Sirius Minerals Plc

Published : June 26th, 2015

English Castle Takes Center Stage for $3 Billion Mine Vote

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

English Castle Takes Center Stage for $3 Billion Mine Vote

The 19-member panel will meet on Tuesday at centuries-old Sneaton Castle, a short stroll from the sandy coastline, to vote on whether to approve construction of a giant potash mine in the North York Moors National Park surrounding the town.

It will be standing room only at the 200-capacity venue.

“The seats are in very, very short supply,” said John Cook, chairman of the Yorkshire Coast Minerals Association set up to represent the interests of 190 local landowners who may benefit financially from the mine. “It’s been a bit of a local issue because a lot of people wanted to go.”

More from Bloomberg.com: China Stock Rout Leaves Xinhua Speechless as State Support Fades

On the one side is the promise of money and jobs, with the developer, Sirius Minerals Plc, saying there would be more than 1,000 new positions at the mine. On the other are critics who say the project risks wrecking an area of outstanding beauty.

Sirius has plenty riding on the outcome. It has spent five years and almost $200 million preparing. Chris Fraser, 41, its chief and a former Citigroup Inc. banker, moved with his wife and two kids to the area from Sydney three years ago. (Whitby’s most famous son Captain James Cook is renowned for making the reverse journey to Australia in the 18th century.)

More from Bloomberg.com: Obamacare Tax Subsidies Upheld by Top U.S. Court in 6-3 Vote

Long Hours

“The very long hours, the extraordinary amount of effort and work over the last few years does culminate very much on one day and one moment when hopefully more hands go in the air to approve the project than don’t,” Fraser said in an interview. Local people are overwhelmingly supportive, he says.

Investors’ faith in the project was rocked last week.

National Park planning officers issued a final report before Tuesday’s meeting that found the economic benefit of mining the fertilizer ingredient polyhalite, a type of potash, for 100 years didn’t outweigh the harm it would cause.

More from Bloomberg.com: Roberts Fought Back Against Scalia in Sharply Worded Footnotes

“The proposal, if approved, would represent a very significant departure from the development plan, failing the policy requirements of a number of the authority’s adopted planning policies,” they wrote in the 229-page report.

The greater public interest is in protecting the National Park for the nation and for future generations, the planners wrote, even while they offered no formal recommendation.

That sent Sirius stock skidding into a five-day losing streak, wiping 38 percent off the company’s value in London. The stock gained 2.9 percent to 17.75 pence at 11:12 a.m. in London on Friday after jumping 21 percent a day earlier. The company has a market value of 384.1 million pounds ($604 million).

Massive Pressure

“Our countryside is under massive pressure,” Rob Stoneman, chief executive officer of the Yorkshire Wildlife Trust, said in an interview. “This would set a dreadful precedent. National park authorities should not be allowing major developments within national parks. It’s very clear.”

To develop the York potash mine, Sirius plans to dig underground shafts within the 554-square mile (1,436-square kilometer) park before boring out the mineral from deposits under the land and the North Sea. The polyhalite will be crushed and milled down the mine before being fed into an underground pipe and taken as slurry to a port 28 miles away.

Supporters of the plan point to the U.K.’s only other commercial potash mine, owned by Israel Chemicals Ltd., that began production in 1973 on the nearby North Yorkshire coast.

“I can’t think of a major development coming to a local area that has ever had more support,” said Robert Goodwill, the Conservative lawmaker for the area. “People want their children to have jobs and their community to prosper.”

Fraser is leading a delegation of nine from Sirius to the meeting on Tuesday.

“Either way, we might have a few sherbets,” he said, using the Aussie slang for booze. “At least we’ll know where we’re going.”

More from Bloomberg.com

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Australia | China | Greece | Israel | All
Gold and Silver Prices for these countries : Australia | China | Greece | Israel | All

Sirius Minerals Plc

CODE : SXX.L
ISIN : GB00B0DG3H29
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Sirius Minerals is a copper exploration company based in United kingdom.

Sirius Minerals is listed in United Kingdom. Its market capitalisation is GBX 24.5 billions as of today (US$ 27.1 billions, € 24.3 billions).

Its stock quote reached its lowest recent point on December 19, 2008 at GBX 0.55, and its highest recent level on April 25, 2014 at GBX 10.00.

Sirius Minerals has 4 463 619 794 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Sirius Minerals Plc
5/17/2016Polyhalite reserve increase
12/24/2015[$$] Sirius's Yorkshire mine plan gets boost as it secures H...
7/3/2015Yorkshire Moors potash mine becomes reality for Sirius Miner...
6/30/2015Sirius Minerals gets go ahead for potash mine in Yorkshire M...
6/18/2015Sirius shares plunge on potash mine planning report
5/25/2015North York Moors national park weighs £2bn potash mine plan
Corporate news of Sirius Minerals Plc
6/24/2016Capital funding requirement reduction
6/8/2016Offtake agreement
6/2/2016Selection of preferred contractors
5/20/2016Notice of AGM
5/19/2016De-icing salt opportunity
5/13/2016Non-executive director change
5/13/2016Director dealing
5/13/2016Employee incentive awards & director shareholding
5/13/2016Agronomy update webcast
11/4/2015International companies to host live webcasts at Deutsche Ba...
7/5/2015Sirius reaps the benefits of charming the locals
6/26/2015English Castle Takes Center Stage for $3 Billion Mine Vote
6/25/2015English Castle Takes Center Stage for $3 Billion Mine Showdo...
5/15/2015Small-cap Week, May 16
5/14/2015Experts unlikely to recommend either way on Sirius potash pr...
12/1/2014Issue and Allotment of Ordinary Shares
11/26/2014Results for the Six Months to 30 September 2014
11/13/2014Barley Crop Study Results
10/29/2014Chilli Pepper and Celery Crop Study Results
3/20/2014Appointment of WH Ireland as joint broker
3/20/2014Mineral Transport System (MTS) Q&A Document
3/18/2014Board Appointment
6/27/2013Live alert - Market movers: Sirius Minerals, President Energ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
LSE (SXX.L)
5.49+0.00%
LSE
GBX 5.49
03/16 07:30 -
0%
Prev close Open
5.49 5.49
Low High
5.49 5.49
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  5.49 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -9
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202055.52%6.003.53
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.74+0.82%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.41+4.08%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.61+3.40%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06-8.33%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
 2.10+0.96%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 13.44+3.46%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
 0.30+7.14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
 0.20-2.50%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 2.25+3.69%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 39.38+0.69%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.11+4.76%Trend Power :
Sun Res.(Oil)SUR.AX
Released ASX Announcement: Quarterly Activities Report
AU$ 0.00+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.