Highfield Resources Limited Inching ever closer… (by RBC Capital Markets)

Our view: We retain our positive view for HFR on the basis that approvals will (eventually) arrive, and a relatively simple project can be developed with a multi-decade production outlook (something lacking elsewhere in
small resources).

Key points: As the clock continues to tick on HFR’s permitting and approvals process, we have revised our estimates to reflect commencement of construction in Q1CY19, and production from CY2021 (significantly later than the production date outlined in the initial DFS of Oct 2017). MOP prices appear to have stabilised following declines through 2012-16, with our forecasts broadly flat around current levels.

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