The shares of Sirius Minerals (LSE: SXX) dropped 0.1p to 12.65p during early trade this morning even though the potash miner claimed its POLY4 fertiliser could help grow larger and healthier cabbages.
Sirius, which is trying to win permission to turn a site in North Yorkshire into the world’s largest and highest grade polyhalite mine, revealed tests showed its fertiliser had helped grow cabbages some 33% heavier after 48 days from planting.
The comparison was made against cabbages grown using a traditional source of potash. The same tests showed a 13% improvement against cabbages grown in a premium potassium fertiliser.
Sirius noted the study, which was carried out by the University of Florida, showed cabbages grown in POLY4 enjoyed a 77% increase in tissue potassium, which was indicative of “improved nutrient use efficiency”
Chris Fraser, chief executive of Sirius, commented:
“Besides the broad-acre crops it has been encouraging to see the positive results of POLY4 on a more fertilizer-sensitive crop such as cabbages which are known for their precise demands from the nutrient source. POLY4, which has a range of nutrients, coupled with appropriate nutrient release rates, is an effective and quality fertiliser.”
Today’s statement followed a crop study in August that revealed tomatoes grown using POLY4 were 24% heavier than those planted in alternative fertilisers.
Sirius hopes to receive approval to develop its North Yorkshire site during January next year and then commence construction before April. The mine is expected to become operational during 2018.
Of course, whether Sirius receives that development approval, secures the necessary finances for the project and then goes on to sell vast quantities of POLY4 to vegetable farmers around the world is something only you can decide.
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Maynard does not own any share mentioned in this article.