BHP has announced that it will be going ahead with the first phase of the Jansen potash mine in eastern Saskatchewan.
In a release issued early Tuesday morning, the company said it will invest $7.5-billion into the first stage of the mine. The single largest private sector investment in Saskatchewan’s history.
The first stage is expected to produce approximately 4.35-million tons of potash a year.
The mine is expected to operate for a century.
The first stage is also expected to create up to 3,500 construction jobs and 600 fulltime positions once in operation.
“This is an important milestone for BHP and an investment in a new commodity that we believe will create value for shareholders for generations,” BHP CEO Mike Henry, said in a news release.
The village of Jansen is about 150 kilometres east of Saskatoon.
The Australian mining company has already invested billions of dollars at the site, that includes two mine shafts that are already mostly complete.
Saskatchewan accounts for close to 30 percent of all global potash production.