The future of a giant mine in Yorkshire and the creation of more than 1,000 jobs have been thrown into doubt after the company behind the project said plans to secure financing have been derailed by Brexit and a lack of government backing.
Sirius Minerals announced on Tuesday that a long-planned $500m (£403m) bond sale will not go ahead, given the “current market conditions”. The company needed the additional funding from investors to complete work on the mine to extract polyhalite potash, a type of fertilizer, in North Yorkshire, as well as on a transportation tunnel to Teesside.
“As a result of global market conditions, the ongoing uncertainty surrounding Brexit and the political environment in the United Kingdom, the company and its advisers believe that [the sale] … is now unlikely to be achievable,” Sirius said.
The company originally expected to obtain loans guaranteed by Britain’s Infrastructure and Projects Authority. After postponing the bond sale last month, Sirius went back to the government asking for help with raising money from investors, but the government declined, the firm said.
It added that it will now slow the development of the project – which includes boring a mine more than a mile deep – as it looks for alternative sources of funding.
1/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
2/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
3/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
4/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
5/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
6/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
7/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
8/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
9/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
10/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
11/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
12/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
13/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
14/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
15/50 3 September 2019
Anti Brexit demonstrators attend a protest at Parliament Square. Lawmakers returned from their summer recess Tuesday for a pivotal day in British politics as they challenged Prime Minister Boris Johnson’s insistence that the UK leave the European Union on 31 October, even without a withdrawal agreement to cushion the economic blow
AP
16/50 2 September 2019
Set building begins on Waterloo Place in Edinburgh ahead of filming for Fast and Furious 9
PA
17/50 1 September 2019
Members of the Royal Southern Yacht Club and the Island Sailing Club take part during the annual cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
PA
18/50 31 August 2019
Anti-Brexit protesters demonstrate at Whitehall in London
SWNS
19/50 30 August 2019
One of the iconic ‘Girl with Balloon’ artworks by anonymous street artist Banksy is carried near one of the original locations the artwork appeared at on the Southbank in London
AP
20/50 29 August 2019
The sun rises over the sculpture “The Couple” by artist Sean Henry, at Newbiggin-by-the-sea in Northumberland
PA
21/50 28 August 2019
A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London
PA
22/50 27 August 2019
Nat Lofthouse statue is covered in flags at the University of Bolton Stadium, Bolton
Action Images via Reuters
23/50 26 August 2019
Performers take part in Notting Hill Carnival. Nearly one million people were expected to attend Sunday and Monday’s carnival to celebrate Caribbean culture
AFP/Getty
24/50 25 August 2019
A competitor swims in the World Bog Snorkelling Championships in Llanwryd Wells, Powys
Reuters
25/50 24 August 2019
People flock to Bournemouth beach as a heatwave spells potentially record high temperatures for the bank holiday weekend
PA
26/50 23 August 2019
Fans of Bury FC deliver a symbolic coffin to the club’s home at Gigg Lane as the continuation of their membership to the football league lies in doubt. The club will lose their membership at midnight if they don’t find a buyer or prove that they have the means to pay off their debts
PA
27/50 22 August 2019
Labour Leader Jeremy Corbyn and Shadow DEFRA Secretary Sue Hayman during a visit to Rakefoot Farm, Castlerigg, Keswick where they are highlighting the danger of a No Deal Brexit to sheep farmers
PA
28/50 21 August 2019
Festival goers walk along the towpath of the River Thames as they arrive for the Reading Festival at Richfield Avenue
PA
29/50 20 August 2019
