Reuters: Hot Stocks: UPDATE 2-Sirius Minerals asks park to defer decision on York project

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UPDATE 2-Sirius Minerals asks park to defer decision on York project Jul 18th 2013, 09:01 Thu Jul 18, 2013 5:01am EDT (Adds national park comment) July 18 (Reuters) - British potash miner Sirius Minerals said it has requested the North York Moors National Park Authority to defer the determination of its mining application, sending its shares down as much as 20 percent. The company said it was seeking the deferral to allow it time to address issues relating to European habitat legislation and deal with questions on environmental assessments. Sirius, whose ambitious project to mine polyhalite - a form of potash, sits beneath the national park in North Yorkshire, said the deferral was likely to extend the project timeframe. Chris France, director of planning at the national park told Reuters that the park authorities were scheduled to meet at 0900 GMT to consider the company's deferral request. Sirius Minerals had expected production to begin in late 2016, with initial production of 5 million tonnes per year and had signed a few future supply agreements. A planning committee report from the park was expected on Thursday evening. A decision on the company's application was expected on July 29. In a possible setback for the project, AMEC - an external research agency appointed by the national park authorities - published a report earlier this week that said Sirius had overstated constraints for the minehead to be built within the park. Sirius Minerals' shares were down about 6 percent at 20 pence on the London Stock Exchange at 0850 GMT. Excluding Thursday's losses, they have fallen about 22 percent so far this week. (Reporting by Roshni Menon and Karen Rebelo in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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