Industry Expert Backs £245m Investment in York Potash Mine02 November 2016
We’re pleased to see the York Potash development continues to move forward, following a major investment boost from industry experts.
Gina Rinehart, controller of Hancock Prospecting, is backing a £245m investment in Sirius Minerals, the company behind York Potash. The Polyhalite Mine – which the LEP helped through planning earlier this year – is the largest private sector investment in the North, with an estimated value of over £10bn.
Ms Rinehart -Australia’s richest woman, believes that Sirius has the potential to become a world leading producer of multi-nutrient fertilizer, as her company’s investment sees the mine edge closer to fruition. With our support, all major approvals for the project have now been granted.
In a Press Release” The ability to feed the world’s growing population and meet the increased demand through more efficient, higher yielding agricultural land use, requires investment in this type of innovative product. The strong investment credentials also meet Hancock’s criteria”
The York Potash mine is estimated to create 2,500 direct and indirect jobs, contribute £2.3bn to UK GDP and £2.5bn of exports per annum. Sirius minerals saw share prices rise by nearly 4 per cent following the news of the experienced industrialist’s investment.
The project site, 4km south of Whitby, holds the world’s largest and highest grade polyhalite resource; a naturally occurring evaporate mineral containing four of the six macro nutrients considered essential for plant growth.
The project will include the production of a mine, mineral transport system, handling facility and port facilities. The polyhalite will be processed into granulated and powdered forms ready for commercial use.
As well as welcoming the creation of new jobs and investment, we at the LEP hope this to be another step towards our aims of making the patch a global leader in the bioeconomy; providing a longer term source of fertilizer to support the regions substantial agri-food sector – an area of innovation highlighted recently with the launch of the National Food Innovation Network at the FERA National Agri-Food Innovation campus.