Sirius Minerals closes Sydney office

6th Aug 2014 16:20

Sirius Minerals have announced the closing of their Sydney office due "to the complete focus of the company on the success of the York Potash Project", the company said on Wednesday.The majority of the company's executive roles based in Sydney have been moved to the UK after Sirius acquired York Potash two years ago.The role of CFO will also be relocated to the UK but the current CFO, Jason Murray, will not relocate due to personal reasons and will be replaced in August, with York Potash's CFO providing interim cover until Murray's successor is appointed."Our executive functions are located in Scarborough and London and it no longer makes sense for us to incur costs associated with other offices," said Sirius chairman Russell Scrimshaw. "As we continue to plan the development of the Company this restructure and new appointment pave the way for further success."Broker SP Angel claimed Sirius' decision to close their Sydney office was long overdue and that their insistence in keeping various executive roles based in Australia up until now was "beyond comprehension".According to SP, "the move highlights the financial waste of a company which is struggling to make a difficult project work" and the broker also pointed out that "there is still significant uncertainty over the financing, flow sheet and development of the York Potash project."Sirius shares weren't affected by the announcement and remained stable at 11.25p as of 16:25 on Wednesday.DC