Sirius Minerals Plc

Approvals update

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") provide a procedural update on the approvals process for the York Potash Project ("the Project").

The Company has been notified by the relevant local authorities that Secretary of State for Communities and Local Government has chosen not to 'call-in' the Project planning applications. As a result, there will be no need for a public inquiry into the applications.

The local planning authorities can proceed with finalising the remaining issues (as detailed in the announcement of 10 July 2015) and therefore have no other barrier to issuing the decisions notices, following previous positive resolutions to grant by each authority.

The decisions are for the mine and mineral transport system applications to both the North York Moors National Park Authority and Redcar and Cleveland Borough Council ("RCBC"), for the materials handling facility from RCBC, and for the temporary construction accommodation and a park and ride facility from Scarborough Borough Council.

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

"This is yet another positive step forward on our pathway to developing the Project and increasing shareholder value."

Liberum Capital Buy 18.38 - 38.00 Reiterates

Some way to go then!!! I suppose they didn't mention any kind of time frame?

They haven't as yet received any momentum whatever from the approval.process. One might be forgiven for thinking things can only improve.
I thought that 29 was the given target not 38

Look here.

Financial results for the year ended 31 March 2015

Key highlights

· Take-or-pay offtake agreement with large Central American fertilizer distributor for 250,000 tonnes per annum of polyhalite, ramping up over five years.

· Take-or-pay offtake agreement with a leading South American fertilizer distributor for 300,000 tonnes per annum over seven years.

· 500,000 tonnes per annum of polyhalite under one memorandum of understanding.

· 396,000 tonnes per annum of polyhalite under letters of intent.

· Memorandum of Understanding signed with Tanzanian Ministry of Agriculture in Tanzania, supporting collaboration on research on polyhalite for the introduction of polyhalite into Tanzania.

· Verification that polyhalite has nutritional benefits for animals and maiden animal feed take-or-pay offtake agreement for a long term supply of 50,000 tonnes per annum of polyhalite.

· Range of positive crop study results demonstrating the value of polyhalite on crops of commercial significance through field trials across the globe announced in agronomy updates and webcasts.

· Appointment of new Group Chief Financial Officer, Thomas Staley.

· Oversubscribed share placing raising £15 million.

· Community engagement showed high levels of public support with 98% of people in favour of the York Potash Project ("the Project").

· Planning approval submissions made for the York Potash Project.



Post balance sheet events

· Successful resolutions to grant planning permissions for key approvals required to develop the Project, including the mine and mineral transport system, the materials handling facility and the temporary construction park and ride facility.

· The proposed development consent order for Harbour Facilities at Teesside has been accepted for examination by the Planning Inspectorate. A final decision is due to be made by the Secretary of State for Transport no later than summer 2016.

· Noel Harwerth and Jane Lodge appointed to the Board as independent non-executive directors with Chris Catlow and Peter Woods stepping down.



Financials

The Group's year-end cash and cash equivalents position as at 31 March 2015 was £26.6 million (2014: £48.4 million). The Group's loss for the year ended 31 March 2015 was £10.0 million (2014: £8.0 million).

Annual Report and Accounts

The Annual Report and Accounts have now been published on the Company's website: www.siriusminerals.com. The Annual Report and Accounts will also be posted to shareholders shortly.

Liberum Capital Buy 17.25 16.75 38.00 38.00 Reiterates

The Capital Group Companies, Inc. > 11%

The Next Boom - Agriculture

A 20mtpa output based on just potassium alone, would put Sirius as the 3rd largest fertilizer producer in the world and the biggest potassium fertilizer company. See chart below;

http://www.potashcorp.com/overview/introduction/our-nutrients/worlds-10-largest-fertilizer-companies

This is definitely the right sector to be invested in right now, plus in one of the best companies poised to take advantage of the boom in the agri sector over the coming years.

Chinese steel is now cheaper than cabbage;

"The comparison to cabbage is ironic, given many pundits have predicted that an agriculture boom will gradually take the place of the fading resources boom.

The notion that China's massive population would start demanding more high quality food was behind BHP Billiton's multibillion-dollar push into potash, which was announced in August 2013."

http://www.smh.com.au/business/mining-and-resources/chinese-steel-is-now-cheaper-than-cabbage-20150708-gi81ea.html

Major offtake agreement upgrade

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") announce the upgrade of its take or pay supply agreement ("Agreement") with its existing Fortune 500 US-based agri-business customer.

The initial Agreement, for the supply of polyhalite from the York Potash Project ("the Project"), was announced on 21 January 2014. It was for 500,000 tonnes per annum of polyhalite for a five year period, from commencement of production, with a possible renewal for a further five years. The Agreement counterparty also had the option to take up to an additional 500,000 tonnes per annum.

The revised Agreement will see the base amount of polyhalite supplied tripled to 1.5 million tonnes per annum. The initial contract term is extended from five years to seven years, with possible extension options for two additional five year periods.

The price to be paid under the Agreement will remain confidential but is still based on a formula linked to the market price of nutrients contained in polyhalite. To give context on the significance of the Agreement, on current prices and over a full 17 year period, it represents a multi-billion dollar trade deal between the UK and US.

The counterparty, which will continue to remain confidential at this time, is a major US based Fortune 500 agri-business and would be seen by investors and banks as a premium grade counterparty.

The Company has now secured 3.1 million tonnes per annum of offtake agreements, with an additional 4.8 million tonnes per annum in other forms of commitments. These agreements will provide further assistance in underpinning future financing requirements.

