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Sirius Minerals shareholders back Anglo American takeover deal

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World Fertilizer,

The majority of Sirius Minerals' shareholders have voted in favour of approving a £405 million bid from Anglo American for the company.

Russell Scrimshaw, Chairman of Sirius, said: "The positive outcome from today's meeting secures a return for shareholders, and provides greater certainty in terms of safeguarding the project, protecting the jobs of our employees, and allowing the community, region and the UK to continue to benefit from the project."

Sirius Minerals is the operator of the Woodsmith underground mine located in North Yorkshire, UK, which has an estimated capacity of 10 million tpy of polyhalite, a fertilizer that contains potassium, sulfur, magnesium and calcium. The company has had to slow development of the project in recent months however, abandoning the offering of a US$500 million bond in August 2019 due to turbulent global markets, the uncertainty surrounding Brexit and the UK government’s refusal to provide financial backing.

The board of Sirius recommended that the acquisition be approved by its shareholders, and warned that failure to do so would mean a high probability of the company being placed into administration or liquidated.

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