China Minmetals Withdraws from Proposed Strategic | Commodities
Highfield Resources (ASX:HFR) introduced on Monday (August 18) that China Minmetals and its subsidiary Qinghai Salt Lake have determined to not proceed with the proposed strategic transaction amounting to roughly US$300 million equity subscription in Highfield. First introduced on May 13 2025, the transaction was a non-binding letter of intent amended on July 18 with an extension of the exclusivity period for Qinghai to finish its due diligence.
Under the proposed investment, a mixture of direct equity investment and present convertible notes held by key financiers will probably be transformed. Highfield beforehand issued notes to Potash (Muga) Investment, Singapore-based EMR Capital and different cornerstone traders.It was famous that EMR “reserves all of its rights under the convertible notes,” constructively participating with Highfield concerning future alternatives. A shareholder call was held a day after the announcement, with Highfield saying that “evolving market conditions and challenges in finalizing mutually acceptable commercial terms” are what drove the cancellation. Both China Minmetals and QSL have been capable of finalise initial technical assessments, however haven’t but set project valuation and implementation timelines. “(We remain) committed to the strategic objectives that have underpinned recent transaction discussions, with a focus on delivering long-term value to shareholders,” Highfield stated within the August 18 release.
The Muga potash project is Highfield’s flagship asset. According to Navarra President Maria Chivite, the project is the biggest in Spain, overlaying about 46 sq. kilometres within the provinces of Navarra and Aragón in Northern Spain.“It should be noted that the promotion of this project will mean the creation of 800 jobs, an industrial development that has the participation of important international investors,” Chivite underlined.Highfield is at the moment centered on getting ready to start construction at Muga, with Yankuang Energy Group amongst its strategic traders.Don’t overlook to comply with us @INN_Australia for real-time updates!Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct investment curiosity in any company talked about on this article.
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