Latest news with #Manaus
Yahoo
4 days ago
- Business
- Yahoo
Brazil Potash seeks up to $1.8 billion to build Amazon mine
By Oliver Griffin SAO PAULO (Reuters) -Brazil Potash Corp is in talks with banks and other lenders to secure between $1.7 billion and $1.8 billion in debt to fund its planned potash mine in Brazil's Amazonas state, Chief Executive Matt Simpson said in an interview. The underground mine, around 100 miles from Manaus, the capital of Amazonas, will supply 2.4 million short tons of potash per year, equivalent to 17% of Brazil's current potash needs once production begins near 2030, Simpson told Reuters this week. The project would be key for the country, a global agricultural powerhouse which imports almost all of its potash fertilizer, Simpson said. Brazil Potash has raised around $280 million to fund construction of the potash project, which is expected to cost around $2.5 billion, Simpson added. "We're speaking to a number of different banks," Simpson said. "We're also speaking to some export credit agencies and some international financial institutions." Possible lenders include Brazilian and international entities, he added. Project developers are taking steps to prevent damage to the environment in the Amazon region, Simpson said, noting that water used in potash production will largely be recycled. Brazil Potash has already secured an agreement with agriculture company Amaggi, which committed to purchasing 550,000 tons of the mine's planned production, Simpson said. Amaggi did not immediately respond to a request for comment. Brazil Potash has a memorandum of understanding for another million tons with another company and is in talks with a third potential client, Simpson said. "Over the course of the next couple of months, we're aiming to have about 2.2 million of our 2.4 million (short tons) under contracts for at least 10 years in duration," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
Brazil Potash Signs Memorandum of Understanding for ~$200m Power Line Construction and $20m Investment With Fictor Energia
MANAUS, Brazil, July 14, 2025 (GLOBE NEWSWIRE) -- Brazil Potash Corp. ("Brazil Potash" or the "Company") (NYSE-American: GRO), a mineral exploration and development company with a critical mineral potash mining project, the Autazes Project (the 'Project'), today announced the signing of a non-binding Memorandum of Understanding (MOU) with Fictor & WTT S.A. ("Fictor Energia"), part of the infrastructure division of Fictor Group, a leading Brazilian private equity firm. The MOU outlines terms for Fictor Energia to fund ~$200 million in power transmission construction costs for the Autazes Project while securing long-term energy supply and a $20 million strategic equity investment. Partnership HighlightsUnder the terms of the MOU, Fictor Energia would undertake complete development, permitting, construction, and operation of the power transmission infrastructure to supply 300MW per year of ~80% renewable sourced Brazil grid electricity for the Autazes Project through a Build, Own, Transfer model. After 25 years of operation, ownership of the electrical power line and associated substation to be transferred to Brazil Potash. Fictor Energia assumes full responsibility for the ~$200 million power transmission capital expenditure, removing this major infrastructure investment from Brazil Potash's construction budget. Additionally, Fictor Energia plans to invest $20 million equity into Brazil Potash in two tranches: 1) $2 million upon signing of the definitive partnership agreement; and 2) $18 million upon receipt of the power line installation license. Next StepsThe parties will work toward execution of definitive agreements, with Fictor Energia immediately beginning preliminary engineering and regulatory processes. There can be no assurance that the definitive documentation related to the transactions set forth in the MOU will be agreed upon or signed, or that, if signed, such transactions will be consummated, or of the final terms and conditions related to such transactions. The power transmission infrastructure would be expected to be completed and operational by July 2029, aligning with the Autazes Project's planned production timeline. Corporate UpdateThe Company also announces that Raphael Bloise has been appointed as the Interim President of Potassio do Brasil Ltda, the Company's wholly owned Brazilian subsidiary. About FICTOR GROUPFictor is a holding company with 18 years of private equity experience. Operating in strategic sectors for Brazil, the company has three main divisions: food industry, financial services, and infrastructure. Headquartered in the Berrini area of São Paulo, Fictor's purpose is to generate sustainable value for businesses shaping Brazil's vital sectors. About Brazil PotashBrazil Potash (NYSE-American: GRO) ( is developing the Autazes Project to supply sustainable fertilizers to one of the world's largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2021, despite having what is anticipated to be one of the world's largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi ( one of Brazil's largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash's management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash's production will be sold domestically to reduce Brazil's reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions. Cautionary Note Regarding Forward-Looking StatementsAll statements, other than statements of historical fact, contained in this press release constitute "forward-looking statements" and are based on the reasonable expectations, estimates and projections of the Company as of the date of this press release. The words "plans," "expects," or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding the MOU; advancement of the Autazes Project including specifically the powerline construction; the impact of the potential transaction with FICTOR and the benefits and structure of such transaction; and the status of the Company's project. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company disclaims any intention or obligation to update or revise any forward-looking statements, except to the extent required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. Contact: Brazil Potash Investor Relations info@
Wall Street Journal
10-07-2025
- Business
- Wall Street Journal
Brazil Won't Take Orders From Trump, President Says
MANAUS, Brazil—Relations between the U.S. and Brazil descended into crisis after President Trump sought to halt criminal proceedings against his right-wing ally in the country, former leader Jair Bolsonaro, by imposing steep tariffs on Latin America's biggest nation. The U.S. will charge a 50% tariff on Brazilian goods starting Aug. 1, Trump told Brazilian President Luiz Inácio Lula da Silva on Wednesday, citing legal action against Bolsonaro as part of his reasoning.
