Highfield Resources (ASX:HFR) has announced the signing of a contract for the construction of declines at the Muga Potash Project.

The high value contract is noted to be worth 48 million euros.

The work as per the agreement is expected to kick off in the first half of 2024, contingent on the resolution of funding issues and the final investment decision.

Highfield Resources is an exploration and project development company.