SMM: BHP Billiton said Friday it is expanding its exposure to the nickel industry through the acquisition of a nickel project in Western Australia. The deal marks the withdrawal of (Norilsk nickel) from Australia by Norilsk Nickel, a Russian mining group.
BHP Billiton said it had agreed to buy the Honeymoon Well nickel project from Norilsk Nickel, the world's largest nickel and palladium producer.
"Nickel remains an important input in new technologies that will improve battery storage for renewable energy and electric vehicle manufacturing." Eddy Haegel, president of BHP Billiton Nickel West Asset, said in a statement.
Nickel is used in lithium-ion batteries that power electric vehicles, and the electric car market has grown strongly on the back of Chinese subsidies.
Norilsk said in a statement that the deal would allow the company to focus entirely on developing its assets in Russia.
"with the smooth sale of the nickel project, we will complete the implementation of the Australian asset exit strategy," said Sergey Dubovitsky, senior vice president and head of strategic project, logistics and resource management at Norilsk Nickel.
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