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Annual Results

Harvest net losses narrow as revenues rise

28 September 2017 09:23

Harvest Minerals' total revenues rose to $13.8m in the year to the end of June - up from $5.9m last time.

The net loss for the year was $2.6m - down from $2.8m in 2016.

Chairman Brian McMaster said: 'Harvest remains focused on building a leading fertiliser business to take advantage of strong market fundamentals, given Brazil's increasing reliance on fertiliser and its stated target to be self-sufficient in fertilisers by 2020; it currently imports 90% of the potash it uses.

'To this end, we continue to progress the advanced Arapua multi-nutrient direct application natural fertiliser project, located in the heart of the Brazilian agriculture belt in Minas Gerais.

'Arapua has a current resource of over 13Mt at 3.1% K2O and 2.49% P2O5, achieved from only 6.7% of identified resource, which translates into a mine life of over 30 years at a rate of 450k tonnes per annum.

'With its established infrastructure and local market, proven sales team and product ready for delivery, the foundations are in place for a robust business.

'Currently, the company has a rolling four-year trial mining licence allowing Harvest to extract 50kt of Arapua's product, KPfértil, on a rolling basis.

'However, the company is in the process of applying for a full mining concession; as part of this process, in April 2017, the company submitted a final exploration report on Arapua to the National Department of Mineral Production, which detailed all the geological, metallurgical and agronomic work completed to date.

'The DNPM continues to consider the report and once approved, the company has up to a year to submit a feasibility study and environmental report as the final steps in the application process for the full mining licences.

'Once granted, Harvest will be obliged to pay US$1 million to the third-party vendors of the Arapua project and therefore, we intend to utilise the full period available to submit the remaining reports.

'For the avoidance of doubt, whilst this process is ongoing, production from Arapua can continue pursuant to the trial mining licence unabated.'

At 9:23am: (LON:HMI) Harvest Minerals Ltd share price was 0p at 11.25p

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