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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
27/03/201507:00:22Sirius Minerals Plc Issue and Allotment of Ordinary Shares
23/03/201507:00:37Sirius Minerals Plc Option Exercise
18/03/201515:43:12Sirius Minerals Plc Director Dealing and Option Exercise
11/03/201512:20:16UPDATE: Sirius Minerals Raises GBP15 Million In Share Placing...
11/03/201512:05:30Sirius Minerals Plc Results of Placing
11/03/201509:45:49Sirius Minerals To Raise GBP15 Million In Share Placing (ALLISS)
11/03/201507:02:08Sirius Minerals Plc Proposed Placing of New Ordinary Shares
05/03/201507:00:30Sirius Minerals Plc Issue and Allotment of Ordinary Shares
02/03/201510:25:49Sirius Minerals Gets More Encouraging Results From Crop Trials
02/03/201507:01:39Sirius Minerals Plc Corn and Rice Crop Study Results
27/02/201507:00:57Sirius Minerals Plc Issue of Equity
18/02/201508:50:07Sirius Minerals Submits Final Information For York Potash Project
18/02/201507:00:56Sirius Minerals Plc Approvals update
04/02/201508:51:24Sirius Minerals Gets More Encouraging Results From Crop Trial
04/02/201507:00:46Sirius Minerals Plc Silage Corn Crop Study Results
15/01/201508:32:03Sirius Minerals Down As It Withdraws Part Of York Potash Application
15/01/201507:00:23Sirius Minerals Plc Approvals update - Harbour Facilities
12/01/201509:14:04Sirius Minerals Signs Seven-Year Animal-Feed Offtake Agreement
12/01/201507:00:20Sirius Minerals Plc Maiden animal feed take-or-pay offtake agreement
08/01/201508:48:24Sirius Minerals Shares Fall As Wait Goes On For York Potash Planning

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