Mining major Anglo American PLC completed its £404.9 million takeover of London-listed Sirius Minerals PLC and its Woodsmith polyhalite project in the U.K.

Anglo American secured court approval March 13 after getting approval from Sirius shareholders March 3, according to a March 17 release. Sirius confirmed that its shares have been delisted.

In the deal, Anglo American agreed to acquire Sirius for 5.5 British pence per share. Some Sirius shareholders opposed the price and tried to stop the takeover. Anglo American CEO Mark Cutifani had defended the offer, saying Woodsmith was potentially a Tier 1 asset but there was still work to be done that would require investment.

In a March 16 open letter, Sirius Chairman Russell Scrimshaw apologized to shareholders for the company's failure to secure funds to complete the project and acknowledged their disappointment over the value of the takeover.

Anglo American plans to spend US$300 million annually for the next two years to support the project, The Yorkshire Post reported, citing Cutifani. The project is expected to start production in 2024 with an initial capacity of 10 million tonnes per annum.

Anglo American confirmed it will transfer £1 million into the project's charitable foundation and will continue doing so every year for the next three years prior to the foundation receiving a royalty income from the project.