elemental no ordinary explorer, page-15

Comment by BMO on BHP and Potash:

BHP Billiton (BLT-LSE; £19.84; OP; covered by Tony Robson) has reiterated its ongoing commitment to the Jansen potash project (Saskatchewan), although commented that it does not expect any major project approvals during F2013 (Jun), with previous expectations for a decision later this year.

In its F2012 results release, BHP maintains a very positive long-term outlook for potash, commenting that the requirement for significant new capacity in potash will sustain prices at a level high enough to induce new supply.