Business
Full Year 2023 KP Fértil® Sales & 2024 Guidance
Full Year 2023 KP Fértil® Sales & 2024 Guidance.
About this update from Harvest Minerals Limited
[{"type":"text","content":"\n\nHarvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining\n15 February 2024\nHarvest Minerals Limited ('Harvest' or the 'Company')\n \nFull Year 2023 KP Fértil® Sales Performance and 2024 Guidance\n \nHarvest Minerals Limited, the AIM listed fertiliser producer, provides the following update on its 2023 performance and 2024 guidance in respect of sales of its organic, multi-nutrient, direct application fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil ('Arapuá').\n \nOVERVIEW\n§ Orders to the end of December 2023 totaled 34,880 tonnes, of which 28,707 were invoiced in the same calendar year, and the remaining will continue to be invoiced through Q1 2024.\no As at this date, the Company has been paid for 27,024 tonnes of the above invoiced amounts\n§ 7,067 tonnes of orders have been placed up to this date in 2024, of which 1,250 tonnes invoiced.\n§ Fertilizer demand expected still to be challenging in 2024 but signals of improvements, especially in the coffee sector, gives Board confidence to set 2024 sales guidance of 70,000 tonnes of placed orders.\n§ Cash position as at end 2023 of c. US$630,000\n§ Company has implemented a cost reduction exercise to reflect reduced activity.\n \nBrian McMaster, Chairman of Harvest, said: \"2023 started with a sharp drop in fertilizer prices, political changes, and along with it, a decrease in the value of agricultural commodities, mainly soybeans, which is the country's largest agricultural crop. All of this created a scenario of many uncertainties. Although soybean prices remain low, fertilizer values began to stabilize since the end of 2023, bringing a little more predictability and to our particular advantage, coffee crops in our target region are expected to have a year of growth. We have already started the year by booking meaningful orders, and the sales team is signaling positively for this year's goal of 70k tonnes. The Company has implemented sharp cost reductions while it has kept key commercial efforts and renewed strategy to reap the benefits of an expected better market in 2024.\"\n \nFURTHER INFORMATION\n \n2023 / YTD 2024 Sales at Arapuá Fertiliser Project\nIn ...