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BHP Aims to Accelerate $5.7 Billion Fertilizer Project
$BHP Group Ltd (BHP.AU)$ $ASX Ltd (ASX.AU)$ $Energy Select Sector Index (.SIXE.US)$ $Energy ETF (LIST2724.US)$
BHP will accelerate the start of a $5.7 billion potash project in Canada as high gas prices and curbs on key exporters disrupt fertilizer supply chains.
The world’s top miner, which is entering production of the crop nutrient to add exposure to population growth, has been searching for ways to speed up the project as the long-term outlook for fertilizer prices strengthens. The company is marching into the production of such crop nutrients to enrich its business exposure.
BHP will accelerate the start of a $5.7 billion potash project in Canada as high gas prices and curbs on key exporters disrupt fertilizer supply chains.
The world’s top miner, which is entering production of the crop nutrient to add exposure to population growth, has been searching for ways to speed up the project as the long-term outlook for fertilizer prices strengthens. The company is marching into the production of such crop nutrients to enrich its business exposure.
Previously, as the price of natural gas, a key raw material, continued to rise, the price of chemical fertilizers also became more expensive. In addition, the global sanctions against Belarus potash, an important fertilizer producer, and Russia's measures to restrict the export of its own fertilizer have also made the market increasingly tight.
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