Vancouver-Atacama Minerals Corp. reports that in light of the recent global financial crisis, it has decided to temporarily defer major capital expenditures for the development of a new specialty nitrate fertilizer plant. The plant, to be built in northern Chile, was estimated to cost $60 million, produce 70,000 mt/y, and take 27 months to build. Atacama said it will restart the project as soon as conditions allow. In addition, Atacama said economic conditions could also impact its drill program for potash exploration on the northeastern coast of Brazil. Groundwork, however, is underway in the form of geophysical and geological work for the selection and permitting of drill targets covering an area of approximately 1,700 square kilometers. For now, Atacama says it will focus on its iodine business, noting that the price of this commodity is so far unaffected by the financial crisis. Atacama said it is taking comprehensive cost-saving measures in an effort to reduce production and administrative costs, including the downsizing of non-essential personnel and staff. It also reports that Brian Kennedy, vice president, operations, has left to pursue other opportunities.
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