The capital funding requirement for our North Yorkshire polyhalite project has been reduced.
Following the publication of the results of our Definitive Feasibility Study for the Project, we have been conducting detailed work with our preferred contractors to refine the capital funding requirement of the Project. By adopting the preferred contractor designs and estimates, changing the Project implementation approach and refining other components of the DFS estimate, a number of material reductions have been confirmed.
As a result of this work the capital funding requirement for the Project has been reduced to US$2.91 billion (an 18% reduction from the US$3.56 billion estimate detailed in the DFS). There has also been a reduction or deferral of capital required for stage 1 of the two stage financing strategy. The revised stage 1 requirement is US$1.09 billion (a 33% reduction from US$1.63 billion). This delivers an updated Project net present value (“NPV”) of US$15.2 billion and an updated Project after-tax debt-free internal rate of return (“IRR”) of 28%.Back to news archive