09 November 2010 15:34 [Source: ICIS news]
TORONTO (ICIS)--BHP Billiton remains committed to its massive Jansen potash project in ?xml:namespace>
BHP spokesman Ruban Yogarajah was responding to a report in
The paper’s comments and quotes were taken out of context, Yogarajah told ICIS. Rather, BHP was progressing with the project and was awaiting environmental assessment findings, he added.
The paper, which cited internal BHP emails and documents disclosed as part of PotashCorp’s legal effort to stop BHP’s bid, said cost concerns had cast a doubt on Jansen.
As recently as late July, BHP CEO Marius Kloppers had allegedly threatened – in an internal email – to shut Jansen down because of rising costs for the first phase of the project’s development, the paper said.
Analysts said it was unlikely that BHP would shut Jansen down “in revenge” for
Rather, any decision by the Anglo-Australian mining giant would be driven by business objectives, in particular the long-term outlook for potash markets and prices.
However, Canadian analysts have said the rejection of the PotashCorp bid seemed to be driven by political reasons and that that BHP's chances of succeeding with a revised bid were slim.
($1 = €0.72)
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