Opponents of England’s first planned potash mine in 40 years can thank Russian billionaire Suleiman Kerimov for helping their cause.
A decision by OAO Uralkali to withdraw from a powerful marketing venture has upended the world’s $20 billion potash industry and is set to slash prices. The news reverberated in the seaside town of Whitby this week, where a former Citigroup Inc. banker wants to spend $1.9 billion tunneling beneath a national park and the North Sea to unearth the commodity.
The community of 13,000, some of whom will profit should the mine pass beneath their land, largely backs the plan, according to developer Sirius Minerals Plc. The company argues it may create more than 1,000 jobs in an area where traditional industries from fishing to farming are in decline, while critics from environmental groups to Israel Chemicals Ltd. say it’s not wanted.
See http://www.mineweb.com/mineweb/content/en/mineweb-industrial-metals-minerals-old?oid=199617&sn=Detail.