Jessica Farrell, president of BHP Nickel West, predicts that nickel-rich chemical batteries will continue to dominate the global electric vehicle (EV) market, which is expected to exceed 400 million by 2030. BHP expects nickel demand to grow significantly in the future. Over a decade, the electric vehicle industry may need about 26 million tons of copper and 15 tons of nickel.

To meet this growing demand, BHP Billiton has invested heavily in its nickel business. These include the construction of nickel and copper mines in Western Australia's Greater Victoria Desert and the restart of the Kalgoorlie nickel smelting furnace. Currently, 85 percent of BHP Billiton's nickel products are sold to battery makers, up from less than 10 percent five years ago.

BHP Billiton expects three-fifths of car sales to be electric by 2030, rising to nine out of ten by 2040. In an optimistic scenario, the number of electric vehicles on the global road could exceed 400 million by 2030. Since lithium iron phosphate batteries are cheaper, Farrell believes that demand for nickel in batteries will remain strong.

In terms of production, BHP Billiton produced 80,000 tonnes of nickel metal in FY2023 and expects to deliver 77,000 to 87,000 tonnes in FY2024. In addition, BHP Billiton is committed to reducing carbon emissions and plans to power its southern system entirely with renewable energy. To achieve this, the company signed power purchase agreements for solar and wind farms aimed at significantly reducing BHP Billiton's emissions.

Australia's nickel explorers have called for nickel to be included in the country's list of key minerals. Such inclusion may lead to government funding and support for new projects. The United States added nickel to its list of key minerals two years ago. BHP has been actively involved in discussions about the inclusion of nickel in Australia's list.