| | | Verde starts ramp up of Plant 2's second stage to reach production of 2.4Mtpy
SINGAPORE, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: "NPK") ("OTCMKTS: "VNPKF") ("Verde" or the "Company") is pleased to announce that the expansion of its second production plant ("Plant 2") is now complete, now production is being ramped up from 1.2 million tonnes per year ("Mtpy") to 2.4 Mtpy of Verde's multinutrient potassium product, K Forte(TM), sold internationally as Super Greensand(TM) (the "Product").
Plant 2 was commissioned on August 31, 2022 with a production capacity of 1.2Mtpy; it achieved its nameplate capacity on October 26, 2022.1 In parallel, Plant 2 was undergoing an expansion process to be capable of producing 2.4Mtpy, construction which is now concluded.
"We look forward to the positive financial benefits that the additional capacity will bring to Verde's bottom-line. With every milestone, we become a more essential source to mitigate Brazil's dependency on imported potash," commented Cristiano Veloso, Verde's founder, and CEO.
Verde's Plant 1 operates with a capacity of 0.6Mtpy and Plant 2 operates with a capacity of 1.2Mtpy, totalling 1.8Mtpy. With Plant 2's capacity of 2.4Mtpy to be achieved after its ramp up is concluded, the Company's overall production capacity will be 3 Mtpy. |
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