That could cover almost half of Brazil’s need for potash, a key fertilizer. However, the company said it would take at least three years to come on stream once licensing has been obtained.
Brazil Potash owner, investment bank Forbes & Manhattan, whose chairman Stan Bharti met with Dias on Sunday, has been trying to develop the Autazes deposit for more than five years, but the project has been held up by environmental concerns.
Prosecutors recommended in 2016 suspending the license to develop Autazes because the Mura indigenous tribe had not been consulted, in violation of Brazil’s constitution.
Brazil depends on imports for 95% of its potash and is a major buyer from top suppliers Canada, Russia and Belarus. Last year, Brazil imported some 10 million tonnes.
About 30% of global potash supply has been taken out of the market due to the inability of Russian and Belarus producers to export.
“Our view is that the sanctions…
