Anticipated payments will be £14 million per annum
The Sirius minerals Foundation has been established as an independent charity led by a board of trustees to fund community projects that benefi t the local area.
The Foundation’s objectives defi ne a broad range of areas that it can support, which include:
During operations, Sirius Minerals will contribute an annual royalty of 0.5% of revenue to the Foundation. Based on current estimates, the annual payment could be up to £13 million at full production.
For the construction period, Sirius has made an initial payment of £2 million to the Foundation. In 2017 the fi rst funding round was opened to support community projects with grants of between £500 and £5,000. In December, 80 projects were awarded a total of £300,000 across the local area.
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.