A Tesla car charges at a Tesla Supercharger station on April 26, 2021 in Corte Madera, California.

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Shares of mining giant BHP Group jumped 3% in Australia on Thursday morning, after the company announced it will be supplying nickel to electric carmaker Tesla.

In a statement on Thursday, BHP said one of its mines based in Western Australia, Nickel West, will be supplying the world’s largest electric vehicle maker with nickel, a key raw material used in EV batteries.

“Demand for nickel in batteries is estimated to grow by over 500 per cent over the next decade, in large part to support the world’s rising demand for electric vehicles,” BHP Chief Commercial Officer Vandita Pant said in a statement.

BHP currently derives most of its earnings from iron ore, used predominantly to make steel. 

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While there were no specifics on the deal amount, Tesla had said in June

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