BUSINESS MAVERICK: Anglo American bids for – wait for it – a UK fertiliser mine project

Global mining house Anglo American has made a £386-million bid for the entire share capital of fertiliser-focused group Sirius Minerals, the company said in a statement on Wednesday, 8 January. This marks a diversification departure for the group, which in recent years has been focused on a handful of key commodities such as diamonds, platinum, iron ore and copper. The move could also breathe life into something truly rare – a mining project on British soil.

Sirius Minerals’ core project is a mine in North Yorkshire, which is focused on the extraction and production of a polyhalite product known as POLY4, a multi-nutrient, natural fertiliser certified for organic use. Anglo American said the product has, “the potential to generate demand at a competitive cost that supports a strong margin. POLY4 is an attractive low-chloride alternative to traditional potassium-bearing mineral products on a cost-effective basis. It includes four of the six key nutrients that plants need to grow – potassium, sulphur, magnesium and calcium”.

On the “cleaner, greener” front, some eyebrows will be raised by the fact that it lies under the North York Moors National Park. But the project has all the required approvals, including from the park authority. The plan, according to Sirius Minerals’ website, is to transport the product outside of the park via an underground conveyer belt, which will presumably not disturb the heather moorland on top. Most of the fertiliser will be exported.

The project contains the world’s largest resource of polyhalite with the highest grades. Sirius has had difficulty funding the project and said late last year that it was seeking a major strategic partner for it. If the deal goes through, Anglo American won’t just have an office in the UK. It will have an operating asset and some holes in the ground there as well.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Anglo American takes big surprise bet on fertiliserAnglo is not buying the asset for the short-term fertiliser market outlook; rather, it is adding a deposit that has decades-worth of resources
Source: BDliveSA - 🏆 12. / 63 Read more »

Anglo American takes big surprise bet on fertiliserAnglo is not buying the asset for the short-term fertiliser market outlook; rather, it is adding a deposit that has decades-worth of resources
Source: BDliveSA - 🏆 12. / 63 Read more »

BUSINESS MAVERICK: Daniel Mminele takes charge at AbsaThe revolving door between government and the private sector continues to revolve as former deputy governor of the South African Reserve Bank joins Absa as CEO, just a week after the former Nampak CEO took up his new position as CEO of Eskom.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Gold Holds Near Six-Year High With Focus on Tehran’s Next MoveGold held near the highest level in more than six years as investors tracked developments in the Middle East, with the U.S. committing more troops to the region amid its standoff with Iran, which has pledged to hit back against Washington for the killing of a senior Iranian general.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: OP-ED: The rapidly changing face of Japan IncThe recent escape from Japan of former Nissan CEO Carlos Ghosn and the change in corporate culture of established Japanese conglomerates has resulted in the country’s reputation being called into question.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Petroleum draft bill lays uncertain foundation for SA oil and gas productionThe draft Upstream Petroleum Resources Development Bill was published in the Government Gazette on Christmas’s Eve for public comment. The state will get a 20% free stake in all projects, which must also have a minimum of 10% black ownership. It remains to be seen if this will attract the investment needed to kickstart the sector. Gwede imagines that investors will come running. He is such a fool.
Source: dailymaverick - 🏆 3. / 84 Read more »