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BHP Buys Into Tanzania Nickel Mine After Failed Canadian Bid

  • World’s biggest miner to invest $100 million in Kabanga Nickel
  • BHP will take a 17.8% stake in the Tanzanian nickel project
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BHP Group will buy a minority stake in a Tanzanian nickel project as the world’s biggest miner seeks to expand in commodities that will be central to the green-energy transition.

BHP’s investment in Kabanga Nickel Ltd. comes less than a month after the commodities giant bowed out of a bidding war for Noront Resources Ltd., which owns nickel deposits in Canada. Nickel, traditionally used to make stainless steel, is also a key component in lithium-ion batteries, allowing vehicle manufacturers to reduce the use of cobalt, which is more expensive and has a less transparent supply chain.