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Harvest Minerals notches first sales and lines up additional customers ahead of KPfertil certification

Orders and pre-registration sales to date have been worth US$80,000
picture of field
Major coffee grower Veloso has been trialling the product this year

Harvest Minerals Limited (LON:HMI) has recorded first sales of its fertiliser replacement KPfertil.

The sales were in response to requests from customers even though the company is waiting for formal certification for KPfertil as a remineraliser from the Brazilian Ministry of Agriculture.

READ: Harvest Minerals says 'stars are lining up' for fertiliser project

Major coffee grower Veloso has been trialling the product this year, while orders have also come in from orchard and broad acre farmers, distributors, blenders and co-operatives, Harvest said.

Orders and pre-registration sales to date have been worth US$80,000, but Harvest expects demand to ramp up rapidly once certification is complete, which is expected by company to be by the end of 2017.

A processing plant to mill and put KPfértil into 1 tonne "big-bags" has already been installed.

Meanwhile, major shareholder, the Edwards family, is upping its stake in Harvest to 29.9% from 28.3% by backing a placing of shares at 10p to raise £1.2mln to fund sales and marketing lines and infrastructure installation at the Arapua deposit.

READ: Harvest Minerals applies for product registration for KPfertil in Brazil

Brian McMaster, executive chairman, said: The funds raised will be used to progress the full mining licence and application, further develop our rapidly growing sales channels, process additional stockpile, explore acquisition opportunities as well as for general working capital purposes. 

“With the transition from explorer to developer and now producer complete, we look forward to the future with confidence."

KPfértil is an organic, multi-nutrient slow release fertiliser and remineraliser produced from a weathered potassium and phosphate-rich lava, which offers many economic and agronomic benefits. The product is mined at Arapua in the heart of the Brazil’s agriculture belt in Minas Gerais.

“There may be additional sales ahead of certification but it is anticipated that the bulk of our robust potential order book, currently standing at over 20 independent farmers and corporations, will cross the line quickly after certification, “ added McMaster.

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