North York Moors

Sirius Minerals is working towards obtaining the financing necessary to develop its £1.7bn York Potash project following the positive decision by members of the North York Moors National Park Authority (NYMNPA).

Sirius Minerals managing director and CEO Chris Fraser said: "After our recent approvals success, we are now rapidly moving to the next phases of financing and construction of the York Potash Project.

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"With the underlying strength of our business model, unique product and sector fundamentals, I believe we are only at the beginning of a very steep value curve as we move towards becoming a major multi-nutrient fertiliser producer."

The company said it plans to undertake various steps prior to obtaining final decision notices for the mine and MTS from both the NYMNPA and Redcar and Cleveland Borough Council (RCBC).

RCBC needs to give final decision notice for the materials handling facility (MHF), while the Scarborough Borough Council (SBC) will give notice for the temporary construction accommodation as well as a park and ride facility.

"I believe we are only at the beginning of a very steep value curve as we move towards becoming a major multi-nutrient fertiliser producer."

Key approvals to develop the mine are expected in September.

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The company proposes to split the multiple financing required for the project into two stages.

During the first stage, the focus will be on the initial construction period where the perceived risks are higher.

This financing is expected to advance construction of the project to a point where risk is reduced.

Stage two financing will account for the majority of financing requirements of the development.

The Telegraph reported that two investment banks have been appointed to begin preparations for a £2bn fundraising to construct the mine.

Image: Map of North York Moors National Park. Photo: courtesy of Lencer.