RE: Progress23 Nov 2023 21:25
Just got this from Share Soc:
Campaign members will be aware that there has been little reportable progress over the past year.
This has not been due to lack of effort on the part of the volunteer team, who have continued to press for further information to support a legal redress claim.
The team’s efforts have been consistently hampered by certain parties, most notably the Infrastructure and Projects Authority who have resolutely refused to comply with requests for information.
Three years have passed since the acquisition of Sirius Minerals by Anglo American. There has been no tangible information to report to campaign members for quite a while, and there is no realistic prospect of a breakthrough in the foreseeable future.
We also note that Anglo American’s latest cost estimate to bring the Woodsmith mine into production is $9bn, three times that estimated by Sirius Minerals. This runs counter to many investors’ views that the project was sold at an undervalue or that it could have been commercially funded as a standalone asset.
For these reasons, it is ShareSoc’s view that it would be irresponsible to keep the campaign open at this point, suggesting to members that a positive outcome is in sight.
We have therefore taken the decision to halt the campaign.
That doesn’t mean that all activity will cease. The team will continue to explore the events, documentation and actions that led up to Sirius’s capitulation in 2020. But we won’t communicate further unless there is positive reason to do so.
It is always of huge concern to see large numbers of individual investors pulled into unrealistic projects by naïve, incompetent and ill-advised directors.
We hope you will still continue to be a member of ShareSoc.
Kind regards,
ShareSoc
So sorry everyone
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