BHP to boost nickel exploration spending amid EV boom
e miner said it has the second largest nickel sulphide resource base globally, based on its land holding in the Agnew-Wiluna belt in Western Australia.
e miner said it has the second largest nickel sulphide resource base globally, based on its land holding in the Agnew-Wiluna belt in Western Australia.
Smelting activity was hit by weakness in China and the biggest mining region South America.
Nornickel's first-half sales of nickel fell by 6%, palladium by 4% and platinum by 18%.
The government is keen to take advantage of Indonesia's large deposits of nickel to eventually produce batteries for electric vehicles.
Company kept its previous 2022 output forecast unchanged despite difficulties posed by Western sanctions against Moscow over Ukraine.
Indonesia’s president, Joko Widodo, offered Tesla the opportunity to invest in an end-to-end EV supply chain
The LME said it was continuing to assess the sanctions Britain imposed in June on Potanin, known as Russia's "Nickel King".
Volatile market reeling from a big short gone wrong can blow up if West imposes sanctions on Russia. And don’t expect Indonesia to fill in gaps anytime soon.
The targeted multi-year nickel supply agreement could start as early as 2025 and may involve additional commodities over time, BHP said.
Nickel prices on the LME started their ascent in January as stocks in LME-approved warehouses started to slide due to soaring demand.