Sirius Minerals 2017 - Safety First

Captain Black's picture

http://siriusminerals.com/site/assets/files/4986/corporate_responsibilit...

Engage ...

"Chris Fraser, Managing Director and Chief Executive Officer, said:

"It has been a long-stated intention of the Company to move to the Main Market and we are delighted to be continuing to deliver on our goals as we move forward with the timely delivery of our Woodsmith Mine."

Admission will be through an introduction of the existing Ordinary Shares.  The Company will not be issuing new shares in conjunction with the proposed Admission or the publication of the related prospectus, and has no current intention to raise capital through the issue of new shares in the UK or elsewhere.

It is expected that the Company will publish its prospectus in connection with Admission on or around 25 April 2017 and that the Ordinary Shares will be admitted to the Official List, commence trading on the Main Market and simultaneously trading will be cancelled on AIM at 8:00am on 28 April 2017 (being at least 20 business days after this announcement), subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange.  The Company's shares will continue to be registered with their existing ISIN number GB00BD8GDH86 and SEDOL number B0DG3H2.  The Company's ticker symbol will continue to be SXX.  The prospectus will, when issued, be made available on the Company's website at www.siriusminerals.com."

Chris Fraser, Managing Director and CEO of Sirius, comments:

"We are making good progress with the development of the Woodsmith Mine and associated infrastructure, having successfully secured around £1 billion in November 2016 in our Stage 1 Financing, and we are pleased to be progressing in line with schedule and budget."

Safety

No recordable incidents were incurred during the period and the Project continues with its delivery with a total recordable incident frequency rate of zero.

Cost and schedule

The Project remains on schedule. 

The budget for 2017 is broadly consistent with the projection outlined as part of the Stage 1 Financing plan.  The Company is actively evaluating opportunities to accelerate components of the shaft and tunnel spend to further de-risk the implementation of the construction project and also to potentially create opportunities for shortening the Project schedule.  Further updates will be provided as appropriate.

Land and access

Options have been exercised for the purchase of all land required at the Woodsmith Mine and for some of the parcels associated with the intermediate shaft locations.  An option to acquire a portion of the land required for the materials handling facility ("MHF") has also been exercised.  The remaining MHF land requirements remain under option and will be exercised on an as required basis.  The process for acquiring the Company's strategic harbour site has commenced and will be completed over the next 12 months. 

The process of converting the mineral transport system option agreements into leases has commenced and will continue through the first half of 2017.  The majority of mineral rights are now secured under long term agreement having been converted from options in 2016.

Commercial

Contracts for the highways works, geotechnical drilling at the mine site and shaft engineering have been signed and are within budget.  Negotiations are ongoing with AMC for the broader shaft sinking contract. 

Permitting

The Company is making good progress in clearing the conditions outlined in the Project's planning agreements.  It is anticipated that the Company will be able to commence site preparation activities in the second quarter of 2017 as scheduled. 

Site preparation

Highways works have commenced around the Woodsmith Mine and in other locations as required.  The first set of these works is on schedule to be completed in the coming weeks.  Modifications required for access to Lockwood Beck will commence in the second quarter of 2017.

Site preparation earthworks at the Woodsmith Mine site are scheduled to commence in the second quarter of 2017. 

Shaft sinking

AMC has continued with detail design of the shafts including associated surface facilities such as the production and service shaft winder buildings.  Design and preparation work is already underway with AMC and Bauer, AMC's preferred diaphragm walling ("D-Walling") sub-contractor.  The D-Walling activity is the process used to sink the first 120m of the production, services and TBM shafts.  D-Walling preparation activities include the mobilisation of the rigs and planning for the support infrastructure such as the concrete batch plant, welfare, workshops and offices.

The design of the winders has progressed and manufacturing slots have been secured to enable two of the winders to be available in time for the commencement of the main shaft sinking.  Electrical design for the winders has proceeded in parallel.           

Sales and marketing

The sales and marketing team has expanded with Heads of Latin America, South East Asia and Europe now established in their respective markets.  These executives join the Company from Koch Fertilizers, Belaruskali and GrowHow respectively.  Resourcing for market analysis and agronomy is also growing to support the marketing efforts.

