Sirius shifts focus to Yorkshire
SIRIUS Minerals is focusing its £54.3m cash pile on developing a new potash mine in Yorkshire after putting its other developments on hold.
The company believes the York Potash Project is the most promising of the schemes it has been developing and is now looking to move forward with the creation of a mining operation in the Scarborough and Whitby area.
Sirius reported a pre-tax loss for the year to the end of March of £63.1m this morning but that was largely a reflection of impairment charges relating to developments in the US and Australia which will be placed on hold while the York Potash Project goes ahead.
It finished the year holding £54.3m in cash which will be used to fund the firm’s test drilling programme in the area and feasibility studies.
Sirius chief executive Chris Fraser said: “In the past year, Sirius has successfully confirmed the world-class potential of its flagship York Potash Project and has built the foundations to deliver financing, construction and production as quickly as possible.
“Sirius has come a long way and the level of intensity will continue to escalate as we progress through feasibility into construction.
“Whilst recognising the work and focus required over the next year, I am confident that Sirius has the people with the necessary skills, determination and energy to achieve our goals for York Potash.”
