BHP (NYSE:BHP) Developing Jansen Potash Project After Potash (NYSE:POT) Rejection

After losing out on their bid for Potash Corp. (NYSE:POT), BHP Billiton (NYSE:BHP) is looking to their own potash resource in the region - the Jansen project - to begin their foray into the lucrative market.

This comes from the submission of an environmental impact statement by BHP concerning Jansen.

BHP confirmed past statements that they're going to develop the mine in a way that it produces about 8 million tons of potash a year when it reaches full capacity.

Graham Kerr, president of BHP Billiton Diamonds and Specialty Products, said, “Jansen is a world class ore body and the project fits our strategy of owning and operating large, long-life, low-cost assets. Jansen is the first and the most advanced of our potash growth options.”

Early this year BHP said they had committed about $240 million to develop Jansen.