Arm IPO

SoftBank-owned (9984.T) chip designer Arm is set to list on the Nasdaq (^IXIC) in the US and will list under the ticker symbol “ARM.”

The UK-based company made the filing to IPO on Monday but didn’t provide a projected share price in its paperwork.

Arm was bought by SoftBank in 2016 in a $32bn (£25bn) deal.

The company develops central processing unit (CPU) products and related technology, and also provides other chips and software development tools.

CPUs are hot property as many of the world’s leading semiconductor companies rely on them to develop their products — and Arm's customers already include Apple (AAPL), Alphabet (GOOG), and Mercedes-Benz (MBG.DE).

“The starting gun being fired on the IPO of Nvidia’s peer Arm on Nasdaq, having snubbed London as a listing destination, may help provide further fuel for the momentum behind the artificial intelligence story,” AJ Bell investment director Russ Mould said.

Microsoft (MSFT)

Microsoft has submitted a restructured proposal to the CMA for approval of its Activision Blizzard (ATVI) deal under UK law after its original $69bn deal was rejected by competition authorities.

In its new proposals, Microsoft will no longer buy the rights to Activision’s games stored in the cloud. Instead, Activision’s games such as Candy Crush will be sold to games publisher Ubisoft (UBI.PA) who will supply the content to Microsoft and its competitors.

Read more: FTSE climbs as UK public borrowing rises less than expected in July

That new development means, Microsoft won’t be able to release Activision Blizzard’s games exclusively on its own cloud streaming service, Xbox Cloud Gaming, opening up this offering to the wider market.

“By no longer purchasing the rights to Activision’s cloud games, Microsoft is hoping that this will appease the CMA and address its concerns over competition, potentially allowing the tie-up to cross the line this time. The deal has divided regulators globally, with Microsoft winning the antitrust greenlight in the EU while facing hurdles in the US and the UK," Victoria Scholar, head of investment at Interactive Investor, said.

“When the CMA blocked the deal in April, Microsoft’s president Brad Smith described it as the tech giant’s ‘darkest days’ of working with the UK and said the decision was ‘bad for Britain.’ While today’s update is a step in the right direction towards regulatory approval, it is not a done deal just yet. Next, the CMA said it will ‘carefully and objectively assess the details.”

BHP (BHP.L)

Australia’s biggest mining company BHP, which shifted its primary listing to Australia in 2022, has cut its dividend in half and reported its lowest annual profit in three years — a 37% fall to $13.4bn.

The company noted lower commodity prices and inflationary pressures.

However, BHP said commodity demand has remained relatively robust in China and India “even as developed world economies have slowed substantially”.

“China’s trajectory is contingent on the effectiveness of recent policy measures. We expect buoyant growth in India with strong construction activity underpinning an expansion in steelmaking capacity. More broadly, there is increased recognition of the importance of critical minerals and strategies across the globe to incentivise investment in supply and demand, which provides opportunities and challenges," BHP said.

Read more: Stocks that are trending today

BHP also said it is continuing with efforts to sell the Daunia and Blackwater coking coal mines in Queensland, Australia.

“The relatively muted reaction on the part of investors to this news reflects an acceptance that last year was something of a one-off as the invasion of Ukraine led to a short-term bump in commodity prices. Today’s results from BHP reflect a move back to something like reality,” Mould said.

Nvidia (NVDA)

Shares in Nvidia closed up nearly 9% at the end of trading in the US on Monday ahead of the US software company’s latest earnings release on Wednesday.

The tech giant, which makes graphics processing units (GPUs), had its stock boosted after HSBC analysts lifted their price target for the company’s stock from $600 to $780 on an increasing sales forecast for fiscal 2024.

It also comes after Morgan Stanley analysts recently said that Nvidia’s stock is the firm’s top pick following its most recent earnings report.

