Japan's Sumitomo and Mitsubishi invest $98.5m in Ardea Resources' $3bn nickel project in Western Australia, targeting diversification away from China.

Japan's Sumitomo and Mitsubishi have committed to investing in Ardea Resources' $3bn nickel project in Western Australia. The Japanese partners will invest $98.5m in cash and assist with financing to earn a 50% stake alongside Ardea in the Goongarrie Hub development. The project is seen as an opportunity for Australia and Japan to diversify their battery minerals sources away from China.