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Australian nickel and lithium producer IGO (ASX:IGO) is negotiating a potential deal with Medallion Metals (ASX: MM8) to divest certain assets of its Forrestania nickel operation in Western Australia, the companies said in separate statements on Thursday.

Speaking shortly after the agreement was signed, Biteko said the project is expected to boost the country's economic growth through industrial development.

Meanwhile, crude oil production declined by 2.6 percent, and petroleum refinery production fell by 1.5 percent.

The Western Australian Government has been expediting mining exploration approvals in a bid to streamline the process and provide incentives to explorers.