British-Australian mining giant BHP Billiton said on Tuesday it had agreed to buy mineral exploration and development company  Anglo Potash for $CAD284 million equivalent to $AUD300 million.

BHP Billiton is the world’s largest diversified natural resources company, with some 39,000 employees across 100 operations in over 20 countries.

Anglo’s president and CEO, Todd Montgomery said “We are pleased to take this step with BHP Billiton and believe the acquisition will benefit the shareholders of Anglo Potash.
“We have been joint venture partners with BHP Billiton for two years of exploration and development, the success of which is underscored by today’s excellent offer from BHP Billiton.”

BHP Billiton’s President of Diamonds & Specialty Products, Graham Kerr, added that “I wish to
thank Todd and his team for their continual support as our JV partner; we look forward to the
next chapter in the potash exploration and development program and building upon our
successful history of investment and growth in Canada.”

BHP Billiton said Anglo Potash’s only asset was its 25 per cent interest in the Canadian potash joint venture development project in which BHP Billiton holds a 75 per cent stake.

If the deal is approved, BHP Billiton would take 100 per cent control of the joint venture, which is focused on developing the first new potash mine in almost 40 years in the western Canadian province of Saskatchewan.

BHP has agreed to pay 8.15 Canadian dollars a share.