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Harvest Minerals expands Brazilian operations after strong finish to trading year
AIM-listed fertiliser producer Harvest Minerals was set to substantially expand operations at its wholly-owned Arapua project in Brazil after sales of KPfértil accelerated in the tail-end of the 2017 calendar year.
Harvest announced its plans to enlarge its existing modular processing plant in Minas Gerais on Monday and also stated it would be expanding upon its sales and marketing team in the South American nation as a direct result of the expected increase in sales of KPfértil, its multi-nutrient, slow release organic fertiliser and remineraliser.
Four additional knife mills and associated infrastructure, fully funded from existing resources, had been ordered, taking Harvest's annual capacity to over 320,000 tonnes, with plant expansion expected to be installed and commissioned by April.
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," he added.
As of 1120 GMT, shares had advanced 13.51% to 15.75p.