Nvidia, which is now valued at over $1tn (£786.9bn), has seen its shares surge nearly 200% so far this year due to the company positioning itself as a key player in the artificial intelligence (AI) sector.

However, strategists at Morgan Stanley also recently highlighted that the AI bubble could be nearing a peak.

Watch: Zoom stock pops on earnings beat, guidance raise

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Anglo American plc (LON:AAL) is about to trade ex-dividend in the next four days. Typically, the ex-dividend date is one business day before the record date which is the date on which a company determines the shareholders eligible to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. Accordingly, Anglo American investors that purchase the stock on or after the 17th of August will not receive the dividend, which will be paid on the 26th of September.

The company's next dividend payment will be US$0.55 per share, on the back of last year when the company paid a total of US$1.29 to shareholders. Looking at the last 12 months of distributions, Anglo American has a trailing yield of approximately 4.7% on its current stock price of £21.51. We love seeing companies pay a dividend, but it's also important to be sure that laying the golden eggs isn't going to kill our golden goose! That's why we should always check whether the dividend payments appear sustainable, and if the company is growing.

View our latest analysis for Anglo American

If a company pays out more in dividends than it earned, then the dividend might become unsustainable – hardly an ideal situation. Anglo American paid out 75% of its earnings to investors last year, a normal payout level for most businesses. Yet cash flows are even more important than profits for assessing a dividend, so we need to see if the company generated enough cash to pay its distribution. Over the past year it paid out 169% of its free cash flow as dividends, which is uncomfortably high. We're curious about why the company paid out more cash than it generated last year, since this can be one of the early signs that a dividend may be unsustainable.

Anglo American paid out less in dividends than it reported in profits, but unfortunately it didn't generate enough cash to cover the dividend. Were this to happen repeatedly, this would be a risk to Anglo American's ability to maintain its dividend.

Click here to see the company's payout ratio, plus analyst estimates of its future dividends.

historic-dividendHave Earnings And Dividends Been Growing?

Companies with falling earnings are riskier for dividend shareholders. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. With that in mind, we're discomforted by Anglo American's 7.0% per annum decline in earnings in the past five years. Such a sharp decline casts doubt on the future sustainability of the dividend.

The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. Anglo American has delivered 4.8% dividend growth per year on average over the past 10 years. Growing the dividend payout ratio while earnings are declining can deliver nice returns for a while, but it's always worth checking for when the company can't increase the payout ratio any more – because then the music stops.

Final Takeaway

Is Anglo American worth buying for its dividend? It's definitely not great to see earnings per share shrinking. The company paid out an acceptable percentage of its income, but an uncomfortably high percentage of its cash flow over the past year. It's not the most attractive proposition from a dividend perspective, and we'd probably give this one a miss for now.

Although, if you're still interested in Anglo American and want to know more, you'll find it very useful to know what risks this stock faces. Case in point: We've spotted 3 warning signs for Anglo American you should be aware of.

Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

July 31 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

– BHP expects Indian steelmaking boom to drive its coal business

– UK's nuclear power ambitions for 2050 lack clear plan, say MPs

– UK government cuts cost of polluting in latest anti-green move

– UK needs to step up engagement with Africa on security, says foreign secretary

Overview

– BHP Group's chief commercial officer Vandita Pant has said the rapid expansion of India's steel industry is expected to boost the miner's coal business significantly.

– The British government's goal to more than triple its nuclear power generation capacity by 2050 lacks of a strategic plan to achieve it, according to a report by lawmakers on the House of Commons science, innovation and technology committee.

– The UK government has made it cheaper to pollute in Britain compared with the European Union, by watering down reforms to the carbon market, including offering more allowances than expected to polluting industries.

– British foreign minister James Cleverly has said that the country needs to increase its engagement with African nations on "genuinely sustainable security measures", acknowledging that some countries have turned to the Wagner group to meet an "unfulfilled need".

