Pacific Potash complete technical report on its Amazonas Basin Potash Project

first_imgOwning a potash mine in Brazil is like controlling a water-well in the middle of the Sahara Desert. Brazil is the world’s third-largest consumer of potash.  In 2012 it imported 7.5 million t of potash which accounts for around 90% of its total consumption. The country has a single operating potash mine operated by Vale which produces about 8% of Brazil’s potash needs, and is expected to be exhausted by 2016. The Brazilian government has stated its goal to become ‘fertiliser independent’ by 2020, which means a number of potash projects are going to be fast-tracked to production.Pacific Potash has a 100% interest on 795,824 hectares within the Amazonas Basin in Northern Brazil. The Properties are situated approximately 20 and 40 km from Petrobas’ Arari and Fazendinha potash deposits. Pacific Potash recently completed NI 43-101 compliant technical report on its Amazonas Basin Potash Project. Balbir Johal, Pacific Potash Executive Chairman said “The completion of this report confirms that there is a great opportunity for the development of potash within the confines of our property.”Current exploration programs by Brazil Potash and Cowley Mining affirm that the Amazonas Basin has world class potential. Pacific Potash’s 795,824 hectares are on trend and surrounded by Brazil Potash and Cowley. Brazil is in desperate need of a domestic source of potash which would eliminate high transport costs. 2012 was the second consecutive year in which Brazil was the largest global importer of potash, while its production continues to decline. Pacific Potash is currently trading at $0.16 with a market capitalization of $9 million.last_img