Highfield Resources secures €312.5 million financing package for Muga Project in Spain, shares up

Highfield Resources Ltd (ASX:HFR) is trading higher on inking a project financing mandate letter with a group of experienced European mining finance lenders for a €312.5 million senior secured project financing package.

The package includes a €300 million senior secured project financing facility and a €12.5 million standby cost overrun facility to finance the construction and development of its 100%-owned Muga Potash Project in Spain.

Investors have responded positively to the news with shares as much as 10.2% higher in the first hour of trade to A$1.135 while the company’s market cap is approximately A$400 million.

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