Verde Potash plc (TSX:NPK) announced that Inova Argo, a financing program run by the Brazilian government, will allow it to move forward to the next round of evaluation in the process of securing financing for the first phase of the Cerrado Verde project.
As quoted in the press release:
Phase 1 of the Cerrado Verde project consists of a 1,000 tpd plant capable of producing ThermoPotash and also of seeking performance guarantees for a large scale KCl kiln. Inova Agro is a Brazilian government program intended to fund innovative projects in the agriculture sector, including those focused on fertilizers. Total funds to be distributed by Inova Agro are budgeted at R$1 billion (approximately C$450 million), with funding allocation decisions to be announced in February 2014.