York Potash Project hails the next "exciting chapter"

Sirius won approval from the North York Moors National Park Authority for the mine and mineral transport system.

The result was an improvement on the £6.7m loss the previous year.

Sirius chairman Russell Scrimshaw told shareholders: "The progress we have made during this period on securing the key approvals for the York Potash Project, increasing bankable customer contracts and developing the long-term financing strategy has been significant and hard-earned.

"In my view, they will prove to be both a defining part of the company’s history and the start of an even more exciting chapter ahead."

He said that the group's success with various key approvals for the project has dominated the period. It received its first two approvals in April from Redcar and Cleveland Borough Council for the mine and mineral transport system and the materials handling facility.

Then it won approval from the North York Moors National Park Authority for the mine and mineral transport system.

"The build up to the committee hearing and the meeting itself was keenly followed locally, nationally and internationally," said Mr Scrimshaw.

"It was a substantial moment of both relief and joy for our management team, staff and everyone associated with the project after so much hard work when the North York Moors National Park Authority endorsed the exceptional circumstances of the project and resolved to grant the application.

"Having sat through the proceedings and aftermath of the decision I can say that the outpouring of support and good wishes from so many different stakeholders in the UK and around the world has been hugely gratifying for everyone associated with the company."

Mr Scrimshaw said the project has always been about much more than the substantial financial returns it can generate for shareholders ,many of whom are from the local region.

"It is about a project that can deliver strong returns whilst creating jobs and prosperity in a region that desperately needs more opportunity. It is also about a mining and infrastructure project that is uniquely sensitive to the environment and has not been done before. And it is about a British company set on breaking down the barriers to become a global leader in a product and industry that the world will rely upon to successfully feed its growing population.

"I know this is a key reason why we have so much support for what we are delivering and on behalf of our whole team I thank all of our supporters for their continued backing."

Chris Fraser, managing director and CEO of Sirius, added: “It has been a transformational period for Sirius, during which time we have successfully secured the approvals for the key parts of the project infrastructure, increased the level of customer contracts and advanced the financing strategy.”