The company behind the Woodsmith Potash mine near Whitby has announced its intention to join the main stock market later next month.
Sirius Minerals has said the project is progressing well in clearing the conditions set out in planning requirements.
Chris Fraser, managing director and chief executive officer, said: “It has been a long-stated intention of the company to move to the main market and we are delighted to be continuing to deliver on our goals as we move forward with the timely delivery of our Woodsmith Mine.”
In its full year results for the year ended December 31 2016 Sirius Minerals said it had completed Stage 1 Financing by securing funding of $1.2 billion required to begin the construction of the company’s polyhalite project.
The company said it was progressing with Stage 2 Financing through mandating a group of six financial institutions. Cash resources at the end of December 2016 were £665.3 million - liquid funds including investments and restricted cash - compared with £29.1million as at December 31 2015.
Roadworks have been ongoing in recent months. Overnight work began on the B1416 road from the A171 junction south of Whitby to Red Gate corner last night for resurfacing works to create a new turning lane into Woodsmith Mine which will improve both highway safety and access to the site. The road will be closed overnight for four more nights between the hours of 8pm and 6am.
Other works include upgrades to pavements in Whitby along the A171, a new signalised crossing on Helredale Road and a new right-hand turn filter lane from the A171 onto the B1416. All works are progressing well and are expected to be completed on schedule by April 7. Geotechnical studies are continuing at the mine to gather further geological information.
Site preparation works are set to start in April to enable work on the shafts to begin later this year.