Arapua Project Update including MAPA Approval

RNS Number : 9369U

Harvest Minerals Limited

18 July 2018

 

Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

18 July 2018

Harvest Minerals Limited ('Harvest' or the 'Company')

Arapua Project Update

Harvest Minerals Limited, the AIM quoted natural fertiliser producer, is pleased to provide an update on its producing Arapua multi-nutrient direct application natural remineraliser project ('Arapua') located in the heart of the Brazilian agriculture belt in Minas Gerais.

Overview

·     Approval from the Ministry of Agriculture ('MAPA') in Brazil to register KPfértil as a remineraliser

·     Trademark approval for KPfértil, the brand name of its multi-nutrient natural remineraliser

·     Advancing business plan and commissioned enlarged 320Ktpa modular processing plant

·     Submitted final studies to the Brazilian Department of Mines ('DNPM') as part of application for a Full Mining Licence ('FML') whilst continuing to operate under trial mining licence

Brian McMaster, Executive Chairman of Harvest, said, "Gaining certification from MAPA for KPfértil, our proven, multi-nutrient, slow release, organic remineraliser, is a great outcome and places us in an even stronger position to advance sales.  Following the recent oversubscribed placing, we have progressed our business plan and commissioned the enlarged plant to accommodate the production of 320Ktpa and its delivery to market; this will support the existing and anticipated sales pipeline.  Remaining on the theme of sales, our strategy going forward is to provide updates on sales at our final and half-yearly results, unless significant."

Further information

The Company received confirmation yesterday from MAPA that it has approved the Company's application to register KPfértil as a remineraliser.  The Company has also received trademark approval for KPfértil, the brand name of its multi-nutrient natural fertiliser and remineraliser, by the Instituto Nacional da Propriedade Industrial in Brazil.  The trademark has been officially registered for an initial ten years and is an integral part of the Company's corporate identity in Brazil.  

Additionally, Harvest has submitted the Environmental Report and Feasibility Study to the DNPM as part of the final application process for the FML; the DNPM now has up to one year to grant the licence. These are the final submissions required.  Meanwhile, the Company continues to operate under its current Trial Mining Licence granted in December 2015 for four  years.

Following the recently announced oversubscribed placing, which raised £9.7 million, the Company has advanced its business plan and commissioned the enlarged 320Ktpa modular processing plant, which will support the existing and anticipated sales pipeline in line with its expanding sales and marketing activities during 2H 2018. 

*ENDS*

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: [phone]
Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer	Tel: [phone]
Arden Partners plc (Joint Broker)	Tim Dainton Paul Brotherhood Paul Shackleton	Tel: [phone]
Shard Capital Partners (Joint Broker)	Damon Heath	Tel: [phone]
St Brides Partners Ltd (Financial PR)	Isabel de Salis Gaby Jenner	Tel: [phone]

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.

 

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