Fertoz Ltd. said Oct. 10 that it secured a 100,000-tonne stockpile of phosphate rock near its Butte, Mont., operations.
The ASX-listed company's shares closed 10% higher on the day of the announcement.
The deal enables the producer to meet its sales targets of between 30,000 and 50,000 tonnes of fertilizer products in 2019 and 100,000 tonnes in 2020.
Deliveries of 800 to 1,000 tonnes per week are being made to meet orders for the current calendar year, with inclement weather conditions delaying harvest.
A plan to manage the 100,000-tonne stockpile will ensure that Fertoz will have over 17,000 tonnes ready for sales in the spring. Subsequently, it will move powdered and grit rock phosphate from February to March 2019 then its granulated and blended product from April to May 2019 to meet farmer fertilization schedules.
Fertoz added that it received about A$1.7 million from the exercise of the final tranche of options at 18 Australian cents apiece.