Canada : BHP to invest USD2.6B in CANADIAN potash project.
The company took the decision the day it announced a 29.5 percent drop in annual net profit partly due to a fall in commodity prices including iron ore and highlights its efforts to diversify its portfolio as the Asia-driven mining boom slows.
BHP said the investment would enable it to complete work on excavating and lining production shafts at its Jansen Potash site.
CEO Andrew Mackenzie said : "Continued development of the shafts reflects our confidence in the quality of our 5.3 billion tonne measured resource and the compelling long term fundamentals of the potash industry."
He added : "Annual investment at Jansen of approximately $800 million will form an important part of the group's capital and exploration budget, which will decline to approximately US$16 billion this year."
2013 Al Bawaba (Albawaba.com)
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|Date:||Aug 23, 2013|
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