LONDON (Reuters) – Sirius Minerals (SXX.L) scrapped a plan to raise $500 million in a bond sale on Tuesday, delaying a project to mine for fertiliser under a national park in northern England and halving the value of its shares.
The company had already suspended the bond issue in August. Sirius blamed market conditions aggravated by uncertainty over Britain’s departure from the European Union for its failure to secure funding.
Sirius said on Tuesday the government had turned down a renewed request for backing in August. The company said it would conduct a six-month review to work out cost savings and would slow development of the project. Continue Reading →