Stock Groups

Brazil to launch national fertilizer plan to stimulate investments -minister -Breaking

[ad_1]

© Reuters. Tereza Christina Dias, Brazil’s Agriculture Secretary, is in Sao Paulo on October 10, 2019 for the Brazil Investment Forum. REUTERS/Amanda Perobelli

SAO PAULO (Reuters – Brazil’s agriculture minister Tereza Christina Dias announced Wednesday that her country is soon to launch a national fertilizer scheme in order to boost investments into potash and phosphorus mines.

Dias spoke with CNN to say that Brazil must have more fertilizer production in order to “national security concern.”

Minister said that the government expected to be able to present the plan by March 17, which is currently being reviewed by Agriculture and Economy ministries. The plan is intended to eliminate bottlenecks, particularly in the areas of taxation and legislation, that could hinder the country’s development.

Dias said that Dias’ plan would be beneficial to accelerate approval of environmental licences. Sometimes, it takes 5-10 years for licenses to become effective, which can lead to investors giving up trying to explore this potential.

Blairo Maggi (head of Amaggi’s grains-growing, trading and investment firm Amaggi) stated last month that the company is currently in discussions with Stan Bharti, a Canadian investor, to develop the largest Latin American potash mine. This will help to reduce fertilizer imports for Brazilian farmers.

Brazil’s fertilizer stock should be sufficient to last through October when Brazil’s largest grain crop harvest intensifies. Dias stated.

The country imports approximately 85% its fertilizer needs, including potash. However, the bottleneck is exacerbated by conflict in Ukraine and Western sanctions against Belarus (a significant producer). The country imports 96% of its potash consumption.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]