Sirius Minerals (SXX)

Sector:

Industrial Chemicals

Index:

FTSE 250

5.46p
   
  • Change Today:
    -0.035p
  • 52 Week High: 24.15
  • 52 Week Low: 2.87
  • Currency: UK Pounds
  • Shares Issued: 7,020m
  • Volume: 52,186,880
  • Market Cap: £382.95m
  • RiskGrade: 523

Sirius Minerals cuts 300 jobs, seeks alternate funding

By Duncan Ferris

Date: Monday 07 Oct 2019

LONDON (ShareCast) - (Sharecast News) - Sirius Minerals will cut 300 jobs at its Woodsmith mine in North Yorkshire as it looks to cut costs and identify alternative methods for funding construction.
Speaking to The Times on Monday, chief executive Chris Fraser said the company could opt to raise smaller amounts of money than it had initially planned in order to fund individual elements of the mine's development.

This strategy could include securing separate funding for projects such as the construction of deep mine shafts and other elements that the banks financing the project and bond market were "least comfortable with", before Sirius seeks funds for other parts with lower perceived risk.

Plans for alternate funding and the decision to axe hundreds of jobs come after the fertiliser developer launched a strategic review on 17 September.

The review was launched after Sirius cancelled a $500m bond sale, pinning the blame on poor market conditions. The bond sale had been crucial to unlocking a $2.5bn credit facility with JP Morgan that was needed for the construction of its Yorkshire mine.

At the time, the FTSE 250 company said it had enough funds to continue operating for six months but would slow down construction at Woodsmith.

Fraser also said Sirius could scrap plans for a third tunnelling machine as it searches for ways to reduce costs.

Sirius Minerals shares were up 2.3% at 3.73p at 1050 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Sirius Minerals Market Data

Currency UK Pounds
Share Price 5.46p
Change Today -0.035p
% Change -0.64 %
52 Week High 24.15
52 Week Low 2.87
Volume 52,186,880
Shares Issued 7,020m
Market Cap £382.95m
RiskGrade 523

Sirius Minerals Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
39.68% above the market average39.68% above the market average39.68% above the market average39.68% above the market average39.68% above the market average
70.00% above the sector average70.00% above the sector average70.00% above the sector average70.00% above the sector average70.00% above the sector average
Price Trend
94.08% below the market average94.08% below the market average94.08% below the market average94.08% below the market average94.08% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 1
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Sirius Minerals Dividends

No dividends found

Trades for 24-Jan-2020

Time Volume / Share Price
16:35 2,436,300 @ 5.46p
16:29 55,115 @ 5.46p
16:29 48,000 @ 5.46p
16:29 38,530 @ 5.46p
16:29 38,000 @ 5.46p

Sirius Minerals Key Personnel

Finance Director Thomas Staley

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