Sirius need funds to continue with its multibillion-pound project to extract polyhalite, a form of natural fertiliser, from its mine beneath the North York Moors Andrew McCaren for The TimesSirius Minerals has recommended a £405 million takeover by Anglo American as the “only feasible option” to save its North Yorkshire fertiliser mine. The company said that it deeply regretted being unable to fund the project alone but warned shareholders that if they did not accept the 5.5p-a-share offer there was “a high probability that the business could be placed into administration or liquidation within weeks thereafter.”Many investors including up to 85,000 retail shareholders face heavy losses; shares were trading at 37p only two years ago before falling as it failed to secure financing. The proposed deal should save hundreds of jobs at Sirius Minerals’ mine in the North York Moors national park and at its processing site on Teesside. Mark Cutifani, Anglo American’s…

Source: The Times January 20, 2020 09:00 UTC