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As the world stumbles towards a decarbonized future, moving sideways and planting false steps at times, Luca Giacovazzi says he knows one thing: The transition is good for Northern Ontario’s nickel.
In a story that is still unfolding, in late May, Luca Giacovazzi, head of Australia-based Wyloo Metals Pty Ltd, announced he was prepared to invest roughly $133 million to buy Noront Resources Inc. the Toronto company that’s spent years trying to develop a new mining district near the James Bay Lowlands of Northern Ontario, called the Ring of Fire.
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“We looked at Toronto, and we said, ‘you know what? That still remains one of the hotspots for (mineral) exploration, for juniors, for the innovation that we see in exploration,’” said Tyler.
BHP, considered one of, if not the largest mining company in the world, produces iron ore, copper, coal and petroleum with US$42.9 billion in revenue in 2020. Copper accounted US$10.6 billion of that, the second largest revenue-generator in its portfolio, with mines in Chile and Peru; it also produces nickel in western Australia, though it remains a small part of its business.
Its head office for copper and nickel exploration was previously located in Santiago, Chile, and BHP intends to keep personnel there, as well as in Arizona, where it also has operations.
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Australia’s BHP Group Ltd. is moving its exploration headquarters for nickel and copper two metals expected to see increased future demand because of electric vehicle industry growth to Toronto.
The company’s announcement Wednesday comes after a BHP subsidiary Rio Algom Ltd. struck a partnership in August with Canadian junior Midland Exploration Inc. to fund nickel exploration in northern Quebec.
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Try refreshing your browser, or EV battery demand sees Australian mining firm make moves to Canada Back to video
The company has also been exploring for copper in Canada, on and off for years, Laura Tyler, BHP’s chief technical officer, told the Financial Post. But as climate change alters global commodity consumption patterns, she said nickel and copper demand are set to surge, leading the company to reevaluate where to put its people and resources.
BHP moves nickel and copper HQ to Toronto as Canada emerges as new clean-tech mining hotspot lfpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lfpress.com Daily Mail and Mail on Sunday newspapers.