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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Highfield Resources Limited    HFR   AU000000HFR1

HIGHFIELD RESOURCES LIMITED

(HFR)
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Highfield Resources : Purchase contract signed for a Joy Miner Bolter from Komatsu

10/01/2020 | 11:18am EST

Highfield Resources (ASX: HFR) ('Highfield' or 'the Company') is pleased to announce that its wholly owned Spanish subsidiary, Geoalcali S.L.U. ('Geoalcali', together with Highfield, the 'Group') has signed on 29 September 2020, a contract for a Joy miner bolter with a subsidiary of Komatsu Mining Corp. ('Komatsu'), as part of the Group's continued development of the Muga Potash Mine ('Muga' or 'the Mine').

Komatsu is an industry-leading manufacturer and supplier of equipment, technologies and services for the mining and construction markets. The company's industry-leading mining brands include Joy and P&H, which are used in the extraction and haulage of minerals in underground and surface mining.

The Muga deposit will be accessed via twin parallel declines from surface, each over a length of 2.6 km to a depth of approximately 350 metres below surface. The Company plans to build the underground access of the mine with one miner bolter and two leased roadheaders. Having two different types of excavation equipment will provide operational flexibility and reduce decline construction risk. Furthermore, while Highfield is making a significant commitment with the purchase of the miner bolter, the additional leased machinery supports the cash preservation objective of the Company. The miner bolter will be used in the future to develop the main underground infrastructure galleries.

Entering into the contract with Komatsu now will allow the miner bolter to be delivered, assembled and ready to excavate and construct decline portals following the completion of site preparation activities. A deposit payment will be made subsequent to contract signing.

Highfield Resources CEO, Ignacio Salazar, said: 'The signing of this supply contract with Komatsu is a significant milestone and continues to show the progress and the commitment of the Company to the development of Muga.

The strategy to use both the Joy miner bolter and leased roadheaders is more robust as it provides operational and financial flexibility to the Company.'

Muga Project Overview

Highfield Resources (ASX: HFR) is a Spanish potash developer. The Company's flagship Muga Project is targeting the relatively shallow sylvinite beds in the Muga Project area that cover about 60km2 in the Provinces of Navarra and Aragon. Mining is planned to commence at a depth of approximately 350 metres from surface and is therefore ideal for a relatively low-cost conventional mine.

Contact:

Tel: +34 948 050 577

About Highfield Resources

Highfield Resources is an ASX listed potash company with three 100% owned tenement areas located in Spain. Highfield's Muga-Vipasca, Pintanos, and Sierra del Perdon potash tenement areas are located in the Ebro potash producing basin in Northern Spain, covering an area of around 277km2 . Following the granting of a positive environmental permit in mid-2019 Highfield submitted the documentation required for the Mining Concession in mid-March 2020 and is continuing to work on the relevant construction permits necessary to take the Muga Project into the construction phase.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HIGHFIELD RESOURCES LIMITED 0.74% 0.68 End-of-day quote.0.00%
KOMATSU LTD. 2.41% 2672.5 End-of-day quote.1.15%
All news about HIGHFIELD RESOURCES LIMITED
11/30HIGHFIELD RESOURCES : Appoints Endeavour Financial as Debt Financial Advisor
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10/01HIGHFIELD RESOURCES : Purchase contract signed for a Joy Miner Bolter from Komat..
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09/18HIGHFIELD RESOURCES LIMITED : - Muga Project permitting update, Administrative A..
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03/16HIGHFIELD RESOURCES : Muga Project, Mining Concession Documentation Submitted
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02/06HIGHFIELD RESOURCES : Signs mou for offtake from muga potash mine
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More news
Financials (USD)
Sales 2020 - - -
Net income 2020 -17,6 M - -
Net cash 2020 19,1 M - -
P/E ratio 2020 -9,38x
Yield 2020 -
Capitalization 222 M 163 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 43,8%
Chart HIGHFIELD RESOURCES LIMITED
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 0,97 AUD
Last Close Price 0,68 AUD
Spread / Highest target 43,7%
Spread / Average Target 43,7%
Spread / Lowest Target 43,7%
EPS Revisions
Managers
NameTitle
Pedro Ignacio Salazar Chief Executive Officer
Richard A. Crookes Non-Executive Chairman
Andrew Michael Norris Chief Financial Officer
James Francis Dietz Independent Non-Executive Director
Pauline F. Carr Independent Non-Executive Director
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