Sirius Minerals’ ambitions to build the world’s largest polyhalite mine in North Yorkshire, UK moves forward with a non-binding agreement for a US$2.6 billion debt facility for ‘Stage 2’ of mine development with six financial institutions; closing expected to take place in 2018. The agreement is subject to due diligence and securing US$ 1.09 billion financing for ‘Stage 1’ development of the mine, which consists of shaft sinking and tunnelling. Sirius was able to reduce the ‘Stage 1’ capital funding requirement by 33% with a refined implementation plan announced on June 24th. The Mandated Lead Arrangers (MLA’s) for ‘Stage 2’ consist of: Export Development Canada (“EDC”), ING; J.P. Morgan; Lloyds Bank plc; Societe Generale, Corporate & Investment Banking; and The Royal Bank of Scotland Plc.
Chris Fraser Managing Director and CEO said: The progress to date provides a strong foundation of support for the Company to further expand on over the next two years to complete the full financing of a development that can generate so many positive economic benefits to the region and country as a whole. Sirius can now focus on ‘Stage 1’ financing to enable construction to commence as soon as possible.
About Sirius Minerals
Sirius Minerals Plc is focused on the development of the Woodsmith Mine, which it says will access the world’s largest and highest grade polyhalite deposit located in North Yorkshire, United Kingdom. Polyhalite is a multi-nutrient fertilizer, which can be used to increase balanced fertilization around the world. Sirius Minerals’ shares are traded on the Premium List of the London Stock Exchange. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility.