Melbourne — BHP Billiton on Jan. 21 announced that its Jansen Potash Project in Saskatchewan is now 39 percent complete and within budget. Shaft excavation continues. To date, BHP has invested some US$2.6 billion in the project, with the goal to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities. BHP has yet to decide whether to actually bring the mine to production. In other news last week, BHP said its Petroleum division, reacting to lower oil prices, has opted to reduce the number of rigs it operates in its Onshore U.S. business by 40 percent by the end of the financial year in June. It will also cut Petroleum exploration expenditures this year by 20 percent from prior guidance, down to $600 million. Exploration will remain focused on Gulf of Mexico, Western Australia, and Trinidad and Tobago. In other news, BHP says despite lower commodity prices, it continues with plans to demerge its South32 assets with a shareholder vote on the measure planned for May.
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