🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Highfield Resources continues to negotiate Muga Potash Mine phase 1 capital funding

Published 25/06/2024, 10:12 am
© Reuters.  Highfield Resources continues to negotiate Muga Potash Mine phase 1 capital funding

Highfield Resources Ltd (ASX:HFR) continues to advance pre-development activities for the Muga Potash Mine in northern Spain and is progressing negotiations for the remaining funding to begin phase 1 construction.

Potash is a critical component of fertilisers, enabling much higher crop yields across arable land and reducing food insecurity globally.

The Muga Project is fully permitted and construction-ready, strategically located in the middle of European markets, which lost easy access to Ukrainian, Belarussian and Russian sources of fertiliser, some of the biggest producers in the global market.

Negotiations continue

HFR says it has made good progress with a combination of potential investors from a range of sources including offtake customers, equity investors, strategic business partners and royalty providers.

While there are no guarantees binding agreements will be entered into for Muga’s financing, HFR now expects to finalise negotiations in early to mid-third quarter this year.

Muga is positioned as a low-cost potash mine, with mineralisation close to surface and no local aquifers, meaning there will be no need for an access shaft.

The project is located close to high-quality infrastructure and within easy reach of end markets, in the heart of a European agricultural region which has a clear deficit in potash supply.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.