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Investors rushed to provide Permian producers with sand for fracking, but some fear not all the startups can survive
Two years ago, many investors had the same idea: tapping the dunes of the West Texas desert to supply shale drillers with the sand they use in fracking.
Now, around 20 sand mines are set to be active in the Permian Basin, America’s most active oil field, by year’s end, and even some of those who put hundreds of millions of dollars behind these startups predict they won’t all survive.