Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) has said it remains on track to achieve its 2023 year-end invoiced sales target of 200,000 tonnes of its direct application fertiliser, KP Fértil, a 33% increase over 2022.
Harvest said it received sales orders for 16,755 tonnes of KP Fértil during the first quarter of 2023. KP Fértil comes from Harvest’s 100%-owned Arapua fertiliser project in Brazil.
"The start to 2023 is consistent with our internal planning expectations but notably a slower start than 2022, where concerns over the situation in the Ukraine accelerated buying decisions,” said Harvest’s chairman Brian McMaster in a statement.
“This ‘normalising’ of buying patterns seems consistent throughout the industry and not specific to us. The fundamentals of our position in the market have not changed: we have a unique, highly effective, 100% organic fertiliser and we continue to grow our customer base and order book. As such, we maintain our view that we will deliver our 2023 year-end invoiced sales target of KP Fértil 200,000 tonnes," he added.
During the first quarter, there was also a decrease in prices for conventional fertiliser products, although to date, this has not impacted Harvest's selling price.