BHP Group is in talks with Nutrien Ltd. about a potential partnership in its massive Canadian potash venture as the world’s biggest mining company moves closer to a final decision on the project.
The two companies are discussing multiple options, including Nutrien becoming the operator and selling the potash through its existing channels, or the Canadian company taking a stake in the Jansen mine, according to people familiar with the matter.
There is no guarantee the talks will lead to a deal, said the people, who asked not to be identified as the discussions are private.
BHP has struggled with the Jansen project for years. Despite already spending about US$4.5 billion and digging two 1,000-meter (3,300-feet) deep shafts, the company has yet to approve its construction and has faced shareholder opposition, including from Elliott Investment Management.
Still, BHP’s board is set to make a final decision in the coming months. The miner has repeatedly said it’s open to bringing a partner into the project, especially one with expertise in the fertilizer market or potash.
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