In June 2022, EGG-NEWS reported on Fondomonte Arizona, LLC that held four leases over land in the Butler Valley of Arizona.  The company, owned by interests in Saudi Arabia, was growing alfalfa under irrigation over 10,000 acres with the product exported to feed dairy cattle in the home nation.  In accordance with the lease, Fondomonte had unlimited access to an aquifer that is rapidly being depleted. Fondomonte paid the state $86,000 annually to lease land in the Butler Valley equivalent to $25 per acre including unlimited water.

Governor Katie Hobbs announced the termination of one of the four leases with the intention of non-renewal of the other three in February 2024.  Fondomonte is in default in addressing issues raised by the Arizona State Land Department despite opportunites to correct deficiencies extending over the past seven years.  Leases held by Fondomonte became a political issue in the 2022 elections for the Governor and Attorney General of Arizona.

Other major landowners that may be extracting water at a rate exceeding replenishment of aquifers include Al Dahra owned by interests in the UAE operating 16,000 acres and exporting forage; Riverview Farms, a dairy operation on 37,000 acres; IFC/Integrated Ag.  owned by investment groups on 20,000 acres; Kingman Farms and Peacock Nuts.

In June, EGG-NEWS suggested that an investigation was warranted into whether there were any irregularities leading to an extremely beneficial deal for Fondomonte.