BHP to Cut Nickel Supplies as Global Glut Forces Mine Suspension.

BHP Group Ltd., the world's largest mining company, has announced that it will suspend its Nickel West business in Australia from October 2024 until at least 2027 due to low nickel prices. The decision is a response to an oversupply of nickel globally, caused by an influx of low-cost production from Indonesia. BHP will spend $303 million per year to maintain the facility and will review the suspension in February 2027, with the possibility of restarting operations if market conditions improve. This move follows a $3.5 billion impairment to the asset and a strategic review announced by BHP in February. [Extracted from the article]