BHP Billiton is to sell its Yabulu nickel refinery in Queensland to Australia’s fifth-richest man for an undisclosed sum that will see the miner take a $675m writedown on the value of the facility.

The move marks a further step in BHP’s exit from nickel production after its decision in January to close its underperforming Ravensthorpe nickel mine with the loss of 1,500 jobs.