CBA, JB Hi-Fi hit record highs; BHP shuts down nickel project

Due to oversupply in the global nickel market, BHP will temporarily suspend operations at Nickel West and the West Musgrave project from October.

BHP said it intends to review the decision by February 2027.

“Expected nickel prices for the next half decade have fallen sharply, reflecting strong growth in alternative, low-cost nickel supplies,” the company said in a statement.

BHP said it would support its workforce and local communities during the suspension with an annual investment of around US$300 million ($450 million) after completing “a transition period to support a potential restart of Western Australia Nickel”.

The transition period will begin this month. Operations will cease in October and the handover activities for the temporary suspension will be completed by December.

BHP will cease mining and processing operations at the Kwinana nickel refinery, the Kalgoorlie nickel smelter, the Mt Keith and Leinster operations, and the development of the West Musgrave project.