BHP approves further $4.9bn investment in Jansen potash project

BHP said on Tuesday that it has approved $4.9bn of investment for stage two of the Jansen potash project in Saskatchewan, Canada.

The company approved $5.7bn of investment for stage one of the project in August 2021 and a pre-Jansen Stage 1 investment of $4.5bn.

Chief executive Mike Henry said: "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.

"The stage two investment advances BHP's strategy to increase its exposure to commodities positively leveraged to the global megatrends of population growth, urbanisation, rising living standards and decarbonisation. Potash, used in fertilisers, will be essential for food security and more sustainable farming."

Henry said the latest investment will transform Jansen into "one of the world's largest potash mines", doubling production capacity to around 8.5 million tonnes per annum.