Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF), the AIM-listed fertiliser producer, reported total orders of its organic multi-nutrient direct application fertiliser, KP Fértil of 34,880 tonnes by the end of December 2023, with 28,707 tonnes invoiced within the same calendar year.
The remainder is expected to be invoiced in the current quarter.
Though the year was marked by a sharp drop in fertiliser prices, political changes, and a decrease in the value of agricultural commodities, particularly soybeans, Harvest Minerals expressed confidence in improvements in 2024, particularly in the coffee sector.
Brian McMaster, chairman of Harvest Minerals, reflected on the past year's challenges, stating: “All of this created a scenario of many uncertainties.
"Although soybean prices remain low, fertiliser values began to stabilise since the end of 2023, bringing a little more predictability and to our particular advantage, coffee crops in our target region are expected to have a year of growth.
“We have already started the year by booking meaningful orders, and the sales team is signalling positively for this year's goal of 70k tonnes.
“The company has implemented sharp cost reductions while it has kept key commercial efforts and renewed strategy to reap the benefits of an expected better market in 2024."
Harvest Mineral has set sales guidance of 70,000 tonnes of placed orders for the year.
Orders to date in early 2024 have amounted to 7,067 tonnes, or 20% of the total volume of 2023.
At the end of 2023, Harvest Minerals’ cash position was 3.1 million Brazilian real (£495,000).