SOP whops MOP says Sirius Minerals

The company behind Britain's biggest potash mine, Sirius Minerals, has risen strongly after it revealed data showing plants treated with sulphate of potassium (SOP), which the firm intends to produce at its site in York, produce greater yields than the more common muriate of potash (MOP).

The research conducted by scientists at Texas A&M University is only in the first "growth cycle" but the indications are SOP can also improve the quality of a crop in comparison to MOP.

Chris Fraser, Managing Director and CEO of Sirius said: "Sirius commissioned this study to demonstrate the product performance of SOP as a premium source of potassium and sulphur.

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"Most studies have focused on the lower potassium content of SOP compared to MOP and as a result we felt they did not properly account for the benefits of the added sulphur over the costs of the chloride in MOP.

"The first growing cycle has delivered very encouraging results on both yield and quality. If these results continue, they will help validate our long-held view that SOP can have a much larger share of the potash market and justify a significant performance based premium."

By 10:22 Sirius Minerals's share price had risen 3.2%.

BS