Yahoo Finance BHP hits $4 billion nickel 'jackpot'
Global mining giant BHP Billiton says it has hit upon a $4 billion nickel “jackpot” in Western Australia that will redefine their struggling nickel business.
According to reports on mining.com and The Australian, the discovery has been made near the company’s Perseverance mine at Leinster, 375km north of Kalgoorlie in Western Australia.
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Business circles are abuzz with the discovery which BHP has named Venus after the brightest planet visible to the naked eye.
However the miner says the find is still in “early stages of delineation and development”, according to the Australian.
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The company hasn’t released a guidance for the reserves publicly.
BHP consolidated its aluminum and nickel assets into a single division last year. It is based in Perth
The company’s Nickel West operations have struggled due to a slump in nickel prices and the strong Australian dollar.
The company, which posted a $US205 million loss for the December half, houses the nickel operations BHP acquired when it bought WMC Resources in 2005.
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