Ultime notizie per BHP Group (NYSE:BHP) Azioni

BHP Group

BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore us oil and gas assets were sold in 2018 and the remaining Petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and is entering the potash market through the development of its Jansen project in Canada. However, due to low nickel prices, BHP is placing its nickel business on care and maintenance in late 2024.

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The Mexican Ministry of Finance (SHCP) has proposed raising mining royalties in the 2025 federal budget bill. The proposal suggests increasing two key taxes on mining activities, which is at a risk to the sector and <a target="_blank" href="https://www.benzinga.com/topic/mexico" rel="noreferrer noopener">the country's economy</a>.
What Happened? The SHCP plans to raise the special tax on mining profits from 7.5% to 8.5% and the extraordinary tax on revenues from the sale of gold, silver, and platinum from 0.5% to 1%. The Ministry justifies the hike by citing rising global metal prices and the nature of those assets.
"Considering that minerals and substances from the subsoil are non-renewable public domain assets, it is proposed to increase the special and extraordinary rights on mining," the SHCP stated in the bill <a target="_blank" href="https://www.bnamericas.com/en/news/mexican-govt-proposes-raising-taxes-on-mining-companies" rel="noreferrer noopener">per</a> bnamericas. The Ministry projects that the additional revenues will be allocated to government programs and projects, though specific details were not disclosed.
In 2021, an International Monetary Fund<a target="_blank" href="https://www.imf.org/-/media/Files/Publications/WP/2021/English/wpiea2021245-print-pdf.ashx" rel="noreferrer noopener"> working paper</a> by Alpha Shah explored Mexico's mining tax regime, concluding it was less burdensome than in many comparable nations. Shah's findings pointed out that there is room to increase the overall tax burden on mining while still maintaining competitiveness. The paper suggested a balanced redesign to boost the government's share of resource rents while ensuring the sector remains an attractive investment destination.
Why It Matters? Mining is important to Mexico's economy, contributing 2.5% to GDP and supporting 400,000 direct jobs. The country is the world's leading silver producer and a major supplier of gold and copper. However, with increasing global competition, Mexico could struggle to attract new investments under a higher tax regime.
The country needs significant investment to bolster its mining sector, which has already seen declining fiscal contributions. These contributions fell 32% in 2023, further underlining the need for a balanced approach to taxation. Furthermore, bnamericas noted that industry experts warned the proposed increases could discourage nearly $7 billion in mining investments by 2025, particularly as companies face other challenges, such as reduced concession terms and stricter water-use permits.
While the proposed taxes aim to capture more value from the mining sector, they may also reduce Mexico's appeal compared to peers like Chile, Peru, and Canada. These countries offer competitive tax regimes and have become increasingly attractive destinations for mining investment.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42084529/bhp-unveils-14-billion-capex-for-chilean-copper-operations" target="_blank" rel="noreferrer noopener">BHP Unveils $14 Billion Capex For Chilean Copper Operations</a></li>
</ul>
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Mexico's Increased Mining Royalties Could Deter $7 Billion In Foreign Investments

BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) has announced plans to invest up to $14 billion to enhance its copper production in Chile, as revealed during a three-day site tour of its operations. This substantial capital expenditure aims to secure the long-term future of its assets in the region and support the growing global demand for <a target="_blank" href="https://www.benzinga.com/topic/copper" rel="noreferrer noopener">copper</a>.
Brandon Craig, President of BHP's Minerals Americas business, <a target="_blank" href="https://www.bhp.com/investors/presentations-events/presentations-and-briefings" rel="noreferrer noopener">noted</a> the significance of the company's Chilean operations.
"BHP has the largest contained copper resource globally, and almost half of that is in Chile. Our 30 billion tons of total copper resources in Chile could support almost seven years of global demand. And this excludes our share of Filo del Sol, Josemaria, Antamina, and Resolution," he said.
This capex cycle will focus on the Escondida mine, the world's largest copper operation. BHP plans to allocate $7.3 billion to $9.8 billion to offset ore grade declines and prepare for the closure of the Los Colorados plant in 2029.
The construction of a new concentrator at Escondida, set to produce between 220,000 and 260,000 tons annually starting in 2031/32, will require $4.4 billion to $5.9 billion. Additional projects include expanding the Laguna Seca plant and introducing new leaching facilities, which should add up to 125,000 tons annually, starting in 2030.
Beyond Escondida, an investment of $2.8 billion to $3.9 billion should boost Pampa Norte, which includes the Spence and Cerro Colorado mines. Utilizing supergene leaching techniques, the restart of Cerro Colorado alone could contribute up to 100,000 tons annually.
These efforts are part of a broader strategy to stabilize BHP's total copper output at around 1.4 million tons per year by 2031, particularly after the company failed to realize a $49 billion Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>) acquisition <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">earlier this year</a>.
BMO's analyst Alexander Pearce said that the total planned copper addition exceeded market expectations, and the associated costs were less than feared. In a note, he described much of the expenditure as "sustaining capital to offset grade decline."
BHP's increased focus on copper reflects the metal's critical role in the global energy transition and the rise of electric vehicles, both of which are driving copper demand for wiring and components. The company estimates an additional one million tons of copper will be required annually until 2035, with demand expected to surge by 70% by 2050.
Despite its ambitious plans, BHP's Chilean operations face challenges. Alexis Barrera, union president at Minera Escondida, criticized the company for alleged labor law violations, citing a recent case involving a dismissed worker on medical leave.
"We are asking BHP to stop violating Chilean labor laws and abusing the company's dismissal system," Barrera<a target="_blank" href="https://www.bnamericas.com/en/features/bhp-plans-to-boost-chile-copper-production-amid-labor-unrest" rel="noreferrer noopener"> stated</a> for bnamericas, noting concerns about women on maternity leave being unfairly affected.
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Large Cap

