16th Sep 2013 09:51
LONDON (Alliance News) - Sirius Minerals PLC Monday said it has modified its application plan for the presentation of key environmental material to the North York Moors National Park Authority (NYMNPA) in relation to its York Potash Project application.
The exploration and development mining company said it would align environmental study work to include all four elements of the project - mine, pipeline, materials handling plant and port.
The new company plan differs from the previous approach which focussed initially on a joint Environmental Statement for the mine and the pipeline.
Sirius Minerals shares were down 2.38 pence, or 19% to 9.87p, putting the company in the top five AIM losers Monday.
The company said the revised approach brings greater certainty and was possible because Sirius had completed more work on other aspects of the project, allowing a more comprehensive assessment of cumulative impacts of all of the elements of the project.
The company said updated submissions for mine approval will be made to the NYMNPA in July 2014.
Sirius Minerals isn't yet earning any revenues as it tries to get its polyhalite mine in North Yorkshire up and running, but recently entered into a 500,000 tonnes per annum memorandum of understanding with Chinese fertiliser distributor Sinoagri for its product.
Polyhalite is a type of fertilizer.
"With the benefits of the York Potash Project proceeding being so substantial, I know that our many supporters will welcome this revised approach that delivers greater certainty and leaves little room for debate over the high level of environmental standards that we are adopting," Managing Director Chris Fraser said in a statement.
By Tom McIvor; [email protected]; @TomMcIvor1
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