Copper was the buzzword on Monday as OZ Minerals outed BHP’s $25 a share bid, but investors were curious if nickel was the more strategic (if much smaller) play for BHP.
OZ Minerals chairman Rebecca McGrath.They were pointing to BHP’s Nickel West operation in Western Australia, which since late 2019 has bought half of the nickel concentrate produced by IGO’s Nova mine. Nova produced 29,002 tons of nickel in the 2021 financial year and 30,436 tons a year earlier.
At the time, IGO decided the BHP and Trafigura offtakes were better value than DIY-ing downstream processing, and put the latter idea to bed. And then there’s access to nickel, which at BHP ranks behind potash in terms of value to the company. But which, sources reckon, is vital to the investment the company’s already made at Nickel West.
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