AAUKF

BHP Unveils $14 Billion Capex For Chilean Copper Operations

Iron ore prices could remain subdued in the near future. Citi analysts see them hovering around $85 per ton by 2026, owing to incremental new supplies, rising inventories, and <a href="https://www.benzinga.com/topic/china">weak Chinese demand</a>.
&#8220;Not only has China's recent stimulus package fallen short of investor expectations, but the weekend's fresh disappointments from the inflation report and FDI data have also reinforced the view that China is still far from stabilizing its beleaguered economy,&#8221; said Hebe Chen, market analyst at IG, <a href="https://www.news.com.au/finance/business/mining/economic-tsunami-threatening-to-overwhelm-australia-after-donald-trumps-election-win/news-story/902d416fb5180b09ef457716eb39e6a7">per</a> News.com.au.
The property sector remains a significant drag on demand, with real estate investments falling by 10.1% year-on-year and new construction starts contracting by 22.2% over the same period. These challenges, coupled with growing iron ore inventories at Chinese ports — up 31% this year to nearly 150 million tons — paint the impact of a supply-demand imbalance pressuring prices. In 2025, BMI research sees iron ore averaging $100 per ton.
Geopolitical factors weigh the sentiment as Donald Trump's upcoming second term raises trade tensions. Analysts warn that rekindled tariffs could further dampen Chinese steel demand, creating additional headwinds for iron ore.
Read Next: EXCLUSIVE: <a href="https://www.benzinga.com/markets/commodities/24/11/41969513/exclusive-critical-metals-corp-advances-wolfsberg-lithium-project-unveiles-new-drilling-approval-and-saudi-plant-plans">Critical Metals Corp Advances Wolfsberg Lithium Project, Unveils New Drilling Approval and Saudi Plant Plans</a>
Finding itself between a rock and a hard place, as an important U.S. ally whose largest trading partner is China, uncertainty is pressuring the Australian mining sector. BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) stock is down 20% year-to-date despite a strong recovery in September, as the market showed limited confidence in Beijing's ability to address those issues effectively.
Still, major iron ore producers, including BHP, Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>), and Fortescue (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FSUMF#OTC">FSUMF</a>), have maintained strong production levels. 
BHP achieved a record output of 260 million tons in the fiscal year ending June 2024, with guidance of 255 to 265 million tons for 2025. Rio Tinto shipped 332 million tons in 2023, projecting <a href="https://www.benzinga.com/news/earnings/24/10/41353474/rio-tinto-disappoints-on-q3-production-sets-positive-tone-about-organic-growth">323 to 338 million</a> tons in 2024. Vale increased its guidance to 323–330 million tons for 2024, while Fortescue shipped 191.6 million tons in the 2024 fiscal year and expects similar levels this year.
Simandou, the long-delayed <a href="https://www.benzinga.com/news/24/01/36544368/mining-milestone-rio-tinto-to-launch-worlds-largest-project-in-guineas-simandou-mountains">Guinean iron ore project</a>, is also expected to come online soon, adding significant new supply. Furthermore, global trends toward low-carbon steel production are reducing demand for high-grade iron ore, particularly in regions like the EU, where initiatives such as the Carbon Border Adjustment Mechanism are accelerating the shift to greener methods.
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Analysts See Iron Ore Below $100, Weak Chinese Demand

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Rydex ETF Trust Rydex S&P Equal Weight ETF

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SCCO

Shares of base metal stocks are trading lower. Weakness may be due to China stimulus efforts.

Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>) has agreed to sell its 33.3% stake in the Jellinbah Group to Zashvin for $1.1 billion. Per the plan laid out <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/38826363/anglo-american-expedites-plan-to-divest-de-beers-other-assets-after-rebuffing-bhp-takeover-bid" rel="noreferrer noopener">earlier this year</a>, the company is focusing on <a target="_blank" href="https://www.benzinga.com/topic/copper" rel="noreferrer noopener">copper</a>, iron ore, and crop nutrients.
The joint venture holds a 70% interest in two major metallurgical coal mines in Queensland: Jellinbah East and Lake Vermont. Anglo did not operate these mines nor market their output.
"We are making excellent progress with our simplification of Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore, and crop nutrients assets &#8211; all future-enabling products," <a target="_blank" href="https://www.angloamerican.com/media/press-releases/2024/04-11-2024" rel="noreferrer noopener">said</a> CEO Duncan Wanblad.
Despite its unpopular status due to environmental concerns, coal remains an important commodity. A recent <a target="_blank" href="https://www.benzinga.com/news/24/11/41710410/australian-breakthrough-extends-use-for-coal-powered-plants-helps-shift-to-renewables" rel="noreferrer noopener">Australian achievement</a> in shutting down and restarting a power plant shows that its decline could be much more gradual than anticipated.
Still, Anglo American is set on divesting its remaining coal assets, aiming to net between $5b and $6b. Talks are underway with potential buyers, including Peabody (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTU#NYSE">BTU</a>), Yancoal (OTCPK: YACAF), and Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) &#8211; which has decided against <a target="_blank" href="https://www.benzinga.com/m-a/24/08/40216672/glencore-votes-against-spinning-off-coal-remains-open-to-more-acquisitions" rel="noreferrer noopener">spinning off its coal business</a>.
"This highly cash generative and much higher margin portfolio will offer greater resilience through cycles and the benefit of significant high-quality and well-sequenced growth options," Wanblad noted regarding the process.
Anglo American's broader restructuring efforts were announced earlier this year amidst an attempted takeover by BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>). Besides coal, the plan involved shedding even South African De Beers, the world's largest diamond producer.
However, challenges in the diamond market have made a sale less feasible, with Anglo preferring to wait for market recovery to optimize value from its "crown jewel." A complicated situation with South African assets is often quoted as one of the biggest hurdles in BHP's <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">failed bid</a>.
Although a recent comment from BHP's chairman signaled that both parties have moved on, the miner quickly retraced that comment. The mandatory standstill on offers expires on November 29, with Anglo's market cap currently at approximately $42 billion—$47 billion below BHP's final $49b bid in May.
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YACAF

Anglo American Offloads $1.1 Billion Coal Stake, Proceeds With Restructuring

<h3 class="wp-block-heading">Bankruptcy Block</h3>
TGI Fridays just rang the "last call" for a financial lifeline, filing for Chapter 11 bankruptcy in Texas. Known for its appetizers, wings, and cocktails, the restaurant chain plans to keep its 39 company-owned locations open as it attempts to restructure its finances and <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">&#8220;explore strategic alternatives&#8221; for the future</a>. 
The 56 U.S. franchises and 40 international locations that are independently owned remain unaffected.
Executive Chairman Rohit Manocha attributed the chain's financial woes to the pandemic's aftermath and some dicey capital structure choices. Private equity firm TriArtisan Capital Partners owns TGI Fridays.
<h3 class="wp-block-heading">New On The Block</h3>
Inland Real Estate Income Trust Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/INRE#OTC">INRE</a>) hired BMO Capital Markets Corp. to advise a potential sale process. The real estate trust, which currently has a $395-million market cap, closed Friday in the red, with its shares down 1.35%, trading at $10.95.
BT (LSE: BT) tapped Citigroup to find a buyer for its financial services segment, Radianz, according <a href="https://www.ft.com/content/6fe5e337-18dc-4a32-8e6e-e759a977b490">to</a> the Financial Times.
DigitalBridge Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBRG#NYSE">DBRG</a>) is seeking to sell Brazil&#8217;s Scala Data Centers, for a price tag of $2 billion, <a href="https://www.bloomberg.com/news/articles/2024-10-24/digitalbridge-is-said-to-explore-a-sale-of-scala-data-centers">per</a> Bloomberg.
ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is <a href="https://www.reuters.com/business/energy/conocophillips-explores-sale-permian-shale-assets-worth-over-1-billion-sources-2024-10-30/">auctioning</a> shale assets in the Permian Basin, Reuters reported. The oil giant expects more than $1 billion in proceeds. 
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<h3 class="wp-block-heading">Updates From The Block</h3>
BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) backtracks on <a href="https://www.benzinga.com/news/large-cap/24/11/41684205/bhp-backtracks-its-comments-on-abandoning-anglo-american-deal">comments about having "moved on"</a> from its failed Anglo American Plc. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia, Bloomberg first <a href="https://www.bloomberg.com/news/articles/2024-10-30/bhp-retreats-from-comments-about-moving-on-from-anglo-bid?sref=TBDibEcD">reported</a> this development. 
Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) CFO Vicki Villacrez discussed an ongoing sale process during a recent earnings call. The company, after closing the sale of OneNeck IT Solutions in September, agreed to divest other assets. Those deals are expected to close later this year.
Blackstone is considering a $3.5-billion purchase of minority stakes in interstate natural gas pipelines owned by EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), Reuters reported.
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Restaurants

