New sales deals will be the next major catalysts for investors in UK mine developer Sirius Minerals PLC (LON:SXX), according to Liberum Capital.
Sirius today confirmed it will move to the main market late next month as it updated on progress its Woodsmith fertiliser mine in North Yorkshire.
Work on routes in and out of the area has begun, while site preparation earthworks are slated to get underway in the second quarter.
Sirius in its update also said it was making “good progress” in clearing the conditions outlined in the project's planning agreements.
In short the £1bn first phase of the mine development is on time and on budget.
“Progress continues as expected with site prep to commence in Q2 and we have made no changes to our estimates,” Liberum mining analyst Richard Knights.
“The company has also added resource in its marketing department, where signing of further binding sales agreements will be the next major catalyst for the equity, in our view.”