US-based Mosaic Company has announced plans to invest an additional C$1.7bn ($1.35bn) to further develop its K3 potash mine project located at Esterhazy in Saskatchewan, Canada.
The company announced that recently a change was approved in the scope of the project which includes plans to increase the production of the mine.
According to the company, the decision will see additional spending in Saskatchewan over the next eight years.
Expected to commence mining potash ore by late-2017, the K3 mine site will serve as a satellite mine for the milling and storage facilities that were upgraded during the Esterhazy stage 1 expansion efforts.
Mosaic potash senior vice-president Walt Precourt said: "Mosaic is committed to the growth, efficiency and sustainability of our potash operations here in Saskatchewan.
"This is our home and we continue to invest both in our communities and our business."
In 2009, the K3 Project's initial phase was approved and involved an investment of C$1.5bn ($1.18bn), as part of the company's long-term strategy to expand its potash business.
Saskatchewan Premier Brad Wall said: "This is a great announcement and further evidence that Saskatchewan's diversified economy remains strong.
"Despite the downturn in oil prices, other sectors continue to show strong growth. This is strong demonstration of their confidence in Saskatchewan's future."
Image: North shaft Headframe at K3 Mine. Esterhazy, Saskatchewan. Photo: courtesy of kelapstick