Sirius Minerals
From Wikipedia, the free encyclopedia
From Wikipedia, the free encyclopedia
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.
 | |
| 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 |
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]
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]
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