BHP Billiton, the world’s largest mining company, had a very good year financially.
This is the company constructing a potash mine in the Jansen lake area, about 150 kilometres east of Saskatoon.
BHP’s operational review for the year that ended June 30th was released late Thursday, indicating a 33 per cent jump in profit to $8.9-billion with shares up from $0.43 cents last year to $0.63 this year.
BHP’s budget for the Jansen Mine is $2.7-billion and although there is still no final decision on whether the mine will go ahead, the international company will finish the excavation and lining of the production and service shafts and will also install the essential surface infrastructure and utilities.
The work is currently 79 per cent complete.
The potash industry has been dealing with more supply than demand, but BHP says the potash industry has navigated through this challenge better than expected and projects demand will outstrip supply by the mid-to-late 2020s.