Harvest Minerals eyes start of trial production at Maximus by year-end

The fertilizer manufacturer's Brazilian subsidiary Triunfo Fertilizantes and Mineração Ltda would now be able to progress with trial mining and associated activities on the 23 hectares of land, once it had obtained its trial mining permit.

Its lease, including a first purchase option, was for an initial three-year time span, renewable for another three years.

Subject to Harvest's successful application for a mining licence the agreement would be re-negotiated when the project moved to commercial production, in accordance with Brazilian Mining Code (1967) and its Regulation (1968).

Perth, Western Australia-based Harvest also said the initial chemical and physical tests required by the Brazilian regulator's guidelines were expected in the following week.

Commenting on the scoping study, Executive Chairman of Harvest, Brian McMaster stated:

"Following the successful scoping study, we are focussed on bringing the Maximus target into trial production by the end of the year. The signing of the lease agreement is another key step towards that goal and, whilst our trial mining permit application is being processed, we are engaging with potential mining contractors in order to have them in place soon after the permit is issued."

Shares in Harvest Minerals closed up by 22.68% at 14.88p in London trading.