Potash mine project in Jansen, Sask. put on hold

BHP Billiton puts hold on Jansen potash mine proje The world's largest mining company has delayed its decision to move forward with a mining project in Jansen, Sask.

The world’s largest mining company has delayed its decision to move forward with a mining project in Jansen, Sask., nearly 150 kilometers east of Saskatoon.

BHP Billiton’s board of directors will not be approving the Jansen potash project in 2018, according to the Australia-based company’s yearly results.

“Board approval will be sought for the project only if it passes our strict capital allocation framework tests,” BHP wrote in a release.

The Jansen potash mine was projected to cost $12 billion US and BHP has already spent $2.6 million US on infrastructure for the project.

In the fiscal results report, the company said there is a possibility of bringing in a partner to finish the project in Jansen.

BHP reported an underlying profit of $6.7 billion US., below its expectations of $7.4 billion US.