Sirius Minerals is set to receive $2.6bn funding from six banks, for its new North Yorkshire polyhalite project in the UK.

The banks providing the funding are JP Morgan, Lloyds Bank, Société Générale, the Royal Bank of Scotland, Export Development Canada and ING and are experienced in mining and infrastructure project finance.

The funding will help support the second stage of developing the mine such.

"The funding will help support the second stage of developing the mine such."

Financial close for the funding is expected to take place in 2018.

The six financial institutions have been announced as mandated lead arrangers (MLAs), which have indicated that they will fund up to $700m in aggregate of the facilities.

The company proposes to progress the Stage 2 financing, with the MLAs and the Infrastructure and Projects Authority (IPA) that was established in January this year by merging the Major Projects Authority with Infrastructure UK.

A detailed due diligence is planned to be carried out after completing the Stage 1 financing.

Sirius Minerals managing director and CEO Chris Fraser said: "The Stage 2 senior debt financing is a major component of the total financing plan for the development of the company's North Yorkshire polyhalite project.

"The company is now focused on the finalisation of the Stage 1 financing to enable construction to commence as soon as possible."