Sirius Minerals Took Another Critical Step Towards Building A 5-Metre-Wide Tunnel

  • Apr 24, 2019 BST
  • Team Kalkine
Sirius Minerals Took Another Critical Step Towards Building A 5-Metre-Wide Tunnel
Sirius Minerals Plc (SXX) undertakes the business of evaluation & exploration of resource properties and focus on the Woodsmith mine development in the UK. It has constructed Woodsmith Mine, located in the Whitby, North Yorkshire. SXX holds interests in North Yorkshire polyhalite project, which produces polyhalite, a unique multi-nutrient fertiliser containing potassium, sulphur, magnesium and calcium. The company through its projects serves local, regional and national economies. Sirius Minerals is headquartered in London, the UK. Recently, the group has launched a tunnel boring machine “Stella Rose”. This move is another significant step in the direction of installing a $5 bn fertiliser mine under the national parkland of the New York Moors. But this would not become a reality unless the group can raise $3 bn funding from the debt market to complete this project. Sirius, which will run out of cash by the end of this year and work on the world’s biggest mine will be bound to stop. The company has already raised £1.4 bn from investors, including $250 mn from Gina Rinehart, the richest woman of Australia, but grappling to secure a loan guarantee from the British government, even though the British Prime Minister has commended the project. Last month, the company reported that they are in talks with a global financial institution, over a new debt funding package for the project, which is expected to be finalised by the end of the month. If all goes well, the company will be able to start extracting polyhalite by 2021 and can achieve 10m tonnes of polyhalite production by 2024. Stock Performance Daily price chart (as on April 24, 2019), before the market close. (Source: Thomson Reuters) At the time of writing (as on April 24, 2019, at 09:16 AM GMT), shares of the Sirius Minerals were quoting at GBX 20.88 and added 0.42% against its previous day close price. In past one-year, shares of Sirius Minerals Plc have registered a 52w high of GBX 39.85 and a 52w low of GBX 17.25 and at the current market price, as quoted in the price chart, shares were trading 47.6 per cent below the 52w high price level and 21.04 per cent above the 52w low price level. On a yearly basis, stocks of Sirius Minerals have delivered a negative return of 27.14%, and on a year-to-date basis, shares were up by 0.67%. From a simple moving average (SMA) standpoint, shares were trading marginally above its 30-day and 60-day simple moving average, but shares were trading considerably below its 200-day simple moving average price, which is a bearish technical indicator. From the volume standpoint, the 5-day average daily volume traded on the London Stock Exchange were 11.25% above its 30-day average daily volume traded on LSE.

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