Lithium Oversupply & EV Growth Slowed, BHP eyeing Nickle & Copper Project

BHP Group Ltd said on Wed that it is still dedicated to expanding its portfolio of nickel & copper projects. But that it is not interested in the lithium market, which it feels is oversupplied.

Experts predict a 25 percent overall drop in lithium prices in 2023. Partly as a result of a predicted downturn in China’s EV sector as government subsidies finish.

Lithium oversupply is not likely good

The vast Resolution Copper mining project in Arizona is being develop by Rio with assistance from BHP, which also invest 40 million dollar in Kabanga Nickel previous year.

BHP has also committed to investing C$12 billion ($8.7 billion) to establish a potash mine in Canada’s Saskatchewan region.

Canada is well position to cover the supply gap as a result of supply disruptions from the world’s two major potash producers, Belarus and Russia, according to Rad Udd, president of BHP Americas.