Harvest Minerals scores contract with fellow fertiliser producer

Natural fertiliser producer Harvest Minerals on Monday signed a contract with a Brazilian organic fertiliser producer for an initial order of 50kt of KPfértil.

KPfértil is the AIM traded company’s multi-nutrient natural fertiliser and remineraliser, produced at its Arapua Fertiliser Project in Minas Gerais, Brazil.

Brian McMaster, executive chairman of Harvest Minerals, said, "This latest sales order demonstrates the wider commercial potential of KPFértil; in that, it is going to be used as a key constituent of a blended product represents a new use for KPFértil and a new market opportunity for Harvest."

The Brazil-based customer intends to blend KPfértil with its own product in order to create a new fertiliser and remineraliser product for use on sugarcane, which Harvest has agreed to as the customer is not a direct competitor due to operating in a different region.

The company will not incur any transport costs from the sales, which will commence in September and continue for 12 months.

"Our focus during 2018 remains on sales and building Harvest into a profitable, cash-generative business. To this end, I am delighted that we have been able to deliver on this strategy, executing several major sales orders in the past few months in addition to our local distribution activities. Our team in Brazil continues to work diligently to further build our sales pipeline," said McMaster.

As of 1018 BST, Harvest Minerals’ shares were down 2.17% at 20.06p.