North Yorkshire Council says it is seeking more information on the situation surrounding Whitby's Woodsmith Mine.
Owner Anglo American has announced it is "slowing down" the development work at the mine as part of a major review of it's assets.
The company says the Woodsmith Mine remains integral to the companies growth but says that in the short term it will "slow down" the development of the project reducing it's capital investment to $200m next year and nothing the year after that, although the site will continue to have an operational budget.
The firm has also rebuffed a takeover attempt.
Council Leader Carl Les told a meeting of the authority that he is seeking more information.
Whitby Councillor Neil Swannick said he had hoped to ask an emergency question at yesterdays full council meeting but was not able to do so due to time constraints.
He said.
“My question would have highlighted the 2,000 good quality jobs in our area of which 1,400 are currently filled by local people, and the huge local investment that has already been made and was planned to be made in the future,”
Coun Swannick added:
“I intended to ask Coun Les if he would encourage his North Yorkshire MP colleague and prime minister, Rishi Sunak, to request a similar meeting with Anglo American”.
The restructuring of the company comes just days after a renewed merger proposal was submitted to the company by rival firm BHP Group. Anglo American's board rejected the proposal saying it undervalued the company and it's future prospects.
Tom McCulley, CEO of Anglo American’s Crop Nutrients business, said:
“Anglo American has again stated 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.”
- RELATED STORIES : Woodsmith Mine Investment to be Cut Over Next Two Years
- RELATED STORIES : Anglo American to "Slow Down" Development of Whitby's Woodsmith Mine
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