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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
24/04/201512:08:13Sirius Minerals Gets Further Approval On York Potash Project
23/04/201513:00:52AIM Restoration - Sirius Minerals plc
23/04/201512:41:12Sirius Minerals Plc Approvals update - Redcar approval
23/04/201507:30:15AIM Suspension - Sirius Minerals Plc
22/04/201517:09:00Sirius Minerals Shares To Be Suspended Ahead Of Planning Decision
22/04/201517:00:03Sirius Minerals Plc Temporary trading suspension
22/04/201509:02:47Sirius Minerals Harbour Facilities Application Accepted By Authorities
22/04/201507:00:31Sirius Minerals Plc Approvals update - Harbour Facilities
17/04/201508:24:06Sirius Minerals Says Further Progress Made On York Potash Applications
17/04/201507:03:43Sirius Minerals Plc Approvals update - Supporting applications
15/04/201515:11:50Sirius Minerals Expecting Planning Permission Decision Next Week
15/04/201515:01:12Sirius Minerals Plc Approvals update - First decision date
14/04/201507:01:25Sirius Minerals Plc Holding(s) in Company
10/04/201507:00:34Sirius Minerals Plc Issue and Allotment of Ordinary Shares
09/04/201507:00:12Sirius Minerals Plc Issue and Allotment of Ordinary Shares
08/04/201507:01:01Sirius Minerals Plc Remuneration Report & Lapse of Options
02/04/201510:32:34Should You Buy Sirius Minerals PLC After Positive Trial Results?
02/04/201508:57:31Sirius Minerals Gets More Encouraging Results From Crop Trials
02/04/201507:00:27Sirius Minerals Plc Potato Trial Results
01/04/201507:00:32Sirius Minerals Plc Option Exercise

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