FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., July 12, 2023 /PRNewswire/ -- Potash fertilizers help in the overall improvement of plant quality and also increases its shelf life. Potassium is a vital soil element and is one of the key members of the NPK fertilizer family. Natural potassium does not exist in the environment since it responds aggressively to water. Fertilizer potassium is at times called "potash", a term that originates from an early making procedure where potassium was filtered from ashes of woods and concentrated by dissipating the leachate in huge iron pots. A report from Verified Market Research projected that the Potash Fertilizers Market size is projected to reach USD 41.11 Billion by 2030, growing at a CAGR of 4.66% from 2023 to 2030. The report said: "In the production of food, potassium is eliminated from the soil in the crops that are harvested and should be replaced keeping in mind the end goal to keep up the crop growth in the future. It also helps to enhance crop yield, improvise taste, and further helps plants to resist diseases. Potash fertilizers are applied to various crop types such as cereals & grains, oilseeds & pulses, and fruits & vegetables. In terms of form, potash fertilizers are present in liquid & solid forms." Active companies in the markets this week include Millennial Potash Corp. (OTCQB: MLPNF) (TSX-V: MLP), The Mosaic Company (NYSE: MOS), Gensource Potash Corporation (OTCPK: AGCCF) (TSX-V: GSP), Intrepid Potash, Inc. (NYSE:IPI), Nutrien Ltd. (NYSE: NTR) (TSX: NTR).
Verified Market Research continued: "A greater number of crops such as plantation crops and horticulture crops are fertilized utilizing potash fertilizers, and hence, this factor act as a driver for the development of the market. The other determinant factor boosting the Potash Fertilizers Market is the rise in nourishment utilization together with the expanded population and the have to keep up a sound way of life. Rising soil deficiency, ease of utilization, and giving uniform application, coupled with an increasing demand for more production of food crops, are anticipated to drive the growth of the potassium fertilizers market. The potash fertilizer required depends on the type of crops developed because potassium take-up changes between crops and different soils. As accuracy horticulture is known to play down supplement misfortunes by enabling the variable-rate fertilizer application, the demand for this fluid potassium, fertilizers are expected to rise within the forthcoming a long time. The significant growth trend of the global population indicates an increasing demand for food, and in turn, would drive the demand for potash for the production of fertilizers."
Millennial Potash Corp. (OTCQB:MLPNF) (TSX.V:MLP) BREAKING NEWS: Millennial Potash Reports Arrival of New Drill Rig and Initiation of Drilling at Its North Target - Millennial Potash Corp. ("MLP", "Millennial" or the "Company") is pleased to report the arrival of a new universal drill rig, with associated drilling supplies and machinery, at its Banio Potash Project in Gabon. The new drill rig has been mobilized to the site of historic drillhole BA-002 in preparation for the extension of this hole to test the occurrence of additional potash cycles at depth.
Farhad Abasov, Millennial's Chair, commented "Millennial is very pleased to announce the arrival of the new core drill rig at site which has now been mobilized to the first drill set up. This new drill rig has the capability to collect large drill-core to depths over 1,200m, which is essential to explore and test the 10 potash cycles at our Banio Potash Project. Initially, the rig will extend two historic holes to delineate deeper potash cycles and then move to a new drill site to expand the extent of the known potash mineralization in preparation for a potential resource estimate in Q4 2023. Our team has done an excellent job overcoming logistical hurdles and delivering this rig to Banio. We look forward to providing updates as we start the first stage of drilling at Millennial's Banio Potash Project."
The new drill rig arrived on site at Banio via barge from Libreville, the capital of Gabon. The drill rig is capable of drilling HQ core to depths over 1,200m, which is the Company's currently planned maximum target depth on the Banio Potash Project. The historic site of hole BA-002 to which the drill rig has been mobilized is northwest of the Company's camp location. The drill plan at the North Target includes extending BA-002 by 50-60m to delineate additional potash cycles below Cycle V. Upon completion of this extension, the drill rig will shift approximately 4km to the southeast to historic drill site BA-001 and extend this hole an additional 350m to a final depth of approximately 700m. According to recent reinterpretation of the geologic model, BA-001 was terminated prematurely having only penetrated the upper zone of Cycle VIII. Extending this hole by 350m has the potential to intersect cycles IV, V, VI and VII where the nearest historic hole, BA-003, intercepted as much as 27.5m of carnallitite grading 60.5% carnallite in Cycle VI (see the 43-101 Technical Report titled "Technical Report on the Banio Potash Project, Mayumba Permit, prepared for the Company by Ercosplan and filed on SEDAR on Jan. 24, 2023).
