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.com |
Sirius Minerals plc was a fertilizer development company based in the United Kingdom. It was listed on the London Stock Exchange until it was acquired by Anglo American in March 2020.
History
[edit]Founded in 2003, the company initially focused on exploring the potential for potash mining in North 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 then AIM-listed company stated that it would seek financing in order to begin construction at the Woodsmith Mine in North 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 million junk bond sale, citing a lack of government support and Brexit uncertainty.[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 American confirmed 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 face administration within 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 of polyhalite, a type of potash.[17] The company planned to create a mine three miles south of Whitby[18] and an underground conveyor system to transport the mineral from the mine site to a materials handling facility at Teesside, 36 km (22 mi) away.[2] The area of interest is located on the Yorkshire coast, mostly within the North 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]- ^ a b c "Annual Report & Accounts 2018". Sirius Minerals. Retrieved 7 June 2019.
- ^ a b "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.
- ^ a b "ND potash deposits not as promising as thought". Bismarck Tribune. 24 February 2012. Retrieved 2 June 2017.
- ^ "Sirius Minerals gets go ahead for potash mine in Yorkshire Moors". Financial Times. 30 June 2015.
- ^ a b "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. Retrieved 2 June 2017.
- ^ Davies, Rob; Kollewe, Julia (17 September 2019). "Plan for huge Yorkshire mine in doubt as firm pulls £400m bond sale". The Guardian. London. Retrieved 11 November 2019.
- ^ Ambrose, Jullian (11 November 2019). "North York Moors mine plan could be rescued by £465m investment". The Guardian. London. Retrieved 11 November 2019.
- ^ "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. Retrieved 20 January 2020.
- ^ "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. Retrieved 21 January 2020.
- ^ Morby, Aaron (4 March 2020). "Anglo American seals potash mine project takeover". Construction Enquirer. Retrieved 5 March 2020.
- ^ a b "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.