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I like Norwegians...............!
in general........... :)
All the best (might be the accent :)
I wouldn't to much weight on Gina's involvement here, unlike that unfortunate donkey she was pictured on a bit back........... :)
Is it not correct that she stands to gain a lot more, if this goes tits than anyone............? ST1
All the best (more than happy to be corrected :)
I think it is very unlikely that Gina will go in for more, as does CF. I am sure they have been in regular contact. There are other more relevant strategic partners.
“Mr Fraser said Han**** Prospecting, the mining company of Australian billionaire Gina Rinehart that has invested in the project, was unlikely to increase its exposure.” Financial Times last week.
With the advent of electric cars and the imminent decline of petrol/diesel demand (if a decade or two is imminent), the decline of the High st retailer, and steel in the UK, you'd think potential partners for Sirius from the oil producing countries, India and China would be numerous. The number of industries with a shelf life of 100 years cannot be that high?
Has Chris Fraser thought about appearing on Dragon's Den? I want £3bn for a 10% return would be good plot for a Xmas special :O)
What is your basis of the share price returning to teens based on rumour?
What’s the profile of the rescue packet that you see that would do this and negate any initial dilution of the share price before the gains?
Do you honestly believe that what happened last week has had zero effect on the share’s future? Someone will come on board as a strategic partner for free???? I could be totally wrong but I don’t see it. A new partner comes on board, the pie gets cut up again and the PIs get left with the final piece.
The share will increase from here if the deal makes sense and we don’t give half the company away, but let’s be realistic about the probable short/medium gains.
It must be true, I saw it in the papers.
I agree Doubleheadedcoin, as soon as there is any indication that finance is secured then I would expect the sp to jump back into the teens at least, confident that it be be very soon, before the end of November, when the co will get the finance finally sorted as I'm sure they want everything running smoothly again before Xmas, seems like the BOD have had informal discussions in the past with the big players in the past but now they will have to enter into official negotiations to secure a deal.
We know that sentiment and by extension sp's can turn around very quickly. it seems like the BOD is in talks with some very big players, obviously fortescue is mentioned, they clearly would be a logical partner for our project to move forward in my opinion. GLA LTH's
"I feel very bad for those situations ,but we have been very clear about the opportunities and also the risks ."
I don't think I agree with him there. He has always made it sound like plain sailing apart from post-Amec and this latest episode. Even now he is not suggesting there is that much of a problem with
"we have been very successful in overcoming some significant milestones along the way and we remain confident that we will overcome this one"
I have always wondered why a few directors jumped ship under a cloud. And it bothered me, with no explanation coming from Sirius.
The bit from the Times article that struck me was this
"Fraser said Sirius had held talks with several mining and fertiliser houses over the years, but had never before run a formal process. He did not rule out selling a majority stake."
That is an indirect quote, not the statement of a man telling us the risks.
https://mobile.twitter.com/rachelmillardst?lang=en
You may want to advise Rachel of her errors ?
So why won’t the Government act? There are dark tales of jealous competitors and Machiavellian hedge funds dripping poison into the ears of analysts. Digging mine shafts is fraught with difficulty, they say. Imagine the potential,a snippet from the express,very interesting read,lets see how we sort thomas cook out?
If I’m honest, I don’t like the idea of Fortescue buying out part of our company on the cheap. That would feel like a stitch up.
If they wanted to loan us £1 billion for say a royalty payment, I would be much happier
To be fair on that comment SlurmsMenzie, when I withdrew my first £20k to invest my financial advisor warned me not put any more in until I saw the polyhalite in a truck. But as always I’m still fairly convinced he will get a strategic partner. In the previous interview he actually names the companies that JPM would be happy with. Sovereign wealth funds, Eurochem of BHP. I’m gutted for everyone( including me, my kids and my mates) but now he’s got to show his true worth. My eldest son still thinks that this is a ploy to get rid of private investors and bring in a partner for next to no money. That’s a hell of a conspiracy theory!
It feels like he cares about all the shareholders .
Thanks reckless . interesting that the other article cherry picked his words and made it look like he didn't ?
Derisk ? so why did he say that they have got over many other issues and are confident they can overcome this one !
Two articles and worded very differently . this one come in a lengthier piece . ( help Fred|)
Fraser said some may have been badly advised when deciding what to invest. "we take the responsibilities we have to all our shareholders incredibly seriously and that creates a huge drive behind us ," he said " In terms of where people have over invested or probably not taken the right investment advice ... I feel very bad for those situations ,but we have been very clear about the opportunities and also the risks .