Upon completion of the BA-002 extension, a new hole, BA-004, which is located about 4km east of BA-001, will test the potential of potash mineralization in that region of the basin. If successful intersecting similar potash seams (beds), the mineralization will have been tested over a strike length of approximately 7km. The drilling programme at the North Target is scheduled for completion in Q4 2023 and this data will form the basis for a potential Maiden Resource Estimate also in Q4 2023. A drill programme at the Banio Potash Project's South Target, totalling approximately 3,000m in three new holes, is planned to follow the North Target drilling. Drill site selection at the South Target has been chosen to test the presence of potash cycles I to X as interpreted from gamma-ray logs of historic oil and gas drill holes in the area. CONTINUED… Read this full release and get more info for Millennial Potash Corp. at: https://millennialpotash.com/news-releases/
Additional recent developments in the markets include:
The Mosaic Company (NYSE: MOS) recently announced its combined April and May 2023 sales volumes and revenue by business unit. For the second quarter, we expect potash sales volumes toward the high end of the previous guidance range of 2.0-2.2 million tonnes, reflecting the impact of strong spring demand in North America. For pricing, we now expect realized MOP prices at the mine near the low end of our previous range of $325-$375 per tonne. Our updated pricing guidance incorporates the recent China contract settlement of $307 per tonne.
In Phosphates, we expect sales volumes to be near the low end of our previous guidance range of 1.8-2.0 million tonnes. Following strong demand for the spring season, North American customers are deferring inventory restocking to the third quarter. Realized DAP prices on a FOB basis are expected at the high end of our previous guidance range of $550-$600 per tonne. Results for the quarter are expected to reflect the capture higher-priced sales early in the quarter.
Gensource Potash Corporation (OTCPK: AGCCF) (TSX-V: GSP), a fertilizer development company focused on sustainable potash production, recently announced that on May 29, 2023 it completed the closing of its previously announced non-brokered private placement offering (the "Offering") of units of the Company (each a "Unit") at a price of $0.15 per Unit.
At the closing, the Company issued 6,118,583 Units for aggregate gross proceeds of $917,787.45. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant is exercisable for one Common Share (a "Warrant Share") at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
Intrepid Potash, Inc. (NYSE:IPI) recently announced the successful completion of the Well 45 and Well 46 drilling projects at its solar solution potash mine in Moab, Utah. This is the second update on Intrepid's major capital projects included in its 2023 capital program.
Key Highlights & Management Commentary: We successfully completed the Well 45 and Well 46 drilling projects at our solar solution potash mine in Moab, Utah, in time for the 2023 evaporation season. Both projects will help us deliver on our key goals of maximizing brine availability and underground brine residence time, which is expected to lead to improved brine grade and higher and more consistent production.
Bob Jornayvaz, Intrepid's Executive Chairman and CEO commented: "I'm very pleased to share that we completed two additional potash growth projects on the planned schedule to have them commissioned in time for the 2023 summer evaporation season. Successfully executing both projects required a very high level of technical expertise and our new design for Well 45 led to significant cost savings compared to our previous horizontal caverns due to the single-well design. While our Moab potash operation has been our most consistent production asset, these projects are expected to help ensure this continues to be a world-class operation for many years to come. Our focus continues to be successful project execution across our operations, and I'm very encouraged by the results so far."
Nutrien Ltd. (NYSE: NTR) (TSX: NTR) recently announced plans to release second quarter earnings results on Wednesday, August 2, 2023, after market close. Nutrien will host a conference call the following day, Thursday, August 3, 2023 at 10:00 a.m. EDT to discuss and answer investor questions on second quarter results and the outlook.
Investors can access the call by dialing 1-888-886-7786 or 1-416-764-8658. A webcast of the conference call can be accessed by visiting Nutrien's website, https://www.nutrien.com/investors/events. A recording of the conference call will be available after the completion of the call by dialing 1-877-674-7070 and inputting the conference identification number 043533#. The recording will be available through November 1, 2023.
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