Mystery investor backs Sirius Minerals
A MYSTERY investor has backed Sirius Minerals’ drive to win approval for its £1.1billion York Potash project in the North York Moors National Park.
Sirius said it had agreed a funding package worth up to £25million with an unidentified New York-based financial institution, boosting confidence in the project which has caused concern over environmental issues.
Chief executive Chris Fraser said: “These funds will enable the company to undertake the necessary work needed to secure the required approvals.”
Sirius’s shares fell after a critical review of its environmental plans in which it was accused of overstating the need to mine in the national park.
Other concerns include flood risks and a worst-case scenario of 40 extra truck movements an hour through Whitby.
Sirius says the scheme, set to create more than 1,000 jobs, has received more than 1,900 letters of support and fewer than 150 objections.
Planners were due to decide on the issue on July 29 but the company asked for more time to work with the national park and consultants on environmental issues.