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From green hype to bailouts, the nickel industry has imploded — As market prices crash over 40%, investors ask Australia for corporate bailouts and softer regulation
(Bloomberg) -- Just 18 months ago, the world’s biggest mining company was in a nickel frenzy. BHP Group, to much fanfare, had struck a deal with Tesla Inc. to supply it with the crucial ingredient for electric vehicles. It was about to go toe-to-toe with Australian billionaire Andrew Forrest for control of one of the globe’s most prospective mines.Most Read from BloombergStock Market’s ‘Rah-Rah Mob’ Confronts February’s Weak RecordMusk Took Drugs With Some Tesla Board Members, WSJ SaysWorld Cup
In New Caledonia — the South Pacific island chain that was once seen as the future of nickel production — the French government has been forced to step in to keep mines and plants operating that are essential to the territory’s economy. In addition to BHP’s review of nickel assets there, Panoramic Resources Ltd. is suspending a key mine after entering voluntary administration late last year, when it failed to find a buyer or partner. The Southeast Asian nation has emerged as a global nickel hub after billions of dollars of investment in efficient plants that benefit from inexpensive labor, cheap power and readily available raw materials.
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