BHP is looking to the future in its commodity investments and that’s why the international mining company is building two potash mines in Saskatchewan, about 140 kilometres east of Saskatoon.
That’s according to BHP’s Chief Financial Officer, Vandita Pant, during an online meeting with shareholders across the world.
She said, “Jansen is a world class resource in potash and in a very investment-friendly country. Jansen 1 is going really well. It’s in fact ahead of schedule and first production will be by end of ’26.”
Pant explained that BHP has invested in potash because it’s a commodity with a future.
She pointed out that as the world’s population grows, more crop yield is required on less arable land.
Potash is a fertilizer.
She estimated that once the Jansen mines have ramped up, BHP will have about ten per cent of the world’s potash market.
BHP’s website says Jansen is key to its long-term growth ambitions.
The mining company has invested $14 billion into the project and has contributed over $50 million to support initiatives in Saskatchewan, including through Opportunities Agreements with six First Nations communities.