PolyNatura and Nitron Group Announce Offtake Agreement for Polyhalite
HOBBS, N.M. & GREENWICH, Conn.--(BUSINESS WIRE)--Jan 23, 2019--PolyNatura Corp (“PolyNatura”) and Nitron Group LLC (“Nitron”) announced today that they have entered a “take-or-pay” offtake agreement for the supply of multi-nutrient polyhalite products. Under the agreement, subject to customary terms and conditions, Nitron will purchase 75% of PolyNatura’s production (1.5 million tons annually at peak production) over a five-year period commencing from first production.
“We are excited to partner with one of the most respected names in the global fertilizer industry,” commented PolyNatura’s Managing Director Graham Wheelock. “Financial strength, geographic reach, and deep industry knowledge make Nitron the ideal partner to distribute our organic fertilizer globally, enabling farmers around the world to improve crop yields and quality.”
Nitron President Javier Urrutia added: “Our mission at Nitron is to provide high-quality products to meet the growing demands of our clients around the world. This offtake agreement with PolyNatura will enable us to distribute an important organic fertilizer throughout the Americas and other key markets.”
Polyhalite, a naturally occurring mineral, can be applied directly as an organic fertilizer with only minimal processing. Raymond Hoyum, Affiliate Professor at Auburn University’s College of Agriculture, noted, “Polyhalite is totally water soluble and contains potassium, magnesium, calcium and sulfur, and so provides balanced crop nutrition. As growers continue to strive for high yields and improved crop quality, polyhalite should be an essential part of their total fertility program.”
Polyhalite’s constituent nutrients provide balanced nutrition for crops, supporting improved yields and quality. Polyhalite is approved for organic use by the Soil Association and Organic Farmers & Growers in the U.K. and similar organizations around the world.
About PolyNatura’s Ochoa Project
Located in Lea County, New Mexico, Ochoa is the only naturally occurring scale deposit of polyhalite in the Americas. For more information, please visit https://www.polynatura.com/.
Established in 1982, Nitron is one of the world’s leading traders and distributors of fertilizer products. Serving clients in 65 countries, Nitron sold 7 million tons of fertilizer in 2018. For more information, please visit https://www.nitrongroup.com/.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190123005502/en/
CONTACT: PolyNatura: Nicole Hakimi,firstname.lastname@example.org
Nitron Group: Mark Mangassarian,email@example.com
KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT NEW MEXICO
INDUSTRY KEYWORD: NATURAL RESOURCES AGRICULTURE MINING/MINERALS OTHER NATURAL RESOURCES
SOURCE: PolyNatura Corp
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PUB: 01/23/2019 11:19 AM/DISC: 01/23/2019 11:19 AM