Sirius Minerals 👾 ⛏ - SXX

It would be interesting to know who bought them too :slight_smile:

Number of people buying the given stock (or ETF, trust, REIT).

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I can only read the title. Is this from today? I can’t seen any significant gain in the share price.

They went up to 3.77 and closed and 3.63. Free trade says 3.34.

see this message from @Ian :clap:

They’ve signed a massive contract with Qatar to deliver 2m tonnes a year.

Seems like there’s a lot of speculation around Boris’s visit to the North.

SXX is currently topping the highest volume stock on all FTSE today

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I may have bough more shares on Friday.

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All we need is the PM holding a chunk of fertiliser and we’re going to the moon. Plz boris

Edit: Having actually read the article now, I don’t think I agree with the idea of the government coming in to prop up an otherwise failing project.

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I have no problems with government loans, this company will be profitable if it is finished.

Just to create some debate… If that is the case then why has the market not provided more funding to them?

Why would we want the government to provide a loan to a private company where no other lenders want to do so, what if a loan is provided and it doesn’t get finished

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It is the wrong time in the cycle for people to be making large loans such as this. The appetite is not there. This company would be profitable the same way a company with the cure for cancer would be profitable. The issue is getting to the end of the line with a marketable product.

Because the government would get not only the loan back, but additional tax receipts from the economic activity. It’s a no brainer from an economic perspective, the main debate to be had is whether Sirius really only needs £500m to sustainably begin operation.

How much are you down?

Sure it isn’t. The number of people to be employed is pretty low and will probably be on salaries not too high (very little in tax); if a bunch of them might switch from current jobs then it wouldn’t even be reducing unemployment much + the loan is far from guaranteed to be repaid. That £500m could go towards education in the area

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I never invested I thought the whole project looked like an ill thought out experiment. The way the company talked about the promised activity made me think they always though the government would bail them out. I am pleased the government did not - taxpayers money should not be put at risk by investing in businesses like that.

I agree with your point around the project not being a no-brainer. The government would generate more growth just by depositing £500 million directly into people’s bank accounts.

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Far from guaranteed though. The project has to be successfully built first.

1000 people + supply chain and multiplier is not to be sniffed at in an area of general deprivation. I agree with you otherwise, its obvious it was going to be difficult to begin mining and market the products. My point was if it was certain that the £500m and unlocked credit facility would guarantee the project into the future alone then it would be worth it.

This is clearly true, but its not the point. They’re trying to develop a resource.

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Sure - I guess the general rule though is that if the market stays away so should the government.

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The conservative majority in Whitby is only 3400. They’ll need to hold seats like this on December 12th