Ann: London Analysts' Briefing, page-2

A very upbeat presentation. HFR think they have a winner project with large upside. They now point to April for Spanish government approvals.

Have a look at slide 29: 4. What to look for in a potash project.

They assess the resource net grade as only 50-50. HFR quite rightly points to other crucial factors, but I cannot help think this decisive for project viability.

This is a bulk commodity and freight is a major cost. HFR talks about shipping product out of the ports. Obviously any local Spanish customers (cheapest transport/highest margin) would be direct trucked. Does anyone know whether rail to France is viable?

The product is MOP - Potassium Chloride - which is the common form of potassium, but unsuitable for salty soils (which Australia has in abundance) . Is salt an issue in European soils?

There. More dumb questions than answers. I still think this a fab project, which is why I invested.

DYOR