BHP Profit Falls By 86% As The Nickel Crash Bites

A collapse in the price of nickel, used in the batteries of electric vehicles (EVs) and stainless steel, all but wiped out the half-year profit of BHP, the world’s biggest mining company.After-tax profit of Australia-based BHP plunged by 86% from $6.5 billion to $927 million in the six months to December 31 with the bulk of the fall blamed on a $5.6 billion write-down of the value of the company’s nickel business.Because the write-down is a non-cash item BHP shareholders will still get a half-year dividend, ...