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Funding deal a 'significant endorsement' of Sirius project says Mining Capital's Ford

Mining Capital's Alastair Ford speaks to Proactive about the financing deal between Sirius Minerals PLC (LON:SXX, OTCQX:SRUXY) and Hancock Prospecting.
 
The pact will form an important plank of the overall funding package for the AIM-listed group’s North Yorkshire Polyhalite Project.
 
Under the terms of the agreement, Hancock British Holdings is acquiring a 5% royalty on the first 13mln tonnes of fertiliser produced every year and 1% on anything over that output figure at a cost of US$250mln.
 
Alastair Ford said: 'It's a very big project. It's a big deal for Yorkshire. It's been subject to a number of inquiries and planning investigations and has actually got through all those fairly easily.''
 
''Gina Rinehart and Hancock  are very very big in the world of mining and I find this deal a significant endorsement of the Sirius Project'', Ford added.

Quick facts: Sirius Minerals PLC

Price: 3.55 GBX

LSE:SXX
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Market Cap: £249.22 m
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