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'Gutwrenching': How the dream of a Sirius Minerals goldrush became a nightmare for investors


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Pat Earnshaw ploughed all his cash into the world's largest fertiliser mine - and watched his holding soar by as much as £2,000 some days.

But the "Sirius dream" quickly turned into a "gut-wrenching" nightmare for him and thousands of other small-time investors.

Sirius Minerals'  share price went into freefall on September 17, after the firm pulling a £400m fundraising attempt for its world-leading mine project.

It has left a financial black hole way bigger than the one they're digging just south of Whitby.



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Guest longterm

This share is for the long term, many financial and engineering hurdles to overcome until they can remove the Poly4 from the ground and sell world wide. 5-10 years until full production is achieved  

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I closed my short at 4.38.  Sirius will almost certainly be in administration within the next six months but it has a history of staggering on for much longer than might be expected.  The share price also spikes occasionally, which I think may be local investors doubling down.  Sirius' shares are now unborrowable.

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there are the 85,000 retail shareholders, some of whom live close to the mine site in North Yorkshire and had invested in a bid to boost the fortunes of the local economy.


While the bulletin boards have been filled with tales of woe, some on the market will be rubbing their hands with glee at Sirius’ plunge.

One such character will be hedge fund billionaire and America’s 45th richest man Kenneth Griffin,


... Anna Turley, the Labour MP for nearby Redcar, who in a statement following the news branded the government’s refusal to step in as an “absolute disgrace” as the project would provide 1,200 jobs across Teeside and North Yorkshire.

Turley also lambasted the government’s Northern Powerhouse strategy, which aims to boost economic growth in Northern England, saying its commitment to the proposal was “ringing hollow” in the wake of Sirius’ troubles.




Those affected are not Tory voters (people in the north of England) so they won't get any help from London.


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Chris Fraser, chief executive, said the Financial Conduct Authority should investigate the bulletin boards where many Sirius retail shareholders discuss their investments.

The Sirius chief said it was “deeply concerning” that regulators did not address the forums where people were “holding themselves out as experts and giving investment advice”, describing it as “real Wild West stuff”.

“They have these people sitting in their basements in their sweatpants, giving them investment advice — unregulated, unlicensed and people follow them,” he said.

The most prominent online share forums are the London South East and ADVFN forums. Investors post hundreds of messages a day, sharing details of their share…


Who's sat here reading this in their basement in their "sweatpants" ROFL!! 😂😂

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Another quote I find incredulous is that Chris believes that when the company’s stock fell 10% the day before the $500 million bond offering failed, “that this might have been triggered by a post on an online forum that falsely claimed it was about to announce an equity-raising”.

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