Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
14 May 2018
Harvest Minerals Limited ('Harvest' or the 'Company')
MAPA Application Conditionally Approved
Harvest Minerals Limited, the AIM listed natural fertiliser producer, is pleased to announce that it has been informed by the Ministry of Agriculture ('MAPA') in Brazil that it has conditionally approved the Company's application to register KPfértil as a remineraliser, pending the submission of additional materials. This has now been done and Harvest has been advised that the submitted materials will be reviewed expeditiously, with final approval from MAPA expected this quarter.
Harvest's Executive Chairman, Brian McMaster, said, "This is welcome news, although it's important to note that the delay in gaining certification from MAPA has not impacted our ability to sell KPfértil, as highlighted by a recent 36Kt order from a major fertiliser distributor in Brazil. The process has taken longer than we anticipated, although this is largely because this is an entirely new process put in place by MAPA to facilitate approval, rather than any product issues. Meanwhile, we are busy completing the plant expansion, which will enable us to process 320,000 tonnes of KPfértil per annum; all the equipment is now on site and is being installed and we have also received all the necessary permits to switch to grid power. These advancements will facilitate the continued growth of sales and revenues as we look to establish Harvest as a highly profitable business."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
*ENDS*
For further information please visit www.harvestminerals.net or contact:
Harvest Minerals Limited |
Brian McMaster (Chairman) |
Tel: +44 (0) 20 7317 6629 |
Strand Hanson Limited (Nominated & Financial Adviser) |
James Spinney Ritchie Balmer |
Tel: +44 (0)20 7409 3494 |
Shard Capital Partners (Broker) |
Damon Heath |
Tel: +44 (0) 20 7186 9900 |
St Brides Partners Ltd |
Isabel de Salis |
Tel: +44 (0)20 7236 1177 |
(Financial PR) |
Gaby Jenner |
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Notes:
Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic fertiliser and remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K2O and 2.49% P2O5. This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years' production and the known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum.
