Sirius Minerals provides financing and development update
The company has said that global market conditions and the uncertainty related to Brexit mean its proposed US$500 million senior secured notes offering cannot currently be issued as planned.
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The company has said that global market conditions and the uncertainty related to Brexit mean its proposed US$500 million senior secured notes offering cannot currently be issued as planned.
The scope of work concerns execution of engineering, supply of all equipment and materials and construction and erection works. The project is expected to be completed in 36 months once it become effective.
The company received credit approval for a US$200 million senior debt facility earlier this year.
The company has said that there will be a delay to the the time required to bring the Elandsfontein phosphate mine in South Africa to production.
The shutdowns are at the company's Allan, Lanigan and Vanscoy potash mines in Saskatchewan, Canada.
The company also intends to repurchase US$250 million of stocks.
Highfield is to provide Ameropa up to 250 000 tpy of muriate of potash (MOP) from its Muga potash mine in Spain.
Hayden Locke, CEO, said that the completion of metallurgical testing at the company's Khemisset potash project in Morocco earlier this year was a "significant de-risking milestone" for Emmerson.
The industrial unit is expected to have a production capacity of approximately 1 million t upon completion.
The agreement allows the company to continue to optimise its logistics and port options for the Lake Wells Sulphate of Potash Project.
The two phosphate mines in Brazil were idled in April after the company was unable to obtain a deadline extension for providing stability certification for three of its tailings dams.
Major Project Status is the Australian Government's formal recognition of the national strategic significance of a project, through its contribution to economic growth, employment, or contribution to regional Australia.