Keras Resources PLC (AIM:KRS) shares jumped by a fifth on Monday as the miner announced a joint venture with Phosul LLC through which its sales will be boosted.
Keras subsidiary Falcon Isle Resources will enter into an equally-owned five-year joint venture with Phosul, which will provide a loan for a new fertiliser granulation plant.
This new site will produce Phosul’s granulate using Falcon Isle Resources’ organic rock phosphate from the Diamond Creek mine in Utah.
As a result of supplying the joint venture, Falcon Isle Resources’ sales will jump by approximately 200%, from 4,606 tons of phosphate last year to around 11,000 tons.
“I cannot overemphasise the importance of these developments in our business,” Keras chief executive Graham Stacey said, with the new site due to be up and running by April.
Shares climbed 21% to 3.75p.