Police officers gather to pay their respects at the scene near Ufton Lane, where Thames Valley Police officer PC Andrew Harper, 28, died on Thursday. Jed Foster, 20, has appeared at Reading Magristrates’ Court where denied any involvement with the murder
PA
30/50 19 August 2019
A fire that broke out at the site of Village Bakery on Coed Aben Road, Wrexham Industrial Estate in Wales
Jord_wxm29/Twitter/PA
31/50 18 August 2019
England fielders crowd Pat Cummins as he see’s out the final over during day five of the second Ashes Test match against Australia at Lord’s Cricket Ground. The test ended in a draw
Getty
32/50 17 August 2019
Glew (centre) and Monroe Adams (right) pose for a selfie with a member of the public outside DragWorld London 2019, Europe’s largest drag convention, featuring drag stars from the US and UK during a two-day event at Olympia, London
PA
33/50 16 August 2019
A grey seal with fishing net tangled around its neck amongst the colony on the beach at Horsey in Norfolk, as RSPCA data show the number of animals affected by plastic litter is at an all-time high, with incidents increasing by 22% in just four years
PA
34/50 15 August 2019
A flock of sheep are herded past government buildings in London by members of Farmers for a People’s Vote, a campaign group
PA
35/50 14 August 2019
Swedish climate activist Greta Thunberg speaks during a press conference at the Mayflower Marina in Plymouth, southwest England, on August 14, 2019, ahead of her journey across the Atlantic to New York, aboard the Malizia II IMOCA class sailing yacht, where she will attend the UN Climate Action Summit next month. – A year after her school strike made her a figurehead for climate activists, Greta Thunberg believes her uncompromising message about global warming is getting through — even if action remains thin on the ground. The 16-year-old Swede, who sets sail for New York this week to take her message to the United States, has been a target for abuse but sees that as proof she is having an effect
AFP/Getty
36/50 12 August 2019
A hare runs on a moor near Ripon, North Yorkshire
PA
37/50 11 August 2019
Britain’s Jamie Chadwick wins first-ever W Series title. She pocketed a prize of £410,000 and, having been signed as a development driver for Williams, she keeps up her hopes of making it into Formula One
Getty
38/50 10 August 2019
People gather on the beach as a raft carrying people dressed as clowns heads to shore during the annual Whitby Regatta in Whitby, England. At over 170 years old, the Whitby Regatta is thought to be the oldest sea regatta on the northeast coast of England and draws thousands of visitors each year
Getty
39/50 9 August 2019
Burryman Andrew Taylor, gets a nip of whisky using a straw, from resident Mary Hamblin, 82, as he parades through the town of South Queensferry, near Edinburgh, encased in burrs. The parade takes place on the second Friday of August each year and although the exact meaning of this tradition has been lost through the years it is thought to have begun in the 17th Century. The tradition is believed to bring good luck to the towns people if they give him whisky offered through a straw or a donation of money
PA
40/50 8 August 2019
A mosque is seen amongst residential housing from the air during a mass take off at the annual Bristol hot air balloon festival in Bristol
Reuters
41/50 7 August 2019
An Asiatic lioness eats meat during feeding time ahead of World Lion Day at London Zoo
Reuters
42/50 6 August 2019
Beer enthusiasts taste beer and ale during The Great British Beer Festival at Kensington Olympia in west London. The Great British Beer Festival, organised by the Campaign for Real Ale (CAMRA), brings hundreds of real ales, international beers and real ciders and perries under one roof
AFP/Getty
43/50 5 August 2019
Australia’s Nathan Lyon celebrates after taking the wicket of England’s Joe Root during day five of the first Ashes test at Edgbaston. The hosts were on the end of a thumping, as Australia won the first test by 251 runs
Getty
44/50 4 August 2019
Franky Zapata stands on his jet-powered “flyboard” prior to landing on St. Margaret’s Bay in Dover, during his attempt to fly across the 35-kilometre (22-mile) Channel crossing. The Frenchman achieved his aim today, on his second attempt, after having spent years developing the jet-powered hoverboard
AFP/Getty
45/50 3 August 2019
A Cricket fan wears a Donald Trump inflatable, during day three of the first Ashes test cricket match between England and Australia at Edgbaston in Birmingham
