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When economics professor Joel Bruneau heard the news that BHP Group was pumping $7.5 billion into Saskatchewan’s Jansen potash mine one word came to mind — “sweet.”
“It’s a vote of confidence in the potash industry and the future of potash going forward. (BHP) are not going to make this kind of investment when they think this kind of investment is risky.”
When economics professor Joel Bruneau heard the news that BHP Group was pumping $7.5 billion into Saskatchewan’s Jansen potash mine one word came to mind — “sweet.”
“That is unmitigated good news,” said Bruneau, an associate professor and the department head of economics at the University of Saskatchewan.
The province touted the investment on Tuesday with Premier Scott Moe saying Saskatchewan is set to make an extremely strong economic recovery coming out of the global pandemic which will be bolstered by BHP and the province’s potash sector.
The premier said the Australian mining company BHP Group made the decision “while we were all sleeping last night,” to approve capital investment in the mine, with the goal of extracting potash by 2027.
The mine is expected to produce 4.35 million tonnes of potash annually for up to 100 years. Moe said the cumulative investment from BHP is “the largest private economic investment that our province has ever seen.”
Bruneau said this project will have a significant impact on the province and its potash industry, as the significant sum of money seems to indicate a degree of faith in Saskatchewan potash.
“It’s a vote of confidence in the potash industry and the future of potash going forward. (BHP) are not going to make this kind of investment when they think this kind of investment is risky,” said Bruneau.
The mine was first announced in 2010 and already $5.7 billion has been spent on the project, but, there was some hesitation from the company and its shareholders about the future viability of the site. Shortly after the announcement of the mine east of Saskatoon, the company started digging two, 1,000-metre deep shafts as part of the operation.
Bruneau said uncertainty arose from the cost and viability of the product when the mine finally came online. As for other potash producers in Saskatchewan, Bruneau said this will likely be good news for them as well, as the Jansen mine could serve as a rallying moment for foreign potash capital.
“It’s a vote of confidence in the industry itself,” he said.
The premier remarked upon the future of Saskatchewan as a potash producer as the demand grows for the mineral.
“We have the food, the fuel, the fertilizer that the world does need,” said Moe.
“BHP will join Saskatchewan’s other world-class producers — Mosaic, Nutrien, K+S — who have collectively, over the course of the past 15 years, invested over $20 billion in capital projects right here in Saskatchewan.”
During the conference, the premier emphasized that the potash mined in Saskatchewan is “the most sustainable potash that is produced in the world.”
And as the province charts its recovery coming out of the pandemic, Moe said “we will see potash continue to play an outsized role in Saskatchewan growth over the course of the next decade.”
In a statement from the company Mike Henry, BHP CEO, said investment at the Jansen mine is in line with the company’s strategy “of growing our exposure to future facing commodities.”
The statement went on to say the investment gives the company “increased leverage to key global mega-trends, including rising population, changing diets, decarbonisation and improving environmental stewardship.”
One point stressed by the government during its news conference was the stability offered by investing in Saskatchewan versus other potash-rich regions of the world.
Bronwyn Eyre, minister of energy and resources, mentioned potash-rich Belarus and Russia. Both nations have faced sanctions and both nations, according to Bruneau, offer a degree of uncertainty for mining companies.
“That’s going to kill business with them,” said Bruneau.
As construction starts, Moe said the project will employ some 3,500 people each year. And once the mine is operational, more than 600 people will have full-time jobs. BHP will have corporate offices in Saskatoon. The company also said it aims to have gender parity in its workforce and will aim to have 20 per cent Indigenous representation among its workers.
Another significant detail from the news of the day was that BHP is merging its oil and gas assets with an Australian company that will be the majority shareholder.
While BHP isn’t getting out of the oil and gas realm, their focus on potash and, to a degree, taking a backseat on oil and gas shows Bruneau that the company is looking long into the future.
“Oil and gas, I mean, it just has a more uncertain future,” he said.
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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
The updates to probate law make a big difference for Canadian families. Here’s why.
With these changes, probate becomes smoother and more manageable for you and your family.
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
These simple steps make the probate process easier for everyone involved.
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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