Sirius Minerals
 | |
| Company type | Public |
|---|---|
| LSE:SXX | |
| Industry | |
| Founded | 2003 |
Key people | Russell Scrimshaw (chairman) Chris Fraser(CEO) |
| Products |
|
| Revenue | £nil(2018)[1] |
| £(24.2) million (2018)[1] | |
| £(12.5) million (2018)[1] | |
| Website | siriusminerals |
Sirius Minerals plcwas afertilizerdevelopment company based in the United Kingdom. It was listed on theLondon Stock Exchangeuntil it was acquired byAnglo Americanin March 2020.
History
[edit]Founded in 2003, the company initially focused on exploring the potential forpotashmining inNorth Dakota.[4]However, after abandoning attempts at overseas exploration in February 2012[4]and following approval from the North York Moors National Park Authority in June 2015,[5]the thenAIM-listed company stated that it would seek financing in order to begin construction at theWoodsmith MineinNorth Yorkshire.[6]It was admitted to the main market in April 2017.[7]
In September 2019, the Woodsmith Mine project was in doubt when the company shelved a £400 millionjunk bondsale, citing a lack of government support andBrexituncertainty.[8]In November 2019, the company announced that it was in talks with potential investors to raise $600 million needed to fund the first phase of the development.[9]
In January 2020,Anglo Americanconfirmed it was considering making a bid to buy Sirius,[10]making a 5.5p per share offer to buy the project for £400m. In salvaging the financially troubled project, Anglo American envisages spending around £230m to keep construction going through to at least 2022.[11]Sirius advised shareholders that if the offer was rejected then the company could faceadministrationwithin weeks.[12][13]Subject to approval by at least 75% of Sirius shareholders, the deal was expected to become effective by 31 March 2020.[14]The sale was approved by shareholders on 4 March 2020.[15]
Operations
[edit]The Company’s stated focus was the development of its North Yorkshire polyhalite project[16]which aimed to exploit the world’s largest deposit ofpolyhalite,a type of potash.[17]The company planned to create a mine three miles south ofWhitby[18]and an underground conveyor system to transport the mineral from the mine site to a materials handling facility atTeesside,36 km (22 mi) away.[2]The area of interest is located on the Yorkshire coast, mostly within theNorth York Moors National Park.The mineral seam lies 1,500 metres (4,900 ft) below the surface,[6]covering an area of approximately 796 km2(307 sq mi), around 271 km2(105 sq mi) onshore and 535 km2(207 sq mi) offshore.[16]
References
[edit]- ^abc"Annual Report & Accounts 2018".Sirius Minerals.Retrieved7 June2019.
- ^ab"North York Moors potash mine gets £1.7bn go-ahead".The Guardian.30 June 2015.
- ^"York Potash jobs: How to register interest for thousands of roles at £2bn mine".Teesside Gazette.1 July 2015.
- ^ab"ND potash deposits not as promising as thought".Bismarck Tribune. 24 February 2012.Retrieved2 June2017.
- ^"Sirius Minerals gets go ahead for potash mine in Yorkshire Moors".Financial Times.30 June 2015.
- ^ab"Stars are aligning for Sirius".The Times.23 September 2015.
- ^"Is Sirius Minerals plc's 50% rally set to continue?".Motley Fool. 29 April 2017.Retrieved2 June2017.
- ^Davies, Rob; Kollewe, Julia (17 September 2019)."Plan for huge Yorkshire mine in doubt as firm pulls £400m bond sale".The Guardian.London.Retrieved11 November2019.
- ^Ambrose, Jullian (11 November 2019)."North York Moors mine plan could be rescued by £465m investment".The Guardian.London.Retrieved11 November2019.
- ^"Whitby Potash Mine Owner Sirius Minerals Could be Sold".Yorkshire Coast Radio.8 January 2020.
- ^Morby, Aaron (20 January 2020)."Anglo American commits to saving £2.5bn potash mine project".Construction Enquirer.Retrieved20 January2020.
- ^"Agreement Reached For Takeover Of Whitby Potash Mine".Yorkshire Coast Radio.20 January 2020.
- ^"Offer For Whitby Potash Mine 'Fair' And 'Provides Certainty'".Yorkshire Coast Radio.20 February 2020.
- ^O'Connor, Rob (20 January 2020)."Sirius Minerals agrees £405m deal to save £3bn mine project from collapse".Infrastructure Intelligence.Retrieved21 January2020.
- ^Morby, Aaron (4 March 2020)."Anglo American seals potash mine project takeover".Construction Enquirer.Retrieved5 March2020.
- ^ab"Sirius Minerals Plc: Business Profile".Financial Times.20 January 2016.
- ^"Chinese sign up for 500,000 tonnes of fertiliser from North Yorks potash mine".The Daily Telegraph.24 December 2015.
- ^"Sirius confirms North Yorkshire potash mine location".BBC News.3 September 2012.