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Canada : BHP to invest USD2.6B in CANADIAN potash project.

Saying the longer-term outlook for the fertiliser was "compelling,", mining giant BHP Billiton, intends to invest US$2.6 billion in work on a 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."

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Publication:Mena Report
Date:Aug 23, 2013
Words:169
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