LONDON, UK: Harvest Minerals Limited has entered into a binding share purchase agreement to acquire the entire issued share capital of BF Mineração Ltda for a total consideration of $800,000 payable in cash and new Harvest shares over a period of time.
BF Mineração owns the advanced Miriri Phosphate Project in the State of Pernambuco, Brazil, which will complement the company’s existing Arapua Fertiliser Project and expand its profile into the northeast region of Brazil.
· Project comprised of seven mineral rights spanning a total area of 6,112 hectares in a predominantly agricultural state in Brazil with excellent infrastructure in place
· Developed to date by the Brazilian Geological Agency, CPRM, which has executed substantial exploration work
· CPRM estimated historical non-NI 43-101 inferred resources of 4.8 million tonnes at 4.19% P2O5
· Planned development strategy includes the certification of an international standard resource and commissioning a Preliminary Feasibility Study (‘PFS’), which the Company is fully funded for, and then, subject to funding, fast-tracking the Project to production
Brian McMaster, Chairman of Harvest, said: “We are excited to be expanding our activities to other agricultural regions of Brazil and leveraging our in-house experience on direct shipping ore project implementation.
Given the substantial work already completed, we are confident that we can replicate the success seen at Arapua and fast-track the Project to production.
Notably, as a simple Direct Application Natural Fertiliser operation, the Project also ticks the sustainable box, which is key given the growing demand for organic crop farming and increased focus on providing an all-natural solution to boost soil nutrition. We look forward to updating the market on the next steps of this value accretive acquisition and subsequent developments.”