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Mining campaign extended at Diamond Creek Phosphate Mine to satisfy increased demand

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World Fertilizer,

Keras Resources has announced that it will extend its summer mining campaign at its high-grade Diamond Creek organic phosphate mine, in Utah, USA. A very encouraging marketing campaign in California, where a substantial percentage of Keras’ phosphate product is currently sold, resulted in a material increase in committed sales, in particular for the Company’s coarse #10 mesh product, over the winter season (from November 2022 through to May 2023). This increased demand represents an increase of approximately 40% in expected monthly sales to 700 t from previously announced monthly sales figures. To ensure that sufficient product in this size fraction is available to meet committed demand over the winter season, Keras is extending mining operations at Diamond Creek to the end of the summer season to produce an additional 2500 t of run of mine ore for downstream milling to supplement ore already in stock.

Graham Stacey, CEO of Keras, commented, “Demand for our high-grade organic rock phosphate continues to grow encouragingly as evidenced by the significant increase in expected August 2022 sales of 500 t to physical deliveries of 700 t, largely to distributers in the Central California Valley. Firm commitments for similar monthly tonnages through to May 2023, from these repeat clients, has resulted in the need for additional run of mine ore to ensure product availability through to the early spring planting season in 2023. We will now extend our mining campaign to meet this demand.”

“The worldwide pricing of synthetic fertilizers has seen unprecedented growth over the last 12 months, due in large part to geopolitical instability impacting global supply of feed elements for synthetic fertilizers which has seen organic fertilizers gaining market share in the global market. We believe that fertilizer market demand fundamentals will remain robust and we see the potential for real price growth to support increasing margins in our market segment going forward.”

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