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Report focuses on the future of potash
THE chief executive behind plans to build a billion-pound potash mine in the region has claimed the project will deliver “the most important need for humanity”.
Chris Fraser’s comments feature in Sirius Minerals’ annual report, which was published yesterday along with the company’s latest accounts.
Sirius, the parent company of York Potash, which has submitted plans for a sunken head mine at Sneaton near Whitby, saw losses fall from £60 million in 2012 to £8.6 million in the year to March 31.
Bosses say funds were significantly boosted by securing £25 million of funding earlier this month from an unnamed New York investor.
The report outlines other achievements over the last year which include a ten-year offtake contract with Chinese firm Yunnan TCT Yong-Zhe, and a marketing agreement with major fertilizer trader Keytrade AG to sell 1.75 million tones a year of polyhalite (a high grade of the plant fertilizer potash) in central and south America.
The project, which is expected to create 1,000 mining and processing jobs, is awaiting the go-ahead from the North York Moors National Park planning authority after a decision day of June 23 was deferred at the request of Sirius.
Mr Fraser, who took home £506,000 in wages and benefits in the last financial year, said: “The year ahead will be dominated by the approval process for the York Potash Project.
“Although delays of several months are frustrating, we should not lose sight of the fact that we are building a business that could potentially last for hundreds of years. Building strong foundations for such an undertaking takes time and everyone is working as hard as possible to do this right.
“I am very confident that the York Potash Project will be approved and developed. The project is too important to the local, regional and national economies.
“More importantly it delivers perhaps the most important need for humanity – food security through sustainable development.
“The support for the project is very strong throughout the community and all levels of government, from the local boroughs to senior government ministries.”
Yesterday Sirius also announced the date of its AGM which will be held at 11.30am on Tuesday, September 24, at The Royal York Hotel & Events Centre.
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