12 Best Nickel Stocks to Buy According to Hedge Funds

6. BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holders: 28

One of the biggest mining firms in the world, BHP Group Limited (NYSE:BHP), is expanding its business to produce more nickel, making it one of the Best Nickel Stocks. Nickel West, based in Western Australia, is a fully integrated business that includes mining, smelting, and refining. This business specializes in manufacturing premium nickel materials made especially for the supply chain of EV batteries.

In 2024, BHP Group Limited (NYSE:BHP)’s Nickel West produced over 80,000 metric tons of nickel, with 85% of that being used by EV battery manufacturers. The company’s low-carbon production methods, backed by investments in renewable energy, show its dedication to sustainability. For example, the firm recently announced a 50% decrease in greenhouse gas emissions at Nickel West by 2030, which is consistent with its overall decarbonization ambitions.

Through several programs, BHP Group Limited (NYSE:BHP) is also stepping up its exploration efforts to safeguard future nickel resources. Among these is the West Musgrave Project, which it added to its portfolio after purchasing OZ Minerals in May 2023. Although this project is still in its early phases, when it is finished, it should greatly increase the company’s nickel production.

Over the next five years, BHP Group Limited (NYSE:BHP) plans to upgrade its facilities and raise its nickel production capacity by spending billions of dollars. This includes improving the Kalgoorlie Nickel Smelter and Kwinana Refinery, as well as developing the Venus nickel deposit. The goal of these initiatives is to satisfy the growing demand for premium Class 1 nickel, which is necessary for lithium-ion batteries.