Asia Economy, Commodity Markets, Tesla Inc, Bhp Group Ltd, Rio Tinto Ltd, S&P/Asx 200

Asia Economy, Commodity Markets

Shares of Australian miner BHP jump 3% after news of nickel supply deal with Tesla

Shares of Australian miner BHP jump 3% after news about a nickel deal with Tesla

7/22/2021 7:11:00 AM

Shares of Australian miner BHP jump 3% after news about a nickel deal with Tesla

'Demand for nickel in batteries is estimated to grow by over 500 per cent over the next decade, in large part to support the world's rising demand for electric vehicles,' BHP said.

However, Peter O'Connor, metals and mining analyst at Shaw and Partners, was less bullish on the overall nickel sector, in terms of space for new players to increase their market share.He said the nickel market is still very small, with long-term sales turnover of around $40 billion. Moreover, besides BHP, there are other key large players already crowding the market, such as Brazil's Vale and Russia's Norilsk Nickel, he told CNBC on Thursday.

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BHP is listed in Australia, New York and London.Senior resource analyst Gavin Wendt from MineLife told CNBC earlier this week he has a 12-month price target of 60 Australian dollars ($44) on BHP, which is currently at 51.40 Australian dollars. His comments came before the nickel supply deal with Tesla was announced.

"BHP's share price performance has been extremely strong and it is outperforming its fellow resource heavyweight,," he said, referring to another major Australian miner."In fact, BHP has over the past 12 months outpaced theby around 14% – and it's trading not far off its all-time record high of $51.82 achieved in May, with its price up by around 36%," he told CNBC on email.

Read more: CNBC »

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