Highfield Resources Ltd (ASX:HFR) has released an updated ore reserve estimate for its flagship Muga-Vipasca Potash Project, encompassing a new life of mine plan ahead of construction.

Muga-Vipasca now sits at 104.3 million tonnes at a mean grade of 10.2% potassium oxide, comprising a proved reserve of 45.3 million tonnes at 10.5% and a probable reserve of 58.9 million tonnes at 10.0%.

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The company is making strong progress toward construction at flagship Muga Potash Project that is forecast to be one of the highest margin potash mines in the world.

Highfield Resources Ltd (ASX:HFR) has attracted a buy recommendation from Foster Stockbroking and maintains a 12-month share price target of $1.56 based on the analysts risk evaluation.

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Highfield Resources Ltd (ASX:HFR) CEO and managing director Ignacio Salazar has demonstrated his confidence in the company’s potash strategy with the purchase of shares in an on-market transaction.

Salazar acquired 126,700 shares in a direct interest on September 24, 2021, at A$0.47 per share for total value of A$59,549. This marked his first purchase of fully paid ordinary shares.

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Highfield Resources Ltd (ASX:HFR) has signed a purchase contract with Weir Minerals for important components of the process plant at the flagship Muga Potash Project in Spain that will enable it to finalise pre-construction activities.

Following its recent $18.1 million capital raise, HFR is well-positioned to finalise contracts for remaining long-lead items.

As of signing, 85% of planned equipment needs have been contracted, with the remaining 15%, which includes crossflow separators, dryers, thickeners and flotation columns, expected to be formalised in the coming weeks.

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Highfield Resources Ltd (ASX:HFR) made considerable progress during the half-year ending June 30, 2021, in driving its flagship Muga Potash Project in Spain towards the construction phase.

Promisingly, the company completed the final steps to secure mining concessions covering the Fronterizo, Muga and Goyo areas, which make up the Muga Project.

Looking ahead, Highfield intends to negotiate a construction agreement with construction partner Acciona and progress financial discussions to secure debt and equity funding.

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Highfield Resources Ltd (ASX:HFR) has raised $3.11 million in a share purchase plan (SPP) adding to the $15 million the company raised by issuing shares to institutional and sophisticated investors under a placement.

Last month, the company extended the closing date of the SPP by a week to Friday, September 3, 2021, to provide an opportunity for eligible shareholders facing COVID-19 related restrictions to participate in the offer.

The $18.1 million proceeds from the placement and SPP will be used to fund the purchase of long-lead items and other site infrastructure, including power supply, at the company’s flagship Muga Potash Project in Spain.

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Highfield Resources Ltd (ASX:HFR) has signed a Memorandum of Understanding (MoU) with the Port of Bilbao, one of Spain’s largest ports and a major deep-sea European Atlantic port.

The MoU complements a similar agreement with the Port of Pasaia, announced this month, and together, the ports in northern Spain will be key supply chain components for the Muga Potash Project.

These ports will be central to the project’s competitive logistical advantage and the partnerships will allow Highfield to develop and implement its sales and marketing strategy.

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Highfield Resources Ltd (ASX:HFR) has extended the closing date of a $4 million share purchase plan (SPP) by a week to Friday, September 3, 2021.

This has been done to provide an opportunity to eligible shareholders facing COVID-19 related restrictions to participate in the offer.

According to the company, the ongoing COVID-19 lockdown restrictions in NSW, Victoria and the ACT are presenting difficulties for many shareholders in accessing physical documentation.

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Investors can acquire a minimum of $1,000 and up to, in aggregate, $30,000 of shares in Highfield at an issue price of $0.52 per share free from any brokerage or transaction costs.

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Highfield Resources Ltd (ASX:HFR) has received firm commitments from institutional investors for the placement of shares at 52 cents per share to raise A$15 million.

In addition to the placement, the company has launched a share purchase plan (SPP) to raise an additional $4 million, under which eligible shareholders will have the opportunity to participate in the equity raising initiative.

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