Last checked at 11 Jun 2018 07:00
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
11 June 2018
Harvest Minerals Limited ('Harvest' or the 'Company')
New 50kt Sales Contract
Harvest Minerals Limited, the AIM quoted natural fertiliser producer, is pleased to announce that it has signed a significant sales order ('the Contract') with a Brazilian based organic fertiliser producer ('the Customer') for an initial order of 50kt of KPfértil, Harvest's multi-nutrient natural fertiliser and remineraliser produced at its Arapua Fertiliser Project ('Arapua') in Minas Gerais, Brazil.
Brian McMaster, Executive Chairman of Harvest, said, "This latest sales order demonstrates the wider commercial potential of KPFértil; in that, it is going to be used as a key constituent of a blended product represents a new use for KPFértil and a new market opportunity for Harvest. Our focus during 2018 remains on sales and building Harvest into a profitable, cash-generative business. To this end, I am delighted that we have been able to deliver on this strategy, executing several major sales orders in the past few months in addition to our local distribution activities. Our team in Brazil continues to work diligently to further build our sales pipeline."
Further Information
The Company has received a sales order for an initial 50Kt of KPfértil from a producer of organic fertiliser in Brazil. The terms of the Contract are consistent with previously reported sales. Harvest will not incur any transport costs as it is not assuming responsibility for delivery of the product. It is anticipated that sales will commence in September 2018, or earlier at the Company's election, and continue for 12 months.
The Customer intends to blend KPfértil with its own product to form a new fertiliser and remineraliser product for use on sugarcane. The Customer is not a direct competitor of Harvest, operating in a different region.
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 LLP (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 |
|
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.