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Deal Dispatch: TGI Fridays Goes Bankrupt, BHP Backtracks Comments And More M&A News

BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) has backtracked on remarks by its Chairman, Ken Mackenzie, about "moving on "from its <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">failed $49 billion bid</a> for Anglo American (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>).
During BHP's annual shareholder meeting in Brisbane, MacKenzie had suggested that the Anglo American acquisition was a "nice to have, not a must-do" and indicated that BHP had put the deal behind them, <a target="_blank" href="https://www.theguardian.com/business/2024/oct/30/mining-firm-bhp-says-it-has-moved-on-from-failed-anglo-american-bid" rel="noreferrer noopener">reported</a> The Guardian.
"We thought there was an opportunity here to create something unique and special&#8230; But Anglo American shareholders had a different view, and so they moved on. And quite frankly, so have we," he stated.
However, BHP issued a <a target="_blank" href="https://www.bhp.com/news/media-centre/releases/2024/10/statement-regarding-anglo-american-plc" rel="noreferrer noopener">statement</a> clarifying that these comments were not intended to be a formal withdrawal from pursuing the deal under U.K. takeover regulations.
Following a discussion with the U.K. Takeover Panel, BHP confirmed that the panel would not treat MacKenzie's remarks as an official "no offer" statement, meaning the door remains open for a potential future bid.
Initially <a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38423994/worlds-largest-miner-bhp-bids-to-takeover-anglo-american-as-hunt-for-resources-intensify" rel="noreferrer noopener">proposed in April</a>, BHP's bid for Anglo American sought access to Anglo's lucrative copper assets in South America – as the price for the metal crucial in the green energy transition surged toward its <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/05/38901984/silver-rockets-to-11-year-highs-copper-hits-record-peak-gold-approaches-historic-" rel="noreferrer noopener">yearly high in May</a>.
Despite the strategic fit, the deal faced hurdles, particularly concerning Anglo's South African assets. BHP hesitated to retain those due to regulatory complexities and economic risks associated with South Africa's business environment.
Unable to secure the deal, BHP turned to its key assets, looking to expand its Olympic Dam operation in South Australia and the Escondida mine in Chile; however, their domestic operations face challenges that could drive higher costs.
Australia's mining industry has been grappling with high labor expenses as worker shortages and competition drive wages upward. New labor laws, including the "Same Job, Same Pay" initiative, have raised concerns over their potential to <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39647424/bhp-cuts-employee-incentives-misses-performance-goals" rel="noreferrer noopener">increase operational costs</a>.&nbsp;
At the Brisbane meeting, labor issues were a key focus, with hundreds of workers protesting BHP's stance on the new legislation and its effect on profitability.
Still, the company managed to increase its footprint in South America. In July, it <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">announced a bid</a> for Filo Corp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FLMMF#OTCQX">FLMMF</a>). Through a 50-50 joint venture with Lundin Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>), BHP will spend $2 billion to acquire a 50% stake in the promising Filo del Sol copper project on the Chilean-Argentine border and a 50% stake in Lundin's Josemaria project.
The mandatory standstill on a new bid for Anglo American expires on November 29.
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Legal

FLMMF

LUNMF

BHP Backtracks Its Comments On Abandoning Anglo American Deal

<a href="https://www.bloomberg.com/news/articles/2024-10-25/bhp-vale-reach-30-billion-brazil-settlement-over-dam-disaster">https://www.bloomberg.com/news/articles/2024-10-25/bhp-vale-reach-30-billion-brazil-settlement-over-dam-disaster</a>
Brazil has agreed to accept a 170 billion-real ($29.9 billion) settlement for a 2015 mining disaster at Vale SA and BHP Group's iron-ore joint venture.

