MBAC Fertilizer Provides Production Update
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 09/24/14 -- MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX: MBC)(OTCQX: MBCFF) today provided an update on the production ramp up at its Itafos operations in Brazil.
Since resuming continuous production following the ease of working capital constraints, MBAC has produced 16,032 tonnes of Single Super Phosphate ("SSP") and 9,478 tonnes of sulphuric acid for the month of September. The production totals are through September 23rd. Production in the past week amounted to 6,312 tonnes of SSP.
"We are encouraged by the progress being made at Itafos," said Cristiano Melcher, President and CEO of MBAC Fertilizer. "In a period of accelerated ramp up, we continue to produce high quality SSP while optimizing our operations to drive more efficiencies."
Consistent with recent guidance, the Company expects to achieve commercial production in the coming weeks. Commercial production rate is equivalent to a monthly or 30-day production volume of 25,000 tonnes of SSP or approximately 60% of nominal capacity. Itafos'' nameplate capacity is 500,000 tonnes of SSP per year.
Prior to reaching commercial production, MBAC capitalizes all costs incurred at its Itafos operations to property, plant and equipment. Proceeds from sales during this period are offset against costs capitalized. To date in 2014, MBAC has delivered approximately 70,000 tonnes of SSP and 12,050 tonnes of sulfuric acid, which represents pre-commercial revenue of approximately $14.4 million.
MBAC continues to explore several financing arrangements, including the sale of non-core assets and other strategic short and long term alternatives that will enable the Company to continue and accelerate the ramp up at Itafos.
About MBAC
MBAC is focused on becoming a significant integrated producer of phosphate and potash fertilizers and related products in the Brazilian market. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. In October 2008, MBAC acquired Itafos Mineracao Ltda., which consisted of a phosphate mine, a mill and plant and related infrastructure, all located in central Brazil. Since late 2012, such operations have been phased out as the Company completed the construction of the Itafos Arraias SSP Project. The Santana Phosphate project is a high grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Para State. Further information on MBAC can be found on the Company''s website at and on SEDAR at .
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, statements related to the Company''s business strategy, objectives and goals; the expectation of Itafos becoming a significant integrated producer of phosphate and potash fertilizers and related products in the Brazilian market; the Company evaluating all strategic options including pursuing additional financing options; the expectation that it will ramp up operations and reach commercial production of 25,000 tonnes of SSP per month in the coming weeks. . Forward-looking statements are often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statements are made, and forward-looking statements involve known and unknown risks, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risk factors include, among others, the Company not being successful at becoming a significant integrated producer of phosphate and potash fertilizers and related products in the Brazilian markets; the risk that the Company may not be successful in securing additional financing; the risk of not completing the ramp up of operations and reaching commercial production of 25,000 tonnes of SSP per month in the coming weeks;, as well as those factors disclosed in the Company''s current Annual Information Form and Management''s Discussion and Analysis, as well as other public disclosure documents, available on SEDAR at . Although MBAC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company''s plan, objectives and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 181,607,492
Contacts:
MBAC Fertilizer Corp.
Joe Racanelli
Investor Relations
416-815-0700 ext 243
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Datum: 24.09.2014 - 17:01 Uhr
Sprache: Deutsch
News-ID 1305103
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