AP
46/50 2 August 2019
An RAF Chinook helicopter flies in sandbags to help repair the dam at Toddbrook Reservoir which was damaged in heavy rainfall
PA
47/50 1 August 2019
Stuart Broad celebrates after taking the wicket of David Warner during day one of the first Ashes test between England and Australia at Edgbaston. England fans celebrated the loss of David Warner and Cameron Bancroft dismissals by waving sandpaper after they both faced bans for their roles in the Sandpaper scandal last year. Australia were all out for 284 after Steve Smith frustrated the hosts with a total of 144. He helped drag his side from 122-8
Getty
48/50 31 July 2019
A collapsed bridge near Grinton, North Yorkshire, after parts of the region had up to 82.2mm of rain in 24 hours on Tuesday
PA
49/50 30 July 2019
Acrobats Beren d’Amico, Louis Gift and Charlie Wheeller, from Barely Methodical Troupe perform a routine on Calton Hill in Edinburgh as they bring their debut show Bromance to the Edinburgh Fringe
PA
50/50 29 July 2019
Theresa the robotic waitress at The Tea Terrace’s Cobham branch in Surrey. Theresa represents the 6th Generation of robotic waitresses which were first launched in Japan a few years ago. The robot comes with autonomous navigation; automatic obstacle avoidance, voice conversation, and automatic dish delivery. It integrates core technologies in automatic control, multi-sensor perceptual collision avoidance and route planning
PA
1/50 17 September 2019
Protesters dressed as the Incredible Hulk and Robocop outside the Supreme Court in London where judges are due to consider legal challenges to Prime Minister Boris Johnson’s decision to suspend Parliament. The Supreme Court will hear appeals over three days from two separate challenges to the prorogation of Parliament brought in England and Scotland
PA
2/50 16 September 2019
Farmer Tom Hoggard harvests pumpkins at Howe Bridge Farm in Yorkshire, ahead of Halloween
PA
3/50 15 September 2019
Team Europe celebrate winning the Solheim Cup at Gleneagles in Auchterarder, Scotland. Europe won the last three singles matches to claim victory 14½-13½
Getty
4/50 14 September 2019
Sunset at St Mary’s Lighthouse in Whitley Bay
PA
5/50 13 September 2019
Activists from PETA stage a demonstration outside a venue during London Fashion Week in London, Britain
Reuters
6/50 12 September 2019
Australia’s Marnus Labuschagne attempts to stop a boundary in the fifth Test
Action Images via Reuters
7/50 11 September 2019
Storm clouds gather over the pier just off the North East coast at South Shields
PA
8/50 10 September 2019
The peloton rides past the Angel of the North during stage four of the Tour of Britain from Gateshead to Kendal
PA
9/50 9 September 2019
A penny farthing cyclist rides past St. John’s, Smith Square, Westminster, London
PA
10/50 8 September 2019
Australia celebrate the wicket of England’s Craig Overton, which meant they won the fourth test and retained the Ashes
Action Images via Reuters
11/50 7 September 2019
Manchester City celebrate after Caroline Weir scored during their Women’s Super League match against Manchester United at Etihad Stadium. The WSL attendance record was smashed with 31,213 people watching the first Manchester derby of Women’s Super League era – nearly six times the previous WSL record
Getty
12/50 6 September 2019
A bull bumps into a plain clothes police officer (left) while being walked by Prime Minister Boris Johnson during his visit to Darnford Farm in Banchory near Aberdeen. It coincided with the publication of Lord Bew’s review and an announcement of extra funding for Scottish farmers
PA
13/50 5 September 2019
First Minister Nicola Sturgeon cuts the hair of David Torrance MSP raising £1000 for the charity Maggie’s Centre in Kirkcaldy at the Scottish Parliament in Edinburgh
PA
14/50 4 September 2019
Australia’s David Warner looks dejected after being dismissed by England’s Stuart Broad during day one of the fourth Ashes Test at Old Trafford in Manchester
Getty
15/50 3 September 2019
Anti Brexit demonstrators attend a protest at Parliament Square. Lawmakers returned from their summer recess Tuesday for a pivotal day in British politics as they challenged Prime Minister Boris Johnson’s insistence that the UK leave the European Union on 31 October, even without a withdrawal agreement to cushion the economic blow
AP
16/50 2 September 2019
Set building begins on Waterloo Place in Edinburgh ahead of filming for Fast and Furious 9
