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Norilsk Nickel says to sell last Australian asset to BHP Billiton

Christian Fernsby ▼ | June 19, 2020
Nornickel announced that through its Australian subsidiary, MPI Nickel Pty Ltd, it has entered into a definitive agreement with BHP Billiton Nickel West Pty Ltd, a wholly owned subsidiary of BHP Group Limited, to sell its Honeymoon Well Nickel Project for an undisclosed amount.
BHP Billiton   Nornickel
The Project located in Western Australia encompasses Honeymoon Well, a greenfield nickel development, as well as Albion Downs North and Jericho Joint Ventures, both exploration projects where BHP currently owns the remaining 50% stake. The Project is the only Australian asset remaining in the Company’s portfolio.

Topics: Norilsk BHP Billiton

BHP has an in-depth knowledge of the Project, which is expected to streamline the closing of the transaction.

“With the sale of Honeymoon Well Nickel Project we complete the strategic exit from Australian operations and reinforce our focus on the development of our Tier-1 asset portfolio in Russia. We are grateful to BHP as our JV partner in Australia and appreciate their commitment to prompt execution of the transaction”, Sergey Dubovitsky, Nornickel’s Senior Vice President for Strategy, Strategic Projects, Logistics and Procurement commented.

The transaction is subject to regulatory approvals and other customary closing conditions.