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Brazil Potash, Amaggi sign agreements for Amazon mines

SAO PAULO — Torontobased Brazil Potash and Brazilian farm conglomerate Amaggi have signed agreements aimed at the purchase, sale and shipping of 2.4 million tonnes of potash that the Canadian company plans to mine in the Amazon, according to a joint statement on Monday.

Potash — a basic nutrient for plants — is an important ingredient in fertilizers.

Under the agreements, Amaggi will be legally required to buy 500,000 tonnes of potash per year from the Canadian miner for at least 15 years.

Amaggi will also have rights to market Brazil Potash’s remainder 1.9 million tonnes of annual potash production to other buyers.

In addition, Amaggi’s logistics arm will ship 2.4 million tonnes of annual potash production to Brazilian inland river ports connected to major farming regions. Reuters

BUSINESS

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2022-10-04T07:00:00.0000000Z

2022-10-04T07:00:00.0000000Z

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