Ann: Quarterly Activities Report and Appendix 5B, page-3

An interesting wait.  Holders have been very patient, though sometimes frustration has boiled over.  

The bureaucratic caution and diligence makes sense if we understand Spain does not want any extra salt problems and that they are aware this is the moment to protect their land through well designed processing plant and clear commitments from HFR,

This is all do-able. 

Muga brings substantial economic activity to an economically depressed area, significant multiplier benefits from well-paid jobs and a fresh supply of potash for agriculture. Even a minority Socialist government stuffed with leave-it-in-the-ground environmentalists can see this. I heartily endorse the company's strategy of quietly, politely, persistently seeking approvals while avoiding controversy.

HFR has been 'nearly there' for a long time.  Management keeps re-stating they see no impediment to ultimately being awarded all permits.  The environmental approval is the big one.  The share price will respond dramatically when Teresa Ribera finally says YES.

Ash