London-listed Sirius Minerals is set to unveil a £2.5bn debt and equity fundraising tomorrow as it seeks to develop a potash mine in Yorkshire.
Sky News reported that Sirius is set to announce its largest equity-raising to date as part of a massive financing package.
Read more: Sirius Minerals on track with Yorkshire mine but still chasing up to $600m
The equity will be raised through a placing with existing shareholders, who include Australian mining magnate Gina Rinehart and major City institutions.
It is also expected to announce a debt package which could be worth $3bn (£2.3bn), although Sky sources warned this was yet to be finalised.
The project marks the first deep mine to be sunk in the UK for 40 years and has a completion target date of 2021.
Read more: Sirius Minerals signs Brazilian supply deal for its Yorkshire mine
Sirius has estimated that the site holds sufficient potash for a century of mining and could support more than 1,000 jobs.
Potash is used in the production of fertiliser.
Sky said investment banks JP Morgan and Liberum were jointly working on the placing.
Sirius was contacted for comment.
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