Sirius Minerals signs handling deal with Redcar Bulk Terminal

The company said the deal will provide greater flexibility in storage and port operations and reduced construction risk and capital expenditure requirements during its current construction programme.

Sirius chief executive Chris Fraser said the arrangement also helped to simplify the company's stage two financing plan which is being finalised over the coming months.

"By working with a local partner, we can develop our project and also deliver benefits to an existing established business in the Tees Valley. The RBT facility has been underutilised since the closure of the steel works and this agreement will ultimately help us deliver tremendous economic benefits for the region," he said.

RBT's port facility is located next to Sirius's Bran Sands site and is also a deep-water terminal. Sirius said it would buy and install the necessary ship loading equipment and systems onto the RBT-owned facility.