Activity at the mine will slow down over the coming weeks to support the mining firm's balance sheet.
Anglo American has announced that following completion of its asset review initiated during 2023, it plans to implement a number of major changes to its portfolio to
"accelerate delivery against its strategic priorities of operational excellence, portfolio simplification and growth."
As a result of this review, the development of the Woodsmith project will slow to support Anglo American’s balance sheet deleveraging.
Tom McCulley, CEO of Anglo American’s Crop Nutrients business, said:
“Anglo American has again stated today that Woodsmith is central to its growth plans as a Tier 1 resource -entirely aligned with the demand trends of decarbonisation and food security.
“We have been progressing the project on time and on budget but have decided to slow development in the near term. I’m incredibly proud of the progress we have made so far, the positive impact on the local area and the partnerships we have built in our local communities, which we will continue to engage positively with.
“Anglo American continues to recognise Woodsmith’s unique resource and long-term value potential and will complete critical technical studies in 2025 to then enable syndication for value with one or more strategic partners.
“We need to work out the full details of this slow down over the coming weeks as we reduce activity while retaining optionality for the long term.
“A key aspect of this will be to continue adhering to our planning obligations with the North York Moors National Park Authority and Redcar and Cleveland Borough Council.“I know that this announcement will create uncertainty, but we will keep our workforce and community stakeholders updated as we work through the detail of what this means for everyone.”
North Yorkshire Fire And Rescue Service Reports Eight Per Cent Fall In House Fires
Driffield Electrician Issues Warning Over Dangerous Home Electrical Habits
Nominations Open To Shine A Light On North Yorkshire's Community Champions
East Riding Council Praises Yorkshire Wildlife Trust As Charity Celebrates Eightieth Anniversary
Scarborough To Host St George's Day Armed Forces Church Parade
Scarborough Athletic Remain Fifth But Might Need Result Next Week
Whitby Town Coach After Defeat: "We've Got To Change"
Bridlington Rugby Promotion Battle Goes To Last Day
Sci-Fi Scarborough Returns To The Spa For Its Twelfth Year
Stan's The Man As Brid Town Win Again
East Riding Building in Danger of Falling Into North Sea
Fears Over Fly-Tipping As Council Changes Waste Recycling Centre Rules
Comments
Add a comment