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Sirius Minerals says it won't quit the stock market, as its search for finance to complete a huge mining project continues.

Thousands of jobs in Teesside and North Yorkshire will depend on the polyhalite mine and processing centre, which failed to to secure the £400m in funding in September.

It slowed down construction at its sites and laid 300 night-shift workers of f as a result.

Reports in a national newspaper suggested that Sirius Minerals could go private, with chief executive Chris Fraser reportedly saying: "‘Where we are now, I think we might be better off being a private company, because sentiment, short-sellers and all those sort of features are just massively distorting the value of the company."

The report said the comments would worry the 85,000 small investors - many of whom live on Teesside or in villages in the Moors surrounding its Whitby mine.

(Image: Evening Gazette)

However, in a follow-up statement, the company claimed Mr Fraser's comments were taken out of context and said: "There is no intention to take Sirius Minerals private. Our focus is on completing our strategic review and unlocking the value of our project for our shareholders, our community, and the UK as a whole."

Sirius' share price sank last month after the business failed to secure the complicated financing package.

Local politicians and business leaders have urged the government to think again and support Sirius by underwriting the loan.

A Parliamentary petition calling on the Government to "get your priorities straight" and guarantee the vital loan was launched last week.

(Image: evening gazette)

The petition, organised by Piers Quarry, urges the Government to "stop squabbling about Brexit" and underwrite the funds to complete the massive mine - because "your country needs it".

Sirius Minerals has said it approached the Government to provide loan guarantees for around £800m of bonds, which would have secured the financing needed to finish the project - but has so far been unsuccessful.

The company is examining other options, including the possibility of mining some of its polyhalite product early, then selling it to fund the next stage.

It was handed a potential lifeline last week after signing a new distribution agreement to sell its polyhalite fertilizer, POLY4.

The company has signed a ten-year supply and distribution agreement with Qatari state-owned Muntajat for the sale of over 2 million tonnes per year into Africa, Australia, New Zealand and certain Middle Eastern and Asian territories.

While that announcement was welcomed as a sign of confidence in the project, Redcar MP Anna Turley said it was "even more frustrating that the government are too short-sighted to see the same opportunities" and give the guarantees needed.

Once fully operational, the project is set to support over 1,000 good quality, well-paid direct jobs, with more in the supply chain.