Its been an explosive month for Fertoz Ltd (ASX: FTZ) shares, surging 240% in June to a 52-week high today.
Shares in the organic fertiliser producer shot up 31% this morning, touching a high of 19 cents apiece. At the market close today, the Fertoz share price had lost some ground and was trading at 16.5 cents, up 13.7%.
Fertoz aims to tackle the issue of high carbon emissions from agriculture through its organic rock phosphate fertiliser product. The company is currently focused on supplying the North American and Australian organic and conventional agricultural markets.
Let's take a closer look.
Image source: Getty Images
What did Fertoz announce today?
In an announcement to the ASX today, Fernoz provided an update on its plans to start mining operations at its Fernie Mining Project.
The Fernie project is a large phosphate deposit located in British Columbia, Canada.
According to the release, Fertoz plans to start phosphate mining and extraction operations at Fernie in July 2021 to meet increasing customer demand.
The company said that orders and contracts through the second quarter "have again been very strong" with more than 10,000 tonnes of organic rock phosphate due for filling and delivery.
What did management say?
Fertoz sales vice-president Sean Gatin welcomed the news, saying:
It has long been Fertoz's strategy to open and use Canadian mines to supply Canada, and focus on Montana and Mexico mines for the US market. These improved volumes will allow opening and long term mining of our leases in the Fernie area.
Fertoz share price surges in 2021
It's been a good year so far for the Fertoz share price, which has lifted ~183% year-to-date to a 52-week high of 19 cents.
Back in March, the company announced that it had experienced a "record start to 2021", seeing strong demand from North America, Australia and Philippines markets.
