BHP to sell Kambalda nickel assets to Gold Fields
Global miner BHP said it has agreed to sell the Kambalda Nickel Concentrator and associated tenements in Western Australia to Johannesburg-listed Gold Fields. BHP temporarily suspended its Western Australia Nickel assets in early 2024. The company will review the future of its remaining nickel assets by February 2027.
(Adds details and background throughout) Oct 7 (Reuters) — Global miner BHP said on Wednesday it has agreed to sell the Kambalda Nickel Concentrator and a package of associated tenements and mineralisation rights in Western Australia to Johannesburg-listed Gold Fields. Here are some more details: BHP did not immediately respond to a Reuters request for comment on the financial terms of the deal. The company temporarily suspended its Western Australia Nickel assets in early 2024 following oversupply in the global nickel market.
The downturn, driven in part by rising Indonesian supply and weaker prices, prompted Australia later that year to designate nickel a critical mineral, making the industry eligible for billions of dollars in government support. BHP said on Wednesday it would review the future of its remaining nickel assets by February 2027, assessing options including divestment, continued suspension, a restart or closure. Gold Fields will evaluate options for the long-term use of the concentrator and offer employment to people directly supporting the asset, BHP said. The agreements are subject to regulatory approvals and other conditions.
The completion is expected during 2027. com;)