A £405m rescue deal has been announced that will see Yorkshire-based fertiliser development firm, Sirius Minerals fight off administration – saving more than 1,000 jobs.
The Anglo-American company received the financial backing from current shareholders, and plans are in place to create a new fertiliser mine in North Yorkshire.
Shareholders who attended the meeting at the Honourable Artillery Company in London were told if they did not support the rescue deal, the firm would imminently collapse.
The major project will be the UK’s first major deep mine in more than 40 years.
Sirius Minerals Chairman Russell Scrimshaw said: “The positive outcome from today’s meeting secures a return for shareholders, and provides greater certainty in terms of safeguarding the project, protecting the jobs of our employees, and allowing the community, region and the UK to continue to benefit from the project.”