'BHP, Vale Reach $30B Brazil Settlement Over Dam Disaster' - Bloomberg News

Brazillian mining company Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) has estimated the fines and compensation costs related to the 2015 Samarco dam collapse at $30 billion. 
After years of negotiations between the Brazilian federal and state governments and Vale, BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>), and Samarco Mineração joint venture, the resolution for one of the worst environmental disasters in <a target="_blank" href="https://www.benzinga.com/topic/brazil" rel="noreferrer noopener">Brazil's history</a> is approaching.
The <a target="_blank" href="https://vale.com/w/vale-updates-on-settlement-negotiation-for-the-full-reparation-of-samarcos-fundao-dam-collapse/-/categories/1968803" rel="noreferrer noopener">settlement under discussion</a> would cover past and future obligations. Of the total $30 billion, $7.2 billion has already been invested in remediation and compensation efforts over the past years.
Another $19 billion will be paid over 20 years to fund compensatory programs aimed at the Brazilian government and the states of Minas Gerais and Espírito Santo, where the disaster caused significant damage. An additional $6.1 billion will be allocated to performance obligations, such as environmental recovery, resettlement, and individual indemnifications for affected communities.
The Samarco disaster occurred in November 2015 when the Fundão tailings dam, holding mining waste, collapsed in Mariana, Minas Gerais. The collapse unleashed millions of cubic meters of toxic sludge, killing 19 people, destroying entire communities, and severely polluting 500 kilometers of the Doce River, which holds sacred importance to the Krenak indigenous tribe.
The disaster left thousands homeless and caused irreversible damage to local ecosystems and livelihoods. In the years since, Vale, BHP, and Samarco have faced multiple legal challenges to ensure full reparation for the damage caused.
Although companies initially clashed over the settlement costs, they reached a consensus in July, agreeing to share the financial responsibilities. Still, besides the Brazilian settlement, BHP faces a separate class action lawsuit in the United Kingdom.
The lawsuit began this week at the London High Court and involved over 620,000 claimants, including Brazilians, local governments, and businesses affected by the disaster.
The claimants seek up to 36 billion pounds ($47 billion) in damages, alleging that BHP bears liability for the dam collapse.
BHP contests the lawsuit, arguing that its compensation efforts in Brazil, including the $8 billion paid through the Renova Foundation, are sufficient.
The trial could last up to 12 weeks, and if successful, it would become one of the largest compensation awards in British legal history, setting a precedent for global environmental liability.
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Image by Okan Caliskan via Pixabay

Vale Sets Samarco Dam Bill Estimate At $30B, BHP Faces UK's High Court

<a href="https://www.ft.com/content/88b88ac1-4ebc-41d5-9df8-a683ed19df4e" title="https://www.ft.com/content/88b88ac1-4ebc-41d5-9df8-a683ed19df4e">https://www.ft.com/content/88b88ac1-4ebc-41d5-9df8-a683ed19df4e</a>

'BHP chief sparks fresh Anglo bid speculation after South Africa trip' - Financial Times

TECK

Shares of copper companies are trading lower possibly after China's September exports data missed estimates. Betting markets project Donald Trump's victory in the U.S. presidential election, which may result in a decline in demand for commodities related to renewable energy.

Shares of copper and iron ore companies are trading lower amid China stimulus uncertainty.

