Verde Agritech PLC (TSE:NPK)(OTCQB:AMHPF) revealed it has sold 1,093 tonnes of its Super Greensand fertilizer in the three months to end March, leading to revenue of $154,000 as it continues to advance its project in Brazil.
That equates to $141 of revenue per each tonne sold. No tonnes were sold in the comparative period a year ago, as commercial output had not started.
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For the March period, net loss increased to $873,000 compared to $345,000 a year ago. Verde said continued growth following the start of commercial production in July contributed to the increase.
In 2017, the firm announced a pre-feasibility study, which looked at expanding production.
The study examined producing 25 million tonnes per year (Mtpy) of Super Greensand, ramping up in three phases. A first of 0.6 Mtpy, a second of 5Mtpy and a third phase of 25Mtpy. Production growth was seen to be financed largely from expected internal cash flow.
Capex (capital expenditure) for Phase 1 was estimated to be US$3.05 million, while capex for all phases was put at US$369.53 million.
Looking ahead, Verde said it will continue market development, engineering studies, construction, finance and environmental licensing efforts to advance Cerrado Verde.
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