Our business has the potential to be a world leader in the fertilizer industry, with expected low operating costs, healthy margins and a very long asset life.


Sirius Minerals is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Our tier one asset represents the most significant opportunity for any major new development that the resources and fertilizer sector has seen for a long time. POLY4 will supply a growing global market and the core components of our strategy will position the Company as one of the world’s most significant multi-nutrient fertilizer producers.


The Company has adopted a simple business model to ensure that maximum value can be extracted from this exceptional opportunity.

PREMIUM PRODUCT PERFORMANCE: POLY4 has been proven to increase crop yield and quality in both broad acre and high value crops.

WIDELY AVAILABLE: our disruptive market penetration strategy will see POLY4 made widely available at competitive pricing to comparable products.

LARGE-SCALE: installed production capacity of 10 Mtpa with the foundations to enable an increase to 20 Mtpa.

LONG-LIFE: the scale of our polyhalite deposit in North Yorkshire represents a Project asset of over 100 years.

COST EFFECTIVE: we expect to have operating costs amongst the lowest in the industry, delivering cash margins of between 70 and 85% and significant returns:

Project implementation

The Definitive Feasibility Study in 2016, and detailed discussions with our contractors, enabled the Company to confirm the Project’s capital funding requirement and economic return metrics. These figures were revised in September 2018 on the basis of signed contracts, tenders or quotations:

  • Total Project capital funding requirement of US$4.169 billion

  • Stage 1 capital funding requirement of US$1.09 billion

  • Net present value of US$14.9 billion (assuming ultimate production levels of 20 Mtpa)

  • The ability to generate annual earnings before interest, tax, depreciation and amortisation (EBITDA) ranging between US$1 billion and US$3 billion through various volume and price outcomes:

The Company considers that its strategy for entering the market and the expected long-term pricing of POLY4, combined with the planned production ramp up, will position the Project in the high margin/high volume scenario with annual free cash flows reaching in excess of US$3 billion.

Installing Project infrastructure that has the ability to quickly ramp up production will enable the Company to control volumes in order to maximise returns and respond to market conditions. Even in a conservative downside scenario, in which POLY4 is priced at US$100/t, the Company would be able to increase production and still deliver EBITDA of more than US$1 billion.

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