HEBER CITY — Diatect International Corp. said Friday it has sold 90 percent of its rights to a diatomaceous earth mining site in Oregon for $31.1 million.
The transaction with Diatomaceous Earth Deposits of Virginia LLC had been announced Aug. 13. Under the terms of the agreement, the company will receive more than $1.9 million per year through 2021 beginning Sept. 1, 2005.
The company expects to recognize an extraordinary gain of approximately 62 cents per share on the transaction. The actual gain is estimated at $31 million.
Diatect will get first rights to mined minerals from the site. Diatomaceous earth is used in production of the company's insect-control products.