New potash mine on hold

BHP Billiton has put its new Jensen potash mine in Saskatchewan on hold.

Earlier this year the company said it was preparing to ask its board of directors for approval next year to finish the mine and bring it online by 2023. It is about two-thirds dug.

Potash prices weakened sharply soon after BHP, in Australia, decided to dig the mine. A cartel between Russia and Belarus collapsed and both then increased production at ever-lower prices.

The Canadian cartel hung together and the partners cut back production in an effort to increase prices.

They have increased, but still remain well below the record-high prices and optimism about a decade ago.