(Compiled by Bengaluru newsroom)

Toronto, Ontario–(Newsfile Corp. – July 31, 2023) – Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company") announces that Dorian L. (Dusty) Nicol has been appointed as the Company's interim Chief Executive Officer ("CEO"), replacing George Davis. Nicol has been serving as Honey Badger's Chief Operating Officer.

Chad Williams, the Company's Non-Executive Chairman, said, "We are grateful that Dusty has agreed to step into this role. His track record in evaluating mineral deposits and as a corporate executive will be invaluable to Honey Badger as it positions itself for growth in the silver space. Honey Badger has been very active in searching for value-accretive transactions and also preparing for exploration on its prospective existing silver projects while the sentiment in the silver mining sector remains exceptionally weak. We want to be in a position of strength for what we believe will be an inevitable important rise in the price of silver. We look forward to providing news on this front shortly. I have voluntarily agreed to defer 100% of my cash compensation indefinitely until the silver market improves so that Honey Badger can be as financially strong as possible in the interim. We sincerely thank George for his services and wish him the best in his future endeavors."

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario, that is focused on the acquisition, development, and integration of accretive transactions of silver ounces. The Company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With significant land holdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario's historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

Chad Williams, Non-Executive Chairman

For more information please visit our website www.honeybadgersilver.com or contact Ms. Michelle Savella for Investor Relations | msavella@honeybadgersilver.com | +1 (604) 828-5886

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking information in this news release includes statements regarding: the structure and anticipated benefits of completing the acquisition of the Cachinal Project (including historical resource estimate and possible positive effects on cash-flow); and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR (www.sedar.com) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175402

Anglo American (LON:AAL) First Half 2023 ResultsKey Financial Results

• Revenue: US$15.7b (down 14% from 1H 2022).

• Net income: US$1.26b (down 66% from 1H 2022).

• Profit margin: 8.1% (down from 20% in 1H 2022).

• EPS: US$1.04 (down from US$3.03 in 1H 2022).

earnings-and-revenue-growth

All figures shown in the chart above are for the trailing 12 month (TTM) period

Anglo American EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%.

Looking ahead, revenue is forecast to grow 1.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat.

Performance of the British Metals and Mining industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Before we wrap up, we've discovered 3 warning signs for Anglo American that you should be aware of.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Barclays (BARC.L)

Banking giant Barclays (BARC.L) posted a first-half profit that was in line with expectations on Thursday, coming in at £4.6bn ($5.95bn). The average analyst forecast came in at £4.5bn.

In the same quarter a year ago pre-tax profits were sitting at £3.7bn.

It announced a share buyback of £750m for Q2 – a number which beat analyst expectations of £575m.

Its consumer and credit card business propped up numbers as it battles with dipping revenues in its investment bank during a down period for corporate dealmaking.

Personal Banking income increased 19% to £2.5bn, driven by higher interest rates, partially offset by factors it called "mortgage margin compression and lower current accounts deposit volumes in line with wider market trends and cost of living pressures."

Shell (SHEL.L)

Energy giant Shell (SHEL.L) has felt the sharp end of falling energy prices in the first half of 2023, as its second quarter profits fell 56% to $5bn (£3.86bn). This missed analysts expectations.

It announced a $3bn share buyback programme – a decrease from its $3.6bn programme in the previous quarter. It increased its quarterly dividend by 15% to $0.331 per share.

It explained that adjusted earnings are lower than in Q1 2023 due to "lower prices and trading & optimisation results."

Read more: What are share repurchases?

Results reflect waning oil and gas prices, lower refining margins and lower sales volumes compared with Q1.

British Gas parent Centrica (CNA.L)

British Gas's parent company Centrica (CNA.L) revealed its profits had soared almost 900% on Thursday for the first half of the year in its UK household supply arm, after a cold and expensive winter for many UK residents.

Underlying earnings at British Gas rose to £969m compared with £98m a year earlier, according to the report.