Everyone is now focused on mainstream Chinese stocks and their rallies resulting from the recent 50 basis point interest rate cut that the government just implemented there. However, these trades in names like Alibaba Group&nbsp;or Baidu Inc.&nbsp;might be getting a bit too crowded now. So, the next logical step is to look at the falling dominoes.
In this case, investors need to lean on the fundamentals of Chinese growth and its effects on other economies that support it, such as oil and steel exporters, or any commodity-based economy for that matter. Because China draws over a third of the world&#39;s oil demand, and its infrastructure demands are one of the biggest in the world as it is still a nation in its building, investors might want to focus on Brazil and even Australia to find potentially bullish trends.
It is stocks like Vale (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vale#NYSE">VALE</a>) acting as a steel and iron ore maker, which exports a large amount of its inventory to China, or companies like BHP Group Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhp#NYSE">BHP</a>) in the basic materials sector from Australia exporting more metal needs to China, and even the unlikely Exxon Mobil Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) in the United States acting as a support pillar in China&#39;s energy sector.
<h2>Key Tailwinds Position Vale Stock to Outperform the Market</h2>
Understanding that Brazil is now under new presidential leadership is vital. The ties between Brazil and China are stronger under this new administration, and therefore, exports from Vale may be one of the most bullish tailwinds that could hit the company in the coming quarters.
Now that the stock trades at 73% of its 52-week high, investors have a wider gap to run higher in a potential recovery or nearing previous highs. Here&#39;s what Wall Street has to say about this potential run-up. Analysts now see a consensus price target of up to $16.2 a share for Vale stock, a good start on a potentially bullish thesis.
Vale would need to rally by as much as 38.5% from where it trades today to prove these valuations right, essentially bringing it back to its yearly high. More than that, short interest declined by 3.7% in the past month to show bearish capitulation in the face of this potential demand.
Management&nbsp;cited a few benefits in its&nbsp;latest quarterly earnings release. The freight costs in the China-Brazil trade route are now lower, opening the stock to better profit potential. Management is confident in the company&#39;s future earning potential during these trends and&nbsp;has kept its $1.16 a share dividend payout.
This translates into a 9.9% dividend yield on an annual basis, which beats inflation and adds up to nearly 50% upside potential in this stock. This may be one of the reasons that VanEck Associates decided to boost their Vale stock holdings by 110.9% as of July 2024, bringing their net investment to $60.9 million today.
<h2>BHP Stock: A Strong Play for Momentum, Income, and Upside Potential</h2>
Better price action has landed on BHP stock, which now trades at 93% of its 52-week high. The bulls have already started to get behind this name because Australia is closer to China than Brazil. BHP&#39;s copper, coal, and iron are the perfect mix to satisfy China&#39;s energy demands in the near term.
Wall Street analysts noticed that the tailwinds created by China&#39;s recovery are set for BHP. Citigroup and Argus placed a respective Outperform and Strong Buy rating on this stock, signaling better sentiment from the sell side.
New ratings on the stock weren&#39;t the only piece of evidence investors needed to justify a potential buy. The Bank of Montreal decided to boost its BHP stock position by 532.2% as of August 2024. After this massive boost, the bank&#39;s holdings are now valued at $134.4 million.
Aside from this upside potential and price momentum, management is leaning on these China tailwinds to keep a payout of $2.93 a share for investors, translated to a 4.7% annual dividend yield today.
<h2>Exxon Mobil: The Top Stock for Investors to Ride the Oil Cycle</h2>
Bulls also came to call Exxon Mobil stock their home, as it now trades within 5% of its 52-week high. The key to this bullish price action is that Exxon lists China as one of its largest export clients.
Now that both the United States and China have cut interest rates, oil demand coming from both nations (which Exxon serves) is set to spike in the coming quarters. Analysts at the UBS Group landed on a $149 a share valuation for Exxon Mobil stock, calling for up to 27.2% upside from where the stock trades today.
These analysts aren&#39;t the only ones expecting a new high in the stock, as bears started to retreat over the past quarter, as seen in the company&#39;s short interest. After these bears left, those at Legal &amp; General Group decided to take their place by boosting their holdings by 19.3%, ending at a total investment of $3.7 billion today.
As a last check, Wall Street analysts now forecast Exxon Mobil&#39;s earnings per share (EPS) of $2.42 in the next 12 months, up 13% from today&#39;s $2.14 net earnings, outpacing most large-cap names in the S&amp;P 500.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/top-3-stocks-set-to-benefit-from-chinas-interest-rate-cuts/">Top 3 Stocks Set to Benefit from China&#39;s Interest Rate Cuts</a>&quot; first appeared on MarketBeat.

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Analyst Ratings

Top 3 Stocks Set to Benefit from China's Interest Rate Cuts

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>HSBC analyst Sean McLoughlin downgraded the rating for GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) from Buy to Hold but raised the price target from $240 to $255. GE Vernova shares gained 1% to close at $254.68 on Thursday. <a href="https://www.benzinga.com/quote/GEV/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Macquarie analyst Eugene Hsiao downgraded Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) from Outperform to Neutral but increased the price target from $25 to $33. Li Auto shares fell 3.6% to close at $28.82 on Thursday. <a href="https://www.benzinga.com/quote/LI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities analyst Joshua Shanker downgraded the rating for Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) from Neutral to Underperform but raised the price target from $264 to $275. Chubb shares fell 1% to close at $288.54 on Thursday. <a href="https://www.benzinga.com/quote/CB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities analyst Jake Bartlett downgraded Dine Brands Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIN#NYSE">DIN</a>) from Buy to Hold and lowered the price target from $66 to $37. Dine Brands Global shares fell 2.9% to close at $33.55 on Thursday. <a href="https://www.benzinga.com/quote/DIN/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Christopher LeFemina downgraded the rating for BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) from Buy to Hold and slashed the price target from $72 to $68. BHP Group shares fell 2.5% to close at $60.89 on Thursday. <a href="https://www.benzinga.com/quote/BHP/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying LI stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="520" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04090804/image-21-1024x520.png" alt="" class="wp-image-580717" style="width:571px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04090804/image-21-1024x520.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04090804/image-21-300x152.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04090804/image-21-768x390.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04090804/image-21.png 1345w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Downgrades

This Li Auto Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Friday

Jefferies analyst Christopher LeFemina downgrades BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) from Buy to Hold and lowers the price target from $72 to $68.

