Harvest Minerals Limited Completed Expansion & Credit Financing for Clients (0742E)
03 Noviembre 2020 - 2:00AM
UK Regulatory
TIDMHMI
RNS Number : 0742E
Harvest Minerals Limited
03 November 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0742E_1-2020-11-3.pdf
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector:
Mining
3 November 2020
Harvest Minerals Limited ('Harvest' or the 'Company')
Completed Product Storage Capacity Expansion at Arapua
Fertiliser Project
& Agreed Credit Financing Facility for KPFértil Clients
Harvest Minerals Limited, the AIM listed remineraliser producer,
is pleased to announce that it has concluded the expansion of the
Mining and Storage Areas at its 100% owned Arapua Fertiliser
Project in Brazil ('Arapua') (see RNS dated 22 September 2020).
Harvest is also pleased to announce that it has signed an agreement
with Banco do Brasil, Brazil's largest rural credit provider,
whereby the bank will provide credit lines for Harvest's clients to
fund their KPFértil orders.
Highlights:
-- Expansion work concluded and now operating on a 24-hour,
three-shift production scale to meet peak demand
o Product Storage capacity expanded by 300% or 30,000 tonnes of
product over a 6,000m(2) total storage covered area
o Mining Area increased four-fold to 78.8km(2) to provide
greater production flexibility according to demand
-- Agreement signed with Banco do Brasil, Brazil's largest rural
credit provider, allowing Harvest's clients to access to the bank's
line of credit to fund orders of KPFértil product
Brian McMaster, Chairman of Harvest, said: "We are pleased to
have completed, on time and under budget, the significant expansion
of both the Product Storage Facility and Mining Area at Arapua.
Both are key to providing us the necessary capacity and flexibility
to meet the growing demand for KPFértil and I would like to thank
our engineering and operational team for such an achievement. On
the marketing side, Harvest has secured an important agreement with
Banco do Brasil, which now has its door open to our clients for
their working capital needs, allowing them to access the bank's
rural line of credit to place their KPFértil orders with us; this
is a great marketing tool for our sales team."
Further Information:
Harvest has completed the Product Storage Facility expansion to
30,000 tonnes, a three-fold increase in finished product storage
capacity, and the Mining Area expansion to 78.8km(2) , a four-fold
increase. As detailed in previous press releases, this expansion
will allow the flexibility to increase production, dry ore and
provide additional run of mine at times of peak demand for the
Company's product.
Work completed:
-- Expansion of the Mining Area
-- Expansion of the Product Storage Area
-- Addition of Manoeuvre Area for Bigger Trucks
-- Maintenance of the Access Roads
-- Improvements at the Processing Plant
-- Infrastructure Improvements
With the completion of the expansion, Harvest is now working on
a three-shift production scale (24 hours per day) in order to meet
growing demand and delivery of products sold in the third quarter
of 2020.
Expanded Product Storage Facility (Completed in October 2020) -
see PDF for image
Expansion of the Mining Area (in m2) - see PDF for image
Agreement with Banco do Brasil
An agreement has been signed with Banco do Brasil, whereby
Harvest's clients will now be able to access the bank's rural line
of credit to fund their orders of KPFértil up to a total amount of
R$5.0 million per client (about US$1.0 million). It is expected
that with the continuous relationship with Banco do Brasil, the
size of the line of credit should increase over time.
Banco do Brasil is the country's largest provider of rural
credit to the giant Brazilian agriculture industry. The benefit of
the line of credit to Harvest is threefold: not only will it assist
the sales strategy of the Company's commercial department providing
an important marketing tool to offer clients, but it will also
provide additional working capital flexibility with a decreased
credit risk profile of its clients' portfolio.
**ENDS**
For further information, please visit www.harvestminerals.net or
contact:
Harvest Minerals Limited Brian M cMaster (Chairman) Tel: +44 (0) 203
940 6625
Strand Hanson Limited James Spinney Tel: +44 (0) 20
Nominated & Financial Ritchie Balmer 7409 3494
Adviser Jack Botros
Shard Capital Partners Damon Heath Tel: +44 (0) 20 7186 9900
Broker
St Brides Partners Charlotte Page Tel: +44 (0) 20 7236 117
Ltd Beth Melluish
Financial PR
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