Business

Mitsubishi Corporation takes stake in Woodsmith mine project

Published

1 hour ago

20 February 2026

NewsAdmin

Progress on the scheme has slowed since a decision by owner Anglo American to cut investment in 2024

An aerial view of Woodsmith Mine(Image: Anglo American)

Hopes have been raised that a mining project that could bring hundreds of jobs to North Yorkshire and Teesside could be resumed after one of the world’s largest companies invested in the scheme.

Development work at the Woodsmith Mine near Whitby has been slowed since a decision by mining giant Anglo American in 2024 to significantly cut investment. That led to hundreds of job losses at the project, which includes a 37km tunnel that will eventually connect the mine site with a processing and export facility at Redcar, on Teesside.

But now it has been announced that the Mitsubishi corporation has made an investment that could see it take a 25% stake in the project. The size of the investment has not been disclosed but the involvement of the multinational firm will raise hopes that the project can be resumed in full.

A feasibility study is being carried out on the project, which aims to mine polyhalite, a high-performing natural fertiliser. It is expected that a final decision on whether or not to fully complete the project will be made in 2028.

A statement to the Stock Exchange from Anglo American this morning said: “In support of the first two of these conditions, Anglo American has entered into an investment agreement and related shareholders’ agreement with Mitsubishi Corporation (Mitsubishi) to support continued development of Woodsmith, including working together on market development and financing opportunities designed to further enhance the existing market development programme.

“Together, Anglo American and Mitsubishi will explore opportunities to build out demand for POLY4, including providing financial and commercial resources to accelerate pilot sales and leveraging Mitsubishi’s extensive networks across food and agriculture sectors to broaden market development across key markets and related business development and strategic partner engagement, which will contribute to optimising the project in the feasibility study phase, prior to submission to the Board for approval.

“The agreements include an initial equity investment by Mitsubishi in Woodsmith. Through its investment and involvement in the ongoing development of Woodsmith at this stage, Mitsubishi also intends to evaluate its participation in a future financing plan at the time of the Anglo American board’s final investment decision, currently anticipated from 2028 subject to meeting the above conditions, with potential for Mitsubishi to acquire an equity interest of 25% or other such amount subject to negotiations at that time.

“The agreements extend the longstanding successful partnership between Anglo American and Mitsubishi Corporation, while allowing for additional investment and the involvement of other partners, and represents a pathway for Anglo American to syndicate a significant minority share of its interest in Woodsmith.”

Anglo American added that board approval for the full project is still needed and is subject to the feasibility study being completed. It said was continuing work on the project, including continued sinking of the mine’s service shaft.

A statement from Mitsubishi said: “Mitsubishi Corporation (MC) will use its experience and resources to contribute to the feasibility study and will jointly conduct pilot sales to validate the marketability of the product and explore opportunities to build out demand for the product. This will support MC assessing whether to participate in and increase its equity exposure at the final investment decision by Anglo American (AA), currently anticipated from 2028.

“The feasibility study will assess development and operational plans, economic viability, and social and environmental impacts of the Project. In addition to contributing funds for the study, MC will leverage its extensive networks across the food and agriculture sectors, including providing opportunities for agronomic trials through its group companies.

“Demand for fertiliser minerals is expected to grow steadily over the medium to long term, supported by megatrends of population growth, evolving dietary preferences, and the rising importance of food security amid heightened geopolitical uncertainty. In particular, demand for sustainable fertiliser products is poised to increase as agriculture faces rising expectations to reduce environmental impact and adopt responsible farming practices.

“Leveraging the expertise it has built in mine development and operations through its Mineral Resources Group, MC will bring together its integrated strengths across business segments-including the food and agriculture related businesses-to generate new value through the project.”

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Tax season presents boom-or-bust test

Published

18 minutes ago

20 February 2026

NewsAdmin

Customers near a Ford Maverick pickup truck at a Ford dealership in Richmond, California, US, on Wednesday, April 16, 2025.

