Sirius makes good progress
The company said the shaft sinking contract with Associated Mining Construction has been finalised with costs expected to be within the allocated budget.
Highways enablement works started in January, giving access to the Woodsmith Mine site and Lockwood Beck.
Advertisement
Hide AdAdvertisement
Hide AdSirius said site preparation at the Woodsmith Mine is ongoing with completed works including site access, groundwater protection and shaft sinking platform construction.
Site preparation activities have also started at the Lockwood Beck site to support future shaft-sinking for the mineral transport system.
Chris Fraser, managing director and CEO of Sirius, said: “The half year has been marked by excellent progress on the development of Woodsmith Mine and associated infrastructure.
“With highways and enablement works completed, and site preparation into the latter stages, we eagerly anticipate the commencement of shaft sinking activities. Good progress has also been made at Lockwood Beck, the intermediate site for the mineral transport system.“
Advertisement
Hide AdAdvertisement
Hide AdHe said the group is continuing with detailed talks with commercial partners around the world, as interest in future supplies of its POLY4 product remains strong.
“These discussions are supported by ever-present and expanding research and development work, which will support customers and farmers in the years to come,” he said.
“We also continue to add the skills we need to our team to progress our work quickly, safely and efficiently.”
The group’s operating loss for the first half was £14.7m, up from £4.7m, reflecting an increase in activity following commencement of development. The total loss rose to £151.3m as the group wrote down the fair value of derivative instruments.
Advertisement
Hide AdAdvertisement
Hide AdAnalysts at Liberum said in a note: “For us the key takeaway from Sirius’ first half results was the completion of the shaft sinking contract, which has confirmed the project is on time and on budget and has paved the way for the commencement of diaphragm wall construction and ultimately shaft sinking.”