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Harvest Minerals Ltd - London-based fertiliser producer - Following due diligence on Miriri phosphate project in Pernambuco, Brazil, after acquiring the project in November 2021, company decides to not proceed with the project on the grounds of the geological and economic merits not reaching Harvest's minimum investment criteria.
As a result, Harvest has terminated its agreement and gives up its interest in the project.
‘We had high hopes for Miriri project, and it is disappointing that the detailed due diligence didn't reconcile to the historical data. That said, we will continue to look for greenfield and advanced projects as we grow our position within Brasil,’ said Chair Brian McMaster.
Current stock price: 11.65 pence, up 4.0% on Thursday
12-month change: up sharply from 2.90p
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