Potash gets ready for start of a new chapter

A new potash mine in North Yorkshire is among developments expected to create jobs for Scarborough residents
A new potash mine in North Yorkshire is among developments expected to create jobs for Scarborough residents
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The firm behind a potash mine due to start construction in the new year says despite making a £4.7 million loss this year it is looking forward to the start of an “exciting chapter”.

Sirius Minerals, parent company to York Potash which is behind the £1.7 billion mine being built at Sneatonthorpe, revealed its interim results for the six month period up to September 30.

While the group made a loss of £4 million, this was less than the £6.7 million loss for the same period last year.

Cash resources at the end of September were £25.1 
million compared to £27.4 million in 2014.

However, net assets at the end of September 2015 were £153.4 million compared to £132.6 million.

In his chairman’s report, Russell Scrimshaw said the 
figures didn’t take into account the position will be in as a 
going concern.

He said: “The progress we have made on securing the key approvals, increasing 
bankable customer contracts and 
developing the long-term 
financing strategy has been 
significant and hard-earned.

“They will prove to be both a defining part of the company’s history and the start of an even more exciting chapter ahead.”

He added that the project was about more than the “substantial financial returns” it can generate for shareholders.

He added: “It is about a project that can deliver strong returns whilst creating jobs and prosperity in a region that desperately needs more 
opportunity.

“And it is about a British company set on breaking down the barriers to become a global leader in a product and industry that the world will rely upon to successfully feed its growing population.”

The highlights of the year for Sirius have been resolutions to grant planning permissions for the mine, mineral transport system, materials handling and supporting park and ride developments, and upgrades to the agreement with a US based customer .

Mr Scrimshaw added: “​This is a key reason why we have so much support ​for ​what we are delivering and on behalf of our team I thank all our supporters for their continued backing.​“​