Hancock Prospecting, an Australian mining company, has invested $300m (€276m) in the British fertiliser development company Sirius Minerals. Sirius is in the process of developing a new potash mine in the Yorkshire moors at a cost of over €3bn.

First production at the mine isn’t expected until 2021, with initial capacity projected at 10m tonnes per annum, rising to 20m tonnes thereafter. The Sirius project involves the construction of a mine, including a 37km underground conveyor system, as well as materials handling and port facilities.

For the iron ore mining group Hancock, the investment in the Sirius mining project represents a further move into the agricultural space. Controlled by Australian billionaire and iron ore magnate Gina Rinehart, Hancock recently made a €256m joint venture bid to acquire Australia’s largest cattle farm, the near 25m-acre Kidman & Co cattle station.

“This [investment in Sirius Minerals] fits with my approach of investing in strategic areas for the long term, and I hope the product is of assistance to many Australian farmers,” said Rinehart. Sirius chief executive Chris Fraser welcomed the new investment from Rinehart and her company, which will act as a timely vote of confidence in the mining project, given that shares in Sirius have fallen as much as 27% in recent months.