Verde Potash (TSX-T:NPK, Stock Forum), a Toronto-based fertilizer development firm engaged in the advancement of the Cerrado Verde Project located in Brazil, announced results today from a battery of tests regarding the effect of its ThermoPotash on the coffee beans grown using the mix.
According to the news release, ThermoPotash was used on a particular field crop while the standard potassium chloride (“KCL”) was used on an identical test crop. Tests showed that contrary to the KCL fertilized crop, the ThermoPotash grown beans achieved the specialty coffee standard garnering a premium price.
Verde Potash president and CEO, Cristiano Veloso, commented, “Over one third of the world's coffee production is grown less than a 10 hour drive from the Cerrado Verde Project.”
He went on to explain, “On average, coffee requires up to three times more potash than soybeans and two times more potash than corn each year.”
Then concluded, “ThermoPotash can potentially supply this market and be a key determinant in producing superior quality coffee which justifies a higher price.”
Field tests were carried out by the Agricultural Research Company of Minas Gerais, a publicly traded company that acts as the main agricultural research institute in the state of Minas Gerais with the produced coffee beans being sent to independent industry experts at Cooxupe, one of Brazil's leading coffee cooperatives, for appraisal.
Verde Potash was in the news recently when the company provided additional info on Inova Argo in the middle of February.
Shares gained 10.92% on the news to $1.93 per share.
Currently there are 37.5m outstanding shares with a market cap of $72.4 million.