Sirius Minerals (SXX) has submitted its long-awaited planning applications for a potash mine and mineral transport system in York. But doubts about the $2.3bn (£1.5bn) project won't be quashed by these first-half figures: Sirius' cash pile has shrunk 43 per cent to £27.4m in the space of six months.
The group lowered its operating cash outflow by 24 per cent to £4.7m, but investment outflows surged by about three-quarters to £16m. On the upside, Sirius gained a research partner in the form of Tanzania's ministry of agriculture. It also signed a five-year, 'take or pay' offtake agreement with a Central American fertiliser distributor, taking its agreed sales commitments to over 5m tonnes per year.
Broker WH Ireland has a risked target price of 37p.
