Ann: Updated Mineral Resource Estimate - Muga Project, page-8

Fezza,

Thanks for your confidence.  I just use public data available to anyone.

If and when is the million dollar question.

The Muga mine is of significant value to farmers in Spain and S France as it would save transport costs and make MOP locally abundant.  Aragon and Navarre land is poor with rainfall levels familiar to Aussie farmers. Likely leached by generations of extractive agriculture. Fertiliser would lift output and productivity.

If the conservatives were in power, approval would be prompt, simply on economic activity benefits. (I am not a conservative)

Fortunately, the current minister is a Socialist, not a Green, though she does have impeccable 'sustainability' credentials.  (I regard 'sustainability' as a moveable feast - it is all in the eye of the beholder, like 'ethical investment')

HFR beat the obstacles down to seismology, subsidence and salt. The first two are linked and surmountable.  The salt remains a problem. I recall salt is locally produced from potash tailings of previous mining, so the locals are wary of adding to the problem and know the industrial salt product has few customers..  Sorry, I can't find a link to prove this assertion.

If HFR can satisfy on salt - by burying it in the mine or producing a saleable product - approvals should be forthcoming, hence HFR's conditional statement in April slides:

• Zero salt on surface at the end of planned mine life

I have not given you a date.  I dont think anyone can.

Hasta la vista, baby!

Ash