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BHP GROUP

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BHP Says Memorandums of Understanding in Place With Importers for Jansen Output

09/14/2021 | 04:55pm EDT

By David Winning

SYDNEY--BHP Group Ltd., the world's largest mining company, said it has non-binding memorandums of understanding with major importers for up to 100% of future production from its Jansen project in Canada's Saskatchewan province.

BHP last month approved the first phase of the Jansen project, which is estimated to cost $5.7 billion to build. Potash is one of three major fertilizer ingredients, alongside nitrogen and phosphate, and BHP thinks mining at Jansen could last about 100 years.

BHP outlined its marketing strategy for Jansen's potash as part of a presentation on the project to investors on Wednesday. BHP said its enlarged marketing team will have more than five years to build relationships and secure binding sales.

The strategy aims to "replicate tried and tested model of marketing directly to major customers via regional offices leveraging BHP's broader commercial resources," the company said in the presentation materials.

BHP said markets for Jansen's potash could include the U.S., Brazil, India, and China. Potash is seen by farmers as an attractive resource because it tends to boost yields, aid in drought tolerance and improve crop quality.

BHP has wanted to be in the potash trade for some time. A decade ago, it unsuccessfully bid $38.6 billion for Potash Corp. of Saskatchewan, which in 2018 merged with Agrium Inc. to form Nutrien Ltd.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

09-14-21 1855ET

Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 2.41% 38.66 End-of-day quote.-8.89%
DJ INDUSTRIAL 0.84% 34247.33 Delayed Quote.10.99%
EURO / BRAZILIAN REAL (EUR/BRL) 0.22% 6.2064 Delayed Quote.-1.59%
NUTRIEN LTD. 1.22% 80.71 Delayed Quote.30.06%
WTI 1.70% 71.93 Delayed Quote.46.62%
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Financials (USD)
Sales 2022 63 363 M - -
Net income 2022 20 107 M - -
Net Debt 2022 6 799 M - -
P/E ratio 2022 9,45x
Yield 2022 8,14%
Capitalization 189 B 137 B -
EV / Sales 2022 3,09x
EV / Sales 2023 3,58x
Nbr of Employees 40 110
Free-Float 58,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 38,66 $
Average target price 34,23 $
Spread / Average Target -11,5%
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Mike Henry CEO, CFO & Non-Independent Executive Director
John Kenneth Norman MacKenzie Chairman
Rag Udd CTO & VP-Technology Global Transformation
Malcolm William Broomhead Independent Non-Executive Director
Anita Margaret Frew Independent Non-Executive Director
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