Highfield confirms project potential

Company News

 
Spanish potash developer Highfield Resources Limited (ASX:HFR) has released its Definitive Resources Study for its Muga Potash Project in Northern Spain.
 
The project is being fast tracked after the study revealed the potential Muga to be the highest margin mine globally in production.
 
The study revealed a project value of US$1.42 billion dollars with a 52 per cent return rate. Close to 150 million tonnes of ore reserves place the life of the mine at around 24 years.
 
Highfield was given a ‘please explain’ by the ASX last week after the share price jumped from $1.05 two weeks ago to close at $1.39 on Friday.  The company responded saying it knew of no information to explain the recent trading that had not been announced to the market.
 
Highfield MD Anthony Hall says the confirmation of the project’s potential has been very exciting and construction is slated for the fourth quarter of 2015.
 
Highfield Resources made a net loss of $5.1 million for the half year ended 31 December 2014.