Canadian firm Americas Petrogas announced Thursday that its Peruvian subsidiary, GrowMax Agri Corp., has been granted the Bayovar mineral concessions in northern Peru after approval by the Andean country's private investment promotion agency ProInversion.
The Bayovar concessions, located in the Sechura area, Piura province, Peru, include blocks number 5, 6, 7 and 8, and cover approximately 82,000 hectares (202,600 acres) with potential for production of carnallite, potassium chloride (KCl), phosphates and other minerals.
"We are now in a position to advance our plans for a fertilizer project in Bayovar," said President and CEO Barclay Hambrook.
Hambrook went on to say that the company can now also intensify and expand the exploration for phosphate resources as well as other minerals.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE".
Americas Petrogas owns an 80% interest in GrowMax Agri Corp., a private company involved in the exploration for near-surface potash, phosphates and other minerals, and potential development of a fertilizer project in Peru. Indian Farmers Fertiliser Co-operative Limited (IFFCO) owns the remaining 20% interest in GrowMax Agri Corp.