Just a day after outlining plans to bring in up US$1.2bn of new funds, Sirius Minerals PLC (LON:SXX) has revealed the process is ostensibly complete.
Investec's Jeremy Wrathall tells Proactive: ''Given the backing of Gina Rinehart's foundation this has really set the scene for this placing to be successful.''
He adds: ''UK investors are much more open to the mining industry right now and hence I'm not particularly surprised that it went so quickly''.
Asked whether this will be the last equity Sirius will raise before hitting production, he said ''It's a difficult one to say because obviously they've still got to raise a second tranche of funding but given that this has been raised successfully and this will have given them enough money to start production it seems highly unlikely that they won't be able to raise a second tranche''.
