It wasn't a pretty day on the ASX today.
The All Ordinaries sank at the open and never really recovered, with the benchmark index ending off 73 points to 5816.
But while the blue chips were belted, there were some companies making strong progress.
Highfield Resources (ASX:HFR) has released a Definitive Feasibility Study for its Muga Potash Project in Spain which has revealed a long mine life and rank as the most profitable potash operation when in production.
While the potash developers share price may have settled softer in a weak market, Highfield's share price has been on a recent tear, gaining over 160% since mid-December 2014.
Muga is located in northern Spain with close proximity to the Atlantic coastline of Northern Spain and Southern France.
Under the DFS, Muga would have an initial mine life of 24 years, based only on Proven and Probable Ore Reserves.
The management team has been assembled with proven mine building experience in Spain and in potash operations.
There are also price catalysts ahead for Highfield for its other Spanish potash projects in 2015 including: Q2 Muga Mine project finance term sheets agreed; Sierra del Perdón Scoping Study. Q3: Muga Mine Financial Close and Q4: Muga Mine construction commences.
Based on this, there is still plenty of upside in the total Highfield valuation and hence share price.
Factor in that Highfield also has a second project at completion of Scoping Study level and it controls the entirety of a producing basin in Spain (less jurisdiction risk) with four identified projects with additional upside, then the current market cap. of Highfield of $366 million despite the recent run up does not look high on a medium term basis.
Major miners
BHP Billiton (ASX:BHP) down 2.0% to $30.13; Fortescue Metals Group (ASX:FMG) down 3.3% to $1.94; Newcrest (ASX:NCM) down 2.6% to $13.30; Rio Tinto (ASX:RIO) down 1.1% to $55.93.
Energy or Oil and Gas
Oil Search (ASX:OSH) down 5.0% to $7.16; Santos (ASX:STO) down 6.8% to $7.02;
Woodside Petroleum (ASX:WPL) down 3.1% to $33.94.
Big 4 banks
ANZ Bank (ASX:ANZ) down 1.2% to $36.35; Commonwealth Bank (ASX:CBA) down 1.3% to $93.09; National Australia Bank (ASX:NAB) down 1.4% to $38.30; Westpac (ASX:WBC) down 0.3% to $39.09.
Other banks, financials and industrials
AMP (ASX:AMP) down 2.4% to $6.36; Bank of Queensland (ASX:BOQ) down 0.5% to $13.47; Bendigo and Adelaide Bank (ASX:BEN) down 1.6% to $12.59; Macquarie Group (ASX:MQG) down 1.3% to $76.28; Suncorp (ASX:SUN) down 1.8% to $13.49; Telstra (ASX:TLS) down 1.3% to $6.30.
Retailers
JB Hi-FI (ASX:JBH) up 0.4% to $18.54; Wesfarmers (ASX:WES) down 1.2% to $43.52; Woolworths (ASX:WOW) down 0.5% to $29.48.
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