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Sirius Minerals reveals revised two-stage development plan for Yorkshire potash project

Mon, 11th Nov 2019

Fertilizer group Sirius Minerals said it had put together a new two-stage development plan for its flagship project in Yorkshire after its original effort ran into funding difficulties. The company said construction would now include an initial phase that would include sinking a shaft to the polyhalite ore body and achieving first production. That phase was expected to cost around $600m to complete. Additional works required to reach an installed and ramped up production capacity of 10m tonnes per annum would cost up to $2.5bn, the company said, though this phase had been deferred. For the first phase, Sirius Minerals said a strategic partner and financial investor processes was underway, with the aim of securing about $600m of initial scope funding, with 'various parties' engaged and assessing information. 'We are in discussions with potential strategic partners and debt investors with the aim of securing the best route to finance our revised initial scope of work,' chief executive Chris Fraser said. The company would update the market and its stakeholders progress when appropriate, he added. 'The value of Sirius is unlocked by reaching production and delivering POLY4 to our customers around the world,' Fraser said. 'This approach allows us to achieve that with less upfront capital while retaining the significant return opportunity it presents for our shareholders and stakeholders.' Story provided by StockMarketWire.com

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