Jefferies Downgrades BHP Group to Hold, Lowers Price Target to $68

BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) expects global copper demand to grow by around 70% to over 50 million tons annually by 2050. The mining heavyweight released a new study pointing out the issues of the current cycle, including aging deposits and a less healthy pipeline of potential <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">mining projects</a>.
The detailed <a target="_blank" href="https://www.bhp.com/news/bhp-insights/2024/09/how-copper-will-shape-our-future" rel="noreferrer noopener">report</a> shows that copper's average annual demand growth was 3.1% over the last 75 years, but it significantly slowed down to 1.9% in the 15 years leading up to 2021.
The firm now expects a resurgence and growth of 2.6% through 2035, driven by three categories: traditional economic growth, green energy transition (renewable energy), and digital developments (data centers).
Three Pillars Of Demand
Emerging markets are also expected to play a role, as improving living standards drives copper demand. China and India, two of the world's most populous nations, provide a strong case for this scenario.
For example, despite China's massive copper consumption in the past two decades, its per capita stock of copper is still only half that of developed economies.
India's situation is similar, with electricity consumption significantly lower than that of China or Japan, suggesting the potential for a five-fold growth in copper demand in the coming decades.
Furthermore, the energy transition will provide additional momentum. Renewable energy sources like wind, solar, and hydro heavily rely on copper, as do electric vehicles (EVs) and their batteries, which need about three times more copper than internal combustion engine vehicles.
BHP expects the ongoing energy transition to account for more than 20% of total copper demand by 2040. Copper is also necessary for energy-efficient technologies like smart grids, heat pumps, and LED lighting.
As artificial intelligence (AI) technologies and data processing expand, the need for digital infrastructure will be another major contributor to future copper demand.
Data centers, which currently consume about 2% of global electricity, are expected to increase their copper demand sixfold by 2050. Digital growth is self-reinforcing, as it also drives energy demands—and if that energy comes from renewable sources, it requires more copper.
Supply Side's Persisting Issues
On the supply side, BHP is warning about significant challenges. Existing copper mines are aging, and large-scale greenfield copper prospects like Oak Dam in Australia are few and far between. Meanwhile, new projects—whether current mine expansions or entirely new developments—are <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/40959939/copper-m-a-frenzy-masks-greenfield-exploration-weakness-is-ai-to-blame" rel="noreferrer noopener">increasingly complex and expansive</a>.
Additional drawbacks include declining ore grades and the need for substantial investment to modernize aging infrastructure. In the next decade, supply will be strained as copper production from existing mines could drop by 15%.
BHP expects the market to try to mitigate these challenges through recycling and secondary supply. By their estimates, scrap could account for up to 40% of copper supply by 2035. However, even with increased recycling efforts, the market will still need new mines—by their estimation, around 10 million tons of new mined supply for the next decade alone.
Owing to <a target="_blank" href="https://www.benzinga.com/news/24/09/40983325/mining-industry-needs-5-4-trillion-in-investments-to-meet-2035-demand-mckinsey-says" rel="noreferrer noopener">increasing costs</a>, regulatory hurdles, and technical challenges of working with lower-grade deposits, BHP believes the long-run marginal cost of new projects will likely determine future copper prices. Thus, the industry must develop high-quality brownfield expansions and new greenfield projects to solve these issues.
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Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
Photo via Shutterstock

