BHP said the Australian government’s intervention to save the country’s nickel industry “may not be enough” as a write-off in the value of its nickel operations drove a near 90 per cent drop in first-half net profit.
Australia’s nickel industry is confronting a crisis with a number of companies suspending operations due to a collapse in the metal’s price driven by a supply glut from Indonesia.
BHP on Tuesday reported a net profit of $927mn for the six months ending in December due to impairment charges taken against Nickel West, its Western Australian operation, and its Brazilian iron ore assets. Excluding those charges, the company’s underlying profit of $6.6bn was flat year on year.
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