Last we heard from Sirius Minerals (SXX), discussions over its second-stage financing had moved on from bank and government loans on equal terms to include a third, possibly more expensive, debt capital markets tranche.
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That picture was upended on Tuesday, when the prospective potash miner said it had received “a conditional proposal from a major global financial institution” that would entirely replace the $3bn (£2.3bn) multi-tranche structure, and remove a critical uncertainty in the construction of its Woodsmith project.
Sirius said the proposal “offers a more flexible and attractive solution” to its funding needs, and subsequently paused discussions with the original funding group in a bid to get firm commitments by the end of April.
