Belarus state-owned potash miner Belaruskali set off alarm bells mid-February by declaring force majeure on its contracts. This shook up a market that was already contending with soaring prices.
Sanctions on Russia after invading Ukraine have made the situation worse.
BHP approved last year a $5.7 billion investment in the Jansen potash mine in northern Saskatchewan to bring it to production. The company had mulled a final decision on the asset for at least eight years, during which it spent about $4.5 billion laying the ground for the crop nutrient-producing project.
“[Supply-side disruption linked to the war in Ukraine] has positively reinforced the decision we’ve taken to enter potash,” Henry said at the Bank of America Metals and Mining conference this week. “We are making good progress and we’re looking at potential to accelerate Jansen Stage 1 first production into 2026.”
BHP had originally planned to kick off…
