Harvest Minerals Limited / Index: LSE / Epic:
HMI / Sector: Mining
10 April 2024
Harvest Minerals Limited ('Harvest' or
the 'Company')
Q1 2024 KP Fértil® Sales
Update
Harvest Minerals Limited, the AIM
listed fertiliser producer, provides the following update on Q1
2024 sales of its organic, multi-nutrient, direct application
fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser
Project in Brazil ('Arapuá').
OVERVIEW
§ Orders to
the end of March 2024 totaled 8,492 tonnes, or 24% of total 2023
volume ordered
§ Invoiced
orders totalled 7,142 tonnes, with the remaining expected to be
invoiced through Q2 2024
§ Extensive
sales campaign initiated in preparation of stronger market
seasonality in second half of the year.
Brian McMaster, Chairman of Harvest,
said: "The Q1 2024
sales update with orders totaling 8,492 tonnes represents 24% of
our 2023 volume ordered, and is a fair start to the year. As we
move forward, we acknowledge the challenging market conditions but
remain cautiously optimistic about the anticipated improvement in
the second half of the year, particularly in our target crop
segments. Our proactive response includes the launch of an
extensive marketing campaign aimed at capitalizing on potential
market opportunities. We remain committed to our guidance target of
70,000 tonnes for 2024 and will provide updates to the market as we
navigate through the year."
FURTHER INFORMATION
In the first three months of 2024,
Harvest received new orders totalling 8,492 tonnes
for its KP Fértil® product produced at its Arapuá Fertiliser Project in Brazil, of
which 7,142 tonnes were invoiced by end of the quarter and the
remaining orders are being invoiced through Q2 2024. The orders in
Q1 2024 represents 24% of the total volume booked in
2023.
Of the approximated 6,000 tonnes of
orders placed during 2023, but that were to be invoiced during Q1
2024 per the Company's 15 February 2024 RNS, 550.47 tonnes have now
been invoiced. The Company continues to collect cash from amounts
invoiced during 2023, but which hadn't been settled by year end
2023. Further, the Company continues to work with customers which
have placed orders in 2022 but which have not yet agreed to take
delivery of the product from our storage facility. We have also
started to seek ways to legally enforce the deliveries.
Market prospects
continue to be tight although signaling for an improvement in the
second half of the year, which is seasonally stronger on our target
crops. To reap the benefits of a market uptick, Harvest has
initiated an extensive sales campaign with a number of compelling
incentives offered to existing and new buyers and to our team of
sellers as well.
We continue with our guidance target
of 70,000 tonnes to the year of 2024 and will keep the market
informed of the performance as we advance the year.
**ENDS**
For further information, please
visit www.harvestminerals.net or
contact:
Harvest Minerals Limited
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Brian
McMaster (Chairman)
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Tel: +44 (0) 203 940
6625
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Strand Hanson
Limited
Nominated & Financial
Adviser
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Ritchie Balmer
James Spinney
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Tel: +44 (0) 20 7409 3494
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Tavira Securities
Broker
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Jonathan Evans
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Tel: +44 (0) 20 3192 1733
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