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Sirius Minerals has cleared ‘big hurdle’ with new project financing - analyst

Sirius Minerals PLC (LON:SXX) has now cleared the ‘big hurdle’ as far as equity investors should be concerned, according to Liberum Capital analyst Richard Knights.

The UK mine developer today unveiled a major equity and convertible debt raise which will see the company satisfy its Phase One project financing for the North Yorkshire Polyhalite Project.

In a Proactive Investors interview Knights highlights that the funding is fully underwritten and subscribed, to cover the minimum requirements, and as such it is a strong endorsement of the project.

“I think it has been a good uptake from investors and from strategic investors,” the mining analyst said.

Knights also talks about the possible timeframes for the project, including the second phase project financing, and the building of the mine.

“This is certainly the big hurdle as far as the equity is concerned, this should be the last equity that the company issues before hitting production in 2022.

“So we have a pretty good idea now of what the capital structure of the company is going to look like when it hits production and starts generating revenue and cashflows.”

Quick facts: Sirius Minerals PLC

Price: 3.55 GBX

Market: LSE
Market Cap: £249.22 m

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