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BHP delays decision on Jansen potash project

Published by
World Fertilizer,

The Jansen Stage 1 potash project in Canada has been further de-risked, and is now expected to be presented to the BHP Board for Final Investment Decision in the middle of the 2021 calendar year following delays to completion of the shafts.

These delays are a result of initial challenges with placement of the shaft lining, since rectified, and due to impacts from the company’s COVID-19 response plan. The forecast capital cost for the execution of Jansen Stage 1 is unchanged at between US$5.3 – US$5.7 billion, however some additional costs are now expected to be incurred on the US$2.7 billion shaft project currently in execution as a result of the delays. This is currently under review.

The 100% owned project is 86% complete, with investment needed to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities.

Potash stands to benefit from the intersection of a number of global megatrends: rising population, changing diets and the need for the sustainable intensification of agriculture. BHP anticipates trend demand growth of 1.5 – 2.0 million tpy (between 2 – 3% / y) through the 2020s. This would progressively absorb the excess capacity currently present in the industry, with the window for new supply expected to be open by the late 2020s or early 2030s.

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