Cynic
Welcome aboard.

at least when they drop 10% and more i can ignore it :-)
my stake is about 25% of my sipp norm, but that's plenty for now

A bit of a gappy area to be closed.

Quarterly update for Q2 2017

Quarterly update for Q2 2017

§ The Project remains on time and on budget.
§ Woodsmith Mine enabling works are now complete and site preparation works are well advanced.
§ Diaphragm walling activities scheduled to commence in the third quarter of 2017.
§ Main Board move completed with Premium Listing obtained and FTSE 250 inclusion achieved.
§ Sirius Minerals Foundation has launched first grant giving programme.

Sirius Minerals Plc ("Sirius" or the "Company") provides its quarterly update on the development of its North Yorkshire polyhalite project (the "Project") for the first quarter of 2017.

Chris Fraser, Managing Director and CEO of Sirius, comments:

"It has been a productive quarter with timely progress made on site preparation works in advance of shaft sinking commencing in quarter three. The team on site and at our headquarters has grown considerably as we continue with the delivery of the Woodsmith Mine and its associated infrastructure."

Safety

No recordable incidents were incurred during the period. As on-ground activities intensify, safety vigilance becomes even more important and the Company's project team continues to increase its focus on safety matters as construction ramps up.

Cost and schedule

The project remains on budget and on schedule.

The Company continues to evaluate opportunities to accelerate components of the shaft and tunnel spend to further de-risk the implementation of the construction project, and potentially create opportunities for shortening the Project schedule. Some shaft design optimisations have now been incorporated into the development plan and options to bring tunnelling activities forward are in commercial discussion with the preferred tunnelling contractor.

Commercial

Negotiations are nearing completion with AMC for the broader shaft sinking design and build contract. The contract is expected to be executed in early Q3 2017 on terms consistent with those previously articulated to the market. The Company is in discussions with the Hochtief Murphy Joint Venture in relation to agreements for early works activities which will form the foundation of the broader tunnelling programme.

Permitting

On 4 May 2017, the Company was issued with its formal commencement of development notice from the North York Moors National Park Authority. The Company continues to make good progress in clearing conditions required in advance of its rolling work programme.

Site preparation

Highways works around the Woodsmith Mine are complete. Site access and initial ground water protection work is complete. The main internal site access road has been laid and surfacing work is nearing completion. The extension of the mine head platforms has commenced and the foundations for the on-site concrete batch plant are being built. All tasks that require completion in advance of the commencement of initial shaft sinking activities are on schedule.

Site preparation activities have commenced at Lockwood Beck - the site for an intermediate shaft for the mineral transport system. This has included enablement highways works and general groundworks to support future shaft sinking.

Geotechnical investigation

The production shaft borehole is progressing with coring and testing completed to the 840m level. The near surface geotechnical programme has now been completed and the results are being analysed and incorporated into the mine development design. A programme of boreholes and seismic work to support the MTS design work has commenced. Geotechnical drilling to help inform the shaft design at Lockwood Beck is also underway.

Shaft sinking

AMC is continuing detailed design of the shafts with a focus on completing the foreshaft component of the scope. Diaphragm walling rigs are due to be mobilised to site in the third quarter of 2017 to commence work. Planning for securing the winding equipment required for main shaft sinking activities has been completed and delivery of the equipment is on schedule. The contractor continues to expand its implementation team in the UK. The AMC team in the UK is co-located in the Sirius' office and a strong working relationship is being developed.

Sales and marketing

Commercial discussions remain ongoing in the key growth markets of Europe, Brazil, South East Asia and Africa. Each of these opportunities represents material volume opportunities in major long-term markets for Sirius. The Company is encouraged by the increasing market interest and positive engagement from multiple parties in these key markets.

Agronomy

The agronomy programme continues to validate the four cornerstones of the POLY4 value proposition: efficiency, effectiveness, flexibility and sustainability. During the quarter, 15 trials were completed and are being processed and 20 new trials were commenced on barley, cabbage, chilli peppers, corn, soybean, cotton, grape, grasslands, onion, potato, rice, tobacco, tomato and turf in Brazil, China, India, Ireland, UK and United States.



Corporate

The Company has obtained a Premium Listing on the London Stock Exchange and was recently added to the FTSE 250 index. Focus is now on planning and preparation for the stage 2 financing process.

