- Spain-based potash miner Highfield Resources (HFR) has released its first quarterly update since appointing new CEO Ignacio Salazar
- The company burned $6.8 million over the June quarter even while working from home and says the COVID-19 pandemic had a minimal impact on company operations
- The company said it had just under $29 million cash in the bank at the end of June
- Ignacio joined the team in its Pamplona office this week, so the September quarter will be telling of what he can bring to the company
- Highfield says it is expecting to receive mining concession for its flagship Muga project by the end of the year
- Shares in the company closed 2.3 per cent lower this afternoon at 42 cents per share
Spain-based potash miner Highfield Resources (HFR) has released its first quarterly update since appointing new CEO Ignacio Salazar.
As Ignacio takes the helm of Highfield, the company is sitting on roughly $28.7 million cash in the bank. Over the June quarter, Highfield burned roughly $6.8 million, meaning the company can keep operating for just over four more financial quarters at current spending levels.
Of course, Highfield said all staff members worked from home during the quarter. As a result of this, the COVID-19 pandemic has had a minimal impact on Highfield so far. Given Highfield spent over $1 million less over the March quarter than the June quarter this year, it seems things were tracking along just fine despite the at-home operations.
While conducting the search for a new CEO, Highfield also progressed its application for mining concession in Spain. The application was submitted in early March, and the company said even with COVID-induced lockdowns, the application is moving ahead. Highfield expects to receive mining concession for its Muga Project by the end of the year.
On top of this, Highfield completed a drilling program at the Vipasca area of the Muga project over the June quarter. Best results from the program include a 1.5-metre intersection grading an average 11.98 per cent potassium oxide from 1022 metres.
Importantly, the drill program confirmed the continuity of the Vipasxa ore deposit, which remains open to the west.
Ignacio joined the Highfield team in its Pamplona office on July 20, so the September quarter will be telling of what he can bring to the company.
Highfield shares closed 2.3 per cent lower this afternoon at 42 cents per share.