Max Mayeu

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Nigel Howard (L) and Andrew Davies (R) invested thousands of pounds in Sirius Minerals shares

For Nigel Howard, the chance to invest in the largest mine in the UK has been built for A Generation was too beautiful to miss an opportunity.

dig out The £4bn project, until a mineral used in the fertilization of plants from the bottom of the North York Moors National Park - potentially thousands of jobs for a region with the highest unemployment rate in England and Wales.

So confident was Mr Howard of his merits, that the 76-year-old local man suffered in his entire £ 30,000, Pension funds, stocks to buy, in Sirius minerals, The Company behind The Massive fertilizer scheme.

Now, however, as thousands of other individual investors, the pensioners don't find yourself stuck in a hole, he can Get Out .

"It looks As If we are in Dire Straits with what's going on," said Mr. Howard.

This Week , Sirius Minerals share price plunged by 60%, when it was forced to pull plans to raise a $500m.

The Money was the key to Sirius ' future. The procurement of the funds, a further $2 would unlock. 5 billion (£2 billion) in financing from US investment bank JP Morgan.

Sirius has a strategic review, and unless The Company is looking for a different way to The Money in the next few months, his future is bleak.

"there's Nothing We can currently do," said Mr. Howard, who bought the first shares at 24p each. "We can't pull out, because the [share price] in fact, Nothing more. "

Sirius Minerals has started construction of the £4bn fertilizer mining

Mr Howard, prior to the Sirius -investment "I was only content for A Life in peace and just enjoy my retirement. But I'm now up to the normal age [the state] Pension ".

Regeneration

The Company has over 85,000 individual shareholders. About 10,000 are located in the vicinity of the Teesside project, where many people invests to have no doubts, because of the regenerative benefits for the North-East.

At 5%, the region has the highest unemployment rate in England and Wales, according to The Office for National statistics. Sirius said, The Project .

The Plan is the development of the Woodsmith mine, in the vicinity of Whitby, The Company used access to a huge Deposit of polyhalite, which can be used as a fertilizer.

Polyhalite can be transported to be used as fertilizer for plants

The polyhalite, along a 23-mile tunnel and conveyor belt Teesside in the vicinity of the former Redcar works, which closed in the year 2015 and cost around 2,200 people their jobs. steel

When Andrew Davies , 59, and his friend were weighing up whether the investment in Sirius Six Years ago, that The Boost to The Local economy was a factor in their decision.

"Many of The Locals were really, really happy, because it is obvious that the regeneration of their area, said this is fantastic," he said.

"Because the share price was at the time quite small, we thought, it had a large growth, it would complement our age supply and the support of a British company as well. "

fortunately, Mr Davies bought some Sirius shares if you have less than a dime, and the highest, he 7p was paid.

Still, he has £60,000 of his money in The Company . "Of course I'm very excited, because of what's gone on," he said.

conserve cash

It was also This Week that the government would, the $1-billion-loan guarantee to Sirius . "The government is in fact secure," he said. "It will be a massive boost for the Country . "

Financially, Mr Davies said that it is not difficulties for him. "From the very first day, I've ensured that my equipment would not be adversely affected by my Pension as such, because at the end of The Day , this was not something that was improving my Pension risk with my Pension . "

But he can really do a lot with his Sirius -share.

to save The Woodsmith mine site in the vicinity of Whitby

In an effort, cash, Sirius has slowed down work on the construction site, where 1,200 people work, the vast majority of them are employed by Third Party contractors.

Sirius had hoped to produce polyhalite next year. It has failed to deliver offers, 11. To 7 million tons per year.

it is to sink two shafts to allow up to a depth of 1,500 meters in the Woodsmith to me, for the production.

The race is now on the search for an investor to Finance the next steps in the development - or maybe even a buyer for The Company .

Mr Davies goes, depends on its stock. "It has no sense to sell now at a loss. You can also keep now, and believe, the Sirius line is that it will come One Day to wear. "

Mr Howard said The Situation was "very distressing, especially for me and my wife in our Old Age ".

He said: "We know that the purchase of stocks and shares is a gamble, but this looked so, so good and they already have huge orders in the pipeline from other countries.

"Personally, I don't think it will fail, I hope not anyway. I think we are just in a rough, rocky ride for a few years. "

mining, sirius minerals

Source of news: bbc.com