Initiation: A Stand Out Potash Opportunity (By Blue Ocean Equities)

Highfield is a potash developer in Spain and is one of our top picks in the ASX resource space for 2015. We believe Muga is one of the best greenfield potash projects globally, based on its margins and projected return on capital. We expect the DFS, due in March, to confirm a post-tax IRR north of 40% at spot potash prices, driven by lower capex than peers and a competitive advantage on
freight, which drives ~55% EBITDA margins, well within the first quartile.

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