7th Mar 2018 11:50
LONDON (Alliance News) - Shares rose in Harvest Minerals Ltd on Wednesday as it signed a major sales order with Brazilian fertiliser distributor Agrocerrado Produtos Agricolas e Assistencia Tecnica LTDA for an initial supply of 36,000 tonnes of KPfertil.
Shares in the natural fertiliser producer rose 10% at 19.40 pence on Wednesday.
The supply will come from existing stock already produced at Arapua where annual capacity is being expanded to 320,000 tonnes, and the sales price of the KPfertil has been agreed at USD60 per tonne.
Delivery is expected to start in early May, and additional discussions regarding sales are ongoing.
"With a sales value in excess of USD2 million, this is truly fantastic news and proves that we have a commercial product that is in demand in one of Brazil's premier agricultural belts. Agrocerrado is one of the largest established fertiliser and agribusiness distributors in the region; this agreement not only underpins the opportunity in the local market for Harvest, but fully justifies our decision to expand our production capacity, which will stand at 320,000 tonnes annually by the early second quarter," said Executive Chairman Brian McMaster.
Related Shares:
Harvest Mi (di)
