"... the Company expects to announce the material findings of the Definitive Feasibility Study ("DFS") for its polyhalite project in North Yorkshire, on Thursday 17 March 2016 at 7am. The announcement will be accompanied by an updated investor presentation and webcast, available on the Company's website (www.siriusminerals.com). Sirius will be hosting an analyst briefing at 15:00 GMT in London on the same day of the announcement. Any analysts wishing to attend should email firstname.lastname@example.org to register. Chris Fraser, Managing Director and CEO of Sirius, comments:
"The DFS announcement will allow us to clearly outline the Company's strategy and value proposition throughout multiple scenarios and cycles. I look forward to detailing the world class and robust nature of our polyhalite project in North Yorkshire."
A reminder : https://www.youtube.com/watch?v=4g0Ir7PO1q0
17 March 2016
Sirius Minerals Plc
DFS defines world-class fertilizer business
-- DFS defines framework for production capacity of 20 million tonnes per annum ("Mtpa") with initial installed capacity of 10Mtpa
-- Project net present value ("NPV") of US$15 billion today at a 10% discount rate
-- Project NPV rising to US$27 billion upon commencement of production
-- Project after-tax debt-free internal rate of return ("IRR") of 26%
-- Annual operational EBITDA ranging between US$1 and 3 billion through various volume and price outcomes
-- High margin business model with average cash operating costs estimated at US$27.2 per tonne, delivering industry leading cash margins of 70 to 85%
-- Two stage financing plan with stage 1 comprising US$1.63 billion and stage 2 comprising US$1.93 billion (total US$3.56 billion) for installation of 10Mtpa capacity
-- Funding plans well developed to deliver tailored financing package
-- First product expected in 2021 followed by completion of fit out and ramp-up with 10Mtpa rate anticipated in 2023
The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") announce the material findings from the Definitive Feasibility Study ("DFS") for its North Yorkshire polyhalite project ("the Project").
A detailed DFS presentation has been placed on the Company's website and a webcast of that presentation is available at www.siriusminerals.com. The Company will be holding an analyst presentation today at 3pm (GMT). Further details can be obtained from email@example.com.
Chris Fraser, Managing Director and CEO of Sirius, comments:
"The business that is created from this Project will sit as a world leader in the fertilizer industry based here in the UK. It is expected to have a low operating cost structure, high margins and a very long asset life in one of the most business friendly, stable and dynamic economies in the world.
"In delivering this Project we can create thousands of jobs in North Yorkshire and Teesside, deliver billions of pounds of investment to the UK and put the country at the forefront of the multi-nutrient fertilizer industry.
"The DFS represents the blueprint to bring this global fertilizer business into large-scale production and successfully delivers on the core strategic vision of the Company to become a major low cost producer of multi-nutrient fertilizers.
""Work is advancing with our financing partners globally to bring together the pieces of the initial financing of this Project. This process is expected to take a number of months but certain parts of the early construction activity, such as highways upgrades, are commencing soon to facilitate an efficient start of the Project."