Multi-commodity company Aguia Resources Limited (ASX:AGR) recently appointed Ms. Christina McGrath as Executive Chairman of the company which owns pre-production phosphate and copper metal projects, located in Rio Grande do Sul, Brazil.
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Since her appointment as Non-Executive Chair of Aguia in June 2019, Ms. McGrath has served effectively as Executive Chair and has provided extensive support to the company in a wide range of areas.
Aguia’s board has decided to formalize Ms McGrath’s position now and set her annual salary as executive chairman at A$165,000. In addition, the Board has agreed to compensate Ms. McGrath through a one-time issuance of 2 million shares. The share issue was approved by shareholders at the 2021 Annual General Meeting.
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What does Executive Chair Christina McGrath say?
Optimistic about the progress of the projects, Christina McGrath commented: “Aguia is very well positioned for 2022 with a solid cash base and 100% ownership of its phosphate and copper projects.
She indicated that the company has exposure to two commodities that have favorable long-term fundamentals and are in high demand.
While Aguia anticipates a steady stream of operational updates, Ms. McGrath stressed that she looks forward to continuing to work closely with “the board and Fernando and his very capable team in Brazil to unlock the value underlying the society”.
Aguia is committed to taking advantage of opportunities in the Brazilian agricultural sector
Aguia’s main projects – the Três Estradas Phosphate Project (TEPP) and the Andrade Copper Project (Andrade) are based in Rio Grande do Sul in southern Brazil, home to the richest agricultural assets from the country.
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Despite Rio Grande do Sul’s fertile soils, continuous cultivation for half a century has depleted the soil’s nutrients. This has led to high demand for phosphate fertilizers in the state, which is 100% dependent on imports of phosphate and copper.
Aguia’s main projects, TEPP and Andrade, exhibit high-quality, low-cost production characteristics for phosphate and copper, respectively. In addition, their location close to road, rail and port infrastructure offers new growth opportunities.
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Path to Aguia Resources
In line with the Company’s commitment to moving projects forward, several developments have been undertaken.
Source: Copyright © 2022 Kalkine Media®, Data source: AGR presentation, November 30, 2021
AGR shares traded at AU$0.054 on January 12, 2022.