Commercial discussions are ongoing in the key growth markets of Europe, Brazil and Africa.  Each of these opportunities represents a material volume opportunity in a new market for Sirius.  In addition to this, the Company is working to expand its footprint in the Chinese and Central American markets via commercial opportunities that are complementary to the existing arrangements in place.  A number of smaller opportunities are also being pursued on a country by country basis.                   

Agronomy

New crop trials have commenced in North America, Brazil, China, Africa and South East Asia covering a range of attractive opportunities in each region.  Numerous studies have also been completed in the period, providing greater support for the value-in-use proposition of the Company's POLY4 product and also identifying opportunities for new crops and markets. 

The agronomy programme continues to validate the four cornerstones of the POLY4 value proposition; efficiency, effectiveness, flexibility and sustainability. "

http://siriusminerals.com/investors/announcements/

Blink ...

http://siriusminerals.com/site/assets/files/4986/corporate_responsibilit...

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11 Comments

Captain Qahn's picture

YCR: FOOTSIE

https://www.yorkshirecoastradio.com/news/local-news/2256162/whitby-potas...

"The company behind the Whitby Potash Mine development has confirmed it's intention to become part of the FTSE stock market.

Sirius Minerals currently trades on the Alternative Investment Market (AIM), it expects to move to the FTSE in June.

"The Company directors believe that a premium listing will support the long-term strategy of the Company by providing the Company with a more appropriate platform for its growth and is in keeping with the nationally significant nature of the Company's Project and its market capitalisation."

In the companies latest quarterly report issued on Tuesday 28th March Sirius Managing Director, Chris Fraser says that the project remains on time and on budget..."

https://www.youtube.com/watch?v=10WBW6kghPg

Woodsmith Mine ... not a fish out of water :-)

Whitby Potash was a Rio thingy ...

http://www.thenorthernecho.co.uk/business/15186093.Sirius_Minerals_seeks...

Swimming with sharks, moi?

 

Benefitz Betty's picture

SXX 'Important New Find'

"Sirius Minerals - Important New Find

During exploratory drilling in preparation for the sinking of Main Shafts at its Woodsmith mine site, Sirius Minerals has made an unexpected and potentially even more lucrative discovery. CEO Chris Fraser has announced the discovery of a "massive natural mineral water source of exceptional purity". On the open market, this resource is said to be worth more than 10 times, volume for volume, the current market value of the Polyhalite fertiliser for which the mine is being developed.

A low cost bottling plant is to be installed next to the mine-site and, following naming tradition, this exceptional new product is to be named after the daughter of the night watchman who first discovered the damp patches next to the drill site. It is to be marketed under the brand 'Avril Premier Spring Water'.

And in other news - Yorkshire Water today reported that the company has yet to identify the reason for the inexplicable drop in seasonal levels at the Scaling Reservoir on Roxby High Moor."

One for the Y files ....

Nicked. III

Captain Black's picture

"By the End of the Week"

The NYMNPA issued a statement at the Coastal Parish Forum that Sirius Minerals will meet its S106  mitigations by the end of the week.  The statement 'read' from the 'written' was confirmed to already be on the NYMNPA website along with confirmation of *Briony Fox (doing somin) and Robert Smith appointed as Senior Planning Officer*

It should be on here somewhere :-()

http://www.northyorkmoors.org.uk/planning/York-Potash-Sirius-Minerals-Po...

PS : looks nice 'polished' wood make nice furniture ... Heathens.  Jurrasic ...  unprecedented.

http://www.northyorkmoors.org.uk/planning/York-Potash-Sirius-Minerals-Po...

Nope..

Ah, so ... :-))

http://www.northyorkmoors.org.uk/about-us/press-office/press-releases/ar...

"A dragon has landed at the Moors National Park Centre, Danby - adding proof to the folklore tales and legends that dragons do exist!

The five metre long dragon, carved from oak and boasting some fantastic metal scales, was commissioned by the North York Moors National Park and will complement other wildlife sculptures along the Riverside Trail at The Moors National Park Centre, Danby.

