Locked & Stocked

Captain Qahn's picture

Remarkable :-

"“This is a hugely important project for the North East of England and it’s great to see so much involvement from the local community, this is going to be such a boost for the local economy,” he said.

“The scale of the project is extraordinary. There are not many projects in Europe bigger than this. It’s not just the scale of the project which is important but the thought that’s gone into it, too. All the elements of engineering are coming together for this statement project.”

A spokesperson for Sirius Minerals said: “We’re proud of the innovative, low-impact sustainable design of our project, as well as the jobs and economic benefits that it is bringing to the area.”"


Dazzling Designs ...





The Next Chapter :-


Oh, OK ;-)




Bach Soon.



Captain Qahn's picture

A Jagged Edge

"It should have been a single line, stretched across the sky by the galaxy’s gravity. But there’s a monstrous hole in the star stream. And that hole — like a bullet hole — has a jagged edge where the force of an impact knocked stars out of alignment."


"When we move through the landscape, what we see is that the water is already being used,"





A National Park.

"Problem is, there’s more gravity about than there is observable mass.

In fact, there’s must be about 27 per cent more mass out there somewhere than we can see in the form of stars, dust and gas.

It’s been dubbed ‘dark matter’ simply because it’s invisible. And we’ve not been able to figure out what it is made of.

But this hole could give us some clues as to what form such ‘dark matter’ takes.

The hole in the stream of stars is about 30-65 light years across.

That’s the size of a globular star cluster."

A Sirious weekly....



"“Wow, what is that, man?” one says. “Look at it fly!”




"Experts, however, caution against extraterrestrial explanations. Senior astrophysicist Leon Golub said “there are so many other possibilities — bugs in the code for the imaging and display systems, atmospheric effects and reflections, neurological overload from multiple inputs during high-speed flight.”

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Vertical Shaft World Record

"Typically, shaft lining would be created from pre-cast concrete segments but, in conjunction with contractors Careys Civil Engineering and Joseph Gallagher Ltd, Sirius utilised a new ‘slip form’ technique to pour the concrete lining. Using this technique, by continuously pouring the shaft walls simultaneously with the VSM’s excavation activity, the team was able to line the shaft more safely, rapidly and cost-effectively. Cutting-edge 3D, 4D and virtual reality (VR) modelling technologies were also used to digitally construct the shaft, forecasting a range of possible outcomes for each aspect of the construction process.

The machine reached a depth of 115.2 m in May 2019, setting a new world record for this type of excavation in the process – the previous record was 84 m – Sirius said this is a “testament to the groundbreaking, innovative approach that we have taken to construct our project.”





Captain Qahn's picture

Let Victory Prevail

"12 June 2019 Sirius Minerals Plc

Supply agreement signed in India

* Major take-or-pay supply agreement signed with IFFCO for POLY4 supply

* IFFCO is one of the largest co-operative societies in the world with access to over 55 million Indian farmers

* Terms are for 11 years ramping up to 1 Mtpa in year eight, with a mutual agreement option for an additional 250,000 tonnes per annum

* Total peak aggregate volumes now under contract stands at 11.7Mtpa (13.4 Mtpa including customer volume options)

Sirius Minerals Plc ("Sirius" or the "Company") has signed a take-or-pay supply agreement (the "Agreement") with Indian Farmers Fertilisers Cooperative Limited ("IFFCO") for the supply of POLY4 in India. Volumes will ramp up to one million tonnes per annum ("Mtpa") in year eight, with an option subject to mutual agreement of the parties to increase this to 1.25 Mtpa.

IFFCO is one of the largest co-operative societies in the world with over 36,000 member cooperatives and access to over 55 million Indian farmers. Its primary business is the manufacturing and marketing of fertilizers and it is in the top 100 of India's Fortune 500 group of companies.

India is one of the top three fertilizer markets in the world with a total nutrient consumption of around 30 Mtpa. The demand for fertilizers in India has been growing steadily due to increasing demand for food as the country's population increases. With the need to increase productivity per hectare, multi-nutrient products like POLY4 are well suited to Indian agriculture and soils.

The Agreement is for the exclusive supply and distribution of POLY4 throughout India and is on a take-or-pay basis. Volumes ramp up to 1 Mtpa in year eight of the 11 year term, with the option for an additional 250,000 tonnes per annum by mutual agreement, and pricing is based on a nutrient linked formula on a CIF India basis. IFFCO has a break clause after year eight and there is a 10-year extension option subject to mutual agreement by the two parties.

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

"We are delighted to be embarking on a long-term partnership with IFFCO, an organisation with a wide reach and a proud history in India and a substantial profile in the global fertilizer market. POLY4 can undoubtedly have a hugely positive impact on Indian agriculture, both in terms of yields and sustainability and we look forward to working with IFFCO to deliver these benefits for Indian farmers for many years to come."


