The chances of a potash mine taking shape on the Yorkshire moors just got a whole lot better, thanks to a major financing.
Sirius Minerals Mining News
Plans for a new potash mine in northern England moved a step forward on Thursday when the mine developer announced it has lined up six companies to backstop the project.
Analysts see the long-awaited deal to sell potash to Chinese buyers as good news for the beleaguered sector, even though the agreed price is dramatically lower than last year’s.
Belarus has said it might cooperate with Uralkali, in the first sign the two sides might work together since the Russian potash producer broke off their business alliance in 2013.
The Denver-based potash miner is placing its West facility in New Mexico in "care and maintenance” beginning July.
Analysts, companies expect prices to stay below 2015 levels for at least the next two years.
The company also said it expects final decision notices for key approvals by the end of September.
A special committee voted 8-7 in favour of the project, expected to generate at least 1,000 permanent jobs and inject US$1.6 billion a year to the British economy.
The company will hear by June 30 whether it will be allowed to mine polyhalite, a type of potash fertilizer, from a deposit located under Brittan’s North York Moors national park.