Sirius - The Final Chapter?

Hundreds of local jobs along with thousands of futures associated with the Woodsmith Mine hang in the balance this week.

Shareholders, Institutional and private investors get to vote on the Anglo American deal to inject much needed investment to continue the work of Sirius Minerals to bring Woodsmith Mine into production.

The outcome of this weeks vote will be reported and covered as and when news becomes available.



The Tight Squad

""Bankers and lawyers make Sirius money
Emily Gosden, Energy Editor
Thursday March 05 2020, 12.01am, The Times
Sirius has spent more than $1 billion developing its Woodsmith mine near Whitby to mine polyhalite for use as fertiliser
Sirius has spent more than $1 billion developing its Woodsmith mine near Whitby to mine polyhalite for use as fertiliser
Bankers and other advisers working on Anglo American’s takeover of Sirius Minerals are set to earn £23 million in fees after the deal which left thousands of retail investors nursing heavy losses was voted through.

Shareholders continued to vent their anger yesterday over the 5½p-a-share takeover of the North Yorkshire fertiliser mine developer in which some have lost tens of thousands of pounds.

The £405 million deal was narrowly approved at a vote on Monday after Sirius warned that the only likely alternative was for it to go bust, wiping them out altogether.

Anglo’s financial advisers, Bank of America and Centerview Partners, are expected to share in £10.8 million while Linklaters is in line for £3.5 million for legal advice. Sirius’s financial advisers, JP Morgan and Lazard, and brokers, Liberum and Shore Capital, are expected to share in £5.2 million in fees while Allen & Overy is in line for £2.3 million in legal fees.

Others walking away better off include Odey Asset Management, the hedge fund that bought in to Sirius after the takeover was announced and voted against the deal as it pushed unsuccessfully for a higher offer. It is estimated to have made about £1 million, having bought in while shares were trading below the offer price amid uncertainty over whether the deal would pass.

Sirius has spent more than $1 billion developing its Woodsmith mine near Whitby to mine polyhalite for use as fertiliser. The Anglo takeover came after it failed to raise the $3 billion needed to complete the mine through a financing structure backed by JP Morgan.

The investment bank has attracted particular ire from shareholders because Sirius has said that it could have completed a crucial $500 million bond issue to secure the financing if JP Morgan had not refused its request to include warrants in the offering.

JP Morgan Asset Management, a separate part of the banking business, has at points betted against Sirius, prompting one shareholder at its general meeting on Monday to question whether there had been “a conflict of interest given part of their organisation was heavily shorting” Sirius.

Thomas Staley, Sirius’s finance director, said he did not believe there was a conflict because JP Morgan was “set up appropriately for them to conduct the various activities they do”. JP Morgan declined to comment."

"The Court Hearing is due to be held on 13 March 2020. "

aka The Fifth Amendment ; -0

Keep Busy."

Sirius Suspension

"Suspension of trading

On 20 January 2020, the boards of Sirius Minerals Plc (Sirius), Anglo American plc (Anglo American) and Anglo American Projects UK Limited (Bidco) announced that they had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Sirius by Bidco (the Acquisition), to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the Scheme) which was contained in a document sent to Sirius Shareholders on 7 February 2020 (the Scheme Document).

On 13 March 2020, Sirius, Anglo American and Bidco announced that the High Court of Justice in England and Wales had, on that date, made an order sanctioning the Scheme under section 899 of the Companies Act.

Sirius also announced on 13 March 2020, that, as expected, the last day for dealings in, and for registration of transfers of, and disablement of CREST for, Sirius Shares was 13 March 2020; and, as also expected, the Scheme Record Time was at 6.30 p.m. (London time) on 13 March 2020. Scheme Shareholders on Sirius's register of members at the Scheme Record Time will, upon the Scheme becoming effective, be entitled to receive 5.50 pence in cash for each Sirius Share.

Dealings in Sirius Shares were suspended with effect from 7.30 a.m. (London time) today.

Except as otherwise defined herein, capitalised terms used but not defined in this announcement have the same meanings as given to them in the Scheme Document.

Next steps

The Scheme will become effective upon the delivery of a copy of the Court Order to the Registrar of Companies, which is expected to occur on 17 March 2020.

