BHP To Temporarily Shut Down Western Australia Nickel Operations: Details
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- BHP Group's Decision: BHP Group Limited will temporarily suspend its Nickel West operations and West Musgrave project in Western Australia starting October 2024.
- Reason for Suspension: The decision is due to an oversupply in the global nickel market, leading to financial losses.
- Financial Impact: Declining global nickel prices have resulted in projected financial losses of around $300 million for Western Australia Nickel.
- Impairment Charges: BHP expects to recognize an additional non-cash impairment charge of $0.3 billion pre-tax due to the suspension.
- Future Plans: BHP plans to support its workforce and local communities during the suspension, with potential investments post-transition to restart operations.
Analyst Views on HAP
Wall Street analysts forecast HAP stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HAP is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
