Numis Securities, Research Reports

Plumped up (By Numins)

July 13, 2015

We maintain our BUY recommendation and increase our TP to A$3.50, from A$3.40, due to our revised commodity price forecasts and changes to our model.

Company Snapshot. ASX-listed potash junior focused in Spain. Its assets comprise the Muga, Sierra del Perdón and Pintano projects, which are undergoing resource definition and feasibility work. Javier is expected to commence production Q2 2017, producing 1.1Mtpa KCl at $135/t, with one of the lowest capital intensities in the world.

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