Brazil Potash Corp. is in discussions with banks and other lenders to secure between $1.7 billion and $1.8 billion in debt financing. This capital is intended to fund the construction of its planned potash mine in Brazil's Amazonas state, according to CEO Matt Simpson.
The Autazes Project, an underground mine located approximately 100 miles from Manaus, is projected to supply 2.4 million short tons of potash per year. This volume is equivalent to 17% of Brazil's current potash needs once production commences near 2030.
Mr. Simpson highlighted the project's strategic importance for Brazil, a global agricultural powerhouse that currently imports almost all of its potash fertilizer. Securing this substantial debt funding is a critical step towards bolstering the nation's agricultural independence and advancing the project to full operation.
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