Progress and the future
The Woodsmith Project has been successfully progressed over several years, with $1.1 billion already invested in the physical mine development, and we look forward to working with the team to build on their progress going forward.
During this first two-year period, we expect to invest approximately $300 million per year in developing the Project.
In developing this multi-billion-pound project, there is clear potential for substantial and sustained economic development, including job creation in the region, both directly and indirectly.
As a sign of our commitment to support the sustainable development of the communities around the Project, we are making a voluntary contribution of ￡4 million to the Sirius Minerals Foundation, the ￡1 million to be paid following completion of the acquisition is being processed and a further ￡1 million will be paid annually for the next three years.
We want to ensure that the local communities of North Yorkshire and Teesside benefit from the Project economically and socially, in line with the stretch goals included within our Sustainable Mining Plan.