Read more: British Gas owner Centrica reveals profits soaring more than 900%

Centrica said the growth came down to the fact it had reduced debt-related costs, as opposed to it reaping a huge windfall from high energy prices following Russia's invasion of Ukraine.

As such, the profit boom appears partly due to adjustments in Ofgem's price cap on energy which allows the supplier to call in some of the costs of supplying customers during the energy crisis. Profits were overall up by £4.7bn but without adjustments, it made profit of £2.1bn.

Anglo American (AAL.L)

Anglo American was among mining giants announcing slimmed down dividends on Thursday as weakening commodity prices weighed on its top line.

Its first half saw underlying EBITDA fall to $5.1bn. That was down from $8.7bn a year earlier and below the $5.3bn expected on average by eight analysts polled by research firm Vuma.

Read more: Shell's $3bn share buyback and dividend hike despite profit slump

"We have been a bit surprised by how slow the reopening of China has been and the lack of stimulus that everybody expected. The good news is the politburo in the last couple of days has indicated quite strongly that it will take some action," said CEO Duncan Wanblad.

The stock price was unfased, heading higher by late-morning trade in London.

Watch: British Gas owner Centrica sees supply arm profits soar on price cap boost

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Let’s check BHP Group Limited’s charts after the hype over Glencore’s deal with automakers.

By Fabian Cambero

SANTIAGO, July 13 (Reuters) – Now that Chile has passed an increase in mining royalties, copper miners are pushing for incentives to keep investing in production of the metal needed for the renewable energy revolution, with steps such as cuts in energy costs, speeded-up permit approvals and other incentives.

Beginning in 2024, mining royalties will rise to a range of 8% to 26% of operating margin from the current range of 5% to 14%. There will also be a 1% ad valorem tax based on sales for miners that post a profit.

Chile's Mining Council, which comprises large private firms, estimates this will ultimately boost the average tax rate of 44.7%, exceeding the top of the range of 38-to-44% in competing countries such as Peru and Australia.

"We're hoping that this competitive disadvantage is somehow compensated with other public policy actions that encourage investment," said the association's head of studies, Jose Tomas Morel.

The elevated royalty is the latest flashpoint between the mining industry in the world's No. 1 copper and No. 2 lithium producer and the leftist government of Gabriel Boric, who came to office promising to get the country's mining industry to help pay for expanded social programs. Industry lobbying did prompt a cut in the original royalty rise plan, and some miners have said they will continue to invest.

"Despite being a strong left-wing government, they engaged the industry and sought to understand and work towards an outcome that struck a balance between public needs and what was required to maintain the competitivity of the industry and the country," said Mark Henry, CEO of BHP Group, Chile's No. 2 player which had initially said the royalty would prompt a review of its $10 billion investment plan in Chile.

"BHP will continue to invest."

Other big miners were more tentative, and some mining executives are skeptical the industry will follow through on an estimated $70 billion in planned investment without additional stimulus. With Chile's aging mines producing less copper, analysts noted that the more mining investment was needed to produce the government's desired revenue increase, even with the higher royalty.

Industry experts are closely watching whether Chilean miner Antofagasta's decides to invest $3.7 billion to expand its Centinela mine towards year end.

Antofagasta did not respond to a request for comment. In June, CEO Ivan Arriagada told local media the company was reevaluating the project because the new royalty "does impact competitiveness."

"Some projects on the margin will have to be reassessed to determine whether they are viable or not," Arriagada said.

Freeport-McMoRan, one of the world's largest copper producers, has said it will put Chile investment decisions on hold due to political uncertainty.

Boric has pledged investment incentives. The government is in talks with mining companies and other interested parties. Miners have yet to provide a detailed list of incentives they are seeking.

Morel said the government should speed up and simplify the permitting process in which projects need hundreds of permits with each taking months to approve. He said the government should also help miners navigate thorny environmental and indigenous regulation issues which can lead to lengthy court cases.

