Harvest Minerals Limited (LON:HMI) has applied to have its KPfértil fertiliser registered as a remineraliser with the Brazilian Ministry of Agriculture, Livestock and Supply (MAPA).
The application is expected to be approved by the end of the year with sales of KPfértil to grow rapidly following certification and in time for the next buying season, said Harvest.
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KPfértil is a multi-nutrient, slow-release fertiliser and remineraliser that can replace imported fertilisers. Harvest believes it will achieve significant market penetration on certification.
Harvest has already run multiple crop agronomy trials and said in a statement that it was urged to apply after a presentation to MAPA impressed the agency.
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Brian McMaster, executive chairman, said: "We always knew that KPfértil would be a very good remineraliser and fertiliser, but we are still very pleased with the enthusiastic response we received from MAPA.
"Once the registration and certification of KPfértil is 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."