@iamagenius sadly for us punters, we won't see this project...

@iamagenius sadly for us punters, we won't see this project owned by HFR upon production.

It's too valuable as a tier 1 asset to the majors, based on the moderate Capex required and the fruity margins it will spin off once in production.

My guess is that EMR has first swing post environmental license, but pre final mining license being issued, as they have raised sufficient capital in the second fund out of Asia to make a play and we could expect competing bids from other Potash players globally.

MOP is just the beginnings, SOP is where the cream is for HFR.

My guess is that we will see HFR trade around the $1.50 - $1.60 mark post enviro being granted, with the first low ball bid coming in at the $2 - $2.25 range, hopefully with a final bid being accepted by the Board at no less than $2.50.