Plans for a “generational” £7bn Yorkshire mine project will continue to progress as the firm behind the scheme heads for an enormous global merger.
Anglo American has announced plans for a “merger of equals” with Teck Resources to form the Anglo Teck group, which will be one of the world’s largest copper producing companies. Both firms are recommending their shareholders back the merger plan.
Its global headquarters will be located in Vancouver, with corporate offices to support the group in London and Johannesburg.
The announcement of the plan confirmed the planned development of the Woodsmith project will continue under the new organisation.
The statement said: “Anglo Teck will continue to progress the development of the Woodsmith project in the UK with its ongoing potential to be a generational asset in crop nutrients.
"Full development remains subject to meeting stringent investment criteria for risk-adjusted value, including syndication to one or more investment/strategic partners.”
The Woodsmith project involves the creation of a new mining site near Sneaton to the south of Whitby and a 23 mile tunnel that will transport a naturally occurring mineral, polyhalite, to new processing and shipping facilities on Teesside.
It is intended the product will be sold as a fertiliser suitable for organic use that can boost crop yields and aid more sustainable farming.
