Funding deal for Potash mine

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Sirius Minerals has announced a material reduction of its capital funding requirements for its North Yorkshire potash mine project.

The firm has been working for more than 18 months conducting a detailed early engagement and competitive tendering process with specialist contractors for critical aspects of the project’s construction. The completion of the process and the selection of the contractors for the mine site development and the mineral transport system has now enabled the company to confirm a refined implementation plan for the delivery of the scheme, which will be based just south of Whitby.

Managing director Chris Fraser said: “The reduced capital funding requirement will also be a significant benefit to the already attractive economics that underpin our world-class project. We look forward to continuing to work with our contractors and their local supply chains as we move into the delivery phase and maximise value for both our shareholders and the wider economy.”

The project will create more than 1,000 jobs when it reaches full production.