UK potash mine to receive £1.95m investment boost

04 July 2007 12:07  [Source: ICIS news]

LONDON (ICIS news)--Cleveland Potash Ltd (CPL) is set to receive a £1.95m ($975,000/€1.3m) grant from regional development agency One NorthEast which will provide a major boost to a project to access untapped resources at Europe’s deepest mine.

 

The funding will enable CPL to develop proposals with its parent company Israel Chemicals Ltd (ICL) to extend mining operations in the southeast area of the Boulby mine in East Cleveland, UK, One NorthEast said in a statement on Tuesday.

 

The project is aimed at safeguarding jobs within the 1,000 strong workforce and extending the life of the mine by at least another 20 years.

 

“It will have a major impact in assisting the company to achieve its strategic mine development targets,” said CPL general manager Graham Clarke.

 

“The project we want to undertake over the next three years will make a major contribution to developing the infrastructure for the long-term future of the business,” he added.

 

Boulby mine is the UK’s only potash mine, with workings down to 1,400m and stretching out some 16km under the North Sea.

 

The mine produces over 500,000 tonnes of potash and over 500,000 tonnes of salt annually, according to the ICL website.

 

($1 = €0.73)

 

By: Rebecca Clarke
+44 20 8652 3214

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