27 Jan 2016 07:00
27 January 2016
Sirius Minerals Plc
DFS update
The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") provide an update on the Definitive Feasibility Study ("DFS") timing for its York Potash Project (the "Project"). The Company had previously planned to announce the material findings of the DFS in January 2016, but now plans to do this before the end of March 2016.
The completion of a DFS for such a large scale project is a very detailed process and there is a large amount of complex information from various suppliers, consultants and engineering firms that needs to be compiled, reviewed and then integrated into the final DFS. While this process is time consuming, it is vitally important for a project with an expected life of over 100 years that it is robust.
In addition to the finalisation of the DFS the Company is moving towards the selection of preferred tenderers for the three initial critical path components for project implementation, being site preparation, mine shafts and the mineral transport system. Tender information is being used in the completion of the DFS and is providing important and current contractor inputs into its finalisation.
The Company is confident that the final DFS will define a world class project that will be best in class in many aspects. Based on the final DFS the Company is confident that it will execute a financing strategy that will bring the Project into production and deliver significant value to shareholders.
Chris Fraser, Managing Director and CEO of Sirius, comments:
"We are continuing to build a very robust business that will be capable of strong returns throughout the many cycles it will experience over its +100 year life. We thank our shareholders for their patience as we finalise the DFS and look forward to announcing its findings in due course."
For further information, please contact:
Sirius Minerals Plc Investor Relations |
Email: ir@siriusminerals.com |
Tel: +44 845 524 0247 |
Joint Brokers Liberum Capital Limited (NOMAD) |
Neil Elliot, Clayton Bush, Jill Li |
Tel: +44 20 3100 2222 |
J.P. Morgan Cazenove | Ben Davies, Jamie Riddell | Tel: +44 20 7742 4000 |
WH Ireland | Adrian Hadden | Tel: +44 20 7220 1666 |
Media Enquiries Tavistock | Jos Simson, Mike Bartlett, Emily Fenton | Tel: +44 20 7920 3150 |
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on the development of the York Potash Project in the United Kingdom, which has the world's largest and highest grade deposit of polyhalite, a multi-nutrient form of potash containing potassium, sulphur, magnesium and calcium. Incorporated in 2003, Sirius Minerals' shares are traded on the London Stock Exchange's AIM market. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at: www.siriusminerals.com.