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.
Since the launch of the North Yorkshire polyhalite project in 2011, corporate responsibility has been at the heart of our values and approach. Our business model focuses on generating shareholder value but in a way which is socially responsible, conscious of the environments that we operate in and beneficial for a wide range of stakeholders and communities.
Our Corporate Responsibility Report summarises what we have done in the past five years, provides a detailed overview of our activity throughout 2016, outlines the corporate responsibility challenges we face and how we manage them, and details our commitments for the coming years. In future, we will produce an annual corporate responsibility report focusing largely on the previous year.
Click here to read the full 2016 Corporate Responsibility Report.
A lasting community commitment
The Company has set up the Sirius Minerals 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.
Education and skills training
Health and well-being
Environmental protection and improvement
Improving community facilities
Support for the long-term unemployed
To find out more, please visit the Sirius Minerals Foundation website.