Harvest Minerals Limited Switch to Grid Power (5257Q)

TIDMHMI

RNS Number : 5257Q

Harvest Minerals Limited

20 February 2019

Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining

20(th) February 2019

Harvest Minerals Limited ('Harvest' or the 'Company')

Switch to Grid Power

Harvest Minerals Limited, the AIM listed fertiliser producer, is pleased to announce that the Brazilian Energy company CEMIG has connected the Company's Arapua, multi-nutrient, direct application, natural fertiliser project in Brazil ('Arapuá' or 'the Project') to the main electricity grid. To view the announcement with illustrative pictures, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/5257Q_1-2019-2-19.pdf

In May, 2018 Harvest received all the required permits to connect the project to the power grid and as part of the plant expansion last year installed a 600KW power substation and two transformers to supply the plant and the office and other onsite facilities.

In early January, this infrastructure was connected to the grid by CEMIG, before being tested and approved by the CEMIG technicians on 18(th) February. Receiving power from the national grid also represents a potential cost saving to the Company, having previously relied on higher cost diesel power.

The current installed capacity exceeds the maximum current demand by 15% and can easily be upgraded to 2,500kW.

Harvest's Executive Chairman, Brian McMaster, said, "The plant upgrade and expansion we installed last year is working well and by switching from diesel to grid power we will be able to continue to control costs and maintain our position as one of the lowest cost producers in the world."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

*ENDS*

For further information please visit www.harvestminerals.net or contact:

 
 Harvest Minerals Limited         Brian McMaster      Tel: [phone] 
                                   (Chairman)          6629 
 
 Strand Hanson Limited            James Spinney       Tel: [phone] 
  Nominated & Financial Adviser    Ritchie Balmer      3494 
 
 Arden Partners plc               Tim Dainton         Tel: [phone] 
  Joint Broker                     Paul Brotherhood    5900 
                                   Paul Shackleton 
  Shard Capital Partners           Damon Heath         Tel: [phone] 
   Joint Broker                                         9900 
 
 St Brides Partners Ltd           Isabel de Salis     Tel: [phone] 
  Financial PR                     Gaby Jenner         1177 
 

Notes

Harvest Minerals (HMI.L) is a Brazilian focused fertiliser producer advancing the 100% owned Arapua Fertiliser Project, which produces KPfértil, a proven, multi-nutrient, slow release, organic, MAPA-certified remineraliser. KPfértil offers many economic and agronomic benefits and addresses the significant demand for locally produced fertiliser in Brazil, with its abundant agricultural land; currently, the country imports 90% of the potash it uses but has a target to be self-sufficient in fertilisers by 2020. Covering 14,946 hectares and located in the heart of the Brazilian agriculture belt in Minas Gerais, Arapua is a shallow, low cost mine with an indicated and inferred resource of 13.07Mt at 3.1% K(2) O and 2.49% P(2) O(5) . This is based on drilling just 6.7% of the known mineralisation, leaving significant upside potential. This resource is equivalent over 29 years' production and the known mineralisation expected to support 100+ years' production at 450,000 tonnes per annum.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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February 20, 2019 02:00 ET (07:00 GMT)