FTSE 100 miner BHP has announced a major investment in a Tanzanian nickel project, highlighting the surging demand for raw materials needed for the green energy shift.
The company will invest $100m in Kabanga Nickel, a private British company, which is said to be the largest development-ready nickel sulphide deposit in the world.
BHP is aiming for first production in 2025 and is targeting a minimum annual nickel output of 65,000 tonnes, with the mine expected to have a lifespan of at least 30 years.
It marks a major bet on surging demand for electric vehicles, with nickel playing a key role in the development of EV batteries.
5 things to start your day
1) Food importers face more pain from Brexit charges Costs from physical checks being introduced in July are expected to be passed onto consumers, industry leaders warn
2) Windfall tax would hit energy security and green investment, industry warns Oil and Gas UK says “opportunistic” calls to launch a further raid on an already heavily taxed sector is counterproductive
3) Let more Indian workers into Britain, says CBI’s Bilimoria CBI president calls for looser visa rules between India and the UK as Anne-Marie Trevelyan begins formal trade talks begin this week
4) Planning reform needed to help solve housing crisis, peers warn New report finds the Government will fall short of its target to have 300,000 homes built a year unless it pushes through reforms
5) Elon Musk accused of dancing to Beijing’s tune to build Tesla Entrepreneur’s tricky balancing act between the US and China is likely to become increasingly difficult
What happened overnight
Asian markets fluctuated on Monday after another negative performance on Wall Street as US data showed fewer new jobs than expected were created last month but that wages saw a strong gain. Singapore continued its bright start to the year with another healthy gain while there were also advances in Taipei, Manila and Jakarta, though Sydney, Seoul and Wellington dipped.
Coming up today
- Corporate: Aldi (trading update)
- Economics: Unemployment rate (EU)