It is expected that the Project will generate large-scale economic benefits that will make a long and lasting contribution to the local, regional and national economies. From the outset the Company has made a commitment to protecting and enhancing the environment which we believe is demonstrated in the Project's low impact design and operational philosophy.
Our section 106 commitments, as part of our planning approvals, are expected to support further environmental protection and enhancements, as well as fund initiatives that will benefit local people and businesses.
A lasting community commitment
The Company has set up the York Potash Foundation to share the profits of the Project with the local area. The Company plans to contribute an annual royalty of 0.5% of revenue from the Project to the Foundation.
Independently run as a charity, the Foundation aims to benefit the local area by providing funding to community projects according to its objectives. Based on current estimates the annual payment could be up to £14 million at full production. An initial payment of £2 million will be made by the Company to the Foundation during the construction period.
The Foundation's objectives define a broad range of areas where it can support community projects.