(BHP) Shares of Australian mining company, BHP Group, jumped 3% after it struck a deal to supply nickel to Tesla.
Vandita Pant, BHP Chief Commercial Officer is foreseeing a surge of up to 500% of nickel demand largely supported by the adoption of electric vehicles.
Tesla announced in June that it is seeking to spend $ 1 billion on EV battery raw materials from the Australian market due to its ethical production practices.
BHP prides itself as the most sustainable and low carbon-emitting producer of nickel globally.
The Australian mining giant claims to supply 85% to battery material suppliers worldwide. Analysts have pointed out that the nickel market is still small at a sales turnover of $40 billion.
BHP: NYSE is up + 0.44% on pre-market.