"we have been very successful in overcoming some significant milestones along the way and we remain confident that we will overcome this one"
PART2
"Whether prospective investors share this optimism remains to be seen. BHP has its own $8bn fertiliser project in Canada. Fraser said Sirius had held talks with several mining and fertiliser houses over the years, but had never before run a formal process. He did not rule out selling a majority stake.
Gina Rinehart, the Australian mining magnate who is backing the project, has said she has no plans to raise her $250m. stake. Other backers, which include the Qatar Investment Authority, are “supportive”, but are waiting for the company’s review before deciding “what role there is for them”, Fraser added.
Any new strategic investor could further batter Sirius’s private investors, who have already lost tens of thousands of pounds. About 25,000 of them live in Yorkshire and the northeast.
Fraser suggested some may have been badly advised when deciding what to invest. “We take the responsibilities we have to all of our shareholders incredibly seriously and that creates a huge drive behind us,” he said. “In terms of where people have overinvested or probably not taken the right investment advice . . . I feel very bad for those situations, but we have been very clear about the opportunities and also the risks.
“We have been very successful in overcoming some significant milestones along the way and we remain confident that we will overcome this one.”
With cash running out and no sign of a saviour, how many would share that confidence?
Sunday Times today. Might as well read the whole aricle -it cost me a £3 subscription! PART1:-
A mile beneath the Yorkshire Moors up to 1,200 miners have been digging for more than two years, toiling to access vast seams of fertiliser.Last week they hit an immovable obstacle on the surface: Sirius Minerals, the company behind the $3.8bn (£3bn) potash project, failed to raise $500m of bonds. With only £117m in the bank, Sirius began laying off staff at Woodsmith mine near Whitby, North Yorkshire. Round-the-clock working will be cut to a 12-hour day shift to give Sirius an extra six months to try to raise the $2.5bn it needs to finish the project, the UK’s first deep mine in 40 years. The prospects are bleak, however.
Once hailed as an economic revival for the northeast, the project risks becoming a scar on the moors and leaving a trail of financial destruction in its wake, including 85,000 investors who pumped cash into the project, but have seen their shares plunge in value by 85% over the past year. They collapsed from 10.1p to 2.1p on Tuesday before recovering slightly to 4.3p by the end of the week, valuing the company at £290m.
Denis Kane, a 48-year-old gas pipes engineer from Durham, spent about £56,000 on 200,000 shares in the project, in the hope of retiring early.He said: “I had been working away from home and was hoping to be near taking an easier job in a few years, but I doubt that now.“If they don’t get the funding, I’ll have to work away again for any chance of early retirement.”
The failure to issue the bonds was blamed on market conditions, including Brexit uncertainty, though the project’s costs have always made it a tough call.
Sirius’s plan, several decades in development, is to sink two shafts to produce up to 20m tons a year of polyhalite — a particular blend of fertiliser currently produced only by ICL’s Boulby mine near by — and a 23-mile tunnel to take it to Teesside for export.
Sirius’s chief executive, Chris Fraser, an ambitious Australian, and his team are now reviewing the project, trying to find ways to reduce risk and costs and bring in new investment. Options include attracting infrastructure funds to finance the shafts and tunnel separately, alongside a big mining house such as BHP or an agricultural business.
“I am confident we will get through this,” he said. “That doesn’t mean there isn’t a risk, but I am confident. We have an excellent project.”
I suspect some of it needs more context and to a degree he's right, but probably not the right time, and CF has been nothing but over confident.
I suspect the comments like the share price (this last week) will go down like a lead balloon.
The first line of the Times article -
”A mile beneath the Yorkshire Moors up to 1,200 miners have been digging”
- I don’t need to read any more - This says it all about the farcical disregard persistently shown by the times for the true facts on Sirius- they don’t care about the truth.
Indeed I don’t think they know or even want to know what the word means..
GLA.
First couple of paras. This is not a spoof.
The boss of embattled miner Sirius Minerals has suggested that investors may have been badly advised when they backed his company. More than 85,000 retail investors face heavy losses after Sirius’s $3.8bn (£3bn) fertiliser mine project in the North York Moors was thrown into doubt last week when it failed to raise $500m in bonds.
Chief executive Chris Fraser said: “I read stories where people seem to have over-invested or probably not taken the right advice. I feel very bad for those situations, but we have been clear about the opportunities and also the risks.”
Shares fell from 10.1p to 2.1p on Tuesday, closing the week at 4.3p.
Can you elaborate? I not able to read the article without paying. Thanks
Sirius Minearsls investors were mislead says Chris Fraser.