"POLY4 offers a unique opportunity for IFFCO to help deliver our vision of increasing farmer's incomes by increasing crop productivity and the balanced use of energy efficient fertilizers. The multi-nutrient characteristics of POLY4 are well suited to Indian soils and crops. Having seen the ongoing crop science work and results, I know that this partnership between Sirius and IFFCO will have an important role to play for farmers in improving yield, quality and profitability of crops.

"This Agreement is very much in line with IFFCO's ongoing initiative of achieving balanced nutritional management for soil, because good quality soil will help our farmers to increase their yields. In turn this can help in our Prime Minister's initiative of seeking to double farmer income by 2022 as well as helping to address the most challenging issues of agricultural sustainability and food security.

"POLY4's combination of potassium, sulphur, magnesium and calcium, together with trace micronutrients, low chloride content and suitability for organic use, means that it can help to offer better balanced crop nutrition and sustained soil health to Indian agriculture and farmers."

Jai Ho.















Captain Qahn's picture

AGM & The Mighty Hike

".. the overall progress is astounding.."


"CF ... answered all questions without hesitation, and remarked that he was more confident than ever that the bonds will be granted and that the mine will be built... lots of progress with a view to delivering before the estimated timelines on time and within budget."

"the end and important point from this being that if all goes according to plan then there would still be access to $1bn as contingency or otherwise once the initial monies have been spent"

This $1bn within the RCF is separate and excess to the $450m contingency and escalation figure built into the project budget."

"It seems clear that the intent is to keep going full speed to 13mtpa."

"The Qatar fund invests in companies all around the world for long term gain - the fact that they have chosen SM is one hell of an endorsement."

"Great contribution to the UK economy with over £355m spent and £200m of this locally in the region
900 employees directly involved in project, another 245 indirectly
Approx. 80,000 shareholders ( hoping we might have enough members attending next year to hold AGM in York Barbican………hint hint to bod )
Target is late 2021 for first production, with incentives for all to achieve March 2021, but without indication that I can recall, that they are any reasonable distance ahead of timescales. Too early for that, but see next note.
Redcar Mudstone is where the TBM is operating through. They are finding a straightforward operation due to this type of rock and as such should help in achieving good progress ahead of target production. Local Boulby mine had significant excavation of similar stone and apparently they managed without lining the shafts? Not sure whether not needing to ‘grout’ was mentioned ( perhaps Myo can elaborate on this )
Worldwide distribution network, tailored/relevant to local conditions( eg Brazil, India 55m farmers!! )
Potential to combine with other existing competitor’s products for their enhancement. I expect announcements of this perhaps in the coming months.
2021-2023 CF perhaps to move on and hand over to a mine “operator” as CEO
Confirmed that IPA was a major hurdle before Stage 2 deal. Sirius could not wait for our beloved politicians ( my words ) otherwise the mine progress would have ground to a halt ( and perhaps govt have decided to limit support to the Northern Powerhouse, to putting USB points in the old steam trains up here ). Quoting “If government had acted in an honest way”……whatever that means from CF??
Slide 17 a good illustration of funding………..with contingency of $1bn. I am hopeful that the board with the support of its contractors can minimise the use of this and certainly not overspend to the same degree as our aforementioned politicos/government depts.
Another quote which interested me was that the SP is……… “So far from fundamental value”. Having attended the meeting I am more confident in the progress of our company. The board seem to be very professional and approachable, but some need to be more of a board than bored."

"Capital have been dynamic whilst Jupiter have been more passive"

"CF then went on to describe the current position with the bonds.....JPM are finalising the rating which is being done in conjunction with the "bond prospectus" being finalised........"the US is a different regulatory market" (separately, all the necessary additions, amendments and legal obligations are being set and fulfilled.....recent additions the the portfolio of sales will do the rating no harm)

CF then described flexibility in how the RCF can be used and explained how the market at the time will dictate how all this will be applied in relation to further bonds......the end and important point from this being that if all goes according to plan then there would still be access to $1bn as contingency or otherwise once the initial monies have been spent......which in turn further reduces risk and enhances the rating for the bond.

CF also made the point that the intention is to get these bonds to the market soon........(separately.....we have to be clear and cautious....when we rely on the timelines and input of others.......the end point is effectively out of your control....."we've been stung by this before")"



"Thomas Staley, who was perfectly charming, and not 'bored' at all, as intimated by some here. I was curious to know why, given the proportion of Australians at senior level on the BoD, and also the heavy involvement of Hancock and Gina Reinhart, why Australia has never (as far as I am aware) featured in any of the marketing, distribution and agronomy testing discussions. In fact, it has been omitted entirely on some of the global maps they have presented. After all, I'd have thought they would be eager for their own great nation to partake in the enormous product benefits? He explained that Australia is a hard market to crack in any area, and farmers there have very firmly established practices of using fertilisers which are heavily phosphate based. However, he then went on to say that they do in fact already have plans to start marketing and testing etc in Australia, so watch this space."



"maybe we could just throw Poly4 down a hole and catch it at the other end"

The Bottom Line ;-)


Just get on with it.



Work Placement :-)


Oh, OK:


Never Mind.