BHP likely to open Jansen potash mine in Canada by 2023

Cost reduction measures in the mining industry could well have undermined the sector's productivity, which remains down, according to a new EY report.

Last year's fertilizer price plunge called strategy into question.

According to the company, the mine will employ about 1,800 workers during construction and generate 1,000 permanent jobs once opened.

As BHP considers the sale of almost all of the businesses that Billiton brought to the 2001 merger deal, experts say the firm is likely to end up leaving London.

While it did not disclose the costs and planned capital expenditure for the Albany project, Rio has previously said the deposit had enough potash to sustain a low cost operation for decades.

The exclusivity agreement, which expired last week, would have given BHP the right to develop a potash port close to its Jansen project.

Net profits from progressing economies-based miners reached $24 billion in 2013, compared to a net loss of $4 billion for developed market firms.

The company is temporarily extending operations at its Penobsquis mine in New Brunswick, citing tight conditions in the granular potash market.

World's largest mining company said to be unloading all of the non-core units acquired after the merger with Billiton 13 years ago.