DuSolo Fertilizers Inc. (
TSX, V.DSF,
Stock Forum) said fertilizer production has begun at its flagship Bomfim Project in Brazil.
The company said it has begun extracting and processing high-grade phosphate after receiving the necessary mining permits.
“We now have all the elements in place to deliver on our goal of becoming a phosphate producer in arguably the world’s hottest fertilizer market, said DuSolo President and
CEO Eran Friedlander in a press release.
“Our processing facility is operational and permitted, we are fully funded and we have received all the necessary licenses.’’
As a result, he said the company is positioned to commence production of Direct Application Natural Fertilizer (DANF) effective immediately.
Trading at 29.5 cents Tuesday, DuSolo has a market cap of $43.6 million, based on 147.7 million shares outstanding. The 52-week range is 36 cents and 12.5 cents.
As reported by Stockhouse, Du Solo has been working to develop a fully integrated process to produce phosphate-based fertilizers within the Cerrado region of Brazil, as part of a nationwide effort, incentivized by the Brazilian government, to increase supply of domestically sourced fertilizers and achieve agricultural self sufficiency.
With a processing facility in place, DuSolo is planning to process a small portion of the high-grade phosphate discovered at the Santiago target (one of several high priority target areas) into three DANF products. The company said farmers in the region have become accustomed to using DANF on their crops over the past several years, but due to recent restrictions in supply, have been unable to source it locally.
FULL DISCLOSURE: DuSolo Fertilizers is a client of Stockhouse Publishing.