Anglo American Chief Executive pledges further £650m for Whitby's Woodsmith Mine project

More than £400m was spent on developing the state-of-the-art polyhalite mine being constructed near Whitby in 2022.

The company currently employs more than 1,000 people at its sites in Whitby, Teesside and Scarborough and supports a range of educational and economic development projects throughout the area.

The capital expenditure will focus on shaft sinking and other critical infrastructure as it continues to progress towards operational status.

The mine will extract the natural mineral polyhalite for use as a multi-nutrient, low-carbon natural fertiliser called POLY4, capable of raising crop yields, improving soils and reducing greenhouse gas emissions from the use of artificial fertilisers.

It says POLY4 will be “an important tool” for any farmer who wants to increase his income while improving the health of his land.

Mr Wanblad said: “We are developing a truly low impact mine – one that will set a new standard for the future of mining.

“The critical path construction of shafts and tunnels is advancing well and the transition to our enhanced execution approach completed.

"The MTS tunnel is around 21km advanced of the 37km total; the service shaft is descending well and the production shaft is ready to go in the new year.

"We are also progressing the detailed engineering to a much higher level of completion.

“We are excited about Woodsmith’s potential to become a high margin, major contributor to our diverse product portfolio.”