Verde Hires New CFO to Lead Structured Finance Efforts
TORONTO, Aug. 22, 2012 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company") is pleased to announce the appointment of Mr. Milson Mundim, as the Company's Chief Financial Officer ("CFO") as part of the Company's efforts to retool management for construction and operation. Based out of Belo Horizonte, Brazil, Mr. Mundim is assuming leadership of current efforts to structure the non-equity financing of the Cerrado Verde project, while overseeing the company's regular reporting and treasury functions.
Mr. Milson Mundim, Verde's new CFO
Mr. Mundim joins the Company bringing extensive experience in project finance. He has been responsible for recently structuring a US$400M debt package as CFO of Hidrovias do Brasil S/A (an integrated waterway logistic operator in Brazil), including notable international funding partners, (IFC, IDB, CAF, DEG, CDB), and local development banks (BNDES, BASA, etc). Previously, as CFO of Kinross Gold Corporation's Brazilian subisdiary, Mr. Mundim led the financial structuring of the US$600M expansion of the Paracatu mine from 150,000 oz/year to 500,000 oz/year. The task included the implementation of tax strategies, capital controls, working capital financing, and energy cost hedging strategies. As Vale's General Manager of Business & Strategy Planning and Project Valuation in their energy division, Mr. Mundim managed the Company's power procurement of US$1B/year (5% of Brazil's consumption), an operational budget of US$33M and a total portfolio of new opportunities appraised at US$2B. As the Investment Officer of IFC's Carbon Finance Unit in Washington DC, Mr. Mundim was responsible for investment in renewable energy projects with carbon credits under the Clean Development Mechanism in Brazil and South America, as well as India, China and Central Europe, where the focus was on small power plants, wind, biomass and landfill gas. In his career, that also includes experiences with Suez Energy International and Deutsche Bank, Mr Mundim has been involved in the structuring of more than USD 1.5 Billion in Project Finance, mostly in the power and logistics sectors. Mr. Mundim completed his MBA in Corporate Finance at Thunderbird, the American Graduate School of International Management, graduating with distinction, and a Bachelor of Economics at UFMG (University Federal de Minas Gerais).
Cristiano Veloso, President & CEO, said: "Structuring the financing of the Cerrado Verde project is a major milestone on Verde's path of deliverables. With the addition of a professional with a solid track record such as Mr. Milson, the Company inherits existing working relationships with many groups we hope to partner with to build our project."
The Company would like to thank outgoing CFO Mr. Tim Slater for 7 years of service to the Company. Mr. Slater will continue to contribute to the Verde team as Corporate Secretary.
About Verde Potash
Verde Potash, a Brazilian fertilizer exploration and development company, is focused on advancing the Cerrado Verde Project located in the heart of Brazil's largest agriculture market. Cerrado Verde is the source of a potash-rich deposit from which the Company intends to produce potassium chloride (KCl). In addition, the Company is developing its Calcario limestone project, limestone being a key raw material in the production of KCl.
About the Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock outcrops and is amenable to strip mining, allowing fast construction of a scalable operation; 2) it is located in the midst of the world's third largest and fastest growing fertilizer market; 3) it connects to Brazil's largest fertilizer distribution districts via existing and high quality infrastructure.; 4) it has the potential to supply KCl to Brazil's local agriculture market from its large potash-rich deposit.
Cautionary Language and Forward Looking Statements
NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, AND STATEMENTS REGARDING USE OF PROCEEDS. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.
Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Verde's website (www.verdeplc.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.
SOURCE: Verde Potash PlcFor further information: