The global potash market is projected to reach $22 billion in 2023 and grow to $36 billion by 2026, primarily because of the need for fertilizer to produce healthy and sustainable crops worldwide.
Brazil Potash has discovered a huge potash deposit in the Amazon Basin and is now developing the Autazes project. The company’s goal is to operate a low-cost potash mine and supply farmers in the country with the mineral. The project will also benefit the local economy by creating jobs, increasing tax revenues and improving infrastructure in the region.
Investing in Brazil’s Potash Industry: Opportunities and Challenges
As the world struggles to feed 828 million hungry people as stated in the United Nation’s 2022 State of Food Security and Nutrition Report, having a stable domestic source of potash is essential for agricultural producers. Brazil, the world’s fourth largest agriculture producer, currently imports 85% of its potash needs and has been dealing with shortages as a result of the war in Ukraine and supply chain issues during the COVID-19 pandemic.
The Mura Indigenous community has been the focus of protests against the mining project in recent weeks, claiming that their rights have not been respected. The project is located on the same land as several other mines, and experts say the dispute has more to do with politics than with the merits of the case. Last month, the highest court in Brazil reinstated the preliminary license for the project. It said a lower judge erred in interfering in the consultation process between Brazil Potash and the Mura.