It is expected that the listing of Sirius Shares on the Official List and the admission to trading of Sirius Shares on the London Stock Exchange's Main Market for listed securities will each be cancelled and the Sirius ADR program will be terminated, with effect from 8.00 a.m. (London time) on 17 March 2020.

A further announcement will be made when the Scheme has become effective and when the listing and admission to trading of Sirius Shares have been cancelled.

If any of the expected times and/or dates above change, the revised times and/or dates will be notified to Sirius Shareholders by announcement through a Regulatory Information Service. Such announcement will, subject to certain restrictions relating to persons in Restricted Jurisdictions, also be available on Sirius's website at and Anglo American's website at"


"It makes little sense that 2 huge international mining companies are digging holes in a tiny part of North Yorkshire for the same product with different planning consents/equipment /management etc."

As a matter of fact Sirius did everything possible to work with Boulby but they (Boulby) got a bit 'sniffy'...

I'll be Bach.

Sirius' Scrummy Bids Farewell

"Published by Matthew Pells at 4:42pm 16th March 2020. (Updated at 4:43pm 16th March 2020)

The Chairman of Sirius Minerals has written an open letter to shareholders and the local community on the company's final day before being taken over by Anglo American.

In the letter Russell Scrimshaw, Chairman of Sirius Minerals Plc says...

"Today marks the last day for Sirius Minerals Plc, with the delisting of the shares due tomorrow, when the takeover of Sirius is due to be concluded by Anglo American plc. I want to use my last day as a director of the Company to say a very sincere thank you to every stakeholder that has supported the Company during my time at Sirius.

There are so many people to thank, but I will start with the landowners and the wider local community in and around all our development sites for the Woodsmith Project.  They have long backed us and our endeavours, understanding the economic and employment benefits that have and will be brought to the area, as well as the benefits to the country as a whole and the global agricultural market.  

They have trusted us to develop the project in the right way, given its sensitive location, and I believe we have repaid that faith throughout our planning, development and construction work. In 2013 our CEO Chris Fraser, with the full support of the Board and Management, set up the Sirius Minerals Foundation to help share some of the revenue from the project with the local area. That legacy will endure, and I trust it will be a positive influence in the area for decades to come. 

To our customers and research partners around the world I offer my very sincere gratitude.  There are (and continue to be) plenty of people that seek to talk our POLY4 product and project down.  But our customers know and understand its value and role in the future of agriculture and without them we could not have progressed this far.  I look forward to the day that they first start receiving product and they in turn continue to help support farmers with better and more efficient fertiliser practices that the world continues to need. 

Without our shareholders and our investors, we obviously would not have been able to make any progress at all.  I know there has been much disappointment regarding the value to shareholders that the takeover has delivered. However, given the circumstances it was the only viable route forward. I am sorry we could not deliver what we hoped to, but we scoured the globe for a funding solution (without success) after our stage two financings ran into difficulties.  This will of course forever be a major regret to everyone involved as it has meant that we at Sirius Minerals Plc were not able to bring the project into production and revenue.    

I want to pay particular thanks to Mrs Rinehart and her Hancock Prospecting team for their ongoing support. In 2017 they signed a royalty agreement with the Company that helped underpin the stage 1 financing which in turn allowed construction to start and a wave of jobs throughout the area to be created.  In challenging times to raise money for major greenfield mining projects, this was a major vote of confidence in both the project and the UK.  I have no doubt they will be a great partner with Anglo American. 

Finally, I want to thank the amazing team at Sirius Minerals, including our contractor partners and advisers, who have worked diligently and tirelessly over the last 10 years to make the Woodsmith Project a reality.  Few people will understand as well as I do the level of sacrifice that members of the team have made to progress the project and deliver the many achievements that so many people said weren't possible.   

Everyone involved with the project must now focus on the job at hand, progressing work under the stewardship of Anglo American.  I take great comfort knowing that the project will be taken over by a responsible business and team at Anglo American, such is the importance of the project's delivery to the local area, the country and indeed the industry as a whole.

Thank you for your support.

Russell Scrimshaw

Chairman "