BHP sets date for Jansen potash approval
The Jansen Stage 1 potash project, in Canada, will be presented to the BHP board for a final investment decision in February 2021, the diversified mining company announced on Thursday.
In order to make a final investment decision, work on engineering to support project planning and on finalising the port solution is required, and the board has approved $144-million for these activities.
An additional $201-million in funding was approved to further derisk the project, focusing on the mine’s scope of work, advancing other engineering and procurement activities, and preparation works for underground infrastructure.
This will enable an efficient transition of the project team between the study and execution phase, should the project be approved. The release of funding to the project will be staged over this period, CEO Andrew Mackenzie said.
BHP has already spent $2.7-billion on the potash project, east of Saskatoon, Saskatchewan, and said earlier this year it would have to invest another $5-billion to finish construction, which started six years ago.
Mackenzie conceded previously that BHP had overspent on the Jansen mine, but insisted that the project remained an attractive option.
The potash project has an estimated measured resource of 5.1-billion tonnes at 25.7% potassium oxide, enough to sustain a 70-year mine life. The project is being designed to produce about eight-million tonnes a year of agricultural-grade potash in three separate phases.
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