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Brazil Potash (NYSE: GRO) announced a binding commercial offtake agreement with Keytrade AG on Thursday, securing a 10-year purchase commitment for up to 900,000 tons of potash annually from its Autazes project. This represents approximately 30% to 37% of the project’s annual production and is part of efforts to reduce Brazil’s reliance on imported fertilizers, as the nation brings in over 85% of its fertilizer demand.
The agreement follows the granting of a license by the state of Amazonas last year, allowing the construction of what is set to be the largest fertilizer mine in Latin America. Brazil Potash has now secured binding offtake agreements covering about 60% of its planned annual production of 2.4 million tons, with additional discussions that could raise this to 91%.
In conjunction with this agreement, Brazil Potash previously signed a memorandum of understanding for $200 million in infrastructure funding with Fictor Group. Combined commitments from Keytrade and another agreement with Amaggi Exportacão E Importacão Ltda. total 1.45 million tons of production.
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