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Tuesday, 18 June 2013
Verde Potash: Final exploration report approved
Verde Potash’s (TSE:NPK) final exploration reports for its Cerrado Verde Mineral licences have been given the go-ahead by the Brazilian mining authorities.
The approval from the National Department of Mineral Production (DNPM) paves the way for the fertiliser developer to submit an Economic Development Plan.
Verde described it as a notable milestone as the project moves through the Brazilian permitting process.
President and chief executive Cristiano Veloso said: “We are pleased that the DNPM has approved the final exploration reports for these mineral tenements.
“This is an important permitting milestone that advances us towards receipt of a mining concession (Portaria de Lavra) and thus further de-risks the mining side of the project.”
Miners in Brazil must submit a final exploration report to the DNPM before the licence expires. Exploration licences are granted for a period of one to three years and are renewable for a further three years.
Brazil is in desperate need of potash supply as the agricultural powerhouse is the world’s largest exporter of coffee, sugar and poultry.
Last year, the South American powerhouse consumed 8.1mln tonnes of potash, of which 7.5mln tonnes or 93% was imported, making it the world’s largest potash importer for the second year in a row.