Global miner BHP (ASX: BHP) (NYSE: BHP) revealed on Thursday that the first phase of its massive potash mine in Saskatchewan, Canada, is ahead of schedule and near the halfway point of completion at 44%.
Located 140 km east of Saskatoon, the Jansen project is set to become one of the world's largest producers of potash, a commodity considered to be a pillar of future growth for the company. It also represents the single largest private economic investment in the province's history.
Since giving the project its go-ahead in 2021, BHP has been injecting capital to speed up its development even when potash prices were falling. Even before its approval, the group had spent US$4.5 billion on the project.
The proposed potash mine is being built in four stages, with US$5.7 billion already spent on the first stage alone. The aim, according to BHP, is to start Phase 1 production in late 2026, with expected potash production of 4.2 million tonnes a year.
In its quarterly update Thursday, the Australian mining group also said that the second stage, which was approved last year and is expected to cost another US$4.9 billion, will start in 2029. This will add another 4.4 million tonnes of annual production.
The entire four-phased development could have annual production of between 16-17 million tonnes, BHP previously stated.
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