The Qatar Investment Authority tried to put together a rescue deal to save Sirius Minerals before Anglo American stepped in, sources close to the situation have said.
The sovereign wealth fund, the company’s third-largest shareholder, looked to raise equity for the North Yorkshire mine project after Sirius was forced to pull a crucial $500 million bond issue in late September.
Qatar bought a 3% stake in Sirius in May last year and was worried its equity would be wiped out if the firm did not find finance.
A source said: “They were looking at a short-term bridge proposal.”
However, the source continued that Qatar decided against pursuing a rescue package once Anglo American made an offer in January.
The source added: “It did not want to go head to head with Anglo. It wouldn’t be their style to go hostile with a company like Anglo, BHP or Rio and they don’t tend to fund early-stage mining development projects.”
Last week Sirius told investors to accept a takeover bid from Anglo when a shareholder vote takes place on March 3.
An unnamed US led consortium is also said to be attempting a rival takeover of Sirius.
