Bell Potter, Research Reports

Muga Potash Project DFS Released (By Bell Potter)

April 1, 2015

HFR have released a definitive feasibility study for its Muga potash project in Spain. The DFS metrics mostly improve on the prefeasibility study estimates. The project is now expected to produce at steady state of 1.1Mtpa K60 product, at C3 operating costs of US$135/t for a mine life of 24 years.Total capex is estimated at US$354m with first production in mid-2017 and full production from 2019. HFR estimate that the project’s NPV has increased to US$1.42b (previously US$1.06b).

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