Energy costs are another concern. Chile's mining industry consumes about 15% of the country's total energy output, and the Chilean Copper Commission says energy represents about 11% of miners' costs. The industry would like the government to pass regulations cutting energy costs for miners.

DECLINING PRODUCTION

The mining royalty increase was part of a wider tax reform plan that congress rejected in March. Boric's government hopes to boost total copper revenue for the state up to 0.45% of GDP or about $1.35 billion a year, using the funds to boost programs such as child care, security, health care and education.

Gustavo Lagos, a professor at the mining department at Catholic University in Santiago, said the new royalty might not hit its target since most new projects are focused on compensating for declining production rather than adding supply.

"I think there will be investment, what I don't think is that production will grow more, it will be difficult for us to go above 6 million (metric) tons in Chile and that is what ultimately determines revenue," Lagos said.

Chile's copper supply has fallen due to the natural decline in mineral grades of its oldest deposits, delays in project start-ups, accidents and other problems. Production in 2022 totaled 5.33 million metric tons, down from a record 5.83 million in 2018.

The government is holding talks with business groups and other political actors for a second shot at tax reform, and miners hope this might possibly boost their chances for incentives.

One mining executive, who asked not to be named due to the sensitivity of the issue, said the government might compromise further to try and boost future investment.

"The (projects) that are not carried out are going to come to a point where they are going to negotiate with the government and say 'I'm doing this project but I need another guarantee,'" the executive said. (Reporting by Fabian Andres Cambero; Editing by Alexander Villegas, Christian Plumb and David Gregorio)

(Updates with claimants' lawyer quote in paragraph 11)

LONDON, July 12 (Reuters) – Mining giants BHP Group and Vale faced off in a London court on Wednesday over who should accept legal and financial responsibility in a potential 36 billion pound ($47 billion) lawsuit stemming from Brazil's worst environmental disaster.

Around 720,000 Brazilians are suing the world's biggest miner by market value BHP, over the 2015 collapse of the Fundao Dam owned by the Samarco joint venture it operates with Brazilian iron ore producer Vale.

BHP, which denies liability, applied in December to have Vale join the case and contribute to damages if they lose, but Vale challenged the London High Court's jurisdiction to determine the claim. The trial will start in October 2024.

"BHP currently has no right to a 'contribution' from Vale under Brazilian law," said court filings submitted by Vale's lawyers.

"BHP can have no such right unless and until… it is found liable to the Claimants and makes a payment to them," the filings added.

Vale also said that having no direct operations in Britain, London is not the appropriate location for the case.

"Has BHP satisfied the court that London is the natural forum for the dispute? The natural forum is Brazil," Vale's lawyer Simon Salzedo KC said on Wednesday.

BHP's lawyers said that if the company is found liable, then Vale should be too, because its relationship with Samarco was equivalent in terms of ownership, control and knowledge to that of BHP's.

"BHP therefore seek to have Vale share the burden of any such liability, and contribute (50% or more) to any payments made," the lawyers said in a filing.

When the dam collapsed, 19 people were killed as mud and toxic mining waste swept into the Doce river, obliterating villages, contaminating water supplies and reaching the Atlantic Ocean more than 650 km (400 miles) away.

"Alongside their total failure to provide full and fair compensation to the victims, BHP have also exposed their investors to extraordinary levels of risk in relation to the unprecedented compensation bill they now face," Tom Goodhead of law firm Pogust Goodhead, which represents the claimants, said in an email.

Reparation and compensation programmes implemented by the Renova Foundation, a redress scheme established in 2016 by Samarco and its shareholders, had funded more than $6 billion of rehousing, rehabilitation and indemnification for those affected by the disaster, BHP said.

"BHP Brasil continues to work closely with Samarco and Vale … The 2024 trial will not deal with individual payments or any kind of indemnification," a BHP spokesperson said.

The lawsuit, one of the largest in English legal history, first began in 2018.

