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Sirius Minerals Agrees To Buy UK Potash Co For GBP25 Million In Shares

LONDON -(Dow Jones)- Potash miner Sirius Minerals PLC (SXX.LN) Monday said it agreed to buy a U.K. potash company for GBP25 million in shares, in a deal that brings it the rights to a major potash project in England. Sirius said it agreed to buy York Potash Ltd., which owns mineral rights covering roughly 600 square kilometers of land in England's Yorkshire region. Sirius said the York project has the potential to be a world-class potash development. The area has been producing potash since 1973 and York estimates it could contain between 3.3 billion and 6 billion metric tons of polyhalite, a key source of potash, Sirius said. "While the York potash project is still at the early stages of exploration and assessment, the directors believe the potential of the project is significant," Sirius Minerals said in a statement. It agreed to pay York shareholders 150 million shares to acquire the company, which, based on Sirius's closing price Friday, values it at about GBP25 million. As part of the deal, York Potash founder Chris Fraser has been named Sirius Minerals' new chief executive. Potash hit the headlines last year when mining giant BHP Billiton Ltd. (BHP.AU) made a $38.6 billion bid for Potash Corp. of Saskatchewan Inc. (POT), although the bid later collapsed because of Canadian government objections. Demand for potash, used in fertilizer, has surged in recent years in line with the world's demand for food, and shares in Sirius Minerals have more than doubled on year-ago levels. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com

Share News for Sirius Exploration (SXX)
DateTimeHeadline
02/07/201515:29:43TAKING AIM: WH Ireland Ups Sirius Minerals Price Target After...
01/07/201508:39:42TAKING AIM: Analysts Pleased With Approval For Sirius Minerals
01/07/201508:16:49*PLEASE IGNORE: Speedy Hire News Item Miscoded As Sirius Minerals
01/07/201507:55:32UPDATE: Sirius Minerals Gets Approval For World's Largest Potash...
01/07/201507:53:03Speedy Hire Dealt Triple Blow As Results Set To Miss Expectations
01/07/201507:30:27AIM Restoration - Sirius Minerals Plc
01/07/201507:30:26Sirius Minerals Plc Approvals update - Mine permit approval
01/07/201507:09:33Sirius Minerals Gets Green Light For World's Largest Potash Mine
30/06/201512:26:06Sirius Minerals Awaits Decision On Potash Mine In National Park
30/06/201507:31:05AIM Suspension - Sirius Minerals Plc
29/06/201516:35:03Sirius Minerals Plc Share Issue Update Following Warrant Conversions
19/06/201512:29:27TAKING AIM: WH Ireland Hopes For Positive Decision For Sirius...
18/06/201508:20:25Sirius Minerals Slides As Planning Applications Hangs In The...
18/06/201507:01:11Sirius Minerals Plc Approvals update - Officers report published
11/06/201508:57:19TAKING AIM: WH Ireland Retains Positive Stance On Sirius Minerals
10/06/201510:08:01Sirius Minerals Updates On York Potash Approval Process
10/06/201507:00:33Sirius Minerals Plc Approvals update
28/05/201507:01:59Sirius Minerals Plc Warrants Update - Block Listing Application
18/05/201509:01:52Sirius Minerals Gets More Encouraging Results From Crop Trials
18/05/201507:02:35Sirius Minerals Plc Brazil Potato and Tomato Crop Study Results

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