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Shareholders in potash project developer Sirius Minerals (LON:SXX) can stop crossing their fingers for a bit after the company cleared another regulatory hurdle.
Trading in the company’s shares was temporarily suspended today pending the outcome of a planning meeting of the Redcar and Cleveland Borough Council (RCBC).
At the meeting, councillors unanimously gave the go-ahead for the York Potash mine and mineral transport system.
Trading in the company’s shares resume this afternoon, with the price moving up to 14.1p from 13p overnight.
The news is obviously good for the developer of the York potash project, but it still faces a number of key applications.
The company listed these as: that part of the 'straddling application' for the mine and MTS which has been submitted to the North York Moors National Park Authority; the materials handling facility application, which has been submitted to RCBC; and the application for the harbour facilities which has been submitted to the Planning Inspectorate.
"We are delighted with the positive decision from Redcar and Cleveland Borough Council for this substantial part of the Project and look forward to further progress with our other applications,” said Chris Fraser, managing director and chief executive officer of Sirius.
"The application is a significant part of the overall approvals required for the delivery of the Project and an important step forward for Sirius," he added.
Shares added 7.69% to 14p each on the day.