An application to the Supreme Court by BHP to end the case without trial was quashed in June because it did "not raise an arguable point of law", the court concluded. ($1 = 0.7696 pounds) (Reporting by Clara Denina, additional reporting by Sam Tobin; Editing by Emma Rumney and Emelia Sithole-Matarise)

LONDON, July 12 (Reuters) – Mining giants BHP Group and Vale faced off in a London court on Wednesday over who should accept legal and financial responsibility in a potential 36 billion pound ($44 billion) lawsuit stemming from Brazil's worst environmental disaster.

Around 720,000 Brazilians are suing the world's biggest miner by market value, BHP, over the 2015 collapse of the Fundao Dam owned by the Samarco joint venture it operates with Brazilian iron ore producer Vale.

BHP, which denies liability, applied in December to have Vale join the case and contribute to damages if they lose, but Vale challenged the London High Court's jurisdiction to determine the claim. The trial will start on Oct. 7, 2024.

"BHP currently has no right to a 'contribution' from Vale under Brazilian law," said court filings submitted by Vale's lawyers.

"BHP can have no such right unless and until… it is found liable to the Claimants and makes a payment to them," the filings added.

Vale also said that it has no direct operations in Britain, and therefore London is not the appropriate location for the case.

"Has BHP satisfied the court that London is the natural forum for the dispute? The natural forum is Brazil," Vale's lawyer Simon Salzedo KC said on Wednesday.

BHP's lawyers said that if the company is found liable, then Vale should be too, because its relationship with Samarco was equivalent in terms of ownership, control and knowledge to that of BHP's.

"BHP therefore seek to have Vale share the burden of any such liability, and contribute (50% or more) to any payments made," BHP's lawyers said in a filing.

When the dam collapsed, 19 people were killed as mud and toxic mining waste swept into the Doce river, obliterating villages, contaminating water supplies and reaching the Atlantic Ocean more than 650 km (400 miles) away.

Reparation and compensation programmes implemented by the Renova Foundation, a redress scheme established in 2016 by Samarco and its shareholders, had funded more than $6 billion in financial aid for those affected by the disaster, BHP said.

"BHP Brasil continues to work closely with Samarco and Vale to support the reparation and compensation programmes… The 2024 trial will not deal with individual payments or any kind of indemnification," a BHP spokesperson said.

The lawsuit, one of the largest in English legal history, first began in 2018 and was thrown out of court two years later, before the Court of Appeal ruled in July 2022 that it could proceed.

An application to the Supreme Court by BHP to end the case without trial was quashed in June because it did "not raise an arguable point of law", the court concluded. (Reporting by Clara Denina; additional reporting by Sam Tobin; editing by Emma Rumney)

(Bloomberg) — BHP Group Ltd. is calling for Australia to lift a longstanding ban on nuclear power as the country moves to decarbonize its electricity system.

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Nuclear “must be part of the conversation” in Australia, Laura Tyler, chief technical officer at the world’s biggest miner, said in an interview on Wednesday.

“To make sure we have that safe, reliable energy mix, we need to be able to mix it up” with nuclear complementing wind, solar, batteries and other sources of electricity, she said. “Everything needs to be on the table.”

The bulk of BHP’s earnings come from its Australian iron ore and coal mines, but the company also produces uranium, the fuel for nuclear reactors, at its Olympic Dam site in South Australia.

After being shunned due to safety concerns, nuclear energy is enjoying a resurgence in global popularity due to a shortage of natural gas following Russia’s invasion of Ukraine. The need to decarbonize electricity grids and the development of smaller and cheaper reactors is also making it more attractive.

Read More: Global Energy Crisis Spurs a Revival of Nuclear Power in Asia

Australia has never had nuclear power and there’s been a prohibition on its use in place since the 1990s. The Labor government supports the ban, arguing the country’s wealth of renewable resources means it’s not needed.

