ANGLO American has agreed a £405m rescue deal with the board of embattled
Under the agreement, Sirius shareholders will receive 5.5p for each share, a 34 per cent premium on the British mining firm's 4.1p closing price on 7 January.
The deal is a lifeline for Sirius, which had been under pressure to come up with alternative funding for its
In November the
Anglo American said that it had been interested in the project for some time due to the "quality of the underlying asset".
In a statement, the mining giant said: "The project has the potential to fit well with Anglo American's established strategy of focusing on world-class assets, particularly in the context of Anglo American's portfolio trajectory towards later cycle products that support a fast-growing global population and a cleaner, greener, more sustainable world."
The polyhalite deposit, which is the focus of the project, is believed to be the largest high-grade site in the world. The mine will be the
The offer is good news for Sirius' share price, representing a 46.5 per cent premium on the firm's three-month price from last September. Sirius' shares rose 2.6 per cent to 5.55p yesterday.
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