Brazil Potash Corp. announced it has secured $58 million for potash exploration at the Amazon Basin project, where it plans to build a $3.5 billion to $4 billion mine.
In a press released broadcasted Thursday, the company said the project has the potential to become a major new domestic source of potash for Brazilian farmers, which currently fulfill 80% of its fertilizer needs with imports.
President Dilma Rousseff has reiterated in several opportunities that her government considers the potash strategic and it is ramping up agricultural production.
Last year, Brazilian miner Vale SA, already the world's number one iron ore miner and second most valuable global miner, said it will invest $15 billion by 2020 to diversify its assets and become one of the world's biggest fertilizer producers.
Apart from Vale a number of potash producers have been zoning in on the Amazon – $68 billion is expected in related mining investments over the next four years. These companies include Verde Potash and Rio Verde Potash, both listed in Toronto, as well as Australian Aguia Resources.
Brazil Potash Corp. and its 100% owned Brazil incorporated subsidiary, Potassio do Brasil Ltda. is a private Brazilian potash exploration company with offices located in Belo Horizonte and Autazes.
Photo: Brazilian Amazon rainforest seen from a plane. Wikipedia.