Last checked at 2 May 2024 13:45
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
2 May 2024
Harvest Minerals Limited ('Harvest' or the 'Company')
KP Fértil® Sales Update
Harvest Minerals Limited, the AIM listed fertiliser producer, provides the following update on sales of its organic, multi-nutrient, direct application fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil ('Arapuá').
OVERVIEW
§ Orders to the end of April 2024 totaled 17,388 tonnes, equating to c. 50% of total 2023 volume ordered and c. 25% of 2024 sales guidance of 70,000 tonnes
§ Invoiced orders totaled 8,396 tonnes, with the remaining expected to be invoiced through Q2 2024
§ Extensive sales campaign has been initiated in preparation of stronger market seasonality in second half of the year
Brian McMaster, Chairman of Harvest, said: "We're pleased by the initial response to our new marketing campaign, which in April alone, generated orders comparable to those received from January to March 2024. This places us at 25% of our annual guidance of 70,000 tonnes, instilling confidence as we move into the more robust seasonal phase of the year. While we recognize the ongoing challenges in the market, we maintain cautious optimism about meeting our year-end targets. We'll closely monitor market conditions and adjust our strategies as necessary.
FURTHER INFORMATION
In the first four months of 2024, Harvest received new orders totalling 17,388 tonnes for its KP Fértil® product produced at its Arapuá Fertiliser Project in Brazil, of which 8,396 tonnes were invoiced by end of the period and the remaining orders are expected to be invoiced through Q2 2024. The orders to date represent c. 50% of the total volume placed in 2023.
Despite the ongoing tightness in market prospects, there are signs pointing towards improvement in the second half of the year, particularly as it aligns with the seasonal strength of our target crops. Harvest's marketing campaign has been positively received, suggesting that new and existing buyers are returning to the marketplace as macroeconomic conditions normalise. Moving forward, we maintain our guidance target of 70,000 tonnes for the year 2024 and look forward to providing further updates to the market throughout the year.
**ENDS**
For further information, please visit www.harvestminerals.net or contact:
Harvest Minerals Limited | Brian McMaster (Chairman)
| Tel: +44 (0) 203 940 6625 | |
Strand Hanson Limited (Nominated & Financial Adviser) | Ritchie Balmer James Spinney
| Tel: +44 (0) 20 7409 3494 | |
Tavira Securities (Broker) | Jonathan Evans | Tel: +44 (0) 20 3192 1733 | |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR").