LONDON (Alliance News) - Sirius Minerals PLC saw its shares drop by a quarter early Thursday after it said the North York Moors National Park Authority's planning committee made no recommendation in its report on the planning application for the company's potash project, meaning it remains hung in the balance.
Sirius said the planning officers concluded that they do not believe the development represents exceptional circumstances and that the economic benefits and mitigation/compensation do not outweigh the harm caused. However, the officers also acknowledged the high level of mitigations, the significance of the economic and social benefits which could attain national significance and the very strong local support.
The authority's special planning committee will meet, as previously announced in June 30 to determine the planning application.
"We believe our planning case stands up to scrutiny and we remain determined to pursue the positive planning decision that will allow us to deliver this project and all of its benefits," Sirius Chief Executive Chris Fraser said.
"These are very significant planning matters which inevitably create a conflict between the public interest of protecting the national asset which is the National Park and the public interest in the economic and social improvement of the region. Members will need to individually assign weight to these opposing issues and reach their own planning balance," the planning officers said in their report.
Sirius Minerals shares were down 30.2% at 15.00 pence in London early Thursday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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