KP2 Discussion, page-362

I don't think BHP divulge all their business case numbers Quest, but they are spending about US$6b and below is a piece out of a media release. BHP usually has low cost projects in their basket, and they usually also have a knack for going with the money. Kore is not competing in their market anyway.

Jansen Stage 2 was evaluated utilising BHP’s Capital Allocation Framework and at consensus prices has an internal rate of return of 15% to 18% and an expected payback period of approximately six years from first production3. Underlying EBITDA margins for Jansen Stage 1 and Stage 2 of approximately 65% to 70% are expected due to a low-cost position of US$105 to US$120/t4.

https://www.bhp.com/news/media-centre/releases/2023/10/bhp-approves-investment-in-stage-two-of-jansen-potash-project