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Sirius Minerals confirms completion of Cibra investment

The company is advancing its mine development project in Yorkshire

sirius minerals mine site
A total of 95mln new Sirius shares will be issued to Cibra

Sirius Minerals PLC (LON:SXX) has confirmed the completion of its acquisition into the Cibra Group Companies, as part of the company’s supply agreements for South America.

The London-listed company is issuing 95mln new Sirius shares to Cibra and chief executive Chris Fraser will be appointed to the board of both Cibra Group Companies with immediate effect.

READ: Is Sirius Minerals simply the best?

Earlier this month, Sirius Minerals told investors that the procurement is complete for the major construction packages in its Yorkshire mine development project.

"Procurement of the mineral transport system fit-out marks the completion of our major construction procurement programme to support our stage 2 senior debt financing process and is a significant milestone for the company,” said Chris Fraser, Sirius chief executive.

“Our efforts are now focussed on the successful execution of our financing plan to fully finance the construction of our world-class, long-life polyhalite project."

It confirmed the fit-out for the mineral transport system (MTS) – which will be capable of moving fertiliser product on 37 kilometres of conveyors, buried 360 metres beneath the ground - has been agreed and finalised with contractor STRABAG AG.

The MTS is expected to transport some 20mln tonnes of material per year.

Quick facts: Sirius Minerals PLC

Price: 4.444 GBX

Market: LSE
Market Cap: £311.98 m

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