Research Reports, Taylor Collison

Potash Potential is Raging: Muga Project DFS & Site Visit (By Taylor Collison)

April 7, 2015

Muga has development and operational competitive advantages relative to other proposed potash projects that make it a compelling investment case. We have updated our DCF model broadly in line with the DFS parameters (6.3Mtpa ROM for 1.13Mtpa K60 MOP) but more conservative in relation to potash sales prices and Opex. The Muga project as modelled generates a post-tax, unlevered, 30%-risked (0.7xNPV) NPV10 of A$702.6m (A$2.03/share; fully dil.1).

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