Article in the business speculator 2hrs ago. Enjoy.BHP Billiton...

Article in the business speculator 2hrs ago. Enjoy.

BHP Billiton and Poseidon Nickel

A possibly throw-away line by Fat Prophets analyst Gavin Wendt that BHP Billiton could sell its Ravensthorpe nickel plant for $1 has got some punters worried, but whether or not that figure has a few noughts at the end of it, BHP will be glad to be rid of the mothballed plant. One of the parties thought to be interested in Ravensthorpe is minnow Poseidon Nickel, a company chaired by Fortescue Metals Group boss Andrew Forrest (who also once ran Anaconda Nickel) and which, according to its website, hopes to create a second Poseidon Boom. Like its namesake, which later became Normandy Mining under Robert Champion de Crespigny, Poseidon Nickel has dabbled in the yellow metal, but earlier this month agree to sell the gold rights on its Western Australian tenements to spin-off Triton Gold, which intends to list in due course. If and when Triton pays Poseidon $300,000 upon listing, the company might be able to buy Ravensthorpe – a development that cost $2 billion – 300,000 times over.