£1bn funding plan announced for North Yorkshire potash mine

Funding arrangements for a new potash mine in the North York Moors National Park creating more than three thousand jobs are expected to be approved by shareholders later this month.

Sirius Minerals wants to dig billions of tonnes of potash, a type of fertiliser, a mile below moors and the seabed near Whitby. The company announced today that it wants to raise a billion pounds to help fund the project by issuing shares and bonds.

Sirius expects to progress the project in two phases: the initial construction phase and the expansion phase.

The first phase is intended to achieve first production from the mine by the end of 2021 and a capacity of 10 million tonnes a year by mid-2024.

MP for Redcar Anna Turley said it was welcome news for her constituents.

In a statement the company said it represents a significant business investment in the UK.