Sirius Minerals reports on '˜year of substantial progress'

SIRIUS Minerals, the developer of the £3bn North Yorkshire polyhalite mine, today said that 2017 had been a year of substantial progress.

The CEO of Sirius Minerals, Chris Fraser Picture: Ceri Oakes

The company said that it more than doubled the number of employees and established new corporate headquarters in North Yorkshire as it ramped up construction and development.

Sirius Minerals Plc CEO Chris Fraser commented: “Our world class project based in North Yorkshire has the potential to disrupt the global fertilizer market and contribute substantially to the UK economy.

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“We achieved a number of important performance milestones in 2017, with commencement of construction, incremental supply agreements signed, bringing the total to 4.4 million tonnes per annum, a move to the London Stock Exchanges’s Main Market and inclusion in the FTSE250 amongst the highlights.

“We continue to innovate and work hard on all aspects of our project to secure value for shareholders and are focused on ensuring 2018 will be another year of significant progress on all fronts, as demonstrated by our recent shaft sinking contract.”

Cash resources at the end of December 2017 were £468.5 million, comprising bank deposits and cash equivalents of £394.0 million and restricted cash of £74.5 million compared with

£665.3 million at the end of December 2016.

The statement added: “Due to IFRS fair valuation requirements relating to elements of the stage 1 financing, the 22% increase in the company’s share price over the course of the year has caused a total loss of £78.9m being recorded for the year. The fair valuation adjustments driving the loss are non-cash in nature.”

Commenting on the outlook for 2018, the company said: “2017 was a year of meaningful progress on the ground in North Yorkshire and in the global fertilizer markets.

“2018 will be another year of significant progress on all fronts, ultimately culminating in the successful completion of the stage 2 financing.”