Highfield’s Potash Project Granted Environmental Approval

Shares of ASX-listed Highland Resources were up 32.39 percent after the company received the permit for its Muga project.

Australia-listed potash company Highfield Resources (ASX:HFR) has received an environmental permit for its Muga potash project in Spain.

The Declaración de Impacto Ambiental (DIA) approval from the Ministry for Ecological Transition is one of several permits needed to advance the company’s flagship potash project located 50 kilometers southeast of Pamplona.

Highfield was granted a trading halt on the ASX ahead of Thursday’s (June 6) announcement. Shares commenced trading following the release and were up 32 percent.

In order to move Muga forward and closer to the output stage, Highfield will now work on securing the mining concession and the building permits needed to move the project into the construction phase.

The potash developer will also purchase mining and processing plant equipment and complete the final project design.

“The awarding of the DIA is the most significant step for Highfield in de-risking the Muga project,” CEO Peter Albert said in the announcement. “The Muga project has the potential to deliver tremendous benefits to all of our stakeholders, and the Highfield team is excited to now be able to move towards mine construction.”

Highfield plans to build a low-cost conventional mine at Muga targeting the potash that is 350 meters below the surface. During Q1, an updated ore reserve estimate for the project increased the proven and probable ore estimate to 108.7 million tonnes.

In addition to the flagship Muga project, Highfield is also developing the Vipasca, Pintanos, Izaga and Sierra del Perdón projects, all located in the Ebro potash-producing basin in Northern Spain.

According to the US Geological Survey, Spanish potash production was down in 2018 from the previous year to 560,000 metric tons (MT) from 610,000 MT.

Potash prices have remained relatively stable this year at US$226 per tonne, but are still significantly lower than the 2009 high of US$850 per tonne. Despite steady price performance, demand is expected to grow to 46.2 million tonnes annually by 2022.

Shares of Highland Resources were up 32.39 percent on Thursday (June 6), trading at AU$0.92.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News