BHP sees Brazil as major market for new Canada potash project – Reuters (NYSE:BHP)

BHP (NYSE:BHP) expects Brazil will become one of the three largest markets for its Jansen potash project it is developing in Canada, Reuters reported Wednesday.

“Brazil is expected to be one of the top three markets for BHP for potash,” as the country is one of the world’s largest food suppliers but imports most of its fertilizer needs. “So it’s very, very important for us,” Carla Wilson, BHP’s (BHP) general manager in Brazil, told Reuters in an interview.

The first phase of the Jansen project in Canada is scheduled to come online in 2026 with production capacity of 4.2M metric tons/year, and a second phase expected to double the mine’s capacity, requiring a combined investment of more than $10B.

BHP (BHP) is slowly working on building connections with potential long-term potash buyers in Brazil, Wilson said, noting that the first phase of the project is just over 50% complete.