Harvest Minerals Limited (LON:HMI) has lauded continued excellent agronomic results from the Arapua fertiliser project on its direct application natural fertiliser and remineraliser product, KPfértil.
The tests were conducted by the Federal University of Uberlândia (UFU), an institution approved by the Brazilian Ministry of Agriculture, Livestock and Supply (MAPA), and will form part of the company's official registration of KPfértil to MAPA in the final quarter of this year.
READ: Harvest Minerals appoints Brazilian-based sales manager to optimise KPfértil fertiliser
Harvest said the results continue to demonstrate that KPfértil works as a fertiliser and has a positive agronomic efficiency.
Rice crops that had Kpfértil applied to them showed a substantial increase in dry matter production, both in comparison to having no fertiliser applied and to being treated with a conventional source of potassium (KCI).
UFU's test show rice crops produced 3,98 grammes per plant untreated; 5.03 grammes per plant when treated with KCI; and 59.44 grammes when treated with Kpfértil.
Compared to conventional sources of potassium and phosphate, applying the same dose of potassium and phosphate as KPfértil in clayey soils produced up to 73.09% of the dry matter produced using expensive, conventional fertilisers.
“The test results continue to exceed our expectations and are proving the potential of KPfértil, which is a completely natural, slow release, single product fertiliser,” said Brian McMaster, Harvest's executive chairman.
“We are working closely with a number of academic and corporate entities in order to begin official registration and certification of KPfértil in the coming months. When achieved, and on the basis farmers recognise the tangible economic benefits in introducing it to their fertiliser rotation, we believe KPfértil has the potential to replace significant amounts of conventional and more expensive fertilisers and become a staple product in the Minas Gerais agriculture belt in Brazil,” McMaster declared.
"With product ready for delivery, an indicated and inferred resource of 13.07Mt at 3.1% K2O and 2.49% P2O5, which translates into a mine life of over 30 years at a rate of 450k tonnes per annum, established infrastructure, a highly experienced and proven sales team and an established local market, the foundations are in place for a robust business and we look forward to the future with excitement," he added.
More results from the tests are expected in the coming months.
"Harvest’s KPFertil product has performed well in all tests. As a slow release natural product it is difficult to make direct comparisons with traditional sources of fertiliser; however, the company is now very confident it will become an important part of local fertiliser regimes," noted Beaufort Securities.
Beaufort said it is looking forward to results from the Veloso crop trials, whcih is said "appear encouraging". Beaufort rates Harvest as a speculative buy,
Shares in Harvest were up 2.3% at 11.25p in late morning trading.