A Brazilian miner is aiming to raise as much as $500 million in an initial public offering later this year or early next year, according to Mining Weekly.
Having just completed raising $58.6 million in equity earlier this week, Brazil Potash is aiming higher. The flotation is projected to be either in the final quarter of this year or the first quarter of next year. The firm is bolstered by Forbes & Manhattan of Toronto and its interests in the Amazonas basin of Brazil include the creation of a mine valued at as little as $3.5 billion and as much as $4 billion, chief executive officer David Argyle told Mining Weekly.
“The Brazilian Potash story will change the balance of the country’s imports and exports [of potash],” the chief executive officer told the news source. “It will take 25 years, but Brazil will become a potash exporter.”
Within 60 days, the mining services firm is aiming to publish an initial resource estimation that later will be followed-up by a resource estimate that is even bigger. During the final quarter of this year, the firm is aiming to release a scoping study.
The chief executive officer said the firm he leads is aiming to demonstrate a resource holding as much as 700 million tons that will be able to generate 4 million tons per year of potash that may be used as fertilizer.
The firm recently tapped a new member of the board of directors, according to a press release. Carmel Daniele of CD Capital founded a private equity fund based in London.
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