Since giving the project its go-ahead in 2021, BHP has been injecting capital to speed up its development even when potash prices were falling. Even before its approval, the group had spent $4.5 billion on the project.
The proposed potash mine is being built in four stages, with $5.7 billion already spent on the first stage alone. The aim, according to BHP, is to start Phase 1 production in late 2026, with expected potash production of 4.2 million tonnes a year.
In its quarterly update Thursday, the Australian mining group also said that the second stage, which was approved last year and is expected to cost another $4.9 billion, will start in 2029. This would add another 4.4 million tonnes of annual production.
The entire four-phased development could have annual production of between 16-17 million tonnes, BHP previously stated.
