New Proactive Investors Article (broker comments)

http://www.*.co.uk/companies/news/123962

Harvest could produce up to 100ktpa under a trial mining permit, especially as it would just involve crushing to produce a powder and not require water rights. The company could receive a trial permit and be in production within six months. As Brazil has a well-developed natural resources industry, most of the plant and other equipment Harvest would require could be sourced in country. Given the depreciation of the Real and local fabrication, it will make the capex far cheaper in US$ terms than might be expected. A suitable new 50t per hour plant including crusher, grader etc. in Brazil would currently cost around US$750k. Assuming only 75% utilisation and operating for only 8 hours per day, this would still be able to handle over 108kt pa. Running more shifts would obviously increase through put and if Harvest could secure sales of 100kt pa revenue could be US$7.5-10m pa, still under a trial license.”