BHP cuts contractors at West Musgrave nickel and copper project – report (NYSE:BHP)
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BHP (NYSE:BHP) has cut ~100 workers constructing its West Musgrave nickel and copper project in Western Australia, Australian Financial Review reported Sunday, in the latest move by a major mining company to reduce costs in an environment of weak commodity prices.
The workforce at the A$1.7B project was cut from ~400 to 300, but the paring of some workers did not mean the entire project, acquired from OZ Minerals last year, has been canceled, according to the AFR report.
BHP (BHP) already said it would take a A$2.5B impairment charge related to its struggling Western Australia nickel business.
The miner believes 30% of Australian nickel mines have been closed with another 30% also under pressure because of low prices, outgoing CFO David Lamont told shareholders.
The price of nickel has plunged 40% on the London Metal Exchange since the start of 2023.
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