BHP to sell West Musgrave nickel project

MINING giant BHP Billiton has agreed to sell its West Musgrave nickel project in Western Australia to Cassini Resources.

Cassini says it has agreed to acquire 100 per cent of the nickel sulphide project from BHP Billiton subsidiaries Nickel West and BHP Billiton Minerals.

Cassini will pay a $250,000 cash deposit, a two per cent smelter royalty and a further $10 million 12 months after production starts.

The announcement comes amid speculation that BHP could be planning to set up a separate $20 billion company comprising its aluminium, bauxite and nickel assets following weakness in the sectors.

Cassini says it is a natural owner of the project given its nearby tenure and experience in operating in the region.

"Cassini intends to apply a new, innovative approach to the development of these assets with the goal of becoming a significant base metal producer in a relatively short timeframe," the Perth-based company said in a statement on Thursday.

The West Musgrave project area contains the Nebo and Babel sister deposits, the Succoth advanced copper exploration prospect and other exploration targets.

"We foresee that a number of significant project milestones are capable of being achieved within the next six to 12 months," Cassini managing director Richard Bevan said.

Chairman Mike Young, who founded BC Iron, said it was an extraordinary, once-in-a-cycle opportunity for Cassini.

BHP has said the simplification of its portfolio is a priority following divestments in Australia, the United States, Canada, South Africa and the United Kingdom, including petroleum, copper, coal, mineral sands, uranium and diamonds assets over the past two years.

The assets that might be spun off to a separate company are located in Australia, Africa and South America, and employ thousands of workers.

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