K+S to invest $3.1bn for Canadian potash project
German firm K+S Aktiengesellschaft has approved capital expenditure of C$3.25bn ($3.1bn) for the Legacy potash project in the Saskatchewan province of Canada.
The Legacy project is located about 50km north of Moose Jaw and has proven reserves of 160 million tons of final potash product.
K+ S has started the initial infrastructure construction works in the areas of water supply, electricity, road development and drilling activities.
The project is expected to start its initial production in 2015, increase the production to two million tons by 2017 and reach a total production capacity of 2.86 million tons of potassium chloride in 2023.
The firm is also planning to further increase the total output to 4 million tons per annum of potassium chloride, which will be achieved about ten years later.