PA
17/50 1 September 2019
Members of the Royal Southern Yacht Club and the Island Sailing Club take part during the annual cricket match between the clubs, which takes place on the Bramble Bank sandbank in the middle of the Solent at low tide
PA
18/50 31 August 2019
Anti-Brexit protesters demonstrate at Whitehall in London
SWNS
19/50 30 August 2019
One of the iconic ‘Girl with Balloon’ artworks by anonymous street artist Banksy is carried near one of the original locations the artwork appeared at on the Southbank in London
AP
20/50 29 August 2019
The sun rises over the sculpture “The Couple” by artist Sean Henry, at Newbiggin-by-the-sea in Northumberland
PA
21/50 28 August 2019
A person wearing a Boris Johnson ‘head’ digs a grave at the foot of a tombstone during a protest organised by Avaaz and Best for Britain, outside Downing Street in London
PA
22/50 27 August 2019
Nat Lofthouse statue is covered in flags at the University of Bolton Stadium, Bolton
Action Images via Reuters
23/50 26 August 2019
Performers take part in Notting Hill Carnival. Nearly one million people were expected to attend Sunday and Monday’s carnival to celebrate Caribbean culture
AFP/Getty
24/50 25 August 2019
A competitor swims in the World Bog Snorkelling Championships in Llanwryd Wells, Powys
Reuters
25/50 24 August 2019
People flock to Bournemouth beach as a heatwave spells potentially record high temperatures for the bank holiday weekend
PA
26/50 23 August 2019
Fans of Bury FC deliver a symbolic coffin to the club’s home at Gigg Lane as the continuation of their membership to the football league lies in doubt. The club will lose their membership at midnight if they don’t find a buyer or prove that they have the means to pay off their debts
PA
27/50 22 August 2019
Labour Leader Jeremy Corbyn and Shadow DEFRA Secretary Sue Hayman during a visit to Rakefoot Farm, Castlerigg, Keswick where they are highlighting the danger of a No Deal Brexit to sheep farmers
PA
28/50 21 August 2019
Festival goers walk along the towpath of the River Thames as they arrive for the Reading Festival at Richfield Avenue
PA
29/50 20 August 2019
Police officers gather to pay their respects at the scene near Ufton Lane, where Thames Valley Police officer PC Andrew Harper, 28, died on Thursday. Jed Foster, 20, has appeared at Reading Magristrates’ Court where denied any involvement with the murder
PA
30/50 19 August 2019
A fire that broke out at the site of Village Bakery on Coed Aben Road, Wrexham Industrial Estate in Wales
Jord_wxm29/Twitter/PA
31/50 18 August 2019
England fielders crowd Pat Cummins as he see’s out the final over during day five of the second Ashes Test match against Australia at Lord’s Cricket Ground. The test ended in a draw
Getty
32/50 17 August 2019
Glew (centre) and Monroe Adams (right) pose for a selfie with a member of the public outside DragWorld London 2019, Europe’s largest drag convention, featuring drag stars from the US and UK during a two-day event at Olympia, London
PA
33/50 16 August 2019
A grey seal with fishing net tangled around its neck amongst the colony on the beach at Horsey in Norfolk, as RSPCA data show the number of animals affected by plastic litter is at an all-time high, with incidents increasing by 22% in just four years
PA
34/50 15 August 2019
A flock of sheep are herded past government buildings in London by members of Farmers for a People’s Vote, a campaign group
PA
35/50 14 August 2019
Swedish climate activist Greta Thunberg speaks during a press conference at the Mayflower Marina in Plymouth, southwest England, on August 14, 2019, ahead of her journey across the Atlantic to New York, aboard the Malizia II IMOCA class sailing yacht, where she will attend the UN Climate Action Summit next month. – A year after her school strike made her a figurehead for climate activists, Greta Thunberg believes her uncompromising message about global warming is getting through — even if action remains thin on the ground. The 16-year-old Swede, who sets sail for New York this week to take her message to the United States, has been a target for abuse but sees that as proof she is having an effect
AFP/Getty
36/50 12 August 2019
A hare runs on a moor near Ripon, North Yorkshire
PA
37/50 11 August 2019
Britain’s Jamie Chadwick wins first-ever W Series title. She pocketed a prize of £410,000 and, having been signed as a development driver for Williams, she keeps up her hopes of making it into Formula One
