Harvest Minerals Ltd. (LON:HMI) narrowed its losses in the final six months of 2016 ahead of what its chief executive, Brian McMasterman, hopes will be a ‘ripper year’ for the Brazil-focused potash explorer.
The firm booked a pre-tax loss of US$1.43mln for the six months to 31 December 2016, compared to the US$1.53mln loss it recorded for the same period in 2015.
During the period, Harvest made significant headway at its Arapua fertilizer project.
It was awarded a trial mining permit by the Brazilian authorities for the Maximus prospect at Arapua, while it also signed a contract with local coffee producer Veloso.
An updated resource estimate at the project is expected to be completed by mid-February, Harvest revealed today.
No work took place at Harvest’s other potash projects – Sergi and Capela – during the period, while a resource estimate was completed at its Mandacaru phosphate project back in June.
Total revenue increased to US$12,354, up from US$4,329 in the same period last year, generated primarily via interest. At the end of December, Harvest had US$1.55mln cash in the bank.
Shares were down 2% to 14.8p on Wednesday afternoon.