Verde Reaches Sales and Production Capacity for 2018

Verde Agritech (TSX:NPK) has had its 2018 sales results match total production capacity for the year, making the company officially sold out until 2019.

According to the release, the company has sold almost 40,000 tonnes of its Super Greensand product, approximately 10 times more than its 2017 sales. The company plans to construct a new processing facility in 2019 capable of producing an additional 600,000 tonnes per year, with the expectation of reaching 800,000-tonne-per-year capacity by early 2020.

Cristiano Veloso, Verde president and CEO, commented:

Though it pains us to turn away buyers because we have now reached maximum production capacity, we are even more determined to accelerate our expansion and supply an ever greater number of Brazilian farmers.

Even when Verde achieves 800 thousand tonnes of product a year, we will represent a mere 1.5% of the total Brazilian market for potash and roughly half of the added growth in potash demand of the past years. Our expansions are only just beginning.

Click here to read the full press release.