BHP Group on Tuesday announced plans to invest $4.9 billion in stage two of its Jansen potash project in Canada, as the company seeks to increase its capacity twofold.
The miner had invested as much as $5.7 billion in stage one in 2021.
According to the global mining company, the first stage is now 32% complete and progressing in line with schedule.
The second stage, which may take 6 years, is expected to result in about 4.36 million tonnes per annum of production at a capital intensity of nearly $1,050 per tonne.
Production is expected to reach about 8.5 million tonnes per annum in late fiscal 2029, BHP Group said.
“This is an important milestone that underscores our confidence in potash and marks the next phase of the company’s growth in Canada,” BHP Chief Executive Officer Mike Henry was quoted as saying by Reuters.
The additional investment will be used for the further development of mining districts, the expansion of processing facilities and the addition of more rail cars.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
