Sirius Minerals receives prequalification for York Potash project

LONDON (ShareCast) - (ShareCast News) - Fertiliser developer Sirius Minerals (Other OTC: SRUXF - news) has received prequalification status from Infrastructure UK (IUK) for its York Potash project. The London-listed company said negotiations with IUK, a branch of the UK treasury, over the finance and prequalification required for its potash project, which will be the world's largest polyhalite mine once completed, producing 13m tonnes of the fertiliser per year.

In a statement released on Tuesday, Sirius said that while endorsement of the project through an IUK qualification is not a source of funding, it will facilitate raising funds for the required scheme.

"The York Potash Project is a nationally significant proposal underpinned by a robust business model, so it aligns well with the IUK criteria," said group chief executive Chris Fraser.

"Prequalification is an important step forward for this element of our overall financing strategy, which we continue to progress rapidly." Sirius shares were up 1.29% to 19.50p at 1045 BST.