"Global banks stay silent on ties to Indigenous-opposed project in the Amazon", 10 March 2026

...GLOBAL FINANCIAL INSTITUTIONS such as Swiss bank UBS (Union Bank of Switzerland) and the U.S. firms Morgan Stanley, Rockefeller Capital Management and Goldman Sachs have disclosed holding or managing shares in Brazil Potash, the Canadian company behind a mining project in Autazes, in Brazil’s Amazonas state, that is being challenged by Indigenous communities and Brazil’s Federal Prosecutor’s Office (MPF)...

According to data from February 2026, covering the last quarter of 2025, at least 28 financial institutions held or managed shares in Brazil Potash...

Since 2016, federal prosecutors have filed lawsuits against Potássio do Brasil, Brazil Potash’s local subsidiary. The MPF questions the legality of the project’s environmental licensing and of the Free, Prior and Informed Consultation (FPIC) with Indigenous communities...

“If the companies hold shares in BrasilPotlash, they have a business relationship. By holding shares, they make the project/ business possible and also provide for legitimacy and reputation of the project/business”...

When contacted, Potássio do Brasil did not respond to questions sent by Repórter Brasil by the time this article was published...

Repórter Brasil reviewed the human rights and Indigenous rights policies of the financial institutions cited in this report and asked whether the Potássio do Brasil case violates any of those guidelines. None of the institutions responded by the time this article was completed. Repórter Brasil was unable to find contact information for Sentient. The companies remain welcome to comment in the future.

In response to the report, Stan Bharti, one of the founders of Brazil Potash, said the company “conducts its activities in Brazil with respect for the country’s institutions and regulatory framework”...

Swiss fertilizer company Keytrade signed a contract in August 2025 committing to buy up to 900,000 tons of potassium chloride annually from the Autazes mine over a 10-year period. The commercial agreement was signed between the Brazilian subsidiaries of the two companies. In 2022, Potássio do Brasil had announced a similar commitment with trading company Amaggi...

In response to Repórter Brasil, Amaggi sent a statement it had released to the press in 2023, after signing its contracts with Potássio do Brasil. In the document, the company said the agreement with the mining company “provides for obligations on both parties to follow best environmental, social, sustainability and governance practices” and that all of its contracts are conducted based on “criteria guided by the socio-environmental commitments and policies adopted by the company and in accordance with applicable legislation and the rules of the competent environmental authorities.”

Repórter Brasil also contacted Keytrade, but the company did not respond to the questions sent before publication...