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BHP has warned of a $1.7bn cost overrun in the development of its Canadian fertiliser site, dealing a blow to the world’s most valuable mining company as it tries to diversify beyond coal and iron ore.
必和必拓(BHP)警告说，其加拿大化肥项目的开发成本将超支17亿美元，这对这家世界上最有价值的矿业公司来说是一个打击，因为它正试图在煤炭和铁矿石之外实现多元化。
The Australian miner has pushed back first production at its Jansen potash site in the western province of Saskatchewan until mid-2027 and warned that capital expenditure for the project would rise to as much as $7.4bn from its previous guidance of $5.7bn.
这家澳大利亚矿业公司已将其位于加拿大西部萨斯喀彻温省的詹森钾盐矿项目的首次投产时间推迟至2027年年中，并警告称该项目的资本支出将从此前指引的57亿美元上升至74亿美元。
It had previously expected to start producing fertiliser at Jansen by the end of 2026 but said inflation and design changes had led to cost increases and delays. The company also put development of a second stage of the project under review, pushing back production by two years until 2031.
该公司此前预计将在2026年底前于詹森开始生产化肥，但由于通胀和设计变更，导致成本上升和项目延误。公司还对该项目的第二阶段开发进行了审查，将生产时间推迟两年至2031年。
The execution problems at Jansen could cloud BHP’s expansion into commodities such as potash and copper, a key part of chief executive Mike Henry’s strategy to reduce exposure to its traditional strengths of coal and iron ore in favour of metals and minerals that are expected to play a leading role in the energy transition from oil and gas.
詹森项目的执行问题可能会影响必和必拓向钾盐和铜等大宗商品的扩张，而这正是首席执行官韩慕睿(Mike Henry)战略中的关键部分，旨在减少公司对煤炭和铁矿石等传统优势领域的依赖，转而布局预计将在能源从石油和天然气向转型过程中发挥主导作用的金属和矿产。
The world’s biggest miner by market capitalisation has already invested $4.5bn into Jansen, which is 68 per cent complete, and a further $400mn into the project’s second stage.
这家全球市值最大的矿业公司已向詹森项目投资了45亿美元，该项目已完成68%，第二阶段还将投资4亿美元。
However, investors and rivals have expressed concerns about saturation in the fertiliser market since BHP began pursuing potash a decade ago. The company was forced to defend itself in 2017 after activist investor Elliott expressed “deep concerns” over the Australian company’s move into the commodity.
然而，自从必和必拓十年前开始涉足钾肥业务以来，投资者和竞争对手一直对化肥市场的饱和表示担忧。2017年，在激进投资者埃利奥特(Elliott)对这家澳大利亚公司进军该大宗商品表示“深切担忧”后，必和必拓被迫为自己的决定进行辩护。
The Jansen issues came as BHP delivered a strong production report for the year to June that showed record output of iron ore and copper from its operations in Western Australia and Chile.
在必和必拓公布截至6月的年度强劲产量报告之际，詹森项目的问题浮出水面。报告显示，必和必拓在西澳大利亚(Western Australia)和智利的铁矿石和铜产量均创下新高。
The company said commodity demand had “remained resilient so far in 2025”, with copper and steel benefiting from China’s accelerated investment in renewable energy and electric vehicles despite a sharp decline in trade with the US.
该公司称，大宗商品需求“在2025年迄今仍保持韧性”，尽管与美国的贸易额急剧下降，但铜和钢受益于中国加快对可再生能源和电动汽车的投资。
BHP said it expected economic stimulus efforts in the US and China to help mitigate “slower economic growth and a fragmenting trading system”.
必和必拓表示，预计美国和中国的经济刺激措施将有助于缓解“经济增长放缓和贸易体系分化”的影响。