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A Teesside MP has told the Government to "put its money where its mouth is" and support Sirius Minerals' mine - after it emerged the company has a few weeks before the cash runs out.

The company put financing for its £2.5bn scheme on hold last week "due to market conditions", sending its own share price plummeting as the US trade war with China rippled through the stock market.

Stockton North Labour MP Alex Cunningham has called for a Government funding guarantee on the mine and Teesside plant, which is expected to create 2,000 jobs at its peak.

Sirius says it has enough cash to keep tunnelling the mine at its current speed until September, but it was forced to suspend a $500m (£410m) fundraising offer to the markets.

The mine and Teesside processing plant is still "on time and on budget".

But that could change if Sirius is unable to head off a looming cashflow crisis by raising vital funds in time.

(Image: Thomas Prinz)

The company is securing a £2bn credit facility with JP Morgan to build its final phase , but the investment banks says it must first find £410m before it releases the funds.

In a letter to the Business Secretary, Mr Cunningham said the project will have a "significant positive impact on the economic growth of Teesside".

He said: " On the steps of Number 10, Boris Johnson told the nation that he was determined to “unleash” the economic power of the regions.

"He later confirmed his Minister for the Northern Powerhouse would attend Cabinet in a nod to this pledge.

“If the Prime Minister is serious about the Northern Powerhouse then backing Sirius Minerals is a must.

"He should put his money where his mouth is and provide a package of financial and infrastructure support to the company.

“This project is about the future economic prosperity of the Tees Valley as a whole, the Government must do all it can to ensure it continues to be delivered by the set timescales.”

Market volatility caused by Trump's trade war with China has been blamed for the company taking its foot off the gas.

But the mood remains buoyant among its legion of smaller shareholders, many of whom are thought to come from Teesside, who claim they are "in it for the long term" and there has "never been a better time to buy" Sirius shares.

Around half of Sirius Minerals shares are held between some 85,000 retail investors, with an estimated 10,000 living close to the Whitby mine itself.

"If I had the money," one Sirius worker has claimed, "I'd buy now.

"It's the only resource mineral on the earth in a great amount.

"I'm only a production worker there, but this fall in price shares is because they pulled out of a half billion deal.

"They need 2.4 bil to finish it.

"With profits of 7.8 bil, I think it's a great investment."

One Teesside Live reader said: "They are just pausing while the market stabilises over the next few weeks.....don't panic!"

While another confirmed they had just bought more shares on the back of the latest news.

"In it for the long term," they said, "sure once you Teesside lads get the commissioning going it will fly together.. then I can retire on my investment."

But according to one poster, a "lot of local people" have chucked money into buying shares because they are emotionally attached to the project on their doorseps.

"I have a feeling it's not going to end well and Sirius will be taken over when the shares are worthless. One big rule in share dealing is don't let emotions get involved

Meanwhile another more seasoned commenter said: "Been retired 25 years and come to the conclusion that the best place for your money is under the bed."