Harvest Minerals Limited Substantial Operational Expansion (8061B)
January 15 2018 - 2:00AM
UK Regulatory
TIDMHMI
RNS Number : 8061B
Harvest Minerals Limited
15 January 2018
To view the press release with the photographs, please use the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/8061B_-2018-1-14.pdf
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector:
Mining
15 January 2018
Harvest Minerals Limited
('Harvest' or the 'Company')
Substantial Operational Expansion
Harvest Minerals Limited, the AIM listed fertiliser producer, is
pleased to announce that the Company is substantially expanding
operations at its 100% owned Arapua Fertiliser Project ('Arapua')
in Brazil. This includes the enlargement of the existing modular
processing plant and the expansion of its Brazil based sales and
marketing team as a direct result of expected accelerated growth in
sales of KPfértil, its proven, multi-nutrient, slow release,
organic fertiliser and remineraliser following the successful soft
product launch in late 2017.
Highlights
-- Four additional knife mills and associated infrastructure
ordered, to be fed by the existing knife mill, taking annual
capacity to over 320,000 tonnes
-- Plant expansion expected to be installed and commissioned by the commencement of Q2, 2018
-- Fully funded to meet the capital cost of the expansion
-- Expansion creates single production line with additional
production lines to be added as required
-- Currently expanding local sales and marketing team to broaden geographical focus
-- Brazilian Ministry of Agriculture Livestock and Supply
('MAPA') reviewing application to certify KPfértil as a
remineraliser - anticipated to be processed early Q1, 2018
Harvest's Executive Chairman, Brian McMaster, said, "Whilst 2017
was a transformational year for Harvest, completing key agronomic
test work and achieving and delivering first sales, 2018 is shaping
up to be an even more significant year as we focus on increasing
sales and broadening our market penetration. We have hit the ground
running in 2018 and are now implementing the plans to make this
happen; the fully funded plant expansion, which should be
commissioned in the coming few months, will allow us to meet
expected demand for KPfértil. I would again like to thank all our
shareholders for their support and look forward to a mutually
beneficial 2018."
Plant Expansion
The Company has ordered four additional knife mills along with
conveyor belts and supporting structures. The new knife mills will
act as secondary mills fed from the current primary mill to create
a single processing line with a planned capacity of 320,000 tonnes
per annum. Civil work for the new plant will start later this week
and the plant, which is being fabricated locally, will be completed
and commissioned by the commencement of Q2,
2018. The Company is fully funded to meet the capital cost of the expansion.
Figure 1: Section View of New Plant Layout (please view PDF)
Figure 2: Plan View of Processing Plant Expansion (please view
PDF)
MAPA Certification
As previously announced, Harvest submitted an application for
the certification of KPfértil as a remineraliser by MAPA in late
2017. The review process by MAPA has been interrupted due to
Brazil's extended Christmas holiday period, however, Harvest has
been assured that the application review is in hand and will be
processed in early Q1, 2018.
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 Brian McMaster Tel: +44 (0)
Limited (Chairman) 20 7317 6629
Strand Hanson Limited James Spinney Tel: +44 (0)20
(Nominated & Financial Ritchie Balmer 7409 3494
Adviser)
Shard Capital Partners Damon Heath Tel: +44 (0)
(Joint Broker) 20 7186 9900
Beaufort Securities Jon Belliss Tel: +44 (0)20
Ltd 7382 8300
(Joint Broker)
St Brides Partners Isabel de Salis Tel: +44 (0)20
Ltd 7236 1177
Olivia Vita
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%
K(2) O and 2.49% P(2) O(5) . This resource translates into a mine
life of over 100 years at a rate of 450k tonnes per annum and
crucially is based on drilling just 6.7% of the known
mineralisation, leaving significant upside potential.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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