Highfield Resources Ltd (ASX:HFR) CEO and managing director Ignacio Salazar has demonstrated his confidence in the company’s potash strategy with the purchase of shares in an on-market transaction.
Salazar acquired 126,700 shares in a direct interest on September 24, 2021, at A$0.47 per share for total value of A$59,549. This marked his first purchase of fully paid ordinary shares.
Focus on potash
Highfield is a potash company that is focused on development of the 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.
READ: Highfield Resources signs purchase contract for process plant equipment at Muga Potash Project
Last week the company signed a purchase contract with Weir Minerals for important components of the process plant at Muga that will enable it to finalise pre-construction activities.
Following its recent $18.1 million capital raise, HFR is well-positioned to finalise contracts for remaining long-lead items.
As of signing, 85% of planned equipment needs have been contracted, with the remaining 15%, which includes crossflow separators, dryers, thickeners and flotation columns, expected to be formalised in the coming weeks.
Weir Minerals will provide the primary and secondary concrete screen required for granulometric separation in the initial phase of crushing, grinding and desliming processes.
The hydrocyclones from Weir will be used to remove fine particles from the slurry prior to flotation.
In early September Highfield raised $3.11 million in a share purchase plan (SPP) adding to the $15 million the company raised by issuing shares to institutional and sophisticated investors under a placement.
The $18.1 million proceeds will be used to fund the purchase of long-lead items and other site infrastructure, including power supply.