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BHP delays final approval for potash project in Saskatchewan after lower profit
REGINA – Mining giant BHP Billiton is delaying final approval for a potash megaproject in Saskatchewan, but says work will still move ahead.
BHP (NYSE:BHP) says it’s committed to 20 major projects for its 2013 financial year, which runs until the end of next June, and no other approvals are expected in the meantime.
That includes the $1.2-billion Jansen mine east of Saskatoon, which is expected to start production in 2015.
CEO Marius Kloppers says the OK for the full Jansen project is not in the $22-billion US budget outlined on a conference call
But Kloppers says the project has enough pre-commitment capital to keep it busy for the next year.
BHP has announced that its annual profit plunged more than a third because a slowdown in global economic growth led to weaker prices for its key commodities.
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