BHP Group buys nickel tenements in Western Australia

BHP Group is expanding its exposure to nickel by purchasing nickel tenements in Western Australia in a deal marking the exit from the country of Russian mining group Norilsk Nickel. Norilsk claims the transaction would allow the company to focus entirely on developing its assets in Russia. In a press release, the company's senior vice president and Head of Strategic Projects Sergey Dubovitsky wrote that by selling the Nickel project Honeymoon Well, Norilsk Nickel was completing a divestment from its Australian activities as planned. The value of nickel has risen in recent years as the automotive sector moves increasingly over the electric vehicles. Nickel is a key component in the production of car batteries.