Takeover would represent the first mega deal among the world’s biggest diversified miners in over a decade. 

The Jansen Stage 1 project is at 44% completion, said the global miner.

The company intends to invest $2.6 billion to establish the mine.

In October, it announced a $4.9 billion investment in Stage 2 of its potash project in Saskatchewan to double capacity by the end of the decade.

Italian-Thai Development Pcl is considering selling its 90% stake in Asia Pacific Potash Corp., which has mining rights in Thailand.

China’s overseas investment in metals and mining as part of its Belt and Road Initiative surged by 158% last year, hitting $19.4 billion with energy transition metals the main focus.

The Western Australia-based junior is now is working towards resumption of trading on the Australian Stock Exchange in March.