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This Week’s Market Buzz

Mayor Resigns; Hi-Crush Gets Award; Minnesota Grapples with Regulation

  • The mayor of Red Wing, Minn., said he will resign amid public pressure over his second job as a frack sand lobbyist. The Star Tribune reported that Mayor Dennis Egan said he could have legally continued on as mayor while he worked as the executive director of the Minnesota Industrial Sand Council. But he says he'll resign April 1 because his second job had become a distraction.
  • Hi-Crush was given the Paragon Award by the Eau Claire, Wisc., Area Economic Development Corp., according to the Leader-Telegram. For the first time ever, a frac sand company won the Paragon Award.  Hi-Crush, which operates in Augusta, Wisc., received the honor, given annually to a local business that makes a positive economic impact in the Eau Claire area. "We've created 60 jobs directly on our payroll," says Hi-Crush CEO Bob Rasmus.  "We plan on adding another 10 to 15 jobs in the spring as we expand our operations."
  • Minnesota Public Radio is reporting that for the past two years, cities and towns in southeastern Minnesota have been grappling with how to regulate frac sand mining. The debate over the issue is also creating some fault lines at the Capitol. Legislators are weighing in on each side of the battle, and the state tries to sort out it laws, regulations and business opportunities.