NEW YORK (TheStreet) -- BHP Billiton (BHP) reportedly has two front runners to buy its Australian Nickel West division: commodities trader and miner Glencore (GLNCY) and Chinese nickel producer Jinchuan Group, sources told Reuters.
BHP announced plans last week to spin off businesses worth an estimated $16 billion but said that Nickel West in western Australia would not be part of the group.
Estimates of the value of Nickel West vary greatly, with some analysts and industry sources putting it at anything up to $1 billion and others tagging negative figures to an asset they say is burning cash, Reuters noted.
Shares of BHP Billiton closed up at $69.63.
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE