Last C$0.17 CAD
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As of 11:34 AM 09/17/14 All times are local (Market data is delayed by at least 15 minutes).

mbac fertilizer corp (MBC) Snapshot

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09/25/13 - C$2.35
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mbac fertilizer corp (MBC) Details

MBAC Fertilizer Corp., together with its subsidiaries, produces and sells phosphate fertilizers and related products in the Brazilian and other Latin American markets. Its material mineral properties include the Itafós Arraias single super phosphate Project consisting of 36 exploration permits, 5 mining applications, and 1 mining permit for a total of 69,561.17 hectares; Santana Project covering 21 exploration properties, as well as 6 exploration permits under application for a total of 235,150 hectors; and Araxá Project consisting of 4 exploration permits and 1 mining permit covering a total area of 226 hectares. The company is headquartered in Toronto, Canada.

395 Employees
Last Reported Date: 03/27/14

mbac fertilizer corp (MBC) Top Compensated Officers

Founder and Director
Total Annual Compensation: C$400.0K
Chief Financial Officer, Vice President of Fi...
Total Annual Compensation: C$225.0K
Vice President of Technical Services
Total Annual Compensation: C$250.0K
Vice President of Corporate Development
Total Annual Compensation: C$250.0K
Compensation as of Fiscal Year 2013.

mbac fertilizer corp (MBC) Key Developments

MBAC Fertilizer Corp Provides Operational Status Update

MBAC Fertilizer Corp. announced that it has resumed continuous production of single super phosphate (SSP) at its Itafós operations following the receipt of funds from the recently obtained Santander Working Capital Facility at the end of August. Concurrent with the resumption of SSP production, the Company also implemented a number of initiatives aimed at optimizing its operations and reducing costs. Production in the first few days of September to September 7 reached 4,140 tons of SSP and 3,264 tons of sulphuric acid following a period in which all plants had been operating well below capacity pending working capital for raw materials and spare parts. All four plants (beneficiation, sulphuric acid, acidulation and granulation) have now demonstrated that they operate at expected levels for commercial production and as designed. MBAC management believes that with the restocking of raw materials and critical spare parts, the Company is now in a position to achieve commercial production rates in the coming weeks. Commercial production rate is equivalent to a monthly production volume of 25,000 tons of SSP or approximately 60% of nominal capacity. The company also announced the implementation of a set of comprehensive cost-containment initiatives. The restructuring, which included a reduction in MBAC's workforce by more than 15%, re-negotiation of agreements with suppliers and the more efficient use of equipment and office facilities, is expected to generate annual savings of approximately $4 million.

MBAC Receives Final Approval for Senior Debt Extension and Executes BRL 40 Million Working Capital Facility

MBAC Fertilizer Corp. announced that it has executed the previously announced BRL 40 million working capital facility with Banco Santander Brasil S.A. and has received final approval for a 24 month debt extension from all of its senior lenders. In addition, the company has received access to debt service reserve accounts in the amount of approximately $1.1 million and a waiver from having to replenish these accounts until March 2016. Under the terms of the final approval for the Senior Debt Re-Profiling, the company will be permitted to defer the repayment of principal and interest until September 15, 2016 and the current maturity dates of the various loans will be extended. Interest rates under the debt facilities will remain the same except for certain sub credits under the Itaú Loans and Votorantim Loans, which rates increased by 20 basis points. The Senior Debt Re-Profiling also includes an extension of the current maturity dates of the existing working capital facilities previously provided by the senior lenders by up to four years. In connection with the Senior Debt Re-Profiling, the security package on the senior debt will be amended to add a first lien on the shares and mineral rights of MBAC Fertilizantes Ltda., which is in addition to the assets of the Itafós' Arraias SSP Operations that currently secure the senior debt. The company expects to execute definitive documentation to formalize the Senior Debt Re-Profiling, which shall be subject to certain conditions, within the next 30 days. Concurrent with the final approval of the Senior Debt Re-Profiling, MBAC entered into the Working Capital Facility of BRL 40 million with Banco Santander Brasil S.A. The Working Capital Facility has an interest rate of LIBOR+3.473% per annum and is secured by a second lien on the mineral rights and assets of Itafós and by a first lien on the shares and mineral rights of Araxá Mineração e Metalurgia Ltda.

MBAC Fertilizer Corp Seeks Funds

MBAC Fertilizer Corp (TSX:MBC) received final approval for senior debt extension and executed BRL 40 Million working capital facility. Cristiano Melcher, Chief Executive Officer and President of MBAC Fertilizer Corp, said, “Our primary focus will be on continuing to evaluate all strategic options, including pursuing additional financing options, ramping up production, streamlining costs and positioning MBAC as the phosphate supplier of choice in Brazil’s agricultural heartland.”


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