|
Post by John on Mar 7, 2018 14:28:14 GMT -5
I'm still wondering if this project will see fruition or a bankrupt Sirius Minerals. I see Boulby are in serious financial straights now, and all they are mining is polyhalite, it's harder than they thought mining it, even with the biggest Joy CM's. Plus it's not fetching the price on the market they expected. Workforce keeps being reduced, so looks grim for Boulby, even talks that it might be sold off to Sirius.
|
|
|
Post by fortythreesflyer on Apr 22, 2018 7:15:10 GMT -5
|
|
|
Post by John on Apr 16, 2019 7:12:50 GMT -5
I see the TBM has now started it's journey south from Teeside driving the mineral transport tunnel. And shaft sinking will begin on site prettys soon, although they have complete a couple of hundred feet of shaft pillar and winding engine hall so far in one shaft.
|
|
|
Post by John on Apr 22, 2019 7:02:45 GMT -5
|
|
|
Post by John on Aug 6, 2019 13:31:21 GMT -5
|
|
|
Post by John on Aug 12, 2019 5:49:47 GMT -5
|
|
|
Post by John on Sept 18, 2019 8:07:51 GMT -5
It's not looking good for the project, their stock price has plummeted to around 4 pence per share and it doesn't look like the government is going to bail them out.
|
|
|
Post by fortythreesflyer on Nov 28, 2019 7:36:54 GMT -5
Latest update from Sirius.
|
|
|
Post by John on Nov 28, 2019 14:32:19 GMT -5
Latest update from Sirius. That's looking good, but without the money to sink the shafts from the point they are at right now, it's kind of useless. The mineral shaft is ready for the next phase, from the winding engine vault down to the orebody, same goes with the service shaft, both need millions to start and complete, money they don't have right now, and who is willing to invest in shares worth less than 5 cents each.
Mind, if I had $5000 spare, I would take a risk, that five grand COULD be worth millions in three years, but then, that five grand could also be worth zero too. Sirius cannot raise the billions they need to complete the mine to production status.
|
|
|
Post by fortythreesflyer on Jan 8, 2020 20:16:39 GMT -5
Just been on look north(yorkshire) Anglo American eyes bid for potash mine firm Sirius Minerals 8 January 2020 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share Image copyrightREUTERS Image caption The plans for the under-construction mine include a minehead at Dove's Nest Farm, Sneaton, in North Yorkshire Sirius Minerals, the company behind plans for a £4bn potash mine in North Yorkshire, is considering a takeover bid.
The mining giant Anglo American said it was in advanced talks about a possible offer of 5.5p per share.
It would value Sirius Minerals at £386m, but mean a significant loss for thousands of smaller shareholders.
The future of the mine has been in doubt after Sirius failed to raise cash to unlock funding.
It had hoped to raise $500m (£403m) with a bond issue in September to enable it to borrow $2.5bn (£1.9bn) from banks.
A spokesman said: "Anglo American identified the project as being of potential interest some time ago, given the quality of the underlying asset in terms of scale, resource life, operating-cost profile and the nature and quality of its product."
Shares in Sirius rose by 33% to 5.4p on the news of the offer, however that is significantly lower than the 22p shares were worth a year ago.
The business has thousands of small shareholders, many of whom live in the area the mine is being built.
Image copyrightSIRIUS MINERALS Anglo American's interest in the Sirius project will infuriate those who have opposed the mine, but holds out the prospect of a much needed boost to the North East's economy.
It has been a controversial project since it was first proposed, as most of the mining will take place beneath the North York Moors National Park.
Sirius succeeded in overcoming that opposition and winning planning permission, only to fail to raise the funds needed.
Anglo's backing would make it much more likely that the project will go ahead. Anglo is one of the world's top mining companies, and has the financial and technical resources to push it through.
Its proposed offer is a mixed blessing for the 85,000-odd retail investors, many in the North East, who backed Sirius hoping for great things.
The shares went as high as 40p three years ago, but the failure to raise funds meant they were facing a complete wipeout.
Anglo's proposed offer of 5.5p per share is better than nothing - and there is always the hope that this morning's announcement might flush out other bidders willing to pay even more.
The mine would extract polyhalite, a naturally occurring fertiliser which is used in agriculture, from a mile underground the North York Moors National Park.
The extracted mineral would be transported on a conveyor belt through a 23-mile (37km) tunnel to Teesside, from where it would be shipped to customers.
