Harvest Minerals Limited Sales Update (7323Q)
30 Junio 2022 - 1:00AM
UK Regulatory
TIDMHMI
RNS Number : 7323Q
Harvest Minerals Limited
30 June 2022
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector:
Mining
30 June 2022
Harvest Minerals Limited ('Harvest' or the 'Company')
H1 2022 KP Fértil(R) Sales Show 340% Year-On-Year Increase
Harvest Minerals Limited, the AIM listed remineraliser producer,
is pleased to provide an update on sales of its organic,
multi-nutrient, direct application fertiliser, KP Fértil(R), during
Q2 and H1 2022 from its 100% owned Arapua Fertiliser Project in
Brazil ('Arapua').
Highlights:
-- 165% increase in Q2 2022 sales year-on-year to 47,339 tonnes (Q2 2021: 17,854 tonnes)
-- 340% increase in H1 2022 sales year-on-year to 117,539 (H1 2021: 26,726 tonnes)
-- On track to exceed 2022 sales target of 150,000 tonnes
-- Demand for organic fertilizers like KP Fértil(R) continues to surge amid supply squeeze
-- Focus on domestic fertilizer production continues to increase in primary market, Brazil
Brian McMaster, Chairman of Harvest, said: "The first half of
2022 has seen the growth of our organic fertiliser business
accelerate at an astounding rate, marking one of our most
successful periods since operations began, with accumulated sales
reaching 117,539 tonnes, up 340% year-on-year. Demand for our
organic product KP Fértil(R) continues to surge, aided by an uplift
in production at Arapua, situated in the heart of the Brazilian
agricultural belt. This phenomenal organic growth was achieved
after implementing several strategic changes including new
marketing campaigns and extending our sales efforts.
"Additionally, we have today released our 31 December 2021
audited financial report wherein we have accounted for the write
down of the carrying value of our non-core assets as a "cleaning of
the slate" and a recognition that the near term for Harvest is
focussed on maximising cash generation from Arapua and other near
term cash generative assets.
"As we work towards increasing capacity to support the seemingly
insatiable appetite for natural fertilisers and remineralisers,
sales of KP Fértil continue to enjoy a major growth spurt that we
anticipate will enable Harvest to exceed its 150,000 tonne 2022
sales target and deliver significant value to stakeholders and
shareholders."
Review of Operations
During the second quarter of 2022, Harvest sold 47,339 tonnes of
its KP Fértil(R) bringing the total accumulated sales in the first
half of the year to 117,539 tonnes compared to 26,726 tonnes in H1
2021, a 340% increase. The strong performance during H1 2022 has
reinforced the Company's belief that it will achieve its targeted
2022 year-end sales target of 150,000 tonnes of KP Fértil(R) before
the end of the period, which will further strengthen its already
robust cash position.
In terms of market fundamentals, fertiliser demand remains
buoyant, in particular, appetite for natural fertilisers and
remineralisers like KP Fértil are enjoying a major growth spurt, a
trend that is forecast to continue thanks to an increasing emphasis
on pesticide-free crops and concerns around soil contamination and
over farming. Earlier in the year, the Brazilian Government pledged
to reduce imports of nitrogen, phosphates and potash and focus on
domestic production, which is a major sea change considering circa
90% of fertiliser is currently imported into the agriculture
powerhouse. The recent events in Ukraine have placed further
pressure on imported fertiliser and crop production. In turn,
Harvest hopes to play its part in meeting heightened demand for
domestically produced, high quality organic fertiliser.
**ENDS**
For further information, please visit www.harvestminerals.net or
contact:
Harvest Minerals Limited Brian McMaster Tel: +44 (0)20 3940
(Chairman) 6625
Strand Hanson Limited Ritchie Balmer Tel: +44 (0)20 7409
Nominated & Financial James Spinney 3494
Adviser
T avira Securities J onathan Evans Tel: +44 (0)20 3 192
Broker 1733
St Brides Partners Ltd A na Ribeiro harvest@stbridespartners.co.uk
Financial PR I sabel de Salis
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