Tuesday, August 17, 2021

BHP commits $7.5 billion to potash mine

BHP Group of Australia has committed $7.5 billion to finishing a potash mine in Saskatchewan, about 150 km. east of Saskatoon.

It will be the largest project in Saskatchewan history, will employ 3,500 in construction and then 600 for ongoing operation to produce 4.35 million tonnes per year.

The company has already spent $4.5 billion sinking two shafts.

BHP sold its interests in oil companies, bid $325 million for Noront Resources to gain control of its Eagle’s Nest nickel project in Ontario’s Ring for Fire and plans to concentrate on commodities.

The mine won’t be finished until 2027 by which time market analysts predict potash prices will have recovered from the current slump.