Washington Post
10-06-2025
- Politics
- Washington Post
Ahead of UN climate talks, Brazil fast-tracks oil and highway projects that threaten the Amazon
MANAUS, Brazil — Months before hosting the U.N.'s first climate talks held in the Amazon , Brazil is fast-tracking a series of controversial decisions that undercut President Luiz Inácio Lula da Silva's lofty environmental rhetoric and show widening divisions within his cabinet. The country's federal environmental agency approved plans for offshore drilling near the mouth of the Amazon and rock blasting along another river in the rainforest, while Congress is moving to make it harder to recognize Indigenous land and easier to build infrastructure in the rainforest.
Associated Press
10-06-2025
- Politics
- Associated Press
Ahead of UN climate talks, Brazil fast-tracks oil and highway projects that threaten the Amazon
MANAUS, Brazil (AP) — Months before hosting the U.N.'s first climate talks held in the Amazon, Brazil is fast-tracking a series of controversial decisions that undercut President Luiz Inácio Lula da Silva's lofty environmental rhetoric and show widening divisions within his cabinet. The country's federal environmental agency approved plans for offshore drilling near the mouth of the Amazon and rock blasting along another river in the rainforest, while Congress is moving to make it harder to recognize Indigenous land and easier to build infrastructure in the rainforest. These efforts would be controversial in normal times. But on the eve of the COP30 climate summit, environmental advocates say they're undermining Lula's claims to be an environmental defender whose administration has made headway in slowing deforestation in the Amazon. 'What will Brazil show up with at COP30 in November?' asked Cleberson Zavaski, president of the National Association of Environmental Public Servants. 'Will it be, once again, a list of commitments that contradict what the country itself is putting on the table today — such as expanding the highway network and oil exploitation?' Lula pushed controversial drilling project Protecting the environment was a central part of Lula's presidential campaign in 2022, when he ran against President Jair Bolsonaro, who presided over increasing deforestation and illegal activities in the Amazon, such as gold mining and land-grabbing. But when Brazil's environmental protection agency rejected the state-run oil company's bid to conduct exploratory drilling in an about 160 kilometers (99 miles) off Brazil's Amazonian coast, Lula supported the company's appeal and in February criticized the agency for taking too long, saying it 'seems like it's working against the government.' On May 19, the Brazilian Institute of the Environment and Renewable Natural Resources or IBAMA, approved an emergency plan to allow the drilling. A week later, IBAMA approved a rock-blasting operation along 40 km (25 miles) of the Tocantins River to enable year-round navigation, despite criticism from local grassroots organizations. The river, which cuts through the Amazon rainforest, is set to become a critical waterway to ship soybeans, mainly to China. The Federal Prosecutor's Office said the authorization was illegal because it failed to address issues highlighted during the environmental study, and filed a lawsuit seeking to have it overturned. Since taking office in 2023, Lula has argued that Brazil can both further its development while protecting the environment. 'France, the U.K., Norway and the U.S. also produce oil. And Brazil has the cleanest energy mix in the world: 90% of our electricity comes from renewables,' Lula said in an interview to French newspaper Le Monde published last week. Brazil gets most of its own electricity from hydropower and other green energies, while its oil exports, a major source of income for the country, are on the rise. Emails to the president's chief of staff seeking comment were not answered. Congress weakens environmental protections On May 21, the Senate approved sweeping legislation that weakens federal agencies' environmental licensing powers. Among other measures, the bill streamlines review for projects deemed priorities by the federal government, reducing the approval process from three bureaucratic steps to one and imposing a one-year deadline for review. It also elimates reviews for upgrades to existing highways, which could clear the way for to pave the whole of BR-319, a highway that runs about 900 kilometers (560 miles) through the western part of the Amazon. Environmentalists argue that the paving will lead to mass clearing of a pristine area of rainforest. The bill is opposed by Lula's Workers' Party, but it's expected to pass the lower chamber of Congress. Lula could veto all or parts of the bill, but according to press reports he is expected to support of the bulk of the changes with only minor adjustments. Lula has said he has no position on the environmental bill. Meanwhile, Congress has also approved rules that make it harder demarcate Indigenous lands and is moving forward with legislation to weaken licensing rules that, among other impacts. The bill is opposed by Lula's Workers' Party, but according to several press reports Lula will support of the bulk of the changes and will only negotiate minor adjustments. 'It's the perfect combo to wipe out environmental protections and Indigenous land demarcations in the country, accelerate the tipping point of the world's largest tropical forest and set off a carbon bomb against the global climate,' Climate Observatory, a network of 133 environmental, civil society and academic groups, said in a statement. Former U.S. Interior Interior Bruce Babbitt, who sits on the board of the nonprofit Amazon Conservation, said in a statement that the bill 'will lead to massive destruction of the Amazon rainforest. It should be opposed by all Brazilians and friends of Brazil in the international community.' Divisions over the bill appear to sideline Environment Minister The licensing bill has also deepened internal divisions within Brazil's government. Environment Minister Marina Silva said the law will end one of Brazil's crucial mechanisms of environmental protection, but she appears increasingly sidelined in the administration. Local media have reported that Lula's Chief of Staff Rui Costa promised the bill's sponsor that Lula would not oppose changes to licensing rules, and Minister of Transportation Renan Filho said in a social media post that the bill is 'excellent' news that will get the highway project moving. At a press conference last week, Lula praised Silva, calling her 'loyal' and adding that it's normal to have friction between the environmental and other ministries of government. But many see echoes of Lula's previous administration, during which Silva resigned from the same post after being marginalized by the rising influence of agribusiness. João Paulo Capobianco, executive secretary of the environment ministry, reiterated her criticism of the bill in a speech last week, calling it a 'real risk of setback.' He added that Silva is working with Lula's cabinet toward 'a point of convergence between those who seek efficiency — and deserve a response — and the need to preserve the system without dismantling environmental licensing.' ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
