MOVES: President, COO of Canadian fertilizer company MBAC resigns

13 November 2013 11:42  [Source: ICIS news]

LONDON (ICIS)--Canadian phosphate manufacturer MBAC Fertilizer Corp on Wednesday revealed its president and COO, Roberto Busato Belger, had resigned and announced it is in discussions with a "number of industry participants relating to strategic alliances, off-take agreements and other similar arrangements" as it looks to increase sales in 2014.

The Toronto-based firm, which is focused on phosphate projects in Brazil, said in a note accompanying its third-quarter results that Belger had "decided to leave the company" but no timeline for the appointment of his successor was provided.

MBAC chairman, Peter Marrone, said: "Roberto worked closely with management to build strategic relationships, off-take agreements and other similar arrangements. I would like to thank Roberto for his contributions to MBAC and sincerely wish him every success in his future endeavours."

Turning to his company's operational performance for the three months ended 30 September, Marrone stated: "We began production at our flagship Itafos operations and started deliveries of Single Super Phosphate (SSP) to our customers, continued to see improvements in operations and continue to improve our working capital position."

The company produced about 18,000 tonnes of SSP, of which around two-thirds were delivered, during the reporting period and invested $24.9m (€18.4m) in property, plant and equipment and exploration activities.

"MBAC was a pre-commercial stage company in Q3 2013; as a result, the company did not generate material revenue during the quarter and incurred a net loss of $6.6m, primarily comprised of unrealised foreign exchange loss and general and administrative expenses," it added without providing comparative figures.

"The company expects to generate positive cash flow from operations in the upcoming periods as it ramps up production towards its nominal capacity."

($1 = €0.74)


By: Richard Ewing
+44 208 652 3214



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