The splendid beast was carved by Whitby based chainsaw sculptor Steve Iredale with local Egton Blacksmith, James Godbold creating the beautiful metal work...

“It’s a wish dragon. Whisper a wish into its ear and it may come true!”

Oh.

Captain Qahn's picture

YP: Sirius Shuffling

http://www.yorkshirepost.co.uk/news/blackfriar-sirius-looks-set-for-prom...

"... Work on routes in and out of the mine have begun, while site preparation earthworks are due to get underway soon.

Mr Low at Shore Capital said there are signs that Sirius is actually ahead of schedule.

“From our point of view, any significant work that can be brought forward should have a positive de-risking impact, in that it would hopefully add to the time buffers available to cater for potential over-runs,” said Mr Low.

If Sirius can jump into the FTSE 250 in the June shuffle, it will be well on the way to achieving its goals and rewarding loyal Yorkshire shareholders."

http://www.proactiveinvestors.co.uk/companies/news/175910/sirius-mineral...

Captain Qahn's picture

SXX: The Fool

http://www.fool.co.uk/investing/2017/04/07/could-this-be-a-reason-to-sel...

"the bear case within this article.

Protect the downside

The biggest risk to its operations is the potential for cost overruns. As mentioned above, Sirius looks to be on track at the moment, but the company is yet to begin construction of the mine. So far, construction on the site has been limited to preparation work and infrastructure development, both of which are relatively straightforward tasks compared to building an underground mine.

The big problem with mine development is that costs can quickly spiral out of control. Building a mine is not a cheap or simple process, and things are bound to go wrong. Unfortunately, if something does go wrong, especially in an underground mine shaft, it could cost millions to fix the problem and delay the project by weeks.

Hopefully, Sirius management has considered cost overruns in the construction budget, which should provide a financial cushion. Still, the odds are stacked against the company. Around 60% of mining projects exceed initial cost and time estimates, and as Sirius is trying to develop a mine in a national park, the likelihood of the company having to make costly last-minute adjustments is high.

That said, operating in a national park may turn out to be advantageous for Sirius. If the company finds itself in a dire financial position during the construction process, authorities are unlikely to let it collapse. Sirius has only been granted planning permission on the condition that the mine fits in with the natural environment when finished. With this being the case, authorities are unlikely to let the firm collapse halfway through the construction process, leaving an area of natural beauty looking like a construction site. 

So if the company finds itself in a sticky position, authorities may step in to help the business. However, this will likely be bad news for shareholders. Rights issues and placings to raise as much cash as possible will likely precede any such state takeover.

Of course, this is the worst case scenario and investors will have plenty of time to dump their shares in Sirius as the company’s troubles build.

The bottom line

Overall, Sirius still looks like a great long-term investment, but as with any business, the company’s future is not risk-free. Investors need to keep an eye on the firm as its construction progresses to make sure they don’t get caught out by a sudden cash call."

On the other hand ... it would make a very expensive Monastery with its own deep well :-)

 

Captain Qahn's picture

SXX : The Road North ...

http://www.gazettelive.co.uk/news/teesside-news/roadworks-near-teesside-...

"Road improvements are being made as part of a mining company’s plans to build a £2.3bn potash mine which will create thousands jobs on Teesside .

Sirius Minerals is building the huge mine close to Whitby , which will be linked to a processing facility at Wilton by a 23-mile underground tunnel.

Contractors will begin work at the junction of Swindale Lane and the A171 between Charltons and Moorsholm next week.

The turning from the A171 onto Swindale Lane will be widened and a right turn filter lane created as part of the scheme which will see the entrance to Swindale Lane relocated by about 100m to the west.

The highway works are needed for Sirius’ Lockwood Beck site, off the A171 moor road, close to Birk Brow..."

The Doves ... The Doves..

Captain Black's picture

SXX - High Voltage

http://siriusminerals.com/work-with-us/jobs/current-vacancies/project-ma...

"Sirius Minerals is seeking a Project Manager to work within the Project Development team of its US$2.9 billion multi-discipline engineering, procurement and construction project. The role will manage the design, procurement and construction of all necessary HV infrastructure required for the construction and operation of the project.

