{"id":3328,"date":"2023-12-17T11:26:52","date_gmt":"2023-12-17T11:26:52","guid":{"rendered":"https:\/\/economicherald.net\/?p=3328"},"modified":"2023-12-17T11:26:52","modified_gmt":"2023-12-17T11:26:52","slug":"south-harz-potash-raising-up-to-2-4m-to-complete-extended-ohmgebirge-pfs","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3328","title":{"rendered":"South Harz Potash raising up to $2.4m to complete extended Ohmgebirge PFS"},"content":{"rendered":"

South Harz Potash is raising up to $2.4m to finalise delivery of the PFS for the Ohmgebirge potash project
\nBinding commitments received for $1.25m placement while remaining funds will be raised through rights issue
\nDirectors will partially underwrite $170,000 of the rights issue<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> South Harz Potash is raising up to $2.4m to finalise delivery of an extended pre-feasibility study for its Ohmgebirge potash project in Germany\u2019s South Harz potash district.<\/strong><\/p>\n

Ohmgebirge has a resource of 325Mt grading 13.14% K2O that essentially covers the entire mining licence.<\/p>\n

The vast majority of this \u2013 290Mt at 13.47% K2O \u2013 is contained within sylvinite \u2013 an important source of potash \u2013 with 89% of the sylvinite being in the higher confidence indicated category that has enough geological certainty for mine planning.<\/p>\n

South Harz Potash\u2019s (ASX:SHP)<\/strong><\/a> 2022 scoping study outlined a robust 21-year, 1Mtpa MOP operation at Ohmgebirge \u2013 the first of five projects within the company\u2019s portfolio \u2013 that will deliver post-tax net present value and internal rate of return (IRR) of US$1.28bn and 26.6% respectively.<\/p>\n

Higher IRRs make investments more desirable, making it a good way for investors to assess the potential return on their investment.<\/p>\n

Additionally, the broader South Harz project portfolio in Germany has a globally large-scale potash resource estimate of 5Bt at 10.6% K2O in the inferred category and 258Mt at 13.5% K2O in the indicated category, providing it scale similar to BHP\u2019s (ASX:BHP)<\/strong><\/a> Jansen potash project in Saskatchewan, Canada.<\/p>\n

\u00a0<\/p>\n

Investors demonstrate support for Ohmgebirge<\/strong><\/h2>\n

SHP has already received binding commitments from sophisticated and professional investors for a placement of ~54.1 million shares priced at 2.3c each to raise $1.25m.<\/p>\n

This represents a 17.9% discount to the company\u2019s 10-day volume weighted average price of 2.8c.<\/p>\n

Additionally, the company will look to raise up to $1.2m through a renounceable rights issue of one new share for every 15 shares held to eligible shareholders.<\/p>\n

To highlight their belief in the company and the Ohmgebirge project, SHP directors will take up their full rights and partially underwrite $170,000 of the rights issue.<\/p>\n

Proceeds from placement and rights issue will be used to finalise delivery of the Ohmgebirge PFS targeting utilisation of the brownfield, third-party Bernterode shaft infrastructure<\/strong><\/a> as the base case development pathway.<\/p>\n

The company is also continuing cost efficiency initiatives delivering streamlined organisational presence and activities.<\/p>\n

\u201cSouth Harz board and management continue to minimise expenditure unrelated to completion of the PFS and appreciate the support of the existing shareholder base, who have demonstrated an unwavering belief in the immense potential value inherent in our flagship Ohmgebirge potash project,\u201d SHP managing director Luis da Silva said.<\/p>\n

\u201cThe team are dedicated to advancing this world-class development opportunity and committed to becoming the sustainable European MOP supplier of choice.\u201d<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with South Harz Potash, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post South Harz Potash raising up to $2.4m to complete extended Ohmgebirge PFS<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

South Harz Potash is raising up to $2.4m to finalise delivery of the PFS for the Ohmgebirge potash project Binding commitments received for $1.25m placement [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3329,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nSouth Harz Potash raising up to $2.4m to complete extended Ohmgebirge PFS - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=3328\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Harz Potash raising up to $2.4m to complete extended Ohmgebirge PFS - 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