A MINING firm’s share price has rocketed after it was given permission to build the world’s largest potash mine.

Shares in Sirius Minerals, the company behind the York Potash Project, lifted after the North York Moors National Park Authority backed the £2bn scheme.

The company’s listing lifted more than 80 per cent to in excess of 28p per share, following a meeting yesterday, when authority members voted eight to seven in favour of the project.

The price steadied to around 24.3p this afternoon, though the figure is still a 60 per cent rise.

Sirius hopes to extract up to 13 million tonnes of the fertiliser polyhalite every year from its mine, which will be based three miles south of Whitby, and says it will create more than 1,000 direct jobs and support thousands more across construction roles during its build.

It added the site will tap into the world’s largest and highest grade polyhalite reserve, stand as the UK’s first potash mine in 40 years, and help satisfy the world’s growing food needs, by help farmers grow more crops.

However, campaigners against the development say its economic benefits will not cover for the scheme’s impact on the national park.