Woodsmith Project: Anglo American contributes further £305m to North Yorkshire economy

The £7bn project, to mine for crop nutrient-containing mineral polyhalite, now employs over 1,400 local people, which is 70 per cent of the total workforce, far exceeding what was expected at this point in construction.

The company has implemented a number of community initiatives across the area and last year, its social investment programme included the launch of a new educational outreach programme and enabled the creation of 73 new local business start-ups.

“We are passionate about building a long-term economic legacy in the region,” said Matt Parsons, social performance manager for Anglo American’s Woodsmith Project.

“Last year we supported 73 new business start-ups and were proud to see the launch of ‘Made in Whitby’. This scheme supported a group of local businesses to create a joint brand to promote high quality locally-sourced products to broaden their reach.”

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The new education programme, Achieve, is supporting students across Redcar and Cleveland, Whitby and Scarborough to reach their potential.

Mr Parsons said: “Achieve offers extensive support for the schools in our local area as we believe all children should be equipped to achieve their potential, regardless of their background.

" Achieve gives all children the same opportunities to thrive. We have also engaged with over 8,000 students over the last year through broader outreach.”

Jordan Philliskirk, assistant headteacher for achievement and standards at Scalby School, Scarborough, said: “Achieve has been imperative in raising the aspirations of our students whilst exposing them to incredible opportunities. It has helped develop their academic potential as well as promoting fundamental social skills, challenge and resilience. This is a programme that we have been crying out for for many years now.”

Tom McCulley, chief executive of the Woodsmith Project, added: “Our purpose at Anglo American is to re-imagine mining to improve people’s lives and we are doing that right here in North Yorkshire and Teesside - helping to make a positive difference locally and in the world for decades to come.”

The news comes as the London-listed company announced its global annual results, revealing a 94 per cent plunge in annual profit and writedowns at its diamonds and nickel operations.

The miner's 2023 profit attributable to shareholders fell to $283m (£223m) from $4.5bn (£3.6bn) a year earlier.

The business announced a $1.6bn (£1.3bn) impairment charge on its De Beers diamond business owing to faltering demand and a $500m (£394.4m) impairment on its Barro Alto nickel mine as prices are hit by slowing demand from the electric vehicle sector.

In December, Anglo American announced it will reduce production at its Kumba iron ore operations in South Africa and will go down to one operational plant at its Los Bronces copper mine in Chile as part of a $1.8bn (£1.5bn) cut to capital expenditure by 2026.