Sirius Sirius moved to FTSE Small Cap Index today. Market Cap now at £210Million. Index operator FTSE Russell said, Sirius would exit the list of the UK’s 250 largest companies by market cap and be relegated to the SmallCap index.
Tipped today as a speculative buy After the Daily Mail headline. Chris Fraser clarified mis represented comment. follow-up statement published in the local media, the company claimed Mr Fraser’s comments were taken out of context and said: “There is no intention to take Sirius Minerals private. Our focus is on completing our strategic review and unlocking the value of our project for our shareholders, our community, and the UK as a whole.” Full article at gazettelive – 20 Oct 19 Sirius Minerals 'won't quit the stock market' The company says its focus is to continue with a strategic review to get the huge mining project over the finish line
Tipped today as a speculative buy There is no pressure building!
Tipped today as a speculative buy Yesterday, Sirius’s neighbour mine ICL Boulby announced recruitment drive for its production ramp up to 700,000 tonnes per annum and confirms application made for 25 year extraction license for Polyhalite. The pressure for a Chris Fraser presentation by end of October is building for details of Sirius funding and new construction programme. IMHO. IB
Sirius Hi TW. you beat me to it. new RNS. supply agreement. THIS FUNDING NEEDS SORTING. keep the faith. IB 11 October 2019 Sirius Minerals Plc Major supply and distribution agreement with Muntajat Muntajat is a state-owned Qatari company which markets and distributes approximately 9 million tonnes of fertilizer per annum Ten-year supply and distribution agreement with Muntajat into Africa, Australia, New Zealand and certain Middle Eastern and Asian territories Contracted volumes increase to c.2.0 Mtpa in year five and peak at 2.1 Mtpa in year eight - taking Sirius’ aggregate peak sales volumes to 13.8 Mtpa
Sirius 1 October 2019 Sirius Minerals Plc Major supply and distribution agreement with Muntajat – Muntajat is a state-owned Qatari company which markets and distributes approximately 9 million tonnes of fertilizer per annum – Ten-year supply and distribution agreement with Muntajat into Africa, Australia, New Zealand and certain Middle Eastern and Asian territories – Contracted volumes increase to c.2.0 Mtpa in year five and peak at 2.1 Mtpa in year eight - taking Sirius’ aggregate peak sales volumes to 13.8 Mtpa Sirius Minerals Plc (“Sirius” or the “Company”), through its subsidiary York Potash Ltd, has entered into an exclusive ten-year supply and distribution agreement with Qatar Chemical and Petrochemical Marketing and Distribution Company Q.P.J.S.C (“Muntajat”), for the sale and distribution of volumes of POLY4 into Africa (except Nigeria and Egypt), Australia, New Zealand and certain remaining Middle-Eastern and Asian territories (the “Agreement”). Chris Fraser Managing Director and CEO of Sirius, comments: “We are delighted to expand our growing partnership with Qatar through this long-term supply agreement with Muntajat. Qatar is already a major investor in Sirius via QIA and Sirius is working with Muntajat to explore the downstream combination of POLY4 with nitrogen products in Qatar and/or the United Kingdom to create a value-added multi-nutrient fertilizer. This new supply agreement with Muntajat provides us with access to a number of new markets for POLY4 and further underpins the large scale, international market appetite for POLY4, lifting our aggregate peak sales volumes to 13.8 Mtpa.” Abdulrahman Ali Al-Abdulla, Chief Executive Officer of Muntajat, comments: “We see tremendous potential in POLY4 and Sirius’ Project which will enable us to bring this multi-nutrient product to our extensive global customer network. The addition of POLY4 will complement our existing portfolio and will enable us to provide a more complete solution to our customers in these important markets by adding additional macro-nutrients to our portfolio.” Background to Muntajat Muntajat is a state-owned Qatari company established in 2012 which markets, distributes and sells over 16 million tonnes per annum (“Mtpa”) of fertilizer, polymer, chemical and steel products including approximately 9 Mtpa of fertilizer. Muntajat represents and is exclusively responsible for the global sales and distribution of products from 15 major industrial production entities in Qatar and for marketing, selling and distributing all of Qatar’s fertilizer production. Muntajat has a global marketing network servicing more than 3,000 customers in 135 countries from Doha and 17 international locations. Qatar is one of the largest urea producers in the world with a 14 per cent. share of world supply and produces approximately 5.6 Mtpa of urea as well as 3.8 Mtpa of ammonia and 2.3 Mtpa of sulphur. Supply Agreement The Agreement provides for the exclusive distribution of POLY4 for a 10-year term that commences from commercial operations and includes a five-year extension option. Minimum volumes relating to the specific territories under the Agreement increase, in aggregate, to approximately 2.0 Mtpa in year five and further to 2.1 Mtpa in year eight. The Agreement takes Sirius’ aggregate peak sales volumes to 13.8 Mtpa and peak contracted production in any one year to 12.2 Mtpa, excluding options. The Company may terminate Muntajat’s distribution rights under the Agreement in relation to a specific territory, if Muntajat fails to distribute 75 per cent. of the contracted minimum volumes for such territory over a three-year rolling period. In addition to customary termination rights for both parties, Muntajat has the right to terminate the Agreement in the event that Sirius does not meet certain financing or operational milestones. The pricing mechanism in the Agreement is linked to downstream pricing received by Muntajat on the sale of POLY4 and incentivises Muntajat to optimise the best FOB netback price for Sirius. Sirius expects the Agreement to deliver pricing in line with its average price expectations across the current supply agreement portfolio. Expanding partnership with Qatar In addition to the Agreement, Sirius is working with Muntajat to explore the downstream combination of POLY4 with nitrogen products in Qatar and/or the United Kingdom to create a value-added multi-nutrient fertilizer. The Agreement expands the Company’s existing relationship with the state of Qatar, which, through the Qatar Investment Authority (“QIA”), is one of the largest investors in Sirius.
