BHP Group Ltd. is looking at ways to speed up development of the Jansen potash project in Saskatchewan.
BHP’s president for Americas minerals Ragnar Udd was in Saskatchewan last week evaluating acceleration options, although he said those efforts reflect solid long-term prospects and that any savings would be months, not years.
BHP approved the first stage of construction of Jansen in August after years of wavering over the huge price tag. The operation, expected to start production in 2027, will make it one of the world’s top producers of the crop nutrient. Since then, fertilizer prices have surged amid supply chain frictions that have been exacerbated by Russia’s invasion of Ukraine.
The world’s biggest mining company sees nickel as one of three “future-facing commodities” — along with copper and potash — and has set up its exploration and business development team in Canada, partly to scour for opportunities in Ontario’s highly prospective Ring of Fire region. After bowing out of a bidding war with Australian billionaire Andrew Forrest for Noront Resources Ltd. in December, Melbourne-based BHP will “absolutely” be chasing more Canadian nickel assets, Udd said.
While nickel — a key component in batteries used in electric vehicles — is a focus for BHP, so too are copper and potash. BHP has no preference among the three, with decisions being based on value and opportunity costs in terms of other capital allocation options. Relative valuations of copper and nickel companies have risen significantly, he said.
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