Pieces fall into place for York Potash development
SIRIUS MINERALS is set to commence construction at its North Yorkshire fertiliser project.
The business secured main planning applications last year and has secured approval for key infrastructure needed to start construction on the polyhalite-rich site.
It also said it has seen “major progress” towards the completion of the Project’s definitive feasibility study, which was holding the project up. Sirius’ shares dropped on the announcement that it would be delaying the study in January.
The publication in March of the material findings of its Definitive Feasibility Study (DFS) valued the fertiliser business at more than £10bn , rising to £19bn when production starts.
The company believes the mine will create 1,040 direct jobs, with a further 1,010 supported in the construction and development phase, and £1.2bn delivered in exports.
The business changed its financial year to suit funding cycles for the project, to which it has already signed up importers from China and the US.
It says it is actively involved in obtaining long term finance for the Potash mine, but admitted that project financing remains “uncertain”.
During the nine-month period ended 31 December 2015 the group made a consolidated loss of £6.96m compared to a loss of £9.57m for the year ended 31 March 2015.
