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  "documentTitle": "Evercore | Investment Banking Pitch Book | 56 slides",
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  "notes": "The slide explains the operational context of deca rehydration and its role in soda ash production efficiency.",
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      "text": "Historical Ore-to-Ash Ratio",
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      "text": "Historical and Projected Deca Sales Volumes (Thousand Metric Tons)",
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      "text": "SIRE's surface site includes a network of natural ponds used to recapture soda ash lost in processing trona through a process called deca rehydration. During trona processing, an evaporative crystallizer technology is employed to refine and reuse soda ash throughout the purification process. A concentrated aqueous solution is introduced to maintain the purity and quality of the refined soda ash product. Run-off from this stream flows to the facility's pond network. SIRE developed a solution to reduce the capacity of these ponds and recover purified soda ash crystals (chemically, sodium carbonate decahydrate) to be used as an additional feedstock for trona ore during processing.",
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      "text": "Over the past several years, SIRE has utilized its reserves of deca from the ponds at a rate above SIRE management's estimated rate of natural replenishment. Management expects to reduce deca consumption (and the production capacity associated with deca rehydration) beginning in 2024 to alleviate this depletion.",
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      "text": "After introducing deca rehydration in 2009, the Partnership reduced its ore-to-ash ratio by 11% over the next three years. Deca rehydration also reduced the energy consumption required per ton of soda ash produced.",
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      "text": "The Partnership considers its ore-to-ash ratio (i.e., tons of trona ore needed to produce one ton of soda ash) a key operating performance metric. A lower ratio results in lower costs and improved efficiency.",
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      "text": "Management estimates that SIRE's stable, long-term deca rehydration-based production capacity is approximately 150,000 mtpa",
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      "text": "Source: SIRE Financial Projections, SIRE management",
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