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Verde AgriTech awarded 50 000 tpy mining permit

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World Fertilizer,

Verde AgriTech Plc has released a statement claiming that it has been awarded a mining permit for 50 000 tpy by the Brazilian Ministry of Mines.

This permit enables the company to continue its expansion plans for this year. On 27 November last year, the company released the results of its pre-feasibility study (PFS). The study shows a post-tax net present value discounted at 8% of US$1.98 billion and internal rate of return of 290%. On 7 March 2018, the company announced a turnkey agreement for the construction of a processing plant with a projected production of 45 tph of Super Greensand®. The plant’s engineering design and site layout were conceived to allow for expansion in the future. Verde claims that the plant is expected to commence production in 2H18.

The company’s expected milestones and announcements for 2018 are as follows:

  • New plant construction update.
  • New plant debt finance.
  • Vice President Business Development hire and enhanced investor relations.
  • New plant commissioning.
  • Domestic sales ramp up and update.
  • Mining permit for 300 000 tpy total.
  • Environmental license for 300 000 tpy total.
  • Plant expansion announcement.

The President and CEO of Verde, Cristiano Veloso, said: “With the unfortunate escalation of international trade tensions, there is a silent reliance on Brazil to fulfil the growing world demand for agricultural commodities. The seaborne potash market is almost evenly split between Canada and Russia/Belarus. Verde is positioning itself to help Brazilian farmers in switching from imported and salt-based fertilizers to a more natural product better suited to its tropical agriculture.”

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