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Verde Potash Moves Forward In Gov't Funding Process; Names New CFO

Fertiliser group Verde Potash (TSE:NPK) announced another step for its flagship Brazilian Cerrado Verde project and named a new finance chief.

Verde's project has been selected to be evaluated for the next round of Inova Agro - a special financing programme of the Brazilian government aimed at funding agricultural projects.

Under consideration will be the plan's first phase of the project - namely the building of a rotary kiln flex plant with a capacity of around 1,000 tonnes per day (tpd) for producing ThermoPotash and also of seeking performance guarantees for a large scale KCl (potassium chloride) kiln.

Inova Agro is an initiative of the Brazilian government aimed at coordinating the resources of BNDES and FINEP.

BNDES is the state-owned Brazilian Development Bank, while FINEP is the "Financing Agency for Studies and Projects", also state-owned.

Also today, Verde said Tim Slater had been hired as chief finacial officer. Slater is the managing director of Harmer Slater Chartered Accountants in the United Kingdom and has acted as finance director for a range of companies in the UK.

The firm also said Henrique Cavalcanti was retiring as a director.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.