regulatory authorities, FFSL is responsible for managing Utah’s sovereign lands, including the beds and banks of navigable rivers and lakes within the State.

“This agreement provides a framework where critical minerals can be extracted when the lake is at appropriate levels, and water is conserved as lake levels decline,” said Jamie Barnes, FFSL Director and State Forester. “We are pleased that Compass Minerals has actively pursued an agreement with FFSL, which will be the first of its kind for Great Salt Lake.”

Read the news release here.