11:46 AM EDT, 03/17/2025 (MT Newswires) -- (Updates shares.)

Westshore Terminals Investment ( WTSHF ) late on Friday declared a first-quarter dividend of $0.375 per share, to be paid on or before April 15 to shareholders of record on March 31.

For 2025, the company expects volumes to be about 26.5 million tonnes. The average loading charge for the year is expected to be $13.55.

Westshore said it has made significant progress on building the infrastructure to enable it to ship potash from BHP's Jansen mine. Since the project launched at the end of 2024, Westshore has spent $545 million on it. BHP is reimbursing the expenditures, subject to a 5% holdback.

Reimbursement is limited to the amount of the initial budget agreed in 2021, amounting to about $1 billion.

After reimbursement, Westshore expects to contribute about $225 million, which will be incurred starting in the second quarter of 2026, continuing until final payments to suppliers, expected in mid-2027.

The company expects to fund project spending using its cash reserve, cash flows from operations and funds released under the 5% holdback, with any further requirements being funded by borrowing.

The project is on schedule for completion in 2026 andevenue from potash handling is projected to begin in 2027.

Westshore shares were last seen down $1.41 to $22.85 on the Toronto Stock Exchange.

Price: 22.85, Change: -1.41, Percent Change: -5.81