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Sirius plans for North York Moors mine suffer blow Giant Yorkshire mine suffers funding blow
(36 minutes later)
Sirius Minerals has been forced to put on hold plans to issue a $500bn (£403bn) bond for a fertiliser mine it is developing in the North York Moors. Sirius Minerals has been forced to cancel plans to issue a $500m (£403m) bond for a fertiliser mine it is developing in the North York Moors.
It paused the bond issue last month, but has now said it cannot issue it, blaming "market conditions", including Brexit and lack of government support.It paused the bond issue last month, but has now said it cannot issue it, blaming "market conditions", including Brexit and lack of government support.
It will now undergo a six-month review of four different options for a new financing plan to resume the project.It will now undergo a six-month review of four different options for a new financing plan to resume the project.
The company's shares fell by 63% in early trading on Tuesday morning.The company's shares fell by 63% in early trading on Tuesday morning.
The mine is due to open in 2021 and create more than 1,000 jobs. The project is set to be the world's largest mine for polyhalite, a naturally occurring fertiliser which is used in agriculture. The mine is due to open in 2021 and create more than 1,000 jobs.
Managing director Chris Fraser said: "This is the most prudent decision to give the company the time necessary to restructure its plans to move the project forward." The plans include a 23-mile (37km) tunnel to transport minerals to a processing plant near the former Redcar steelworks.
Announcing the changes, managing director Chris Fraser said: "This is the most prudent decision to give the company the time necessary to restructure its plans to move the project forward.
"The process will incorporate feedback from prospective credit providers around the risks associated with construction and will include seeking a major strategic partner for the project."
In a statement, the company said it had asked the government for support but its request had been turned down.In a statement, the company said it had asked the government for support but its request had been turned down.
Sirius added that it believed that "this commitment would have enabled the company's financing to be delivered as planned".