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Stage one of financing complete for North Yorks mine

Sirius issues plans for North Yorkshire potash mine Credit: ITV Tyne Tees

245 million pounds has been invested in Sirius Minerals as it starts raising money to pay for its planned North Yorkshire mine.

The money has come from an Australian company owned by billionaire Gina Rinehart.

It's stage one of securing finance for the mine to be built under moorland near Whitby - a project that will cost around 1.7 billion pounds.

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Yorkshire potash mine plans submitted

A major planning battle is expected after a mining company announced today it had submitted a long-awaited application to sink a potash mine in the North York Moors national park, creating a 1,000 permanent jobs.

Sirius Minerals wants to build the mine two-and-a-half miles south of Whitby. It says the mine would exploit what is believed to be the world's biggest and best quality supply of potash, which is used to make fertiliser.

But critics say the technology is untested and the mine will be an eyesore in the heart of one of the region's most protected landscapes. The company says it expects a decision to be made by the national park planning authority in May.

"This is a major milestone for the company and one that we believe brings us closer to the first day of construction and production at the York Potash Project."

– Chris Fraser, Managing Director, Sirius Minerals.