The Sirius Minerals Foundation (renamed from the York Potash Foundation), the independent charity set up as a community fund in 2012 to spend a share of revenues from Sirius Minerals' Woodsmith Mine, has launched its first grant programme. This is after receiving its first funding of £2 million from the Company. In the first funding year, the trustees of the Foundation are prioritising an initial grant giving programme of awards between £500 and £5,000. This first programme is intended to help assess initial interest in funding initiatives throughout the Project area.

Shore Capital repeats 'buy', punchy valuation on Sirius Minerals after latest update on fertiliser project.

http://www.proactiveinvestors.co.uk/companies/news/180039/shore-capital-repeats-buy-punchy-valuation-on-sirius-minerals-after-latest-update-on-fertiliser-project-180039.html

Sirius Minerals progressing well and still worth double
By David Brenchley | Thu, 29th June 2017 - 17:13

Sirius Minerals progressing well and still worth double
Potash miner Sirius Minerals (SXX) continues to keep investors abreast of progress at its flagship North Yorkshire potash project, which it says "remains on time and on budget". And, despite a hiccup Thursday, experts tip the share price to go much better.

Last time we heard from Sirius, the advice was "buy, buy, buy", with three analysts who cover the stock calling it up to 60p. Well, it's half-way there, even after a fall of as much as 5% Thursday.

Sirius says it's still looking at ways to speed up spend on components of the shaft and tunnel and shorten the project schedule. Options to bring tunnelling activities forward are being discussed with its contractor.

"It has been a productive quarter with timely progress made on site preparation works in advance of shaft sinking commencing in quarter three," said Chris Fraser, managing director and chief executive.



At a capital markets day last month, broker WH Ireland noted that Sirius has "hit the ground running", having "wasted no time… bringing the project into reality". Analyst Paul Smith concluded he was "very encouraged by what we saw and heard" from management.

Elsewhere, the firm is now focusing on a second round of financing, having secured its place in the FTSE 250 index (MCX). The extra funding will help with completion of the mine, with first production due to begin in 2021 and first cash flow due in 2022.

Broker Shore Capital reckons that, after this stage two debt commitment, Sirius's risked net present value will be in a range of 65p-82.5p.

"While Sirius is currently at development stage and still some years from becoming a cash flow-generating company, an investment in Sirius should become progressively de-risked and enjoy significant value uplift as it advances towards production," ShoreCap added.

30.18p -1.28p -4.06% after reaching an intraday low of 29p

You theory has gone through the floor >>>> David Brenchley

You should know that being on the way down should test the 50 days MA, before any bounce ( maybe small )
----------------
important accord .........
Exclusive: Chinese company confirms huge UK fertilizer deal - MAY 17, 2017
http://www.reuters.com/article/us-mining-sirius-exclusive/exclusive-chinese-company-confirms-huge-uk-fertilizer-deal-idUSKCN18D0UN

Liberum Capital Buy 29.90 60.00 60.00 Reiterates

My comment yesterday somewhere else, but already this morning has reached the 26p or 50% retrace.

xxxx- 3 Jul '17 - 13:02
SXX 28.73p - 1.61p

Hold to 50 day MA 29p last Friday on the way down, but further downturn today

My finger keeps hovering over the 'buy' button, then I think I had better not......for now!

You have missed the 26p then and it lasted for a long time, able to buy below that price

It always bounce from crucial points. Its the bolt itself that goes to this sharp movements

Well, yes I did but I have bought now at 27.185; I have a long term holding but I will probably trade the latest purchase.

Intraday bounce but still think there is further downside to come.

There will be now!😃

Re - further downside

Someone tries to deramp? kimo

it looks like someone wants to top up cheap

It usually happens that, when I buy, the sp goes down and vise versa when I sell!😃 Did a quick trade just now for a little cash and a few shares. Sp could go anywhere now!!

No ramping at all. I genuinely believe that the sp will go down further. There is quite a lot of international bad news hitting the press at the moment, USA is on holiday today, the summer season of weak trading volumes when many dealers go on holiday, combined with little news flow from SXX to boost the sp.
I agree that 26p is a good level to buy a stake, but wouldn't be surprised to see 24p at some time over the next month or two.

re - Sp could go anywhere

but up you mean, almost yesterday's close just now AT at 28.25p

re - but wouldn't be surprised to see 24p at some time over the next month or two.

Some said I could be dead tomorrow, mind you looking so far ahead, many cycles go on in this space of time.

and now over yesterday's close at 28.61p

note - talk is cheap and then covering their arses with next comment ....over the next month or two.

"Intraday bounce but still think there is further downside to come."