BHP on Tuesday admitted to institutional investors it “overinvested” in its Jansen potash project in Saskatchewan where the Anglo-Australian giant has already spent $2.7B over nearly six years.

At a BofA Merrill Lynch mining and metals conference held in Barcelona, CEO Andrew Mackenzie said the company’s “thinking around the project’s initial scope has evolved”:

“However, Jansen remains an attractive option for BHP given its strategic fit, risk-return metrics and the longer-term optionality the initial investment would create.”

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