- Fertilizer project developer Sirius Minerals said it had been approached by a 'major global financial institution' with an alternative funding proposal.

The company, which is building its flagship potash project in Yorkshire, had already been pursuing a senior debt financing with a group of prospective lenders since 2016.

That arrangement was most recently adjusted on 22 January to focus on a $3bn multi-tranche structure.

'The company believes that the alternative proposal potentially offers a more flexible and attractive solution to its stage 2 financing requirements and therefore it is pausing discussions with its existing prospective lenders to pursue the alternative proposal,' Sirius Minerals said.

A number of options for an additional non-senior debt financing requirement, as previously outlined in September, continued to be progressed.

Sirius Minerals said it was working towards obtaining firm commitments for the alternative proposal and its additional financing requirements before the end of April.

It remained subject to the finalisation of the financial institution's due diligence and internal approvals.

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