BHP

2024 - 2 - 16

BHP Faces £5.3bn Charge and Impending Closure of Nickel Business Amidst Industry Turmoil

Economic Impact of BHP's Decisions - Mining Sector - Nickel Industry

Mining giant BHP is set to take a non-cash impairment charge of £5.3bn as losses mount, sparking concerns over the closure of its Nickel West division.

BHP is grappling with a significant financial blow, reflected in the £5.3bn impairment charge due to mounting losses in the aftermath of the Samarco dam disaster and nickel market struggles. The potential closure of its Nickel West business looms large, alongside a massive $5.4 billion impairment. The Australian nickel industry is facing a bleak outlook as BHP signals the mothballing of its West Australian nickel operations, putting thousands of jobs at risk.

The city of Kalgoorlie-Boulder is set to engage in discussions with BHP regarding the company's nickel operations, which include the Kambalda concentrator and Kalgoorlie Nickel Smelter. Meanwhile, concerns are growing about the future of the national nickel industry, with calls for Federal intervention to safeguard jobs amidst BHP's considerations of mothballing its operations.

Interestingly, analysts predict Vale may follow BHP in making provisions related to dam failures, potentially reaching around $3.6 billion. The nickel industry's struggles are exacerbated by a 40% drop in prices over the past year, driven by increased Indonesian supply, leading to restructures and writedowns at mines across Australia.

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Image courtesy of "City A.M."

BHP to book £5.3bn charge on Samarco dam disaster and nickel ... (City A.M.)

Mining giant BHP has said today it will take a non-cash impairment charge of approximately £5.3bn as losses mount for the group.

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Image courtesy of "Stockhead"

BHP joined the rout... so where are are the green shoots for nickel ... (Stockhead)

BHP flagged the potential closure of its massive Nickel West business yesterday along with a massive $5.4 billion impairment; Nickel explorer Lunnon Metals ...

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Image courtesy of "The Advertiser"

Biggest domino to fall as BHP confronts its nickel demons (The Advertiser)

BHP is fast approaching the point of no return for its deeply-pressured West Australian nickel business, and the likely medium-term closure of the division ...

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Image courtesy of "The Australian"

BHP threat drains battery charge (The Australian)

Australia's hopes of developing a battery manufacturing industry is in tatters after mining giant BHP warned that it could close the nation's only nickel ...

TOP NEWS: BHP results to be hit by nickel prices and Samarco dam ... (AJ Bell Youinvest)

BHP will recognise a non-cash impairment charge of $2.5 billion against the carrying value of Western Australia Nickel, the company's Australian nickel business ...

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Image courtesy of "ShareCast"

BHP readies £5.3bn for exceptional items in H1 (ShareCast)

BHP said the first hit was a £2.8bn charge against the carrying value of its Western Australia Nickel arm, while £2.5bn was linked to the failure of the Samarco ...

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Image courtesy of "The Cairns Post"

BHP sounds death knell for Australian nickel (The Cairns Post)

About 3000 jobs are at risk as the mining giant signals it is considering mothballing the entire West Australian nickel division due to a flood of cheap ...

TOP NEWS: BHP results to be hit by nickel prices and Samarco dam ... (Morningstar)

BHP will recognise a non-cash impairment charge of USD2.5 billion against the carrying value of Western Australia Nickel, the company's Australian nickel ...

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Image courtesy of "Herald Sun"

BHP sounds death knell for Australian nickel (Herald Sun)

About 3000 jobs are at risk as the mining giant signals it is considering mothballing the entire West Australian nickel division due to a flood of cheap ...

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Image courtesy of "MINING.com"

BHP considers closing Western Australia Nickel operations amid ... (MINING.com)

The miner said it could place Nickel West into care and maintenance and that it was assessing the phasing and capital spend for the development of the West ...

BHP expects charges of $5.7 billion from nickel crash, dam failure ... (Business Insurance)

BHP Group Ltd. plans to write down the value of its Australian nickel operations by around $5.7 billion amid a market downturn and after increasing ...

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Image courtesy of "9News"

BHP considers shutting WA nickel operations, putting thousands of ... (9News)

BHP operates Australia's only nickel smelter in Kalgoorlie and a refinery in Kwinana, and some 2500 jobs could be lost as the mining giant figures out how to ...

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Image courtesy of "Kalgoorlie Miner"

City of Kalgoorlie-Boulder to meet BHP to discuss company's ... (Kalgoorlie Miner)

BHP Nickel West has the Kambalda concentrator, Kalgoorlie Nickel Smelter and operations around Leinster in the northern Goldfields. The city on Thursday ...

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Image courtesy of "Metalbulletin.com"

BHP joins the distressed-nickel party | Hotter Commodities ... (Metalbulletin.com)

Read more from Andrea Hotter about how BHP are the latest casualty of the rout currently disrupting the nickel industry.

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Image courtesy of "MINING.com"

Vale to follow BHP on new provisions over dam failure, analysts say ... (MINING.com)

Analysts have calculated an additional provision between about $3.5 billion and $3.6 billion to match BHP provisions for the year.

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Image courtesy of "The West Australian"

Roger Cook calls for Federal help on future of nickel industry after ... (The West Australian)

The future of the national nickel industry hangs by a thread — with thousands of jobs in the balance — after BHP revealed it was considering mothballing its ...

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Image courtesy of "NEWS.com.au"

$5.4b wipeout for nation's biggest company (NEWS.com.au)

Mining giant BHP — Australia's biggest company — has wiped billions off the estimated value of its nickel operations, as the firm struggles to compete with ...

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Image courtesy of "Canadian Mining Journal"

BHP considers closing Western Australia Nickel operations amid ... (Canadian Mining Journal)

Nickel prices fell 40% in the last year as Indonesian supply jumped, causing restructures and writedowns at nickel mines across Australia. “This is an uncertain ...

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Image courtesy of "Australian Mining"

BHP nickel assets to incur impairment - Australian Mining (Australian Mining)

BHP is set to declare an impairment against its nickel operations in its half-year results set to release next Tuesday.

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Image courtesy of "Market Index"

Why Morgan Stanley analysts prefer Rio Tinto over BHP (Market Index)

BHP faces significant financial challenges with a US$2.5 billion impairment charge for Western Australia Nickel and a US$3.2 billion provision for the ...

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Image courtesy of "ABC News"

Nickel to be placed on critical minerals list, giving WA miners access ... (ABC News)

Federal Resources Minister Madeline King says she will put nickel on the critical minerals list, allowing nickel miners to apply to access a $4 billion ...

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