Site visit confirms Muga is on track ( By Pareto Sec.)
We recently attended a site visit to Highfield’s Muga project and came away impressed with the growing development team and progress that is being made on the detailed engineering and
design. Permitting remains the focus and we were reassured by Pedro Rodrígeuz (Development Director) and management that it is a matter of when not if the permit will be issued. The stated aim of the Company is to commence construction in the December
quarter 2015. We retain our BUY recommendation and our Target
Price remains unchanged at AUD 2.60/share.