Despite a loss of $6.4 billion in the last fiscal year, BHP Billiton says their construction of their potash mine at Jansen is "progressing well."

Tuesday, the Australian based mining company reported the loss that closed their fiscal year on June 30th.

Reports have claimed it will cost $14 billion to equip the mine for production, so far $3.8 billion has been spent on the Jansen site that if it comes online would supply 15 percent of the global supply every year.

BHP says the Jansen site is 60 percent complete, it should be operational sometime after 2020.

However another report this week states the company's CEO Andrew McKenzie said the option of mothballing the project once the shafts are dug is also there, all depending on the markets for the fertilizer as the year 2020 nears.