A POTASH firm behind a 1,000-job fertiliser development has completed a stock market switch it says will raise its global profile.

Sirius Minerals is now trading on the London Stock Exchange’s Main Market.

The business announced its intention to move last month, saying its shift from the AIM Market, which is the City’s international market for smaller growing companies, would raise its international status and provide scope for fresh investment.

Sirius, which is behind the York Potash project that aims to extract the fertiliser polyhalite from its Woodsmith Mine, near Whitby, says no new shares have been issued or offered in connection with the admission.

Chris Fraser, managing director and chief executive, added: “This is another important milestone for the company.”

The firm last month told The Northern Echo it hopes to start drilling mine shafts this summer.

Its development is expected to create more than 1,000 direct jobs and support a similar number in the supply chain when it begins operations.

It aims to mine the fertiliser polyhalite, which is reputed for its potassium, magnesium, sulphur and calcium content that encourages strong crop growth, with production planned to get underway in late 2021.

Sirius previously revealed a financing plan, which included the issuing of new shares to raise up to £400m and convertible bonds to bring in a further £350m, to pave the way for building work.

That came after Australia’s richest woman Gina Rinehart backed Sirius through her Hancock British Holdings enterprise to the tune of £250m.

The business already has a stock of agreements in place, including a deal with a US-based firm to annually dispatch 1.5 million tonnes for at least seven years.

Sirius will move its polyhalite underground from Whitby on a transport system to Wilton, near Redcar, where it will be stored before being delivered from a new harbour.