The extra cash should tide Sirius over while it raises the best part of US$3bn in debt funding which it hopes to have secured by the second quarter of next year. Sirius Minerals received a $250m cash injection from Australia’s richest woman after surging development costs at its $4.5bn Woodsmith potash mine near Whitby left it with a funding shortfall. Project costs jumped $600m after it realised that a 37 km tunnel to take potash from the mine to a processing facility needed to be wider and thicker. The company said on Monday that it had secured an additional $230m, bringing total financing for the project to $1.3bn.
Sirius Minerals received a $250m cash injection from Australia’s richest woman after surging development costs at its $4.5bn Woodsmith potash mine near Whitby left it with a funding shortfall. Project costs jumped $600m after it realised that a 37 km tunnel to take potash from the mine to a processing facility needed to be wider and thicker. The company said on Monday that it had secured an additional $230m, bringing total financing for the project to $1.3bn.