Sirius lands multi-billion deal - By Harriet Mann | Wed, 19th August 2015 - 11:26

Sirius lands multi-billion dealSirius Minerals (SXX) has bagged a potential multi-billion dollar contract with an unknown Fortune 500 US-based agri-business for its York Moors potash. The commitment comes nearly two months after the blueprints for the mine were given the final seal of approval by local councils, to the relief of tired investors.

The agreement is an upgrade of an existing take or pay supply deal for 500,000 tonnes per annum of polyhalite over five years, which had the potential for an additional 500,000 tonnes each year. Now, at least 1.5 million tonnes of polyhalite will be shipped per annum over seven years. The agri-business can extend this deal by up to ten years.

"The price to be paid under the Agreement will remain confidential but is still based on a formula linked to the market price of nutrients contained in polyhalite," said the wannabe potash miner. "To give context on the significance of the Agreement, on current prices and over a full 17 year period, it represents a multi-billion dollar trade deal between the UK and US."

Sirius has now secured 3.1 million tonnes per annum of offtake agreements for its York Moors potash. A further 4.8 million tonnes per annum has been earmarked under other commitments. The company is trying to negotiate the first phase of debt funding for the project, which was finally approved in July. It's thought the entire development - which includes the mine, mineral transport system and granulator - will cost around $3 billion.



"This is exactly the sort of news were have been expecting following permitting and shows the work that Sirius was able to maintain in the background as the permitting process was being concluded," says WH Ireland analyst Paul Smith. "We retain our Buy recommendation and 50p price target this morning."

The group is running a Definitive Feasibility Study to examine the possibility of increasing the facility's initial capacity from 6.5 million tonnes per annum to 10 million tonnes, and then 20 million tonnes after. At full capacity, over $1 billion of cash could be generated from yearly production of 13 million tonnes of polyhalite selling for $150 a tonne.

Sirius's shares price initially jumped as high as 4% to 17.75p on Wednesday, bouncing off its 16.83p support.

Approvals update - Decision notices

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

The Company has received the final Decision Notices formally granting planning permission for four out of five planning applications submitted by the Company to the local planning authorities. The Decision Notices are for:

· the mine and mineral transport system from Redcar and Cleveland Borough Council ("RCBC");
· the materials handling facility from RCBC;
· the temporary construction accommodation and a park and ride facility from Scarborough Borough Council, and;
· the operational park and ride facility (which sees an extension to an existing local park and ride) from the North York Moors National Park Authority ("NYMNPA").


The Decision Notice for the mine and mineral transport system planning application from the NYMNPA is currently on track to be received by the Company before the end of September 2015, as previously referenced in the 10 July 2015 announcement.

Sirius was on CountryFile last Sunday, so should still be available on the BBC iplayer for those that are interested. Quite a revealing operation as there is already a company extracting potash in the area (Caledonian Mining, I think) which is now 9 miles out under the North Sea.

Harry, thanks - this looks like it - CountryFile

"John Craven looks at controversial plans for a massive potash mine under the North York Moors. For some the mine will provide an important economic boost to the area, but as John discovers, there are still serious concerns about its environmental impact."

Harry - that other company is CLEVELAND POTASH

Ah, cheers skinny.

Infrastructure UK prequalification

Infrastructure UK prequalification

The Directors of Sirius Minerals PLC (AIM: SXX, OTCQX: SRUXY) ("Sirius Minerals" or the "Company") announce that the Company has received prequalification status from Infrastructure UK ("IUK").

The Company has been in discussions with IUK for some time regarding the likely requirements of its planned second phase financing and prequalification. IUK is a unit within Her Majesty's Treasury ("HMT") and the prequalification is for consideration of a HMT guarantee in relation to the York Potash Project ("the Project"). The receipt of prequalification status does not constitute an offer of financing or an underwriting commitment by IUK. The Company expects IUK to undertake detailed technical, legal and commercial due diligence in parallel with other senior debt investors, at the relevant time during 2016.

If an HMT guarantee was obtained it could provide valuable liquidity for the financing of the Project, alongside senior debt from the bank or debt capital markets and any support from Government backed credit agencies.

An HMT guarantee would be expected to follow a similar form to others placed in the market to date by IUK under The UK Guarantees Scheme; an unconditional and irrevocable financial guarantee of the scheduled principal and interest and consistent with European Commission's Notice (2008/C 155/02) on state guarantees. A standard form guarantee can be reviewed on the HMT website.

Approvals update - Decision notice expected

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

Further to the update provided on 25 August 2015, the Company has been informed that the final Decision Notice and other relevant documentation from the North York Moors National Park Authority is expected to be circulated for signatures during this week. The final Decision Notice is therefore expected to be issued shortly afterwards.

Liberum Capital Buy 18.13 18.25 38.00 38.00 Reiterates

StockMarketWire.com
Sirius Minerals said the York Potash Project now has all the planning approvals it needs to commence construction and is also continuing value engineering work with a number of contractors in order to prepare for future construction.

Its financing strategy is also advancing and the first phase is planned to be put in place during Q1 2016.

It said the Decision Notice from the North York Moors National Park Authority, which formally grants planning permission for the Company's mine and mineral transport system application, has been issued by the Authority and is with the Company.

The receipt of the Decision Notice is the formalisation of a major milestone for the Company and is the conclusion of over four years' work in the planning process.

Throughout this time the Project, which is expected to create over 1,000 jobs at full production, has enjoyed wide ranging support from business groups, parish councils, the local community, education providers, MPs, local enterprise partnerships and tourism groups.

As set out in its investor presentation (available on the Company website), Sirius is currently finalising its Definitive Feasibility Study ("DFS") which remains on track for completion this quarter.