Sirius hails ‘world class’ site following mine tests

The group released details of analysis by the British Geological Survey, which showed a 23m intersection of 93 per cent polyhalite in the upper seam.

Sirius said the results confirm the presence of “thick and high grade” polyhalite.

Polyhalite is processed to create a high-value fertiliser and is the main target of York Potash’s current drilling.

Chris Fraser, managing director and chief executive of Sirius, said: “These results provide further confidence of the world-class nature of the York Potash Project following the release of our maiden resource, delivering the world’s largest and highest grade resource of polyhalite.”

It is hoped the potash mine, which is expected to cost as much as £2bn to build, will bring a massive employment boost to the Yorkshire coast with up to 5,000 jobs.

But opponents have voiced fears that a major mining operation would destroy one of the country’s finest landscapes.

Exploratory drilling work is continuing but initial test results have found one of the world’s most extensive deposits of potash.

A full planning application for the mine is due to be submitted to the North York Moors National Park Authority later this year.

York Potash has said that up to £9m a year will be ploughed into projects in surrounding communities.

The group said the community fund will contribute a major windfall for local projects.

An initial ‘start-up fund’ of £2m will be paid into a foundation by York Potash once the main construction of the mine begins, with further annual payments once operations start.

A binding contract will ensure York Potash pays 0.5 per cent of annual revenue to the foundation.

Studies have shown about £3m per year will be available for community projects in initial production phases, before the figure increases to up to £9m annually.

Mr Fraser said: “York Potash is a world-class project of national importance and the foundation provides a direct and lasting way to deliver significant funding for the local community in the project area. The creation of the foundation has been a key component of our thinking.”