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"Sirius Minerals announced on 8 January that it is in advanced talks with Anglo American regarding a takeover. The Government welcomes any commercial outcome that enhances the project’s viability."
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Well what did you expect from the Gov? Te mine will be completed, taxes will be paid, locals employed - happy days. I was writing about gov support delusion for months, now the same group naively believe that the Sirius "is still working" on something and expect "the others"(what others?) to emerge once the AA offer is confirmed....The only thing that the company is working on is the takeover documentation, statement to the public and the list of excuses to cover their backs.
Another day in the office of JPM, another transfer of wealth from poor to rich. Our biggest collective mistake was our naive belief that we and our families can actually profit from this "gold mine" for generations and that it wouldn't be taken away from us by corporations.
KOH
Any thoughts the Government would bail out shareholders who took a high risk punt was always wishful thinking. There may have been a case for Government financing to help support the mine, if the company fell into administration but in the end its not even needed as AAL will buy and develop it.
I emailed the Prime Minister using the official online form about support for Sirius and the plight of long term shareholders. This was on 13th January. I received an email back saying it was being transferred to the relevant department. I have just received the following response from the Department for Business, Energy and Industrial Strategy:
Thank you for your email of 13 January, addressed to the Prime Minister about Sirius Minerals. As I hope you will appreciate, the Prime Minister receives significant volumes of correspondence on a daily basis, and, regrettably, is unable to respond to each one personally. Your email has been passed to this Department as we deal with this matter and I have been asked to respond.
All requests for Government financial support must meet necessary lending criteria and, when examining any request for financing, we have to assess the potential benefits of a project against the need to protect taxpayers’ money. However, I can assure you that the Government takes all proposals for financial support very seriously and assesses every aspect of each case in detail using a variety of information resources to ensure that the analysis is objective and robust.
Sirius Minerals announced on 8 January that it is in advanced talks with Anglo American regarding a takeover. The Government welcomes any commercial outcome that enhances the project’s viability.
Thank you again for taking the time to write.
Yours sincerely,
J Morrison BEIS CORRESPONDENCE UNIT
It is clear there is no meaningful work going on with Government for any support or loan guarantee to be given and the government is happy for Sirius to be taken over by AA even if shareholders are totally wiped out as long as the project continues.
I can't say I really expected any other reply, but this doesn't even come with a caveat of 'commercially sensitive discussions' which some government comments have included in the past.