It's official B-H-P has approved $6.4 billion dollars in funding for the second phase of its new potash mine development at Jansen, Saskatchewan.
In a press release on Tuesday, BHP Chief Executive Officer, Mike Henry says this is an important milestone that underscores our confidence in potash and marks the next phase of the company’s growth in Canada.
"We believe Jansen will deliver long-term value for shareholders and the local community and will position BHP as one of the leaders in the global potash industry."
BHP noted that potash, which is used in fertilizers, will be essential for food security and more sustainable farming.
The latest investment into the second phase of the project will double the production capacity at the Jansen mine to approximately 8.5 million tonnes per annum.
Work on phase one of the project is now 32 per cent complete and is on schedule, with the first production expected to be delivered in late 2026.
BHP notes that construction on Stage 2 is expected to take about six years, with delivery on its first production expected in 2029.
The company's website shows the Jansen site is expected to have approximately 50% less operational greenhouse gas emissions per tonne of product and will use up to 60% less fresh water when compared to the average potash mine in Saskatchewan.
Long term, BHP's Jansen Potash Mine has the potential for two additional expansions to reach an ultimate production capacity of 16 to 17 million tonnes per annum.