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I, for one, hope that Myo is ok. It's fair to say that he/she devoted a huge amount of time to this BB and everything else besides. It is unfair to speculate about someone who may have been hit harder by this debacle than any of us realise.
Apologies if this has been discussed before, but is anyone up for an impromptu trip to the Sirius head office in Scarborough? It would be courteous of the company to listen to our concerns face to face, but is it too much to expect?
No more to add, apart from Get Fraser Out!
PIs!
Interesting that Fraser is now reaching out to the Paid, when all along he has kept us in the dark. The man is nothing more than a snake.
BBC News | Can the Tories deepen shallow roots in the North East? - https://www.bbc.co.uk/news/election-2019-50820302?ocid=wsnews.chat-apps.in-app-msg.whatsapp.trial.link1_.auin
It's clear from government ministers this morning that there's a big pitch to the north of England coming in the next few months - particularly those seats which broke bonds with Labour to vote Tory.
Expect lots of talk about rebalancing the economy.
earlier on Sky, we heard from cabinet minister Michael Gove, who said that after the NHS, the government's next top priority was to tackle the problem of unequal economic opportunities by investing more outside the south and east of England.
Let's hope the main parties ARE aware of Sirius's predicament, as due to the forthcoming suspension of parliament there will be no time to discuss the petition before they suspend business to focus on dreaming up their respective manifestos.
11 to go ...
83 and counting ...
It seems to me that the MMs are trying to shake as many PIs out of the tree before things start to pick up.
Be brave, sit tight and ride the storm for the umpteenth time.
It's just been announced that Boris is heading to Yorkshire today, so let's hope one of his first election strategies involves getting behind the Northern Powerhouse and, in particular, Britain's largest mining project!
Correct me if I'm wrong, but didn't a former PM confirm the Government was in discussions with SM several months ago? I appreciate there has been much aqua under the bridge since then, but hopefully there will be sound political reasons for ramping up (pardon the pun) again.
If Boris uses his nous, he could gain far more support from getting behind SM and in doing so, demonstrating he is serious about energising the Northern Powerhouse.
There is a blatant opportunity here to boost his profile up north, and God only knows he needs that.
Thank goodness you are back Myo. This board has been a pit of vipers while you've been away, so it will be great to get your perspective on how the next few months will pan out once the dust settles.
The AGM is sure to be a much livelier event this time around, and it will be interesting to hear what CF has to say to placate the loyal PIs who've supported the project through thick and thin.
Does anyone think the news about Nissan might actually be a bonus for Sirius? Surely it puts extra pressure on HMG to give the necessary ST2 guarantee, in order to demonstrate a commitment to the North East which has been hit by the Nissan pull-out.
It doesn't make sense to me that there are lots of people on here are speculating about 'leaks' and yet markets all round the world are taking a battering. The FTSE has dropped like a stone in the last fortnight, and it's almost as if some folks are completely ignoring bthat and jumping on the conspiracy theory bandwagon. Onwards and upwards once the dust settles (pardon the pun).
London listed Sirius Minerals PLC is a UK based fertilizer development company focused on the development and operation of a polyhalite mine in North Yorkshire. Sirius Minerals mine when complete will be the world’s largest and highest grade polyhalite resource. Polyhalite is a multi-nutrient fertilizer which can be used as a source of Potassium, Sulphur and Magnesium. Production from Sirius’s mine is expected to start in 2021, initial production will come in at 2mt per annum but is expected to increase steadily potentially rising to 20mt per annum by 2027. To date Sirius Minerals has signed off take agreements for 5.7mt of future production essentially proving that a viable market exists for their POLY4 product.
Sirius’s mine is expected to cost in the region of $3 billion dollars, to minimise dilution to shareholders Sirius has split the project financing into two phases. Phase one financing was completed in November 2016 with the company raising a total of $1.2 billion through the completion of a placing, a royalty agreement and the issue of convertible bonds. Phase one financing gave Sirius the resources to commence development on the mine, phase two financing is expected to consist of $3 billion in debt financing. Bank commitment letters for phase two financing are expected shortly, these will then be followed by a final financing document. Phase two financing is one of the last big risks the project is facing and the shares are expected to re rate once this milestone is passed. Phase two financing is expected to be conditional on binding off take agreements reaching 6-7mt but it’s worth noting this does not prevent Sirius from obtaining conditional commitments from the banks.
Analysts at Liberum currently assign a £1.10 per share net present value (NPV) to the project, the shares are currently trading at 36p meaning they are trading at a 63% discount to the NPV. More importantly for investors buying in now there’s a 200% upside potential by the project simply reaching NPV. Understandably the shares are trading at a discount to NPV due to the risks the project faces. There is $1.8 billion of unfunded capex left on the project so without phase two financing the project simply won’t proceed, with phase two financing widely regarded as one of the biggest risks facing the project once this milestone is passed the shares are expected to rally substantially. By the end of 2018 Sirius Minerals expects bank financing to be fully completed, the signs of this happening are expected to come in stages with the three stages being the following:
•Bank commitment letters.
•Letter of support from the IPA (A government guarantee scheme, guaranteeing debt issued for major infrastructure projects).
•Incremental off take agreements up to the required 6mt
As part of its Phase 1 financing Sirius announced it had engaged a syndicate of banks which provided letters of interest, including JP Morgan, Lloyds, EDC, Societe Generale, ING and RBS
Crumby McCrumbface perhaps!