"Just the beginning" after knife-edge 8-7 vote approves £1.7bn mining scheme
THE man behind the York Potash project declared it is “just the beginning” after the £1.7bn scheme was approved by a single vote at a marathon eight-hour planning meeting yesterday.
In a specially-convened meeting of the North York Moors National Parks Authority at Sneaton Castle in Whitby, councillors voted 8-7 to allow the development which will see a potash mine dug under the North York Moors.
Sirius Minerals’ managing director Chris Fraser said: “This is really just the beginning for the company – we have made a major step forward and now have a pathway to reaching production and unlocking ever more value for our shareholders.
“We are grateful to the members of the Authority for their positive consideration of the application and we thank our many loyal supporters, investors and customers for their patience in helping us to get to this stage.
“The case for the project has always been compelling because it will not only generate so many jobs and economic benefits, but also because it is accompanied by such extensive mitigations, safeguards and environmentally sensitive design. We now look forward to delivering it.”
Sirius Minerals 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 plans, which have been under discussion for five years, are for a shaft to be dug a mile into the moors to reach polyhalite. A 23-mile tunnel containing underground conveyor belts would then link the mining site to a processing plant in Teesside.
There is estimated to be 3bn tonnes of the mineral, which is used as a fertiliser, and which could be mined for 100 years.
Shares in the AIM-listed company have been fluctuating in value over the past few months as uncertainty continued over the scheme, ahead of the crucial meeting. Planning officers had not recommended a decision when producing their 229-page report, instead leaving it in the hands of the councillors.
In May shares had peaked at 24p, valuing the company at £520m, but it had slipped back to 15p at Monday night’s close, with trading temporarily suspended on Tuesday as the planning meeting took place.