Getty
38/50 10 August 2019
People gather on the beach as a raft carrying people dressed as clowns heads to shore during the annual Whitby Regatta in Whitby, England. At over 170 years old, the Whitby Regatta is thought to be the oldest sea regatta on the northeast coast of England and draws thousands of visitors each year
Getty
39/50 9 August 2019
Burryman Andrew Taylor, gets a nip of whisky using a straw, from resident Mary Hamblin, 82, as he parades through the town of South Queensferry, near Edinburgh, encased in burrs. The parade takes place on the second Friday of August each year and although the exact meaning of this tradition has been lost through the years it is thought to have begun in the 17th Century. The tradition is believed to bring good luck to the towns people if they give him whisky offered through a straw or a donation of money
PA
40/50 8 August 2019
A mosque is seen amongst residential housing from the air during a mass take off at the annual Bristol hot air balloon festival in Bristol
Reuters
41/50 7 August 2019
An Asiatic lioness eats meat during feeding time ahead of World Lion Day at London Zoo
Reuters
42/50 6 August 2019
Beer enthusiasts taste beer and ale during The Great British Beer Festival at Kensington Olympia in west London. The Great British Beer Festival, organised by the Campaign for Real Ale (CAMRA), brings hundreds of real ales, international beers and real ciders and perries under one roof
AFP/Getty
43/50 5 August 2019
Australia’s Nathan Lyon celebrates after taking the wicket of England’s Joe Root during day five of the first Ashes test at Edgbaston. The hosts were on the end of a thumping, as Australia won the first test by 251 runs
Getty
44/50 4 August 2019
Franky Zapata stands on his jet-powered “flyboard” prior to landing on St. Margaret’s Bay in Dover, during his attempt to fly across the 35-kilometre (22-mile) Channel crossing. The Frenchman achieved his aim today, on his second attempt, after having spent years developing the jet-powered hoverboard
AFP/Getty
45/50 3 August 2019
A Cricket fan wears a Donald Trump inflatable, during day three of the first Ashes test cricket match between England and Australia at Edgbaston in Birmingham
AP
46/50 2 August 2019
An RAF Chinook helicopter flies in sandbags to help repair the dam at Toddbrook Reservoir which was damaged in heavy rainfall
PA
47/50 1 August 2019
Stuart Broad celebrates after taking the wicket of David Warner during day one of the first Ashes test between England and Australia at Edgbaston. England fans celebrated the loss of David Warner and Cameron Bancroft dismissals by waving sandpaper after they both faced bans for their roles in the Sandpaper scandal last year. Australia were all out for 284 after Steve Smith frustrated the hosts with a total of 144. He helped drag his side from 122-8
Getty
48/50 31 July 2019
A collapsed bridge near Grinton, North Yorkshire, after parts of the region had up to 82.2mm of rain in 24 hours on Tuesday
PA
49/50 30 July 2019
Acrobats Beren d’Amico, Louis Gift and Charlie Wheeller, from Barely Methodical Troupe perform a routine on Calton Hill in Edinburgh as they bring their debut show Bromance to the Edinburgh Fringe
PA
50/50 29 July 2019
Theresa the robotic waitress at The Tea Terrace’s Cobham branch in Surrey. Theresa represents the 6th Generation of robotic waitresses which were first launched in Japan a few years ago. The robot comes with autonomous navigation; automatic obstacle avoidance, voice conversation, and automatic dish delivery. It integrates core technologies in automatic control, multi-sensor perceptual collision avoidance and route planning
PA
Richard Knights, analyst at Liberum Capital Markets, said: “The only seemingly realistic solutions are that the government guarantees the bonds, which they have rejected, or they bring on a strategic investor who takes an equity stake and is willing to finance it.”
The firm says on its website the polyhalite project, once completed, will create 1,000 long-term and high-skilled jobs and 1,500 job in the supply chain. The promise has helped it win support from local residents in a region with one of the highest unemployment rates in the country.
The project is already a vital source of jobs in the area, directly employing 1,200 people.
Sirius shares slumped 64 per cent on Tuesday morning before recovering slightly. By 12:30pm in London, they were down more than 52 per cent on the day.
Additional reporting by Bloomberg
