I have to disagree with GaiasKidney The difficult think here is to get the right to get it the ground. No mine has been built in any National Park in 40yrs since Boulby. If they get that right to build then international investors, hedge funds, pension funds etc will lend the money.
There are risks especially with the approach to grout the bunder sandstone but investors will look to boulby and think its possible a lend the money.
There could be a rights issue to raise more shareholder capital though.
Some £2.5bn of Capex will be needed to build this mine to a 'phase 1' (nameplate 6.5mt/y capacity) mine. At present the co has ~$50m in the bank from an ~$80m placing in March. it is stated this money has 2 purposes only: to finance the planning applications and to produce a DFS in q2 '15 that will hopefully show the project to be bankable.
So if this BoD get their PP for YP (Jan '15 earliest), then by that time there will be little left in the coffers to start building a mine. So you have to ask: who is going to finance half dozen odd ex investment bankers (no offence Razor) and PR types, a bloke who was down the mine next door and a geologist $2.5bn?
Amongst all the many issues this DFS should cover, one of its many purposes is to demonstrate what project construction method the owner plans to employ and who the contractors are likely to be - the co announced in Feb '13 that they prefer the EPCM route. The lenders will then decide if that makes the project feasible (the "F"). If they decide it is, the DFS is then bankable. With that and if other considerations allow, they will lend.
Where competency comes in for the BoD of Sirius is from the choices they make with their advisors for both the presenting of the PA and the constructing of the DFS document.
They are not there yet.
A couple of thoughts Mr Thoughts that raise Qs: are you a holder of Sirius; are you a knocker of Sirius?
It is not just down to the Planning. to make a project successful you need the right experts in place to deliver it on time to budget. This would be a first major 'deep shaft' sinking project in the UK for some time using the modern techniques and Sirius made a big deal about the development director they hired for the job to deliver the overall project (I assume experts would be hired for the shaft) and I understand he left the firm to go back to his old company then promoted internally to fill his boots..... at that level one decisions right or wrong could cost or save hundreds of thousands of dollars...and also reputation of a company. Project Delivery guys are the essence of a new mining project...
The Romans referred to the dog days as diēs caniculārēs and associated the hot weather with the star Sirius. They considered Sirius to be the "Dog Star" because it is the brightest star in the constellation Canis Major (Large Dog). Sirius is also the brightest star in the night sky. The term "Dog Days" was used earlier by the Greeks (see, e.g., Aristotle's Physics, 199a2).
The Dog Days originally were the days when Sirius rose just before or at the same time as the sun (heliacal rising), which is no longer true, owing to precession of the equinoxes. The Romans sacrificed a red dog in April to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather.
Dog Days were popularly believed to be an evil time "the Sea boiled, the Wine turned sour, Dogs grew mad, and all other creatures became languid; causing to man, among other diseases, burning fevers, hysterics, and phrensies." according to Brady’s Clavis Calendaria, 1813.
Yet again a very educational post Sailorchief on the Dog Star. As I said before, every day is a school day. It was such a shame that the graduates at Scarborough Town Hall weren't so well informed on Sirius. It was/is indeed a wasted opportunity to keep the public informed and enthusiastic about this project.
By the way, a warm welcome Waterbeach1 to the SXX board. Have you invested in SXX or are you still undecided. ATB BB
Sirius is the brightest star that we see from earth (apart from the sun of course) the association of Sirius as a celestial dog has been consistent throughout the classical world; even in remote China, the star was identified as a heavenly wolf. In ancient Chaldea (present day Iraq) the star was known as the "Dog Star that Leads," or it was called the "Star of the Dog." In Assyria, it was said to be the "Dog of the Sun." In still older Akkadia, it was named the "Dog Star of the Sun."
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