20th Apr 2018 13:50
LONDON (Alliance News) - Harvest Minerals Ltd on Friday said it expects processing capacity to increase, following new plant installation as it awaits a full mining license grant and product registration approval in Brazil.
The fertiliser producer said it made "excellent" progress enlarging its modular processing plant, which will take annual processing capacity to over 320,000 tonnes.
Harvest Minerals said it facilitated all the necessary equipment and machinery for the new plant expansion, which is expected to arrive on site next week and will be fully installed during the current quarter.
While the company is awaiting for its KPfertil remineraliser registration approval, it submitted a further application to the Brazilian Ministry of Agriculture to register the Arapua processing unit as a fertiliser producer.
Harvest Minerals also applied to the Brazilian Department of Mines to get a full mining licence, as it currently operates under a trial mining permit granted in December 2015 for four years. Harvest Minerals said that it is now at the final part of the application following its recent environmental report submission.
The company said it intends to make a payment of USD1.0 million and a 2.0% smelter return to the original vendors of the Arapua fertiliser project, after it will be awarded with full licence.
Finally, Harvest Minerals said that it continues to conduct its programme of agronomic test work, including long-term trials on coffee at the Veloso Agropecuaria plantations in Brazil.
"We have continued to gain momentum through the first quarter and now into the second," said Chairman Brian McMaster. "The expansion to both our sales team and processing plant provides us with the capacity to continue to grow our sales and revenues, which remains a key focus for 2018."
Shares in Harvest Minerals were trading 3.5% lower at 19.20 pence per share on Friday.
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