Sirius North East Politicians send letter to the PM. Here below is there letter in full: Dear Prime Minister, On behalf of the people and businesses in North Yorkshire, Tees Valley and the wider region we urge the Government to put its full support behind the Sirius Minerals project. We share your belief in the need to realise the productive power of the country, outside of London and the South-East, and that the benefits of economic growth should be shared with communities across the country. The Sirius Minerals project can help to deliver these aims and help the UK develop an important new fertiliser industry. This project represents an opportunity to boost export-led growth and deliver economic benefits on a national scale. It is ambitious, outward-looking and is exactly the sort of enterprise that Government should be supporting. Sirius has already invested over £1 billion in the project and has become a crucial and very visible part of the northern economy. Once operational the project will support over 1,000 good quality, well-paid direct jobs, with more in the supply chain. We also welcome the positive contribution that Sirius has made to the community through our boroughs, which we have seen first-hand. The problems facing coastal communities are well documented; they are far away from large industrial centres, often have poor communication links and suffer from low-wage, seasonal and part-time opportunities, The Sirius Minerals project gives these communities – and particularly their young people – real opportunities they would otherwise have to leave the area to secure. Up until last week there were 1,200 people working on the project across its sites in North Yorkshire and Teesside. With last week’s announcement that Sirius was unable to deliver its stage 2 financing plan, we are obviously concerned that the delivery of this important and transformational project will be delayed, and the impact such a delay would have on the regional and UK economy. Indeed, as Sirius reduces the pace of the project while it develops an alternative financing plan, there has already been a reduction in personnel employed at the development. We understand that current global market conditions and uncertainty regarding the ongoing trade war between the United States and China have made it difficult for Sirius to raise the financing it needs. We urge the Government to continue to engage with Sirius, to continue to support this truly transformational project and to work towards a solution that sees it delivered on time. Yours faithfully Cllr Steve Siddons Scarborough Council leader Cllr Mary Lanigan Redcar and Cleveland leader Ben Houchen Tees Valley Mayor Cllr Carl Les North Yorkshire County Council Nomi Ahmad Head of Sembcorp Energy UK Henri Murison Director of the Northern Powerhouse Partnership David Kerfoot MBE DL Chair York, North Yorkshire and East Riding LEP
Sirius Sirius Minerals could start mining early to raise cash as it reveals job loss numbers ByKelley Price 11:29, 7 OCT 2019 Firm reveals true extent of job losses so far as it protects cashflow; part-built tunnel could be used to extract mineral early "A further 900 employees have remained in place , after Sirius said it would keep “as many of its people” as it could so the project was “ready to go” as soon as a solution was found. Sirius boss Chris Fraser announced a six-month review as the company promised shareholders it would do its “absolute utmost” to solve the current cash troubles. Options “on the table”, according to the firm, could include using its part-built underground tunnel to extract the available mineral and then selling it. The firm is also exploring the idea of raising a far smaller amount to fund construction of what is thought to be the riskiest parts of the project first. It could also join forces with a “strategic partner”. A spokesperson for the firm said: “We are leaving no stone unturned, [last month’s announcement] was not Plan A but we are still here and looking at various different options.”" [link]
Sirius Chris Fraser talks to The Times. 300 jobs gone, slow down mine construction, strategic review to get high risk shafts built. He is confident that such a review could be completed by the end of this month, boss Chris Fraser told The Times newspaper that one option could be to raise a much smaller sum to fund construction of the parts of the mine that the bond markets were most worried about. he told the newspaper that Sirius was looking at getting separate funding to for the elements of the mine that the project finance banks and bond market were “least comfortable with”, such as the construction of deep mine shafts, before financing other parts with lower perceived risks separately. IMHO. News in mid November, probably after Brexit dust settles?
Sirius Treasury is short sighted on interest potential. A news article yesterday. The Government could have earned hundreds of millions of pounds if it had backed the recent $3.8billion (£3billion) finance package for Sirius Minerals. Sirius asked the Government to guarantee up to $1billion of bonds as part of the complex deal. If the Treasury had agreed, Sirius would have paid the Government annual interest estimated at $50million to $100million over the life of the bond – amounting to at least $400million in total.
Tipped today as a speculative buy Ah right, I’ve only ever known it as just Boulby! Cheers for clarifying.
Tipped today as a speculative buy Nice spot, mean’t ICL. Israel Chemicals Ltd which own Cleveland Potash Boulby mine. They are only just preparing to ramp up to 1million tonnes per annum of Polyhalite. It is a very old potash mine with limited infrastructure. The potash has virtually run out and they are switching mine to Polyhalite seams. They are the only producer in the world at this time, with a small output but increasing, and they can not match the growing demand, caused by Sirius marketing exposure for POLY4. In what ever guise Woodsmith gets to production, they would then probably struggle to compete, so are likely to attempt to get as much turnover in the next few years till Woodsmith gets into full swing. IMHO.
Tipped today as a speculative buy ICI shut in 2008!
Tipped today as a speculative buy Unless BOD can sort something out, ICI could buy what’s left and then eventually shut Boulby, because mining costs their are so high. what a horrible thought.
Tipped today as a speculative buy We have the neighbours at Boulby applying for a planning permission extension for their Polyhalite production.