07 June 2013 23:09 [Source: ICIS news]
HOUSTON (ICIS)—Brazilian fertilizer developer Verde Potash announced Friday it has appointed mining and finance executive Leonardo Moretzsohn as chairman of the board of directors.
Verde is currently developing the Cerrado Verde project, which is expected to be an extensive potash deposit and will be used to produce potassium chloride (KCI). The company has said the project is unique because of the high-grade potash rock available and that it is feasible to harvest using strip-mining techniques.
Moretzsohn, who was previously with Brazilian mining company Vale S.A. for 24 years, said he believes his experience will be well suited for Verde’s operational goals and that the market potential in Brazil is tremendous for the essential crop nutrient.
Currently Brazil’s ever expanding agricultural industry imports roughly 90% of its potash needs from foreign exporters.
“We have a fantastic opportunity to de-risk the project over the coming months and ultimately deliver a large-scale KCI operation that helps to alleviate Brazil’s dependence on potash imports from foreign suppliers,” said Moretzsohn.
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