Sirius Minerals: Yorkshire Coast Mineral Association back takeover for 'the many benefits' project will bring

The group acknowledged they have a "vested interest" in seeing the polyhalite project completed but stressed they also see "the many benefits" Woodsmith Mine will bring to the area and local economy.

In a statement, a spokesperson said: "[The project] will bring many benefits to the Whitby/Scarborough area. There will be the direct benefits from newly created jobs and employment but also many indirect benefits to the wider community. These will include increased work for local businesses serving the mine, an uplift in local spending power from those new jobs and the agreed investments to help protect the environment and habitats of the North York Moors National Park.

"The project will also benefit the national economy through export revenues and business taxation. And in a world where climate change is an ever-increasing threat the mine has a role to play. Government has stated that a proportion of the farmland currently producing food must be turned over to woodland. This will mean that the remaining farmland will have to be managed and maintained to its optimum potential to feed an ever-growing world population. The fertiliser produced at Woodsmith Mine will play a crucial role in achieving this.

"The Yorkshire Coast Mineral Association represents the Mineral Rights Holders who are leasing their minerals to the project and we acknowledge that we have a vested interest in the mine becoming fully operational as a stable business. But YCMA members are also members of the local community and can see the many benefits that the mine will bring to this part of North Yorkshire."

Global mining firm Anglo American has offered to buy Sirius for 5.5p per share (£405 million), a fraction of what shares were worth when they peaked at 45p in August 2016.

Many of the 85,000 local investors who sank cash into the project will lose out.

The statement adds: "We fully acknowledge the disappointment that share-holders who have backed the project will be feeling. Indeed, many of our members also invested and will be sharing the loss. But now is the time to support the scheme so that the multiple benefits to the local community and national economy can be unlocked. It will be tragic if the future benefits of the project are left to wither on the vine."

At the end of last week, Sirius revealed the only alternative option to the takeover "is not viable" and urged shareholders once again to support Anglo American's offer or the company could go bust.