Maybe I will get my 12p.

York Potash Project approval decision deferral

York Potash Project approval decision deferral

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") provide an update on the York Potash Project planning approval process.

The Company has requested that the North York Moors National Park Authority ("NYMNPA" or "the Authority") defer the determination of its York Potash onshore mining application, which was due to be considered by the Planning Committee of the Authority on 29 July 2013.

Since the outset of the York Potash Project, the Company has sought to take the greatest environmental and ecological care in working up its detailed plans. The Company wants to ensure that outstanding environmental queries are addressed as far as possible. The decision to seek the deferral is specifically to allow the Company time to address issues relating to European habitat legislation and robustly deal with the questions over the work completed by consultants on the environmental assessments.

The Company intends to agree a detailed schedule of meetings with the Authority and other key stakeholders to ensure any remaining issues are worked through thoroughly and to the satisfaction of the Authority and the key statutory bodies. No review of the overall timetable of the project has been completed, although this deferral is likely to extend the project timeframe. Further updates will be provided to the market when greater certainty can be provided on the revised timeframes.

Sirius Minerals rebuffs doubts over York Potash viability

Sirius Minerals has vowed to challenge doubts over the viability of its York Potash project published by the consultants for North York Moors Park Authority (NYMPA).

A report by consultants AMEC, published on NYMPA's website, said the need for the development has not been proven.

"In the conclusion, AMEC states that it does not believe there is a significant market for polyhalite and therefore stated economic benefits are unlikely to occur," Sirius said in a statement.

"This is followed with a view that as polyhalite cannot be sold in sufficient volumes, the economic and employment benefits cannot be realised," it said.

Sirius queried the scope of the AMEC report and the factors that it had considered in arriving at its opinion.

"There appear to be a number of omissions in this report and these will be addressed by the Company during the deferral agreed by the Authority on 18 July 2013," Sirius said.

"The Company notes that this report makes no reference to any national need to create jobs and growth and many of the conclusions appear largely based on the findings of the 'Integer Report'," it said.

"In addition, the report makes no reference to the Company's extensive crop study programme and results to date, no reference to the 1 million tonnes per annum Chinese offtake agreement and only a passing reference to the Framework Sales Agreements ("FSA") signed for 310,000 tonnes per annum in the UK and Europe."

Jefferies International Underperform 16.50 16.50 30.00 9.00 Downgrades

In auction down 16.7%.

I think this is all to do with the potash cartel falling out and deciding to go it alone, so the price of potash is no longer held artificially high (even though SXX would be producing polyhalite). At some point the price of potash should stabilise as it appears that the market will take up all of the current production level. The usual 'supply & demand' equation, but as SXX production is way off in the future, I can't see this as anything but a kneejerk reaction to the dissolution of the cartel.

Culmination of that and the delay.

Looks like I can finally buy @12p - think I'll wait for 9p now though.

I got a small order in at 9.5p Skinny.

.

Sounds reasonable Shortie, I've had a TP of 12p for quite a while, but the game has now changed.

Somewhere between 6 & 10p looks about right and its much more of a gamble now.

how things change!

Sirius putting off their presentation on 29 July is I reckon where all this started. You would have thought the company would have been well prepared for Amec's report cited above.

All this shilly shallying could and should have been avoided , needless to say ! A complete shambles !!

This has always been about capital risk and Sirius had overstated the need to build the minehead within the park.

Sirius now faces the daunting task of having to assuage the park authority's concerns before it decides whether to approve the project, not to mention the challenge of raising capital to fund construction if it does get the go-ahead.

Lets also remember that Polyhalite as a potash fertiliser its very low grade due to its relatively low potassium component

A report prepared in April by Integer Research for AMEC said the main value of polyhalite would come from its potassium content, despite the existence of other nutrients, which it said would be seen by most buyers as "worthless bulk".

"Either you accept Chris Fraser's proposition that this is a product whose time has come and that the world now needs sulphur and magnesium, or it's a fantasy," said Freeman.

The only company in the world currently mining polyhalite is Cleveland Potash, a subsidiary of Israel Chemicals Ltd. Its mine lies 11 miles north of Sirius's planned site but sits just outside the North York Moors' boundary.

Last year it mined just 50,000 tonnes of the mineral, a hundredth of what Sirius intends to produce annually.

GENERAL UPDATE

pretty much a lame duck atm.

A defiant update with a note at the end - "The Company's brokerage contract with Jefferies Hoare Govett ("Jefferies") has been terminated and Jefferies will cease to be a broker on 26 August 2013 at the end of the contractual three-month notice period."

Now why would they do that?! :o)

They probably need a broker that specialises in cash calls! :-)

Or one that doesn't say the shares are crap!! :o)

In other words, not to put to fine a point on it, a difference of opinion.You cannot help but wonder how a company could have such a brokler !!

:o)
Quite a difference!

York potash project financially robust, says Sirius
StockMarketWire.com
Sirius Minerals insists the York potash project is financially robust on a range of pricing scenarios.

It says the project is a tier 1 asset with projected cash costs that would place it at the bottom of the global potash cost curve.

And it says robust economics will underpin the financing and development of the 2.66 billion tonne inferred polyhalite resource.

Managing director Chris Fraser says: "There is little doubt that potential reductions in MOP (muriate of potash) prices present a problem for existing high cost producers, which could in turn lead to further supply consolidation, but the York potash project has a robust business model to underpin its financing and development into a long term independent supplier.

"The volatility caused in the potash market by this speculation perfectly demonstrates the dangers of the supply of such an important mineral being concentrated amongst a small number of producers and re-emphasises the need for new, lost-cost, long-life projects that can operate outside the existing restricted market