In a show of faith, one of Miton Group PLC’s (LON:MGR) funds has ploughed more money into Brazil-focused potash explorer Harvest Minerals PLC (LON:HMI).
The Miton UK MicroCap Trust fund has acquired another 3.3mln of Harvest shares, taking its total stake in the firm up to 10.37%.
Harvest announced yesterday that it has been given the environmental green-light for its proposed mining operation at its Arapua phosphate fertiliser project in Brazil.
This puts the company on track to start a phase trial of mining before the end of 2016.
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At the end of last month, the AIM-listed firm reported better-than-expected results at Arapua.
Agronomic and metallurgical testwork confirmed that no toxic elements are present at the project, while results relating to solubility were described as excellent.
Analysis also showed that Harvest will have the option to produce two lines of fertiliser product, meaning the group will be able to offer customers different grades, and therefore address different market sectors.
Speaking at the time, executive chairman Brian McMaster said: “These latest results are excellent and well beyond our expectations, in particular regarding the solubility, which we believe, is better than for any similar product currently in the market.”
Shares were down 0.5p, or 2.5%, to 19p.