Verde Agritech PLC said that the works on its processing plant in the Brazilian state of Minas Gerais – the Cerrado Verde project – had begun and the site was on track and on budget to be fully operational in the early third quarter of 2018. The plant is set to produce 45 tons per hour of Super Greensand – the firm’s multi-nutrient crop fertilizer product. The total cost of the production facility is projected to be US$500,000.
“The markets in Brazil and US have warmly welcomed our Super Greensand, as we expected, given the long series of agronomic tests conducted on the product,” commented Cristiano Veloso, the President and Chief Executive at Verde. “Now we are working hard to ensure that we can increase production as soon as possible. Our first wholly owned plant will ensure greater supplies at a lower per ton cost, so we are excited to see that work is progressing along the tight schedule we established.”
A pre-feasibility study (PFS) for the facility that was conducted in November 2017 showed an outstanding post-tax net present value discounted at 8% of US$ 1.98bn and internal rate of return (IRR) of 290%. In March 2018, the company announced a turnkey contract for the construction of the facility. Super Greensand is home to 68 minerals and trace elements, such as potassium, iron, magnesium and manganese. Unlike most potassium crop nutrients, the product does not include any additives, no salt and no chlorine. Verde Agritech is a UK-based fertilizer exploration and development company that focuses on developing innovative products that promote sustainable agriculture.
