News: HFR Highfield Resources Requests Trading Halt, page-10

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CEOChair

27,682 Posts.

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17/11/19

14:26

Post #: 41470612
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Originally posted by 13th ↑

The trading halt / please explain from the ASX will be in relation to material upgrade to the NPV that the company slipped through in the quarterly update + Peter speaking in an interview about the recovery rates going from 78% to +90%, without making a formal announcement to the market. This will go a long way in explaining the substantial increase to the project value.

- https://hotcopper.com.au/threads/an...5008595/page-21?post_id=41093449#.XdC6TlczaUk

Looking forward to the company properly informing the market of this next week.

On another note, this was released on Friday -

https://www.miningnews.net/agminera...-growth-with-key-muga-potash-approval-in-hand

Commodities> Agminerals

15 November 2019

Michael Quinn
Highfield got the key environmental permit for Muga in June and has been guiding it should get the mining and construction permits within 12-18 months of getting the green tick.
It's understood the company is confident of the timeframe given those same authorities involved assessing Muga's environmental impact are now involved in approving the final two permits.
The hope for Highfield is the massive gap between an NPV of over A$3 billion and Highfield's enterprise value of less than $200 million will close with the final two permit approvals.
Highfield's share price has fallen from around $1.90 in early 2016 to 50c late last year, with a more recent trading range of 70-80c.
It's believed the company sees funding for the $600 million development as likely to involve a typical debt-equity mix, with other options such as pre-payments from future offtakers also potentially on the cards.
Highfield previously had some European banks lined up for $300 million, and discussions with those banks and others are being renewed as Muga closes in on development.
Muga's financials include earnings (EBITDA) of about $500 million per annum at full speed.
While Muga will produce MOP as opposed to the higher value SOP, backers of Muga note the much larger market for the former potash product - at nearly 70 million tonnes it's almost 10 times as big as the SOP market.
Muga's advantages include its location in Spain for supplying the European agricultural sector.
Highfield's largest shareholder is Australian-based private equity firm EMR Capital.
EMR has a 30% stake, with much of that bought at $1.80 per share.
Shares in Highfield were trading at 72c Friday prior to going into a trading halt so as "to provide further clarification in relation to the quarterly activities report lodged on 14 October".
At that price the company was capitalised at $232 million.
Highfield started the current quarter with $45 million cash.

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$3b = $9.31 SP
Last edited by CEOChair: 17/11/19

HFR Price at posting: 72.0¢ Sentiment: Buy Disclosure: Held
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News: HFR Highfield Resources Requests Trading Halt, page-10

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