The company behind plans for a new mine near Sneaton has upgraded the size of its mineral deposits in a move intended to give confidence to future project funders.
In a statement to the stock market on Tuesday, parent company Sirius Minerals said that the results from its latest temporary drilling site show an increase in the total amount of estimated mineral to 2.66 billion tonnes.
The deposits have been upgraded to ‘Indicated’ status by independent geological consultants, an internationally-recognised status that gives comfort to financial markets.
Managing director Chris Fraser, said: “The scale and quality of the deposit has been known for some time, but the upgrade to an Indicated status is another key milestone for York Potash and one that will give further comfort in the strength of the project and its globally-significant deposit.”
The news comes as the company’s temporary drilling programme draws to an end and provides independent confirmation experts on the scale of the deposits.
A planning decision on the new mine is expected from the North York Moors National Park Authority on July 2.