BHP banks on $10bn Canadian potash mine to diversify from iron ore

SYDNEY/TOKYO -- Australia's BHP Group is preparing to open its first potash mine in Canada, a foray into a new field that, alongside an expansion of its copper business, the company hopes will drive growth as Chinese demand for its mainstay iron ore slows.

The Jansen mine in Saskatchewan, a province in Western Canada known for its vast prairies, is slated to begin its first phase of production next year. BHP is investing $10.6 billion into the project.