BHP Sees Trend Reversal In Copper Growth, Warns Recycling Won't Be Enough

In August, the Federal Reserve's preferred inflation gauge, the <a href="https://www.benzinga.com/news/econ-s/24/09/41066122/feds-preferred-inflation-gauge-comes-in-below-expectations-for-august-easing-concerns-about-rising-p">Personal Consumption Expenditures </a>(PCE) Price Index, rose 2.2% year-over-year, coming in below analyst expectations of 2.3%. That&#8217;s down from July's 2.5%.
The core PCE, which excludes volatile food and energy prices, increased by 2.7% year-over-year, matching forecasts and slightly higher than July's 2.6%.
This decline in overall inflation, despite steady core inflation, suggests a potential easing of price pressures, even as costs for services like housing and financial services continue to rise.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/09/41063577/peter-thiel-offloads-over-1b-in-palantir-stock-in-2024-as-stock-more-than-doubles">Peter Thiel Offloads Over $1B In Palantir Stock In 2024 As Stock More Than Doubles</a>
Following Friday&#8217;s PCE report, these 14 stocks showed strong momentum in premarket trading, according <a href="https://pro.benzinga.com/">to Benzinga Pro:</a>
<ul>
<li>Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) rises 3.6% to $51.94.</li>
<li>PPD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) climbs 3.8% to $134.14.</li>
<li>JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) is up 3.3% to $39.38.</li>
<li>Equinor ASA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) gains 2.8% to $24.89.</li>
<li>Anheuser-Busch InBev SA/NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BUD#NYSE">BUD</a>) advances 1.5% to $66.52.</li>
<li>NetEase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) lifts 1.7% to $92.69.</li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) jumps 1.3% to $14.00.</li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rockets 1.1% to $257.16.</li>
<li>Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) moves 0.9% higher to $105.80.</li>
<li>BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) ticks up 0.9% to $31.07.</li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) soars 1.1% to $81.03.</li>
<li>General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) inches up 0.9% to $46.24.</li>
<li>Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) posts a rise of 1.07% to $185.01.</li>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) registers a boost of 0.7% to $110.69.</li>
</ul>
Rising costs in services, particularly in housing, financial services, and insurance, were the key drivers of inflation, pushing the overall PCE index higher. While service prices surged, goods prices saw a slight decline, helping to offset some of the inflationary pressure. Meanwhile, falling energy prices, especially gasoline, provided additional relief compared to previous periods of stronger inflationary impact from energy.
Food prices increased modestly, primarily in off-premises consumption like groceries, but their effect on inflation was smaller compared to services. 
Core inflation, which excludes food and energy, remained steady due to ongoing price increases in durable goods and essential services. Despite minor declines in goods prices, rising service costs <a href="https://www.benzinga.com/topic/inflation">kept core inflation elevated</a>.
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14 Stocks Gain Momentum As August Inflation Comes In Below Expectations

Shares of copper companies are trading higher following a report suggesting China will issue up to $284 billion of sovereign debt as part of a stimulus.

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) shares are trading higher on premarket Thursday. The company reported that it is the first customer to test Caterpillar, Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) technology, which is aimed at improving the energy efficiency <a target="_blank" href="https://www.bhp.com/news/media-centre/releases/2024/09/bhp-first-customer-to-announce-plans-to-trial-innovative-energy-transfer-technology-from-caterpillar" rel="noreferrer noopener">and </a>sustainability of large mining trucks.
The trial will take place at BHP sites, supporting the company&#8217;s efforts to enhance operational efficiency in its mining operations.
Earlier this week, Caterpillar launched its Cat Dynamic Energy Transfer (DET) solution at MINExpo, showcasing technology capable of transferring energy to both diesel-electric and battery-electric mining trucks while in operation.
The DET system can charge electric haul truck batteries as the trucks move, offering flexibility by being easier to relocate than traditional fixed overhead trolleys used for similar purposes.
In 2021, BHP announced a collaboration with Caterpillar to deploy zero-exhaust emissions mining trucks at BHP&#8217;s sites as part of its commitment to reducing operational greenhouse gas (GHG) emissions.
This partnership has provided valuable hands-on learning opportunities to ensure the successful deployment of these technologies at BHP locations.
Through the collaboration, both companies have worked together to shape the necessary processes, technology, and infrastructure to support the integration of diesel-electric and battery-electric mining trucks, paving the way for more sustainable mine sites in the future.
BHP&#8217;s Chief Commercial Officer, Ragnar Udd, said, &#8220;Innovation and technology will play a crucial role as we work towards BHP&#8217;s goal of net zero operational emissions by 2050, and we are determined to keep building Partnerships like this to achieve this objective.&#8221;
Denise Johnson, Caterpillar Group President, stated, &#8220;BHP has been part of our Early Learner program from the beginning, providing valuable feedback. We look forward to continuing that collaboration as we work together to trial the Cat DET system on both diesel electric and battery electric trucks at BHP&#8217;s sites.&#8221;
&#8220;This is an important next step to validate the crucial energy management solutions needed to support not only BHP and Caterpillar, but also the broader mining industry.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40649361/south-australia-begins-review-of-bhps-major-copper-expansion" rel="noreferrer noopener">South Australia Begins Review Of BHP&#8217;s Major Copper Expansion</a>
Investors can gain exposure to the stock through the&nbsp;Exchange Traded Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and Exchange Traded Concepts Trust Range Global Coal Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COAL#NYSE">COAL</a>).
Price Action: BHP shares are up 4.30% at $60.21 premarket at the last check Thursday.
Read Next:
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