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World’s largest miner BHP Billiton (ASX, NYSE: BHP)(LON: BLT), has stopped development at its Venus nickel project in Australia, once deemed as the venture that would “reshape the future profitability and direction” of the miner’s struggling Nickel West business.
Citing competition for capital from its other units, the company told The Metal Bulletin (subs. required) that the move will result in about 90 job losses or about 5% of the total Nickel West unit.
“Nickel West will remain in the BHP Billiton portfolio as a non-core asset and the company will continue to operate the business to realise its full value,” a company spokeswoman was quoted as saying.
The news comes barely a day after the miner announced it was scrapping the sale of its Nickel West division, which it put up for sale in May, since it was unable to find a buyer on its terms.
The division is scheduled to produce 95,000 tonnes of nickel in the 12 months to June 30, 2015. About 55% of that output will be produced from third-party ores.
2 Comments
Andrew mckenzie
The sale costs would have been more than the realized cost of selling the business what fool thought that was good business for shareholders
LAMB
Sales of this kind are meant to benefit the CEO and top management because they want to be perceived as ‘cost cutters’ – they really do not care about SHAREHOLDERS.