The Miner

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The Future of a large potash mine was thrown in North Yorkshire , is in doubt after The Company cancelled The Project plans to raise $500m (£403m) through a bond sale.

Sirius minerals to blame "market conditions", including Leakage, and the lack of government support for the decision.

It is now a six-month report, there are four different options for a new financing plan for the resumption of The Project .

The entity's share price halved in response to the news.

Sirius had already put the blame on "market conditions".

The Project is The World 's largest mine for polyhalite, a naturally occurring fertilizers used in agriculture. The Mine is due to open in 2021, and More Than 1,000 jobs.

The plans for a 23-mile (37km) tunnel for the transport of the minerals to a processing plant in the vicinity of the former Redcar steel works.

the strategic review takes place, the Various parts of The Work is slowed down, up to manage cash-flow while.

minerals underground to be transported to a processing plant on Teesside

the announcement of the changes, Sirius Managing Director Chris Fraser, said: "This is the smartest decision The Company the necessary time to restructure their plans in order to drive The Project forward.

"The Process of integrating, feedback from prospective loan providers about the risks associated with construction and is looking for a strategic partner for The Project . "

The Company said it had asked to support the government, but his request was rejected.

Sirius added That he believed That "this commitment would have allowed, The Company will be funding supplied as planned".

the Prime Minister 's official spokesman said: "In the examination of a request for funding, we have to assess the potential of a project against the money of the taxpayers have to protect. "

He added: "We have made and continue to be significant investment in the Northern powerhouse project. "

The MP for Redcar, labour's Anna Turley , said it was "devastating news".

"That the government refuses to step into the breach and secure this enormous project is an absolute disgrace.

"owe to This government, everyone involved an apology. It is not Too Late to change your mind and save a step this huge project and the jobs and livelihoods That depend on them. "

Middlesbrough MP, "Sirius is crucial for Teesside, The Future , and if the government stands aside, as it is with the Redcar blast furnace, you will never be forgiven. "

Robert Goodwill , the Conservative MP for Scarborough and Whitby, said it would be "unprecedented" for the government to step in.

"I hope you have success in finding a partner, I think That The Best way forward," he said. "The government looked at it and said it was the kind of thing That you can do, it is a commercial project, and if it is a viable project, then other companies back. "

"Not Houchen, the game is over'

the Tees Valley mayor Ben said, there was always hope That the problems could be solved.

"I'm in daily contact with Chris Fraser and remain confident That the truly transformative benefits of this project deliver for our region and will be delivered," he said.

Russ is the Form of investment platform Aj Bell , said: "This is terrible news for a very large number of retail investors' trust in The Company .

"'ll be Many of these shareholders are in the vicinity of The Mine and invested as a sign of support in a project That has the potential significantly to The Local economy improve. "

He added: "Although the stock has taken a beating on today's news, it's game over for Sirius and its shareholders. The Miner has a couple of options to try and save The Project . "

mining, whitby, companies, sirius minerals

Source of news: bbc.com