Planned fertiliser mine secures investment boost

A planned fertiliser mine has secured a financial boost.

Anglo American has signed an investment agreement with Mitsubishi Corporation.

Bosses say the “fantastic” alliance will push forward work on the Woodsmith Mine project, which is earmarked to extract “the world’s largest known deposit” of polyhalite fertiliser.

They add the partnership will support efforts to secure new customers by accelerating pilot sales and “leveraging Mitsubishi’s extensive networks and partnerships across the food and agriculture sectors.”

Work on the project – which straddles North Yorkshire and Teesside, and includes plans to shift polyhalite underground from a site near Whitby to a Teesside harbour – was previously scaled back to ease the company’s balance sheet.

However, Tom McCulley, chief executive of Anglo American’s crop nutrients business, said: “This is fantastic news for the Woodsmith project.

“We are delighted Mitsubishi has shown such confidence in the enormous potential of Woodsmith and the global market for our fertiliser product.”

Yuuki Yoshioka, general manager of Mitsubishi Corporation’s fertiliser resources unit, said: “Demand for sustainable fertiliser products is poised to increase as agriculture faces rising expectations to reduce environmental impact and adopt responsible farming practices.

“We will use our expertise in mine development and strengths across business segments to generate new value for the project.”

The alliance has also secured Government backing, with business secretary Peter Kyle hailing the “major milestone”.

He added: “This is a game-changing investment that will help the UK become a major global fertiliser producer.”

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

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