Harvest Minerals submits final Arapua Fertilizer Project exploration report

Shares in Harvest Minerals fell more than 10% on news it had submitted the Final Exploration Report (FER) on the Arapua Fertilizer Project in Brazil to the Departamento Nacional de Producao Mineral (DNPM).

The report detailed all of the geological, metallurgical and agronomic work Harvest had completed at the project to date.

It said the FER was required as part of the application process for a Full Mining License (FML).

"Once the DNPM has approved the FER, Harvest has up to a year to submit a feasibility study and make an application for a FML and thus approval of the FML is not expected until late 2018 at the earliest," the company said.

In addition to lodging the FER, Harvest said it had also submitted the extension to its current trial mining permit (Guia de Utilizacao), which was originally due to expire on 28 April 2017 which is then automatically extended.

"The extension allows Harvest to continue to operate under the terms of its trial mining permit whilst the FML application is being considered."

At 10:39 BST, shares in AIM-listed Harvest Minerals were down 10.81% to 12.38p each.