The FTSE 100 miner BHP has announced a major investment in a Tanzanian nickel project, highlighting the growing demand for raw materials necessary for the transition to green energy.
The company will invest $ 100 million in Kabanga Nickel, a British private company, which is said to be the largest nickel sulphide deposit ready for development in the world.
BHP is targeting first production in 2025 and is targeting a minimum annual nickel production of 65,000 tonnes, with the mine expected to have a life of at least 30 years.
It marks a major bet on the surge in demand for electric vehicles, nickel playing a key role in the development of EV batteries.
5 things to start your day
1) Food importers bear the brunt of Brexit Costs of physical checks introduced in July are expected to be passed on to consumers, warn industry executives
2) Exceptional tax would affect energy security and green investments, industry warns Oil and Gas UK says ‘opportunistic’ calls to launch new raid on already heavily taxed sector are counterproductive
3) Let more Indian workers enter Britain, says CBI’s Bilimoria CBI President calls for relaxation of visa rules between India and UK as Anne-Marie Trevelyan begins formal trade talks this week
4) Planning reform needed to help tackle housing crisis, peers warn New report reveals government will fall short of target of building 300,000 homes per year unless it initiates reforms
5) Elon Musk accused of dancing to Beijing tune to build Tesla Entrepreneur’s delicate balance between the United States and China is likely to become increasingly difficult
What happened during the night
Asian markets fluctuated on Monday after another negative performance on Wall Street, with US data showing fewer new jobs than expected were created last month, but wages rose sharply. Singapore continued its brilliant start to the year with another solid gain while there was also progress in Taipei, Manila and Jakarta, although Sydney, Seoul and Wellington fell.
- Business: Aldi (commercial update)
- Economy: Unemployment rate (EU)