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Potash mine project in Jansen, Sask. put on hold
The world’s largest mining company has delayed its decision to move forward with a mining project in Jansen, Sask., nearly 150 kilometers east of Saskatoon.
BHP Billiton’s board of directors will not be approving the Jansen potash project in 2018, according to the Australia-based company’s yearly results.
“Board approval will be sought for the project only if it passes our strict capital allocation framework tests,” BHP wrote in a release.
The Jansen potash mine was projected to cost $12 billion US and BHP has already spent $2.6 million US on infrastructure for the project.
In the fiscal results report, the company said there is a possibility of bringing in a partner to finish the project in Jansen.
BHP reported an underlying profit of $6.7 billion US., below its expectations of $7.4 billion US.