Verde AgriTech PLC said May 22 that it secured a 1 million Brazilian reais debt facility with Santander Bank to fund the construction of a 45-tonnes-per-hour production facility at the company's Cerrado Verde potash project in Brazil.
The company recently received environmental licenses to mine up to 150,000 tonnes per annum of its Super Greensand fertilizer product and also secured a 50,000-tonne-per-annum mining permit from the Brazilian Ministry of Mines that allows it to continue its expansion plans for 2018.
The plant is expected to start production in the second half.
According to the statement, the loan will have a term of 60 months and carry a total interest rate of 12.26%.
The Brazilian Development Bank approved the debt financing, and the funds will be available to the company within the coming weeks.
As of May 21, US$1 was equivalent to 3.71 Brazilian reais.
