Brazil Potash seeks up to $1.8bn to build Amazon mine
Brazil Potash Corp is in talks with banks and other lenders to secure between $1.7-billion and $1.8-billion in debt to fund its planned potash mine in Brazil's Amazonas state, CE Matt Simpson said in an interview.
The underground mine, around 100 miles from Manaus, the capital of Amazonas, will supply 2.4-million short tons of potash per year, equivalent to 17% of Brazil's current potash needs once production begins near 2030, Simpson told Reuters this week.
The project would be key for the country, a global agricultural powerhouse which imports almost all of its potash fertilizer, Simpson said.
Brazil Potash has raised around $280-million to fund construction of the potash project, which is expected to cost around $2.5-billion, Simpson added.
"We're speaking to a number of different banks," Simpson said. "We're also speaking to some export credit agencies and some international financial institutions."
Possible lenders include Brazilian and international entities, he added.
Project developers are taking steps to prevent damage to the environment in the Amazon region, Simpson said, noting that water used in potash production will largely be recycled.
Brazil Potash has already secured an agreement with agriculture company Amaggi, which committed to purchasing 550 000 t of the mine's planned production, Simpson said.
Amaggi did not immediately respond to a request for comment.
Brazil Potash has a memorandum of understanding for another-million tons with another company and is in talks with a third potential client, Simpson said.
"Over the course of the next couple of months, we're aiming to have about 2.2-million of our 2.4-million (short tons) under contracts for at least 10 years in duration," he said.
Comments
Projects
Latest Multimedia
Latest News
Showroom
REELIN is Currently the largest supplier of Bearings to Transnet. We have contracts to supply bearings, draft gears slackadjusters and other...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
