|Bid||43.47 x 1200|
|Ask||43.48 x 1000|
|Day's Range||43.45 - 43.92|
|52 Week Range||38.04 - 51.87|
|Beta (3Y Monthly)||0.98|
|PE Ratio (TTM)||13.61|
|Forward Dividend & Yield||3.12 (7.15%)|
|1y Target Est||45.74|
Most of Chile's copper miners said they had maintained their operations on Tuesday, albeit with some delays and sporadic unrest, amid calls for a general strike and a fresh day of social protests, unions and management teams told Reuters. Public sector workers, students and other trade union groups called for a general strike on Tuesday, although they guaranteed that sectors such as fuel production and supply would not be affected. BHP operations, which include the vast Escondida mine, continued to operate, according to sources.
The company's petroleum head said the business is set to deliver strong returns and cash flow through the 2020s and beyond, supported by high-potential projects in the Gulf of Mexico, Western Australia and Trinidad & Tobago. Petroleum, which accounted for about 16% of BHP's underlying earnings in 2018/19, could potentially generate margins of more than 60% over the next decade, Geraldine Slattery, President Operations Petroleum, told a briefing. Excluding the shale business, the company's oil and gas arm has long had some of the strongest returns in the group's portfolio, including iron ore, copper and coal.
BHP Group's Australian shareholders on Thursday voted against a resolution to axe the global miner's membership in industry groups that advocate policies counter to Paris climate change treaty targets, backing the board's call and echoing the stance taken by BHP investors in London. Votes tallied after BHP's annual general meeting (AGM) in Sydney showed 72.93% rejected the resolution, BHP said in a filing. At the London AGM, only 22.16% of votes supported the motion.
(Bloomberg) -- BHP Group, the world’s biggest miner, sees moves to resolve trade tensions between China and the U.S. as likely to stimulate global growth and help spur demand for raw materials, including copper.“A roll back of some of the tariffs, and a sense that some progress is being made is going to calm markets, stimulate some form of growth and you might expect commodities like copper” to recover, Chief Executive Officer Andrew Mackenzie told reporters Thursday in Sydney.The U.S. and China have been trying to negotiate a limited trade deal that would entail the U.S. dropping some tariffs on Chinese imports in exchange for Beijing resuming purchases of American farm goods and other products.The tentative signals that an initial agreement is closer are “a step in a bullish direction” for metals markets, and there are already signs that overall macroeconomic sentiment is improving, Citigroup Inc. analysts said in a Tuesday note.“A degree of thawing, and a willingness to talk these problems through and not always rush to the tariff barrier, will be a positive development for the world economy, and for us,” Mackenzie said. BHP wins about 55% of its revenue from China, according to data compiled by Bloomberg.Moves to decarbonize transport and other sectors through electrification should add to copper demand in the next decade, just as supply is pressured by falling grades at aging mines, according to Mackenzie. “The 2020s should create better times for copper, but when exactly -- we can’t predict that.”Copper has declined about 10% since April amid worries over weaker demand as the world’s economic expansion cools. It fell for a second day Thursday amid an apparent lack of fresh progress in the trade talks.To contact the reporter on this story: David Stringer in Melbourne at firstname.lastname@example.orgTo contact the editors responsible for this story: Alexander Kwiatkowski at email@example.com, Keith Gosman, Phoebe SedgmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A Brazilian mining joint venture between Vale SA and BHP Group Plc, paralyzed after a fatal dam collapse, is expected to resume talks to restructure $4 billion in defaulted debt in coming weeks, two sources with knowledge of the matter said. The venture, Samarco Mineracao SA, last month won permission to resume operations at its Germano iron ore mine, four years after a dam burst in the city of Mariana, in Minas Gerais state, that killed 19 people and contaminated rivers. Vale is being advised in the talks by Moelis & Co, BHP Plc by Rothschild, and Samarco by JPMorgan Chase & Co , according to the sources.
BHP said the funding will enable the construction of a filtration plant and a restart at Samarco, where operations were suspended following the tailings dam failure in November 2015 that killed 19 people. Last week, Samarco won permission from the environmental regulator of the Brazilian state of Minas Gerais to resume operations at the Germano iron ore mine. Vale said separately it expected production at Samarco to resume toward the end of 2020.
Australia's Port Hedlands is expected to ship record iron ore volumes in the year to June 2020, placing additional downward pressure on prices.
Chileans took to the streets again on Tuesday, pouring by the thousands into plazas and shutting down main boulevards in a sign that government promises of reform continued to fall short. President Sebastian Pinera's newly appointed spokeswoman Karla Rubilar condemned the previous night's mayhem, saying it did not reflect the wishes of the majority. Days earlier, more than a million Chileans marched peacefully against inequality in Santiago, the largest protest since Chile's return to democracy in 1990.
Chile's Codelco, the world's top copper miner, said it had resumed normal operations after its unionized workers struck a deal with government officials late Wednesday to end a day-long walk-off amid a week of raucous protests throughout Chile. The Copper Workers Federation (FTC), which includes unionized workers from each of Codelco's divisions, had joined a nation-wide strike of state workers in a show of support for protesters' demands for action to tackle inequality in Chile.
Chilean President Sebastian Pinera said on Monday evening he would meet opposition leaders to forge a "new social contract" to alleviate inequality as thousands of Chileans defied a military curfew in protest marches around the capital. Pinera struck a conciliatory tone in a national address from the Moneda Palace in Santiago after declaring on Sunday from the city's military barracks that the country was "at war" against vandals, a statement that sparked outrage in some quarters. Thousands of Chileans poured into Santiago's central squares on Monday to protest high living costs after a weekend of looting, arson and clashes with security forces killed 11 people.
Chilean authorities scrambled on Monday to clear wreckage and re-open public transportation in the capital Santiago after a weekend of chaos in which at least seven people were killed amid violent clashes, arson attacks and looting in cities throughout Chile. Several Chilean cities were engulfed by days of riots, along with peaceful protests, after a hike in public transport costs. The violence prompted President Sebastian Pinera to declare a state of emergency, placing the military in charge of security in the city of six million.
The union of workers at BHP's Escondida copper mine will hold a day-long strike on Tuesday in a show of solidarity with protests in Chile, the union president told Reuters on Monday. Violent clashes, arson attacks and looting in cities throughout Chile led to at least seven deaths over a weekend marked by chaos in the world's top copper producing country. Escondida is the world's largest copper mine.
Investing.com - Asian equities were mixed in morning trade on Thursday. Hong Kong markets climbed, led by property developers after the government announced measures to ease the city’s housing shortage.
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The Church of England Pensions Board urged shareholder advisors on Wednesday to support a resolution asking the world's biggest listed miner BHP to leave groups which lobby for policies inconsistent with global climate change limitation goals. The board, which manages the retirement funds of clergy and other staff, has joined some other BHP shareholders in the resolution for BHP's London AGM next week to increase pressure over the issue and wants more shareholders to support it. "Corporate funding of lobbying, fuelled with shareholder funds, is continuing at pace," Adam Matthews, head of the board's ethics and engagement, said.
Production by Chile's state copper miner Codelco rose 9.3% year on year in August to 154,700 tonnes, but the total for the first eight months of 2019 dropped 8.4% to 1.06 million tonnes compared to the year-ago period, state copper commission Cochilco said on Monday. Production at BHP's Escondida copper mine, the world's largest, fell 8.5% year on year in August to 770,800 tonnes. At Collahuasi, majority owned by Anglo American and Glencore , production rose 0.5% year on year to 352,500 tonnes in August, the copper commission added.
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