Sirius cuts mine development costs
SIRIUS Minerals has cut the estimated cost of developing a new potash mine in North Yorkshire by $1bn.
The company had originally put the capital costs at $2.7bn but a revised study published this morning cut that to $1.7bn, or just over £1bn.
The company has also published results of a study showing the polyhalite that would be mined at the site can produce NPK fertilisers used by farmers to help grow crops.
Chris Fraser, chief executive of Sirius Minerals, said: “This study shows that we can significantly reduce the capital costs of the mine and construct the project quicker than we previously anticipated – speeding up the job creation and all the associated benefits of the project for the region.
“This is an important milestone for the York Potash Project because it outlines how, by maximising the unique benefits of Polyhalite, we can become a world leader in the fertilizer industry, helping to provide a solution to the growing issue of global food security.”
Sirius is planning to build a minehead around 2km south of the village of Sneaton with the mined ore transport by underground pipeline to a processing site on Teesside.
