Brazil Potash, a Toronto-based company controlling Potássio do Brasil, filed for an initial public offering (IPO) with the SEC to list shares on the New York Stock Exchange. The IPO aims to fund further engineering work, obtain operating licenses, and bolster working capital for the Autazes potash extraction project in Amazonas, Brazil. The project, developed on former cattle ranches, has an estimated cost of US$2.5 billion, with US$242 million already spent.

Brazil Potash has committed US$2.5 million to an agreement with the indigenous Mura community and plans to purchase land for dry waste disposal at US$2.8 million. The company, led by CEO Adriano Espeschit, has secured all necessary permits after prolonged legal battles. The company has reported a loss of US$1.5 million in Q1 2024, following an US$8.3 million loss in 2023.

Cantor Fitzgerald, Bradesco BBI, Freedom Capital Markets, Roth Capital Partners, and Clarksons Securities are advising on the offering. The company’s primary shareholders include Stan Barthi (11.7%), CD Capital (30.7%), and Sentiente (20.5%). The Autazes project is expected to receive R$ 13 billion in investment during the infrastructure phase, set to last four and a half years.

If successful, this IPO will be the second for a foreign company with Brazilian operations since 2023.