BHP to pour $6.4B into Sask. potash mine project
Potash giant BHP plans to spend an additional $6.4 billion on its megaproject underway in Saskatchewan.
"This is an important milestone that underscores our confidence in potash and marks the next phase of the company’s growth in Canada," BHP's chief executive officer Mike Henry said in a news release.
The announcement comes after the company already approved a $7.5 billion spend to cover the cost of the first stage of the mine near Jansen, Sask.
The company says the new spending will fund a second stage, doubling the mine's capacity and making it one of the world's largest potash mines.
According to the potash firm, the first stage of the mine is more than 30 per cent complete, with potash production slated to start in late 2026.
The second stage will take around six years to complete and start producing potash in 2029, BHP says.
The company says starting work on stage two of the mine while stage one construction is underway will save money.
There is room for two further expansions at the mine once the initial two stages are complete, which if approved, would allow the mine to produce 16 to 17 million tonnes per year, according to the company.
Earlier this year, BHP started recruiting the hundreds of workers required to to operate the mine.
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