Tuesday 2 July 2019 2:53 pm

Sirius Minerals on course to finish fundraising in September

Fundraising for a major fertilizer mine project in the north of England is on course to be finished this autumn, the company behind it has said.

Sirius Minerals said it would likely complete the $3.8bn (£3bn) raise before the end of September.

Read more: Sirius Minerals set to unveil £2.5bn equity and debt package

So far it has raised $425m through selling shares, and $400m from bonds.

“We are making good progress with the remaining components of our stage 2 financing package, which we expect to complete by the end of September this year in line with guidance,” said Chris Fraser, the company’s chief executive.

The construction is also going well, Sirius reported today. It said production will start on time in 2021 and within budget.

“We also believe it worthwhile reminding readers that Sirius last month celebrated major offtake agreements with reputable customers,” Yuen Low, an analyst at Shore Capital Markets said.

Read more: Sirius Minerals on track to complete Yorkshire mine but still chasing up to $600m

Sirius started the second stage of fundraising in April. It said it would need the money to mine the polyhalite found near Whitby.

It uses the polyhalite to make Poly4, the company’s trademark fertiliser. It claims that the north Yorkshire site is the world’s largest and highest grade deposits.