BHP stands down 25% of nickel project workforce
BHP has stood down around a quarter of the workers constructing its West Musgrave nickel and copper project in Western Australia.
BHP has stood down around a quarter of the workers constructing its West Musgrave nickel and copper project in Western Australia.
The policy drew investments of billions of dollars from smelting firms, most of them Chinese, and boosted Indonesia's exports.
The LME said that low carbon nickel could already be traded on its partner MetalsHub's system.
Western governments could mimic Indonesia by granting tax holidays to critical minerals operations.
Calls for a nickel price that reflects strong environmental and governance standards have grown from high-cost producers such as Australia.
An Indonesian producer has for the first time ever applied to have its metal listed as a good delivery brand on the LME.
Iron ore magnate Andrew Forrest said recently the LME should classify its nickel contracts into "clean" and "dirty" to give customers more choice.
Cheap Indonesian nickel, controlled by China and dumped on the market, has collapsed nickel prices and forced global mine closures.
Several hundred million euros of debt will be removed from its loss-making nickel subsidiary SLN.
While the bank’s base case is for a surplus of less than 40,000 tons, that may be in jeopardy if Jakarta’s approvals are slow.
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