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BHP flags possible writedowns at nickel unit on low prices
BHP Group said on Thursday it was reassessing the value of its nickel operations after a price slump, in a move that could lead to writedowns amid an oversupply of the metal used in electric vehicle batteries.
The world’s biggest listed miner, which signed a deal to supply nickel to Tesla in 2021, is reevaluating the business after prices fell 40% in the last year as Indonesian supply jumped, causing restructures and writedowns at nickel mines across Australia.
BHP said it was looking at options to mitigate the impacts of the sharp fall in nickel prices and that it would offer more details at its half-year results on Feb. 20.
Source: MINING.COM
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