Sirius Minerals, a London-based mining company, has announced a major deal with a major Asian partner that will help it to develop its flagship project in the North York Moors in the UK. The deal, worth an estimated £2.5 billion, will see Sirius Minerals partner with the Japanese trading house Mitsui & Co Ltd to finance the project and provide technical assistance.
The project, which is expected to create more than 1,000 jobs in the North York Moors, will involve the development of a polyhalite mine, a rare form of potash used in fertilisers. The mine will be the world’s largest and deepest, and will provide an estimated 7 million tonnes of polyhalite per year.
The deal with Mitsui & Co will help to finance the project and provide access to the Japanese market, which is the world’s largest consumer of potash. The deal also includes a commitment from Mitsui to take a minimum of 1 million tonnes of polyhalite per year for a period of 10 years.
Sirius Minerals’ Chief Executive Officer, Chris Fraser, said that the deal was a “major milestone” in the development of the project and a “significant vote of confidence” in the company. He added that the deal would provide the company with the necessary resources to develop the mine and create jobs in the North York Moors.
The deal is expected to be completed by the end of the year and will be subject to a number of conditions, including the completion of an environmental impact assessment. Once completed, the polyhalite mine will become one of the largest of its kind in the world and will provide a major boost to the local economy.
The deal is the latest in a series of major investments in the North York Moors, including the construction of a new port and rail link, and the development of a new visitor centre. This investment is expected to create more than 2,000 jobs in the area and will help to transform the region into a major tourist destination.
Sirius Minerals’ partnership with Mitsui & Co is the latest in a series of major deals that the company has secured in the past year. The company is also in talks with a number of other major partners, including China’s Sinochem Group, which is expected to invest in the project. This investment will help to ensure that the project is completed on time and to the highest standards.
