Aim-listed remineraliser producer Harvest Minerals is expanding its profile in the north-east region of Brazil with the acquisition of the advanced Miriri phosphate project, in Pernambuco, for $800 000 in cash and shares.
The project, which will complement Harvest’s existing Arapua fertiliser project, comprises of seven mineral rights, spanning a total area of 6 112 ha in a predominantly agricultural state in Brazil.
Harvest says that the Brazilian geological agency, CPRM, has executed substantial exploration work on the project.
“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,” states chairperson Brian McMaster.
The company believes the Miriri project is amenable for the fast-track development of a direct application natural fertiliser operation at low capital expenditure and operational expenditure similar to its producing Arapua project.
The project has an estimated historical non-NI 43-101 inferred resources of 4.8-million tonnes at 4.19% phosphorous pentoxide, but Harvest says it will undertake the certification of the resources under international standards and commission a prefeasibility study.