BHP Positions in $60B Nickel and $20B Cobalt Markets with Supply Focus
Global nickel demand for EV batteries forecast to surpass $60 billion, with cobalt market expected to exceed $20 billion by the end of the decade. Governments and manufacturers back new mining projects in North America and Australia, boosting interest in high-grade nickel-cobalt exploration including major players like BHP.
1. Surge in Critical Mineral Demand
Demand for nickel, vital for lithium-ion battery energy density, has surged alongside cobalt used for stabilizing battery performance, driving forecasts of a global nickel market exceeding $60 billion and a cobalt market topping $20 billion by 2030.
2. BHP's Strategic Focus
BHP Group Limited is leveraging government and manufacturer support for domestic mining projects in North America and Australia to secure high-grade nickel and cobalt assets, aiming to address supply security and partner with battery and automotive firms.