News: OZL UPDATE 1-Australia's OZ Minerals gets final nod for key copper-nickel project

(Adds details of project, approval, background)

Aug 15 (Reuters) - OZ Minerals (OZL) said on Monday the Western Australia government granted final regulatory approval for the miner to begin construction at its West Musgrave copper-nickel project.

Miners around the globe are looking to cash in on metals like copper and nickel, which are key raw materials of batteries used in electric vehicles.

OZ last week rejected an A$8.34 billion ($5.9 billion) takeover bid from BHP Group (BHP) , a deal that would have given the global miner control of West Musgrave in its push to expand its battery minerals portfolio.

It said West Musgrave was on track for a final investment decision in the current half of 2022.

A pre-feasibility study update in December 2020 showed an average annual production of 32,000 tonnes of copper and 26,000 tonnes of nickel over a 26-year mine life, it said.

OZ added that it would continue to assess the impact of cost inflation and the operational environment on the project's cost and schedule.

($1 = 1.4049 Australian dollars)