The Company has set up the Sirius Minerals Foundation to share the profits of the Project with the local area, and 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.
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
During the construction period, Sirius has made an initial payment of £2 million to the Foundation. In 2017, the first funding round was opened to support community projects between £500 and £5,000 and 80 projects were awarded a total of £300,000.
The Foundation is supporting community groups, sports clubs, schools, charities and village halls across the Project area including, Redcar, East Cleveland, the Esk Valley and Whitby. The activities funded include improving community facilities and restoration works, new equipment, supporting families and vulnerable people, environmental enhancements, and education and training.
To find out more, please visit the Sirius Minerals Foundation website.
Anticipated payments will be £14 million per annum