Last checked at 4 Oct 2017 12:30
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
4 October 2017
Harvest Minerals Limited
("Harvest" or the "Company")
Board Changes
Harvest Minerals Limited, the AIM listed fertiliser development company, announces that Matthew Wood has stepped down from his position as Executive Director effective from 9 October 2017 to persue other business interests. The Board would like to thank him for his contribution to the Company and wishes him well.
Brian McMaster, Executive Chairman of the Company, commented, "We would like to thank Matt for his contribution to the Company and wish him every success for the future. As a Company, we will continue to focus on building a leading fertiliser business in the Minas Gerais agriculture belt in Brazil, and look forward to first sales upon the approval of the Brazilian Ministry of Agriculture, Livestock and Supply ('MAPA') which we anticipate at the end of the year."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please visit www.harvestminerals.net or contact:
Harvest Minerals Limited | Brian McMaster (Chairman) | Tel: +61 8 9200 1847 |
Strand Hanson Limited (Nominated & Financial Adviser) | James Spinney Ritchie Balmer | Tel: +44 (0)20 7409 3494 |
Mirabaud Securities LLP (Joint Broker) | Rory Scott | Tel: +44 (0)20 7878 3360 |
Beaufort Securities Ltd (Joint Broker) | Jon Belliss | Tel: +44 (0)20 7382 8300 |
St Brides Partners Ltd | Isabel de Salis | Tel: +44 (0)20 7236 1177 |
Olivia Vita |
Notes:
Harvest Minerals (HMI.L) is a South American focused fertiliser Company targeting low cost, near term development projects. The Company's primary focus is the development of its 100% owned Arapua Fertiliser Project from which it produces its KPfértil product, a proven, multi-nutrient, slow release, organic fertiliser and remineraliser, which is produced from a weathered potassium and phosphate rich lava and offers many economic and agronomic benefits. 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 resource translates into a mine life of over 100 years at a rate of 450k tonnes per annum and crucially is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. With a trial mining licence in place allowing Harvest to extract 50kt of product on a rolling basis, whilst the full mining licence application process is underway, and official registration of KPfértil as a remineraliser expected by the end of 2017, Harvest is ideally placed to address the significant demand for locally produced fertiliser in Brazil; Brazil has abundant agricultural land but lacks domestic fertiliser, with the country currently importing 90% of the potash it uses. Furthermore, the Brazilian government has set a target to be self-sufficient in fertilisers by 2020, creating significant market opportunity for Harvest and its KPfértil product.
The Company has four assets at various stages of development and continues to explore other opportunities that fit its investment criteria.