Australian Tycoon Forrest Shuts Nickel Mines After Prices Crash
- West Australia mines to enter care and maintenance from May 31
- Wyloo informs BHP it won’t be able to honor offtake agreement
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Wyloo Metals Pty Ltd., the private nickel producer owned by billionaire Andrew Forrest, is shutting down its Western Australian mines due to a sharp slump in prices for the key transition metal.
The mines near Kambalda will go into care and maintenance from May 31, the company said in a statement on Monday. Wyloo, which bought the mines only six months ago, informed BHP Group Ltd. that it won’t be able to fulfill a nickel off-take agreement that’s due to expire at the end of 2025, a spokesperson added.