41.65 +0.43 (1.04%)
Before hours: 7:20AM EDT
|Bid||41.60 x 1800|
|Ask||41.58 x 1100|
|Day's range||41.18 - 41.86|
|52-week range||23.64 - 51.24|
|Beta (5Y monthly)||1.00|
|PE ratio (TTM)||11.10|
|Forward dividend & yield||2.60 (6.31%)|
|Ex-dividend date||05 Mar 2020|
|1y target est||45.93|
China's Nanjing Iron & Steel Co Ltd said on Wednesday it has completed its first blockchain-backed trade in iron ore after booking a $16.87 million shipment of the steelmaking ingredient from a joint venture of miner Rio Tinto. Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, helps to boost efficiency and transparency. For the past several years, commodities groups have been seeking to save time and money by using blockchain to digitalise a sector that still relies heavily on paperwork, but have come up against obstacles.
Chevron (CVX)-run Gorgon and Wheatstone natural gas facilities are expected to churn out 500 terajoules of domestic gas daily for the Western Australian market.
The world's largest mining company BHP Group <BHP.AX> <BHPB.L> has hired U.S. investment bank JP Morgan to sell its Australian thermal coal mine, following pressure from investors concerned about global warming, two sources said. BHP's <BHP.AX> <BHPB.L> Mt Arthur open cut mine, in the Hunter Valley region of New South Wales, supplies thermal coal, used as fuel for power plants, to domestic and international customers and could fetch between $1.5 billion (£1.2 billion) and $1.8 billion, banking sources said on condition of anonymity.
BHP Group <BHP.AX> said on Wednesday that David Lamont, a former mining executive who has more recently been at global biotech firm CSL <CSL.AX>, would take the reins as company's chief financial officer from the start of December. Lamont, who worked closely with BHP Chief Executive Mike Henry in BHP's coal division in the early 2000s, has been CFO at Australia's second-biggest listed company since January 2016.
Australia will spend another A$1.5 billion ($1.03 billion) on infrastructure and fast-track approval for projects including the expansion of BHP Group's Olympic Dam in a bid to stimulate its ailing economy, Prime Minister Scott Morrison will say on Monday. In March, Australia shut down large swathes of its economy to slow the spread of coronavirus. Australia has already brought forward A$3.8 billion in infrastructure spending, but Morrison will on Monday promise a further A$1.5 billion in funds.
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Western Australia approved BHP Group's application to disturb 40 culturally significant Aboriginal sites as part of a mine expansion, the state government said on Thursday, days after Rio Tinto blew up sacred rock caves in the same area. State Aboriginal Affairs Minister Ben Wyatt said in a statement he had approved BHP's application to "impact" the sites in the iron ore-rich Pilbara region, where BHP is planning its $3.4 billion South Flank expansion.
Concerns over worsening coronavirus situation in Brazil likely to lead to a supply crunch for iron ore as demand in China remains strong have driven iron prices north.
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The world's top listed miner BHP Group <BHP.AX> said on Tuesday it had made its first yuan-denominated sale of iron ore to China Baoshan Iron & Steel Co Ltd <600019.SS> (Baosteel) and would explore using blockchain for such transactions in future. The sale of a Cape Size vessel of lump and fines, worth nearly 100 million yuan ($14.1 million), shows the Chinese currency is making further inroads in iron ore trading after Baosteel, the listed arm of the world's biggest steelmaker China Baowu Steel Group, bought iron ore from Brazil's Vale SA <VALE3.SA> in yuan in January.
Miner BHP Group <BHP.AX> <BHPB.L> said on Tuesday it plans to expand its iron ore export capacity from Port Hedland, the largest global shipping hub for the steel-making commodity, by up to 40 million tonnes a year to 330 million tonnes a year. The move comes as improvements across BHP's supply chain have opened the way to raise shipments if market conditions allow, Tim Day, BHP's Acting Asset President Western Australia Iron Ore, said in a statement. The company has begun community consultation, which could take four to six weeks, and would then apply to regulators for the added capacity in a process that is likely to take the rest of the year.
BHP Group on Tuesday reported a 6.3% rise in third-quarter iron ore production that slightly missed analyst estimates, and maintained its iron ore forecast despite global economic disruption caused by the coronavirus outbreak. The world's largest listed miner warned, however, that global steel production excluding China could drop sharply this year in light of the pandemic, and that capital spending in 2021 would be lower than its current outlook of $8 billion. The company kept its annual outlook for iron ore production unchanged at 273-286 million tonnes but said petroleum output would likely hit the bottom end of previous guidance of 110-116 million barrels of oil equivalent.
Australia's highest court on Wednesday dismissed an appeal by BHP Group against a tax ruling, the latest loss for the global miner over the treatment of profits from commodities sold out of its Singapore marketing hub. BHP said in a statement the decision offered clarity on the interpretation of a technical area of Australian tax rules, and it would pay $87 million in additional taxes for income generated over 2006-2018. The dispute was over whether BHP should pay so-called "top up tax" in Australia on profits made by its Singapore marketing hub from selling coal from an Australian mine owned by the UK side of BHP's dual-listed structure, BHP Group Plc.