YORK Potash has revealed its proposed mine near Whitby is expected to cost just over £1 billion.

The company said this was less than it expected and it could be completed three months faster than originally thought and as soon as 2016.

The pre-production capital costs were announced for the mine, which is expected to create more than 1,000 jobs, after further engineering work by parent company Sirius Minerals.

Chris Fraser, 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.”