08/20/2013 01:28 EDT | Updated 10/20/2013 05:12 EDT

Brad Wall Says BHP Potash Project Sign Of Confidence In Economy

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REGINA - Premier Brad Wall says BHP Billiton's decision to invest US$2.6 billion in a potash project is a strong vote of confidence in Saskatchewan's industry.

BHP Billiton (NYSE:BHP) says it will develop the Jansen mine, although at a slower pace than previously expected and with the possible addition of a partner.

Wall says the Anglo-Australian mining company likes the geology and the economic environment in Saskatchewan.

Some financial analysts had said potash projects could be delayed after a Russian company threatened to pull out of a marketing consortium and prices plummeted.

Wall says potash can be a volatile industry and there will be some people who are going to over-react.

The premier says the Jansen investment is good for jobs and the economy.

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