HV supplies for construction: £15-20M investment in 2017 and 2018. To include incoming 11kV supplies from local distribution network and private network operators across a number of construction sites. Onsite 11kV distribution networks together with generator sets and associated infrastructure are also required for the construction supplies.

HV supplies for operation: £20-£30M investment through 2019 to 2022. Likely to include 35km long 66kV supply through a tunnel and from a private network together with extensive onsite 11kV networks.

Key Responsibilities

  • evelop and finalise the front-end design of scopes above and to oversee the selection and mobilisation of design-build contractor(s)

  • Manage all consultants and contractors required to implement the scope above on behalf of the owner’s project team

  • Act as the key interface with the mining and tunnelling contractors and with the Sirius operations and maintenance teams on all aspects of temporary and permanent HV supplies

Skills and Experience

  • Significant experience managing projects (or elements of larger projects) worth £10M plus

  • Degree (or equivalent) qualification as electrical engineer. HV bias with experience at 11kV and above; good working knowledge of relevant design standards

  • Self-starting individual with good interpersonal and team working skills

  • Commercially aware with experience managing contractors and design consultants

  • Experience of dealing with Distribution Network Operator supplies would be an advantage

  • Previous work on mining projects and/or large processing plants would be desirable but not essential

  • Managerial potential and ambition – there may be longer term opportunities within the company once the mine is constructed

Benefits

Competitive remuneration package

Closing date

22 May 2017"

https://www.youtube.com/watch?v=8RkzaWfl7jA

Oh, OK:

http://siriusminerals.com/work-with-us/suppliers/

Candles.

Wot no wind ...

"Admission will be through an introduction of the existing Ordinary Shares.  The Company will not be issuing new shares in conjunction with the proposed Admission or the publication of the related prospectus, and has no current intention to raise capital through the issue of new shares in the UK or elsewhere.

It is expected that the Company will publish its prospectus in connection with Admission on or around 25 April 2017 and that the Ordinary Shares will be admitted to the Official List, commence trading on the Main Market and simultaneously trading will be cancelled on AIM at 8:00am on 28 April 2017"

Willow.

Captain Black's picture

SXX : FTSE Approved

"Further to the announcement by Sirius Minerals Plc (the "Company") on 28 March 2017, the Company is pleased to announce that the UK Listing Authority has approved the Prospectus in relation to the admission of the Company's shares to the premium listing segment of the Official List of the FCA and admission to trading on its Main Market for listed securities ("Admission").  In addition, the Company today announces the appointment of Noel Harwerth as Senior Independent Director of the Company with immediate effect..."

http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story....

Wots a SID ... Oh...

 

Captain Black's picture

The Prospectus

Captain Black's picture

SXX: Ship to Shore

http://www.proactiveinvestors.co.uk/companies/news/176943/city-broker-di...

Oh.

http://siriusminerals.com/site/assets/files/5066/170425_-_prospectus.pdf

Accelerated?  AMC dig da case ... "..to produce polyhalite from 2021."

How Now.

https://www.youtube.com/watch?v=6BMqNWTlNPQ&list=RD6BMqNWTlNPQ&index=1

Planet Pollywood...

http://www.potashcorp.com/customers/products/fertilizer/

Rise n shine ;-)

Mugwump.... Boris is Back.

Ah, so ...  Rent a Board

 

Captain Black's picture

The Polly Planet

http://www.thenorthernecho.co.uk/business/15252987.1_000_job_mining_firm...

https://www.yorkshirecoastradio.com/news/local-news/2278455/sirius-miner...

http://www.yorkshirepost.co.uk/news/sold-20m-yorkshire-village-where-tim...

Ooops

http://www.yorkshirepost.co.uk/news/farmers-deserve-to-keep-subsidies-1-...

Erm ...

http://www.whitbygazette.co.uk/news/sirius-minerals-completes-move-to-ma...

Thrills n Spills ...

"The North Bay crowds made huge noise by clapping the barrier hoardings to express support for all the injured cyclists who limped past and made their way to the finish line following the huge pile-up on the home straight."

How Now.