HFR is looking to do 500ktpa of SOP but will be higher opex than AMN. And if you include the capex for HFR’s MOP mine it's much higher capex. In the last decade the industry has actually moved away from HFR's Mannheim production as this process actually manufactures more hydrochloric acid (a big issue) than SOP. Finally, HFR's assets are in Spain - a risky jurisdiction for permitting & development - and has a fully diluted market cap many multiples of AMN's.

On An advanced project in an undersupplied market -