Despite some activities two months behind schedule, Management is confident the loss of time can be recovered.
Companies: Sirius Minerals
Sirius Minerals (LON: SXX) has released its closely-followed Quarterly update today, outlining progress across all aspects of its Yorkshire mine sites.
The Group's last quarterly update said activity had ramped-up "significantly" as it commenced diaphragm walling activities.
Management has, however, said this activity is now behind schedule...
"Current diaphragm walling ("D-walling") activities are approximately two months behind schedule following some delays in commissioning the D-walling equipment and some adverse weather conditions during the latter stages of the quarter."
Despite this, the update said:
"The Company is confident that this small loss of time will be recovered over the remainder of the project schedule."
Other highlights of the update include-
- Site prep. at its flagship Woodsmith site as well its Lockwood Beck site is "substantially complete"
- Approval for "minor material" amendments to the original planning application was approved. Campaigners fought to have these amendments rejected.
- It expects "commercial activities across all scope of work to be substantially complete by the middle of 2018 in order to facilitate the completion of the stage 2 financing process"
- Stage 2 financing will commence in 2018 as Management "re-engages with the bank group during the first quarter by issuing a comprehensive due diligence information package".
Management also noted it had not yet finalised a shaft sinking contract, and that "all avenues are being explored to ensure a shaft sinking contract will be executed as soon as possible."
As with its last Quarterly report, shares were down marginally off the back of the update.
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