Potash Developer Sirius Minerals Applies For Marine License

By:
on Aug 21, 2012
Listen

York Potash has applied for a marine license for its £2 billion York Potash Project. If granted the license will allow the company to extract potash minerals from beneath the seabed off the Yorkshire coast. The plan is for the minerals that lie in seams below the seabed to be accessed via tunnels from onshore.

Sirius Minerals (SXX), which is the parent company of York Potash, said that the license is an important part of its long term plans for the project, but the submission is only implementable if a forthcoming onshore application results in the granting of planning permission.
Chris Fraser, managing director and CEO of Sirius Minerals commented on the subject, stating that the company continues to “work up the detailed onshore application which will be preceded by extensive public consultation in the coming months.”

!m[](/uploads/story/279/thumbs/pic1_inline.png)The York Potash Project is now Sirius’ main development asset. It targets Polyhalite and Potassium Chloride as sources of Sulphate of Potash (SOP) and Muriate of Potash (MOP) respectively. Researches and historical data suggest that the area could potentially host the largest and richest Polyhalite deposit in the world. The company’s estimations suggest that there are inferred resources of 1.35 billion tonnes of 88.7% Polyhalite within an area representing only 2% of the revised project area (currently Sirius has mineral rights agreements over 661 km2). Deposits of Potassium Chloride in the project area are also believed to be very potent.

Sirius believes that the York Potash Projects will allow it to establish itself as one of the world’s largest producers of Sulphate of Potash. The company has a lot of experience in developing high-profile projects such as the Dakota Salts in North Dakota, USA, the Adavale project in Queensland, Australia, and the Canning Basin project in Western Australia. But the development of the York Potash Project is the company’s most ambitious operation to date. With it the company hopes to achieve low production cost and high production levels.

York Potash Project may be an essential part of Sirius’ strategy for expansion, but it will also have a positive impact on the economy of the region, attracting fresh investment, building infrastructure and creating new jobs. The development of the mine is expected to require considerable investment and according to Sirius it will be the first operation of its kind in the UK for nearly 40 years. The company also claims that the project will create up to 5000 jobs. Up to this moment Sirius has managed to raise £55 million to fund production in Yorkshire.
Some notable figures are to be found at the company such as former cabinet minister Lord Hutton, the
CEO of Network Rail Sir David Higgins and former chief geologist of Boulby Potash mine Peter Woods are amongst the members of the board.

Ad

Invest in commodities like Gold, Wheat, Lithium, Oil & more in minutes with our highest-rated broker, eToro.

10/10

eToro offers real assets only, no CFD products. eToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation.

Visit site

Featured Broker

Looking to invest?

Invest globally in stocks, options, futures, currencies, bonds and funds from a single unified platform, with our highest-rated broker.

Ad
Commodity Mining Stock Market