Anglo American in 2027 Woodsmith mine target

A firm behind a stalled fertiliser mine has revealed plans to reignite the development.

Anglo American says it hopes to “ramp up” work on its Woodsmith project from 2027.

Construction on the scheme, which straddles North Yorkshire and Teesside, was scaled back last year amid efforts to ease the company’s balance sheet.

However, bosses say they have “high confidence” the development – which they say would mine “the world’s largest known deposit” of polyhalite fertiliser on the outskirts of Whitby – will be delivered.

They say “critical studies” will now be carried out, with the firm exploring “one or more syndication partners” to accelerate its progress.

Mining polyhalite – reputed for supporting strong crop growth – from land beneath the former Doves Nest farm, the development would transfer the mineral underground to Wilton, near Redcar, for storage ahead of export from a new harbour.

Duncan Wanblad, Anglo American chief executive, said: “Woodsmith remains a tier one asset.

“We have high confidence to develop the project once critical studies have been completed, the pathway to syndication is clear and the balance sheet is suitably deleveraged.

“Work is also continuing to identify and secure one or more syndication partners ahead of consideration by the board for approval and subsequent project ramp-up, anticipated from 2027.”

Speaking in an annual trading update, he revealed the business’ progress had been buoyed by memorandum of understandings with Chinese fertiliser firms to “further develop the market for polyhalite” in the Asian country, and a new agreement with agribusiness Cefetra to “reinforce a European fertiliser partnership”.

He added: “Polyhalite provides farmers with a solution to tackle the three key challenges facing the food industry today: increasing demand from less available land, the need to reduce the environmental impact of farming, and the deteriorating health of soils.”

Anglo American bought the Woodsmith development in early 2020 from Sirius Minerals in a deal worth more than £400 million.

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