David Paul Morris | Bloomberg | Getty Images

DETROIT – The strength of the U.S. automotive industry will face an early test this spring that has nothing to do with cars or trucks.

With tax season starting, industry experts are projecting that some Americans, many of whom have been priced out of the new vehicle market, will use anticipated higher tax returns to purchase a new or used vehicle.

Extra cash on hand could lend a needed boost to an industry that’s suffering from slowing vehicle sales — or it could reveal continued problems for the automotive industry with inflated prices and consumers still reluctant to spend on big-ticket items.

“Their new tax bill is actually going to be less, and they’re going to be getting more in their tax return. It’s going to be a little bit of a surprise, we think, for a lot of potential buyers out there,” said Cox Automotive senior economist Charlie Chesbrough at a recent auto analyst conference.

The average IRS tax refund is up 10.9% so far this season, compared to the same point in 2025, according to early filing data. As of Feb. 6, the average refund amount was $2,290, compared with $2,065 reported about one year prior.

The increases were expected under tax changes by the Trump administration, including the One, Big Beautiful Bill Act signed in July. That legislation removed taxes on overtime and tips and allowed eligible taxpayers to deduct up to $10,000 in annual interest paid on loans for new, U.S.-assembled vehicles purchased, among other adjustments.

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Many of the tax changes were made retroactive to January 2025, which means taxpayers may have withheld more than they will ultimately owe.

“Although it’s a bit of an unknown, it feels like it could be really beneficial to vehicle sales, particularly in that sort of Q1-Q2 timeframe,” said David Oakley, GlobalData manager of Americas vehicle sales forecasts.

March is historically one of the top months for U.S. vehicle sales, especially for used vehicles. The month has represented 9.1% of annual new vehicle sales on average over the past 12 years, according to Cox, trailing only the month of December at 9.3% of sales.

Many of the recent tax changes also assist middle- and higher-income consumers who may decide to pull ahead a vehicle purchase. The industry saw a similar dynamic during the Covid pandemic when the Trump administration issued many Americans $1,400 stimulus checks.

Back then, though, federal interest rates were near zero compared to the current Federal Reserve funds rate of 3.5%–3.75% and inventory of new vehicles was low. Now, with higher borrowing costs, but improved inventory, the equation could be different.

More buyers are agreeing to longer-term loans amid higher financing costs and prices. Putting down extra cash ahead of time can help lower monthly payments, which Carmax’s Edmunds reports reached a record of $772 per month for new vehicles during the fourth quarter.

The average transaction price for new vehicles in the U.S. was hovering around $50,000 toward the end of last year, up 30% from the start of 2020, according to Cox.

“What we don’t know is with consumer finance so stressed already, is that extra money already spent? Whether that’s going to be in the pockets. It’s a really mixed bag out there,” Chesbrough said.

Consumers could choose to use higher tax returns to pay off credit card debt — which nationally stands at a record level of $1.28 trillion, according to a report last week by the Federal Reserve Bank of New York — or replenish their savings after a period of persistent inflation.

U.S. consumer confidence fell to 84.5 in January, the lowest level since May 2014, driven by intense anxiety over high prices and a weakening labor market.

“It’s only confident people, people who feel comfortable about their economic fortunes of the economy of the United States, that are going to be interested in taking out a $40,000 or $50,000 auto loan,” Chesbrough said. “It’s a very difficult situation right now.”

– CNBC’s Kate Dore contributed to this report.

Business

Independent Yorkshire coffee company expands reach after major investments

Published

25 minutes ago

20 February 2026

NewsAdmin

The North Yorkshire coffee company has shipped beans to the Outer Hebrides as part of growth which has seen its reach quietly expand

The Rounton Coffee roastery near Northallerton(Image: Routon Coffee)

An independent North Yorkshire coffee company is expanding its reach on the back of major investments to transform its facilities. Rounton Coffee was created by David Beattie 13 years ago, after he fell in love with coffee during a visit to Sumatra.

