(Kitco News) - Verde AgriTech (TSX: NPK) today announced that the expansion of its second production plant (Plant 2) is now complete, now production is being ramped up from 1.2Mtpy to 2.4Mtpy of Verde's multinutrient potassium product.
The company said that Plant 2 was commissioned on August 31, 2022 with a production capacity of 1.2Mtpy, adding that it achieved its nameplate capacity on October 26, 2022. In parallel, Plant 2 was undergoing an expansion process to be capable of producing 2.4Mtpy, construction which is now concluded.
"We look forward to the positive financial benefits that the additional capacity will bring to Verde's bottom-line. With every milestone, we become a more essential source to mitigate Brazil's dependency on imported potash," commented Cristiano Veloso, Verde's founder, and CEO.
According to a news release, Verde's Plant 1 operates with a capacity of 0.6Mtpy and Plant 2 operates with a capacity of 1.2Mtpy, totalling 1.8Mtpy. With Plant 2's capacity of 2.4Mtpy to be achieved after its ramp up is concluded, the company's overall production capacity will be 3 Mtpy.
Verde is an agricultural technology company that produces potash fertilizers. Verde is a fully integrated company, from the mining and processing its main feedstock from its 100% owned mineral properties, to the product sales processes, which also include direct technical advice for farmers, and distribution. By the end of 2022, it plans to become Brazil's largest potash producer by capacity.
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