Potash company reports a £6.1m loss

First published in Business news

SIRIUS Minerals, the company behind the York Potash project, has reported a loss after tax of £6.1 million as it accelerates development of the project.

During the six-month period to September 30, the company made a consolidated loss of £6.1 million, compared with a loss of £2.3 million in the same period in 2011.

Cash resources at the end of September 2012 were £36.8 million, which will be used to continue the drilling programme and feasibility studies for the York Potash Project, and the company’s net assets were £89.9 million.

Russell Scrimshaw, chairman of Sirius Minerals, said: “Sirius continues to rapidly advance the York Potash Project.

“We are focused on the delivery of the key foundations for a long-term, environmentally sustainable, safe and economically attractive fertiliser business.

“This is an exciting and groundbreaking time for Sirius.”

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