Totally agree that HFR are in no position to take over SHP......

Totally agree that HFR are in no position to take over SHP... maybe after a few years producing in say 2027-2028 giving them the ability to repay some debt. But then it could be different for SHP by then in terms of what stage of development they are and could be a takeover price that is out of reach.

In terms of competition, once both are in production, the war may well be over and Russian sanctions a thing of
the past. But I believe Belarus sanctions will continue past this, as they are being sanctioned due to ither reasons then the war in Ukraine.

SHP is better positioned to deliver potash to all parts of Europe. However, HFR has better diversification and access to big importers of potash like Brazil as it is close to port by rail being in the Spanish coast. SHP being landlocked to Europe as such.



Top two importers are Brazil and the US.

Not only will the European market's demand be more than what both of these companies mines can provide. Both companies potash supply will be in high demand as they can each offer a lower price, due to their low opex and location regarding transport costs of such a bulk material.