The mine had been expected to open in 2021 and create 1,000 jobs, although Sirius Minerals slowed construction work at the end of 2019 due to its funding problems.
|
|
|
Post by John on Jan 9, 2020 7:01:53 GMT -5
It's ironic, Anglo were one of the original owners of Boulby, 49% share with ICI, they bought ICI's 51% share in the 80's then sold the whole lot out. When they partnered with ICI in the 1960's to set up CPL, Anglo set up a corporation to oversee the operation called Charter Consolidated Mining, it also set a corporation up for the shaft sinking and development of the mine, MCC, who was still there when I started in 75. Now they are back in the picture again, I see they have a definite date to make their proposal by, mid February, if they miss the deadline, the project is sunk, from Anglo's point of view. Then it's back to the begging bowl for Sirius.
|
|
|
Post by John on Jan 23, 2020 8:32:44 GMT -5
Well, it's up to the shareholders now, Anglo's offer looks like the Board of Directors has accepted, if the shareholders vote no, they lose everything and the Woodsmith mine project goes into receivership. Looks like I was right from day one, Sirius Minerals bit off more than they could chew. Mining's a "big boy" game, you need the money before you start a project as big as this, from what I see this is a 4 billion pound project, probably more before the first CM cuts the ore.
|
|
|
Post by fortythreesflyer on Jan 23, 2020 13:43:48 GMT -5
I wonder how much has been spent so far?
|
|
|
Post by John on Jan 23, 2020 13:58:58 GMT -5
I wonder how much has been spent so far? 250 million I think.
|
|
|
Post by fortythreesflyer on Jan 23, 2020 16:29:05 GMT -5
Nice tidy sum, wouldn't mind the interest as a pension
|
|
|
Post by fortythreesflyer on Mar 4, 2020 6:24:00 GMT -5
Sirius Minerals wins £405m rescue deal 3 hours ago Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share Image copyrightREUTERS Image caption The plans for the under-construction mine include a minehead at Dove's Nest Farm, Sneaton, in North Yorkshire A rescue deal has been agreed for Yorkshire-based Sirius Minerals, whose fertiliser mine is set to create more than 1,000 jobs.
Shareholders backed a £405m bid from Anglo American for the cash-strapped company, which said it faced falling into administration without the deal.
Sirius said the outcome had secured jobs and future benefit for the local community and wider region.
The project will be UK's first major deep mine in 40 years.
Sirius chairman Russell Scrimshaw said: "The positive outcome from today's meeting secures a return for shareholders, and provides greater certainty in terms of safeguarding the project, protecting the jobs of our employees, and allowing the community, region and the UK to continue to benefit from the project."
Shareholders who attended the meeting at the Honourable Artillery Company in the City of London were told if they did not support the deal, the company would collapse.
Crunch vote looms for Yorkshire mine facing takeover They were being asked to vote in favour of Anglo's 5.5p per share offer, despite some paying as much as 25p a share when the company was growing. Shareholders, a large proportion of whom are small individual investors rather than big institutions, stood to lose out heavily.
One frustrated shareholder who attended the vote said he felt like "we're having a gun put to our head".
'Insult' Mr Scrimshaw admitted it was a difficult time for all concerned, adding he was "disappointed at the abusive language" that he had read online before the meeting.
Security guards were brought in to monitor the meeting because there had been threats to directors.
Several shareholders had questioned why the meeting was being held in London, and not around Yorkshire where most of the company's thousands of retail investors are.
During the meeting, the board, which had urged shareholders to back the bid, was branded "stubborn and righteous" by one shareholder, while another called the offer an "insult".
Some 85,000 small shareholders are thought to have invested in the project, alongside several large institutional investors.
|
|
|
Post by John on Mar 4, 2020 7:18:13 GMT -5
IMHO, I think they we used, from day one I've been say they'd never make it, too small a company to attempt a project this large, way too small. Sirius Directors need charging with fraud and collusion. Anyone who has worked at large private mines know there are very large costs involved.
|
|
|
Post by John on Apr 28, 2021 8:49:46 GMT -5
Not much information on the progress of this project since Sirius sold out, I've searched and searched, is everything top secret?? Can anyone shed any light on the progress of the shaft sinking or tunnel drivage??
|
|
boaz
Trainee
Posts: 37
|
Post by boaz on May 16, 2021 5:27:30 GMT -5
Not much information on the progress of this project since Sirius sold out, I've searched and searched, is everything top secret?? Can anyone shed any light on the progress of the shaft sinking or tunnel drivage?? Slowed down due to Covid pandemic
|
|
|
Post by John on May 16, 2021 15:00:24 GMT -5
Not much information on the progress of this project since Sirius sold out, I've searched and searched, is everything top secret?? Can anyone shed any light on the progress of the shaft sinking or tunnel drivage?? Slowed down due to Covid pandemic If you hear anything, post it please, interested to know how they are doing.
|
|