Sirius Minerals

Sirius Minerals plc
Public
Traded as LSE: SXX
Industry
Founded 2003
Key people
 Russell Scrimshaw (chairman)
Chris Fraser (CEO)
Products
Revenue £nil (2017)[1]
£(24.0) million (2017)[1]
£(78.9) million (2017)[1]
Website www.siriusminerals.com
Proposed mine, mineral transport system and Teesside plant[2]
Project area of interest[3]

Sirius Minerals plc is a fertilizer development company based in the United Kingdom. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

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]

Operations

The Company’s stated focus is the development of its North Yorkshire polyhalite project[8] which aims to exploit the world’s largest deposit of polyhalite, a type of potash.[9] The company plans to create a mine three miles south of Whitby[10] 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 below the surface,[6] covering an area of approximately 796 square kilometers (around 271 square kilometers onshore and 535 square kilometers offshore).[8]

The company announced the material findings of the project's definitive feasibility study on 17 March 2016. In summary it proposes a framework for production capacity of 20 million tonnes per annum ("Mtpa") with initial installed capacity of 10Mtpa. This will deliver a £2.3 billion annual contribution to the UK's GDP, £2.5 billion of annual exports which represents a 7% decrease in the UK's trade deficit and 2,500 direct and indirect production jobs as well as over 2,000 jobs during construction.[11]

References

  1. 1 2 3 "Preliminary Results 2017". Sirius Minerals. Retrieved 30 March 2018.
  2. 1 2 "North York Moors potash mine gets £1.7bn go-ahead". The Guardian. 30 June 2015.
  3. ↑ "York Potash jobs: How to register interest for thousands of roles at £2bn mine". Teesside Gazette. 1 July 2015.
  4. 1 2 "ND potash deposits not as promising as thought". Bismark Tribune. 24 February 2012. Retrieved 2 June 2017.
  5. ↑ "Sirius Minerals gets go ahead for potash mine in Yorkshire Moors". Financial Times. 30 June 2015.
  6. 1 2 "Stars are aligning for Sirius". The Times. 23 September 2015.
  7. ↑ "Is Sirius Minerals plc's 50% rally set to continue?". Motley Fool. 29 April 2017. Retrieved 2 June 2017.
  8. 1 2 "Sirius Minerals Plc: Business Profile". Financial Times. 20 January 2016.
  9. ↑ "Chinese sign up for 500,000 tonnes of fertiliser from North Yorks potash mine". The Daily Telegraph. 24 December 2015.
  10. ↑ "Sirius confirms North Yorkshire potash mine location". BBC News. 3 September 2012.
  11. ↑ "DFS defines world-class fertilizer business". Investis. 17 March 2016.
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