Highfield Resources seeks amendments from Muga project lenders as it prepares to start construction
Mark Milam
30-Jan-2025
HOUSTON (ICIS)–In an update on its Muga potash project financing, Highfield Resources announced it has submitted a formal request to its lenders to amend some terms and seek waivers within the binding agreement with Yankuang Energy Group and commence construction.
The Spanish fertilizer firm said construction at Muga is expected to start in the first half of 2025 and that their said requests focus on extension of key project milestones which were agreed with the banks back in December 2022.
It also seeks adjustments to the timelines for the project completion, repayment schedules and other associated dates to align with the updated construction and financing timelines.
Highfield further stated that since it is expected that the syndicate composition will need to be amended, the company is already working with its financial advisor DBS Securities towards correcting it to better align it with the agreement.
It added that it is confident this will result in an agreement that is better fit for the business development and strategy of the company and effectively support the successful completion of the Muga project.
Located in northern Spain, Highfield has touted the Muga project as being able to deliver a new global and secure source in the middle of the European market.
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