TIDMSXX
RNS Number : 5034J
Sirius Minerals plc
29 June 2017
29 June 2017
Sirius Minerals Plc
Quarterly update for Q2 2017
-- The Project remains on time and on budget.
-- Woodsmith Mine enabling works are now complete and site
preparation works are well advanced.
-- Diaphragm walling activities scheduled to commence in the
third quarter of 2017.
-- Main Board move completed with Premium Listing obtained and
FTSE 250 inclusion achieved.
-- Sirius Minerals Foundation has launched first grant giving
programme.
Sirius Minerals Plc ("Sirius" or the "Company") provides its
quarterly update on the development of its North Yorkshire
polyhalite project (the "Project") for the first quarter of
2017.
Chris Fraser, Managing Director and CEO of Sirius, comments:
"It has been a productive quarter with timely progress made on
site preparation works in advance of shaft sinking commencing in
quarter three. The team on site and at our headquarters has grown
considerably as we continue with the delivery of the Woodsmith Mine
and its associated infrastructure."
Safety
No recordable incidents were incurred during the period. As
on-ground activities intensify, safety vigilance becomes even more
important and the Company's project team continues to increase its
focus on safety matters as construction ramps up.
Cost and schedule
The project remains on budget and on schedule.
The Company continues to evaluate opportunities to accelerate
components of the shaft and tunnel spend to further de-risk the
implementation of the construction project, and potentially create
opportunities for shortening the Project schedule. Some shaft
design optimisations have now been incorporated into the
development plan and options to bring tunnelling activities forward
are in commercial discussion with the preferred tunnelling
contractor.
Commercial
Negotiations are nearing completion with AMC for the broader
shaft sinking design and build contract. The contract is expected
to be executed in early Q3 2017 on terms consistent with those
previously articulated to the market. The Company is in discussions
with the Hochtief Murphy Joint Venture in relation to agreements
for early works activities which will form the foundation of the
broader tunnelling programme.
Permitting
On 4 May 2017, the Company was issued with its formal
commencement of development notice from the North York Moors
National Park Authority. The Company continues to make good
progress in clearing conditions required in advance of its rolling
work programme.
Site preparation
Highways works around the Woodsmith Mine are complete. Site
access and initial ground water protection work is complete. The
main internal site access road has been laid and surfacing work is
nearing completion. The extension of the mine head platforms has
commenced and the foundations for the on-site concrete batch plant
are being built. All tasks that require completion in advance of
the commencement of initial shaft sinking activities are on
schedule.
Site preparation activities have commenced at Lockwood Beck -
the site for an intermediate shaft for the mineral transport
system. This has included enablement highways works and general
groundworks to support future shaft sinking.
Geotechnical investigation
The production shaft borehole is progressing with coring and
testing completed to the 840m level. The near surface geotechnical
programme has now been completed and the results are being analysed
and incorporated into the mine development design. A programme of
boreholes and seismic work to support the MTS design work has
commenced. Geotechnical drilling to help inform the shaft design at
Lockwood Beck is also underway.
Shaft sinking
AMC is continuing detailed design of the shafts with a focus on
completing the foreshaft component of the scope. Diaphragm walling
rigs are due to be mobilised to site in the third quarter of 2017
to commence work. Planning for securing the winding equipment
required for main shaft sinking activities has been completed and
delivery of the equipment is on schedule. The contractor continues
to expand its implementation team in the UK. The AMC team in the UK
is co-located in the Sirius' office and a strong working
relationship is being developed.
Sales and marketing
Commercial discussions remain ongoing in the key growth markets
of Europe, Brazil, South East Asia and Africa. Each of these
opportunities represents material volume opportunities in major
long-term markets for Sirius. The Company is encouraged by the
increasing market interest and positive engagement from multiple
parties in these key markets.
Agronomy
The agronomy programme continues to validate the four
cornerstones of the POLY4 value proposition: efficiency,
effectiveness, flexibility and sustainability. During the quarter,
15 trials were completed and are being processed and 20 new trials
were commenced on barley, cabbage, chilli peppers, corn, soybean,
cotton, grape, grasslands, onion, potato, rice, tobacco, tomato and
turf in Brazil, China, India, Ireland, UK and United States.
Corporate
The Company has obtained a Premium Listing on the London Stock
Exchange and was recently added to the FTSE 250 index. Focus is now
on planning and preparation for the stage 2 financing process.
The Sirius Minerals Foundation (renamed from the York Potash
Foundation), the independent charity set up as a community fund in
2012 to spend a share of revenues from Sirius Minerals' Woodsmith
Mine, has launched its first grant programme. This is after
receiving its first funding of GBP2 million from the Company. In
the first funding year, the trustees of the Foundation are
prioritising an initial grant giving programme of awards between
GBP500 and GBP5,000. This first programme is intended to help
assess initial interest in funding initiatives throughout the
Project area.
For further information, please contact:
Sirius Minerals Plc Tristan Pottas Tel: +44 845
Investor Relations Email: ir@siriusminerals.com 524 0247
Manager
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Media Enquiries Jos Simson, Mike Tel: +44 20
Tavistock Bartlett, 7920 3150
Emily Fenton
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About Sirius Minerals Plc
Sirius Minerals Plc is a fertilizer development company focused
on the construction and development of its North Yorkshire
polyhalite project in the United Kingdom. It believes the Project
represents the world's largest high-grade known deposit of
polyhalite, a multi-nutrient form of potash containing potassium,
sulphur, magnesium and calcium. Incorporated in 2003, Sirius
Minerals Plc's shares are traded on the London Stock Exchange's
Main Market. Further information on the Company can be found at:
www.siriusminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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