Wednesday, June 19, 2013

MBAC Fertilizer Corp - MBC.t

MBAC Fertilizer Corp - MBC.t is focused on becoming a significant integrated producer of phosphate and potash fertilizers in the Brazilian and Latin American markets.

The company is focused on developing a new high-grade fertilizer production facility, the “Itafós Arraias SSP Project”.

On June 13, 2013 the company released News

MBAC Fertilizer Corp. (“MBAC” or the “Company”) (TSX:MBC and OTCQX:MBCFF) is pleased to provide a progress report on the completion of construction and the start up of operations for the Itafós Arraias Single Super Phosphate (“SSP”) Project (“Itafós” or the “Itafós Project”):
• Near completion of construction and at current trends the Company expects the construction to be completed in the next several weeks, consistent with its previous guidance. • Cost to completion has progressed consistent with previous capital cost estimates.
• The Company has produced and is stockpiling phosphate concentrate from the beneficiation plant and the Company is very pleased with the quality of the concentrate.
• The Company expects to be in a position to deliver SSP in July with the ramp up of operations to reach capacity by October 2013.
• Operations team is in place and involved with the plants’ commissioning.
• Sales volumes of SSP to date have increased from 35,000 tonnes in the previous update to 50,000 tonnes.
• The working capital needs of the Company, which is entirely for the operational phase as the Company begins to generate cash flow, are expected to be entirely funded through ordinary course working capital loans and other debt. The Company has recently received credit approval from Banco Votorantim S.A. for an initial working capital line of credit in the amount of US$10 million. The Company is also in advanced discussions with banks and other lenders to structure the balance of the working capital financing.