https://www.ft.com/content/76565a72-f648-11e9-9ef3-eca8fc8f2d65?fbclid=IwAR1JU9Ni5mRj3zN80hoqwqd4ZDt26 Oct 2019 07:01
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https://www.ft.com/content/76565a72-f648-11e9-9ef3-eca8fc8f2d65?fbclid=IwAR1JU9Ni5mRj3zN80hoqwqd4ZDtaRRqdIamKuR9J1SSrlGNipNVUEPsY2nQ
Sirius Minerals If completed, Sirius Minerals’ Woodsmith Mine in North Yorkshire would be Britain’s largest new mining project in decades. The site contains the world’s largest known deposit of polyhalite, a mineral that can be used as a fertiliser. But Sirius has struggled to make its business case to investors. Last month, in the face of market scepticism, it was forced to pull a $500m bond sale, which was required to unlock a $2.5bn financing package. Its shares have since rallied after the announcement this month of a supply and distribution agreement with a fertiliser company owned by the Qatar state. The country’s sovereign wealth fund is its biggest shareholder and has been touted as a possible strategic backer for the project. Sirius claims that polyhalite has a number of advantages over traditional fertilisers: a chemical-free production process, low carbon emissions and lower solubility — meaning it stays in the soil for longer than other compounds and has to be reapplied less often. Currently only one company, Israel Chemicals, mines polyhalite and it is not in mainstream use as a fertiliser. Sirius shares were trading at 3.1p on Friday, down 85 per cent since January. On Wednesday, it crashed out of the mid-cap FTSE 250 index and now trades on FTSE SmallCap. Its market capitalisation is £220m