BHP Billiton has announced, along with the company’s year-end financial results, plans to delay moving forward with the Jansen potash mine project, Saskatchewan, Canada.
The company’s Board of Directors will not approve the US$12 billion project in 2018, as was originally expected, despite 70% of the project work having been completed.
BHP reported a $6.7 billion profit for the year ending in June.
“Once we have completed the shafts, we will have totally de-risked the project. We will have dealt with all the difficult parts of it. And, we will only be three years away from first potash when we think it’s appropriate to make the right counter-cyclical investment,” BHP CEO, Andrew Mackenzie, stated. “And that’s the big question, which will be determined by how it looks. And we’ve said today that we’ll wait at least another couple of years, and if we need to wait longer, we will wait longer.”