https://www.miningweekly.com
Construction|Financial|PROJECT|Resources
Construction|Financial|PROJECT|Resources
construction|financial|project|resources

Two lenders join Highfield financiers

17th April 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Potash developer Highfield Resources has welcomed two additional lenders to its senior secured project financing facilities of up to €320.6-million to fund the development of its Muga potash project in Spain.

The company on Monday said that HSBC Continental Europe and Caja Rural de Navarre have signed definitive documentation, joining the company’s four existing international financial institutions in the financing package.

“We are pleased to see additional banks joining our lending group. These are banks with an important presence in the natural resources sector and in the Spanish banking market, including in the Navarra and Aragon regions. We are delighted to partner with them as we move towards full project construction,” said Highfield CEO Ignacio Salazar.

An updated feasibility study for Muga estimated a capital cost of €436-million for the Phase 1 operation and €226-million for Phase 2. This was up from the previous estimate of  €398-million for the Phase 1 and €209-million for Phase 2.

C1 costs for the project have also increased from the €76/t estimated in 2021 to €91/t.

The mine plan for Muga has been maintained with the project expected to have a 30-year mine life and Phase 1 of the operation producing 500 000 t/y of potash and Phase 2 increasing production to one-million tonnes a year.

Edited by Creamer Media Reporter

Comments

Latest News

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.056 0.091s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: