
June 18, 2024
Fertoz Ltd (ASX:FTZ) (Fertoz or the Company) welcomes the addition of phosphate to Canada’s 2024 Critical Minerals List, designating it as a critical mineral for the first time.
Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, announced the updated list on 10 June 2024. The decision emphasizes phosphate’s essential role in strengthening food security in Canada as well as globally, and in aiding the energy transition. Phosphate is used directly as a fertilizer and also added to fertilizer products – such as Fertoz’s own Fertify™ pelleted product – and is crucial to maintaining and improving soil health needed for food crops. The addition of phosphate to this list acknowledges the fundamental importance of this mineral and the growing understanding of its necessity.
Apart from fertilizers, phosphate is integral to the renewable diesel and sustainable aviation fuel industries and is a critical mineral for producing lithium iron phosphate (LFP) batteries, which are common in electric vehicles and growing in demand for use.
Fertoz’s Wapiti and Fernie rock phosphate projects, which are large, high-quality deposits of organic rock phosphate in British Columbia, Canada, will benefit from this announcement as will Fertoz’s customers who rely heavily upon this mineral for the manufacturing of sustainable and regenerative fertilizer products.
Fertoz Ltd Managing Director and CEO Daniel Gleeson said: “The addition of phosphate to the critical minerals list reflects the importance of this diminishing resource that is fundamental to food production and a necessity for transitioning to a sustainable low-carbon economy.”
The Canadian Government has made significant investments to support the development of critical mineral projects and associated value chains. These investments include the $1.5 billion Strategic Innovation Fund, the $1.5 billion Critical Minerals Infrastructure Fund, the Indigenous Natural Resources Partnerships Program, and Indigenous grants related to critical minerals infrastructure.
Projects for minerals on Canada’s 2024 Critical Minerals List, including phosphate, may also qualify for additional funding, incentives and supports from:
- The Canada Growth Fund;
- The Business Development Bank of Canada;
- Export Development Canada;
- The Canada Infrastructure Bank;
- Sustainable Development Technology Canada; and,
- Scientific Research and Experimental Development tax incentives.
Fertoz will investigate these funding incentives to determine whether they may be appropriate for Fertoz International (Fertoz’s Canadian subsidiary) to apply at a date to be determined if applicable.
Additionally, the Canadian Government is working to streamline the permitting process for the development of critical mineral projects, which may prove beneficial to Fertoz.
Click here for the full ASX Release
This article includes content from Fertoz Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Conversation (0)
19h
RLF Secures Short Term Funding to Accelerate its Sales Expansion
RLF AgTech Ltd (ASX: RLF) (RLF or the Company) is pleased to advise that it has successfully completed a placement of 7,000 unsecured convertible notes (Notes) to a group of institutional, professional, and sophisticated investors, raising total proceeds of $700,000.
Key Highlights
- $700,000 raised through the issue of 7,000 unsecured Convertible Notes at a face value of $100 per Note Conversion price set at $0.06 per RLF share.
- Funding supports increased working capital expansion of Australian sales team and marketing as well as new application equipment for LiquaForce
- Funding also supports increased inventory requirements for the China business
- Matures on 30 September 2025 with the Company reserving the right to redeem earlier.
The funds raised will be used to support the Company's near-term operational priorities across both domestic and international markets, with a primary focus on inventory requirements for the upcoming March—July sales period. This short-term funding ensures the Company is well-positioned to meet current demand, with the capital typically returned by July or August in line with seasonal trading cycles.
In Australia, the Company has secured a greater number of distribution or supply agreements than initially forecast. The recent agreements have resulted in a national distribution reach that have over 500 locations. To support these agreements, the Company is investing in the deployment of sales and technical personnel, the development of marketing and agronomic support materials, and the delivery of comprehensive product training.
In China, stronger-than-anticipated sales have accelerated inventory requirements for the upcoming March—July sales period. This short-term funding enables the Company to meet this demand.
A portion of the proceeds will also be directed toward capital expenditure within the RLF LiquaForce business. Specifically, funds will be used to acquire variable rate liquid fertiliser application machinery. This equipment is expected to enhance application efficiency, reduce cost differentials compared to granular fertiliser systems, and strengthen LiquaForce's competitive position in key Queensland markets.
Click here for the full ASX Release
This article includes content from RLF AgTech, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Keep reading...Show less
23 March
Lupin Protein Health Benefits Presentation
18 March
Presentation to Food and Ingredients China 2025 Conference
Wide Open Agriculture (WOA:AU) has announced Presentation to Food and Ingredients China 2025 Conference
09 March
WOA Secures New Sales in Europe, Latin America & Australia
Wide Open Agriculture (WOA:AU) has announced WOA secures new sales in Europe, Latin America & Australia
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.