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Australian mining giant BHP Group says it has approved $7.5 billion in capital spending to build its Jansen potash project in Saskatchewan.
The decision came as BHP announced a plan to merge its oil and gas operations with Woodside Petroleum Ltd. and reported its latest quarterly results.
“This is an important milestone for BHP and an investment in a new commodity that we believe will create value for shareholders for generations,” Chief Executive Officer, Mike Henry said.
“Jansen is located in the world’s best potash basin and is expected to operate up to 100 years. Potash provides BHP with increased leverage to key global mega-trends, including rising population, changing diets, decarbonisation and improving environmental stewardship.”
The long-delayed project, located about 140 kilometres east of Saskatoon, is expected to produce about 4.35 million tonnes of potash per year with the potential for further expansions.
The project includes the design, engineering and construction of an underground potash mine and surface infrastructure including a processing facility, a product storage building, and a continuous automated rail loading system.
BHP also says it has signed a deal with Westshore Terminals in Delta, B.C., to handle the potash that will be shipped to export markets.
Construction of the mine is expected to take about six years, with first ore in 2027, followed by a ramp up period of two years.
Ahead of the decision, BHP had already spent billions on the Jansen project including the construction of two mine shafts that are nearly complete.