trending Market Intelligence /marketintelligence/en/news-insights/trending/WR3U6q6MxmT-39NIXtTbHQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Sirius secures new backer for Woodsmith potash project

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019


Sirius secures new backer for Woodsmith potash project

Sirius Minerals PLC said it received a "conditional proposal" from a "major global financial institution" to fund the second-stage development of the Woodsmith potash project in the U.K.

Sirius did not name the institution. An analyst interviewed by the Financial Times in a March 12 report said it was "obviously" JPMorgan Chase & Co., the company's main debt adviser. Both firms declined to comment on the report.

The company said the latest proposal contains an alternative debt structure that would replace the three-tranche, US$3 billion debt financing it outlined in January. A final deal is targeted by April.

Sirius also said it is progressing several options for an "additional non-senior debt financing requirement," without providing details.

The project's stage-two capital funding requirements total about US$4.2 billion following a capital expenditure revision in September 2018.

Sirius already signed a deal to build a storage facility that will receive polyhalite fertilizer from Woodsmith. In addition, the company secured binding take-or-pay agreements to supply POLY4 fertilizer to Chinese agriculture companies Guangzhou Eiliseng Biotech Co. Ltd. and Yantai Service Agricultural Science and Technology Co. Ltd. for 10 years.