Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF), an AIM-listed fertilizer producer, said Brazil has approved the registration of Harvest's organic, multi-nutrient KP Fértil as a simple mineral fertilizer.
Approval by Brazil’s Ministry of Agriculture, Livestock, and Food Supply (MAPA) means that KP Fértil can be used as an authorized source of macro- and micro-nutrients to help maintain soil health and improve production.
"Having our KP Fértil® registered as a fertilizer in Brazil is a major milestone and its importance cannot be underestimated,” said Harvest chairman Brian McMaster. “Being recognised as a fertilizer by MAPA is the highest level of certification that KP Fértil needs to achieve and is indisputable recognition of the quality of our product.”
“In commercial terms, the MAPA certification means that the quality of our product is acknowledged and that is very important recognition for our customers, particularly new customers and even more so at this time when new customers may be looking to make swift buying decisions due to external market factors.”
There are concerns about global fertilizer supplies following Russia’s invasion of Ukraine. Russia is one of the world’s biggest exporters of the three major groups of fertilizers: nitrogen, phosphorus, and potassium.
Over the weekend, the Haas Formula One team cut its ties with Russian sponsor Uralkali, one of the world’s largest potash producers and exporters, because of its owner’s close ties with Russian President Vladimir Putin.
Harvest said approval by MAPA is not just good news for it in Brazil, but is also likely to bring in additional buyers.
“Additionally, the certification means that our product will be considered by a larger customer audience because for some customers, the MAPA fertiliser certification is a requirement for purchase.”