Company
ASX:HFR
Highfield Resources Ltd (ASX:HFR) is a potash company that focuses on its flagship low-cost, low-capex Muga Project in Spain. The company’s potash tenements Muga-Vipasca, Pintanos and Sierra del Perdón are in the Ebro potash producing basin in northern Spain, covering an area of around 276 square kilometres. Once in production, the project is forecast to be one of the highest margin potash mines in the world.
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Mining Concessions for the Muga Project in Spain, namely Fronterizo, Muga and Goyo, have been approved and signed by the three administrations in Madrid, Aragón and Navarra.
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Securities will remain halted until Tuesday, July 6, 2021, or when an announcement is released to the market.
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Mining authorities of Madrid, Aragón and Navarra are satisfied with the Mining Concession documentation submitted for the project.
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The company also continues to engage with key brokers and strategic partners as it prepares to secure the equity portion of the financing at some stage after the receipt of the mining concession.
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The company has already signed non-binding MOUs representing more than its full phase-1 production capacity for potash and salt.
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The study assessed the social and economic situation of the local community and the potential impact of the mine, concluding it could significantly boost the economies of rural communities by generating employment and indirect business oppo
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Once in production, the company’s Muga Project in Spain's north is forecast to be one of the highest margin potash mines in the world.
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Once in production, the company’s Muga Project in Spain is forecast to be one of the highest margin potash mines in the world.
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The company’s flagship project is the Muga Potash Project, which covers an area of some 80 square kilometres in the Spanish provinces of Navarra and Aragón.
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The potash company is in a position to proceed with the project as soon as the mining concession is granted, as there will be no significant new financial commitments until that point.
Endeavour has successfully raised more than US$4 billion for junior and small cap mining companies in debt financing.
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The miner bolter being purchased from Komatsu will be used initially to develop underground access declines at the Spanish mine and then to develop the main underground infrastructure galleries.
Beyond construction licences and the issue of the mining concession, these are essential approvals necessary to proceed with the construction of the overhead lines and substations that will provide grid power to Muga mine.
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The company’s main focus is on the development of the Muga Project as it nears a final investment decision and the commencement of construction.
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Authorities are now focusing on reviewing reports received from other consulted parties and responding to their questions and submissions.
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The company is continuing discussions with potential potash and salt offtake partners as part of its sales and marketing strategy.
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Health, Safety and Environmental management remains at the forefront of the company’s operating activity protocols as it progresses towards construction of the Spanish project.
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The aim of the current drilling program is to confirm and delineate the Muga deposit in the western-most area.
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The agreement for the annual sale of 400,000 tonnes of vacuum salt and 100,000 tonnes of de-icing salt are by-products from the Muga Potash Mine in Spain.
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Board chairman Richard Crookes will continue to act in the interim CEO role until July 2020.
