“I feel very bad for those situations, but we have been very clear about the opportunities and also the risks.

“We have been very successful in overcoming some significant milestones along the way and we remain confident that we will overcome this one.”

Sirius announced earlier this week that it was scrapping the sale of £410m in bonds due to “current market conditions” .

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Cadence Minerals PLC (LON:KDNC) EMH & CEZ - Cinovec Partnership & Investment

It said it would launch a “comprehensive review” over the next six months to assess alternative ways to secure funding for the project.

Alongside big international investors, Sirius has around 85,000 smaller shareholders who have seen the value of their shares plunge by around 90% since 2016.

Sirius announced earlier this week that it was scrapping the sale of £410m in bonds due to “current market conditions” .

It said it would launch a “comprehensive review” over the next six months to assess alternative ways to secure funding for the project.

Alongside big international investors, Sirius has around 85,000 smaller shareholders who have seen the value of their shares plunge by around 90% since 2016.

Parts of the 1,200-strong workforce employed on the massive project  were “let go” on Thursday as operations were slowed down .

Miners have been toiling for more than two years to access the vast seams of fertiliser below the ground.

Sirius had planned to sink two shafts to produce up to 20m tons a year of polyhalite – a particular blend of fertiliser produced only by ICL’s nearby Boulby mine – and build a 23 mile export tunnel to Teesside.

By Keane Duncan

Source link www.gazettelive.co.uk/news/teesside-news/sirius-minerals