He quit his career in chemical engineering to launch the business and grow it into an award-winning supplier of speciality coffees from across the world. Following a recent six-figure investment into its production capabilities, Rounton Coffee is now roasting up to a ton of beans every day as national demand grows for its coffee, with orders arriving from places the team never expected to reach.

Middlesbrough-born Mr Beattie said: “We are now shipping coffee to the Outer Hebrides, where we have a wholesale partner, and when I started the business in 2013, would have been unfathomable. Our growth still feels a bit surreal, as we started life at farmers’ markets simply as a way of sharing our love for really good quality, ethical coffee with people like us.

“We just wanted to share what we were passionate about, and we’ve been lucky that over the years, more and more people have also found a passion for quality coffee.”

Based inside an old granary building outside the village of East Rounton, near Northallerton, the small company currently packs around 2,150 bags of beans each week. Recent investment in machinery included a £150,000 commercial roaster which uses 80% less energy than traditional devices and which has also improved both the consistency and output at their village HQ.

David Beattie, founder of Yorkshire’s Rounton Coffee(Image: Rob Evans Photography Ltd)

The growth has also enabled Rounton Coffee to give back more to the community. Donations have been made to the North Yorks Moors Trust, and it is also involved in sponsorship to help schoolchildren in some of Teesside’s most deprived postcodes to connect with nature.

“A big part of why we do what we do is it gives us a platform to give back, be it in our community or our suppliers, and the more the business grows the more we can do that,” he added.

“In terms of our growth, I think lockdown was a game-changer for independent coffee companies. People found themselves at home and spending a bit more on higher quality products, and that really opened a lot of people’s eyes to the quality of coffee that was available outside of supermarkets.

“Since then, we’ve been fortunate that the coffee boom has only kept going. But what really matters is that, as a business, we can use coffee as a force for good. Our suppliers are paid fairly, and that really matters to us.

“Some international coffee brands have faced justified criticism for how they treat farmers and how suppliers are treated, and we want to play our small part in doing things differently. But we also want to improve lives closer to home. We are a small team who were all born and live in the area, so it matters to us that the business leaves a really positive footprint – and that it is something we can truly be proud of.”

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Asos co-founder Quentin Griffiths dies after fall in Thailand

Published

1 hour ago

20 February 2026

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Asos co-founder Quentin Griffiths dies after fall in Thailand

Quentin Griffiths, the British co-founder of online fashion retailer Asos, has died after falling from a high-rise apartment building in Pattaya, according to local reports.

Griffiths, 58, is reported to have fallen from the 17th floor of his condominium. Emergency services attended the scene and confirmed his death.

Thai police said there were no immediate signs of disturbance inside the apartment but added that investigations are ongoing and foul play has not been ruled out pending further forensic analysis. Authorities said a full post-mortem examination would be required to establish the exact cause of death.

The circumstances surrounding the fall remain unclear. A source close to the family told The Sun that the situation was being described as “suspicious”, though no official determination has been made.

Griffiths had reportedly been involved in a legal dispute with his former Thai spouse over business assets. Last year, he was questioned by police following allegations that he had forged documents to sell land and shares in a jointly operated company. He denied the allegations and was released after questioning. Reports indicate the investigation was continuing at the time of his death.

Born in London, Griffiths co-founded Asos in 2000 alongside Nick Robertson and Andrew Regan. The company grew into a global online fashion retailer valued at around £3bn at its peak, with high-profile figures including the Princess of Wales and Michelle Obama among those to have worn its own-label designs.

Griffiths stepped down from Asos in 2005 after serving as marketing director. He later realised significant gains from share sales, reportedly making around £15m in 2010 and receiving further windfalls in subsequent years.

In later years, he pursued legal action against accountancy firm BDO, alleging incorrect tax advice had resulted in a multi-million-pound liability linked to share disposals in Asos and Achica, another online retail venture he co-founded.

Griffiths had lived in Thailand for more than a decade. He is understood to have been the father of three children.

Business Matters has contacted the Foreign, Commonwealth & Development Office for comment.

Investigations by Thai authorities are continuing.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.