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LONDON - AIM-listed fertiliser producer Harvest Minerals Limited reported a significant decline in sales for the first half of 2025, with revenue falling 58% to $516,533 compared to $1,226,412 in the same period last year.
The company recorded a loss after tax of $1,980,127 for the six months ended June 30, 2025, slightly higher than the $1,780,082 loss reported in the first half of 2024, according to its interim results released Tuesday.
Total fertiliser sales volume for the period reached 10,525 tonnes, which included 3,402 tonnes of orders placed in 2024 and 5,559 tonnes of orders placed in 2025 but only delivered and recognized as revenue in the first half of 2025.
Harvest Minerals cited challenging market conditions in the fertiliser sector, driven by macroeconomic pressures and local factors affecting commodity prices. Despite launching a new marketing campaign for its KP Fértil product during the period, the company said sales were "below expectations" and forecast "no near-term respite to the difficult trading conditions."
The company has substantially reduced its expectations for the remainder of the year and now forecasts total annual sales of 25,000 tonnes.
In response to the challenging fertiliser market, Harvest is diversifying its focus to include exploration of Rare Earth Elements (REE) potential at its Arapuá Project in Brazil. Laboratory analysis of rock samples has confirmed REE concentrations ranging from 1,176 ppm to 1,860 ppm of total rare earth oxides.
The company raised £300,000 through a placing of 100 million new shares at 0.3 pence per share in June 2025, with the proceeds received on July 2, 2025.
Executive Chairman Brian McMaster said the outlook for the fertiliser business "remains very unclear" and the company continues to "critically evaluate the position of the division within the group going forward."
The information was based on a press release statement from the company.
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