BHP Group Ltd. CEO Mike Henry is talking down the chances of acquiring Canadian fertilizer giant Nutrien Ltd. , as the world’s biggest mining company concentrates on building its own potash business instead.’s predecessor company, but the deal was blocked by the federal Conservative government as not being of net benefit to Canadians.BHP held talks with Nutrien in 2021 around a possible joint venture on its Jansen potash project in.
BHP is making its potash push in Canada at a time of extreme volatility in the market. When Jansen was commissioned in 2021, potash was trading at roughly $695 a ton. Last year, after major potash producer, the commodity skyrocketed to about $1,200 a ton. That dynamic prodded Nutrien to embark on a major production increase. The commodity has since fallen sharply to US$350 a ton, owing to a projected global supply shortfall not panning out, and farmers cutting back on their usage.
Mr. Henry indicated that BHP is not interested in either Teck’s existing metallurgical coal assets, or what might remain of the company after its restructuring, signalling that Teck’s copper mines would not offer the scale BHP would covet to make a difference.