However, the opposition Liberal-National coalition wants it overturned, on the grounds that wind, solar and batteries can’t provide reliable baseload power to replace coal plants that are being phased out.

BHP aims to get to net zero across its operations by 2050, but warned last week that its emissions might rise in the short term.

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(Bloomberg) — Iron ore rallied along with copper after Chinese Premier Li Qiang said that growth has picked up this quarter and more stimulus was in store, boosting the outlook for consumption in the biggest metals importer.

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China will roll out more practical, effective measures to expand domestic demand and stoke market vitality, Premier Li told the World Economic Forum in Tianjin. Iron ore, used to make steel, surged by almost 4%.

In addition, Mike Henry, head of BHP Group Ltd., the world’s largest miner, urged the Chinese government to provide more help for the housing market, acknowledging recent data had been patchy. “We do think there’s room for a little bit more policy that is supportive,” he told reporters in Brisbane.

Industrial metals rallied at the start of the year as China reopened after Covid Zero was ditched, but the upswing stalled this quarter as manufacturing and the property market disappointed. While the central bank cut policy rates this month to aid the economy, investors expect more steps will follow, although it’s unclear if they’ll be enough to significantly revive growth.

“Once again, unbridled expectations of further stimulatory interventions are running rife,” said Atilla Widnell, managing director at Navigate Commodities Pte, “We fully expect intermittent upside price shocks to emanate from overly optimistic China and iron ore bulls, though bears will likely use this as an opportunity to sell.”

Iron ore traded 3.8% higher at $113.15 a ton in Singapore at 2:17 p.m., while steel futures in China also climbed. On the London Metal Exchange, copper gained 0.9% to $8,466 a ton as aluminum, zinc, lead, tin and nickel all rose more than 1%. For nickel, the day’s gain came after it closed on Monday at the lowest level since July 2022.

Copper’s upside potential was also in focus after an especially bullish, long-term forecast from billionaire Robert Friedland, who said that prices could ultimately rally tenfold as the global mining industry struggled to meet accelerating demand given the energy transition.

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(Bloomberg) — BHP Group Ltd. Chief Executive Officer Mike Henry has warned too much government intervention in global critical minerals supply chains could undermine efforts to fight climate change.

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The boss of the world’s biggest mining company said it was “understandable” that nations were scrambling to secure domestic supply of the metals needed in renewable energy and electric vehicles, but warned against an excessively domestic focus and over-reliance on the “sugar hit” of state-provided subsidies.

“Governments striving to secure their own critical mineral supplies must ensure they don’t undermine the outcome the world needs to achieve – where in fact a combination of pragmatic international cooperation and competition can jointly accelerate the energy transition,” Henry said a conference in Brisbane on Tuesday.

Australia Cautious on Chinese Investment in Vital Lithium Sector

Henry’s warning comes as global competition for minerals such as lithium, nickel, cobalt and rare earths continues to heat up as nations and industry rush to meet ambitious emissions reduction goals. China controls a large chunk of supply chains of these minerals, which has worried the US, Europe and other economies.

The US Inflation Reduction Act, legislated last year, set aside almost $400 billion to subsidize clean energy, and the US has set up partnerships with allies, including key miner Australia, to build critical mineral supply chains that exclude China.

While Henry didn’t explicitly criticize these efforts in his speech, he said any moves to mimic the new law in a smaller country like Australia would be “a losing proposition.”

“What governments here – federal and state – should focus on are those things within their control to make investment fundamentally more attractive,” he said.

Meanwhile, Henry also urged the Chinese government to provide more support for the struggling housing market, which is a major driver of steel demand, acknowledging recent economic data from the nation was “a little patchy.”

China Economy Gloom Worsens With Weak Consumer Spending Data

“We do think there’s room for a little bit more policy that is supportive of housing and housing new starts,” he told reporters after the speech. Still, he remained optimistic about the outlook for steel and iron ore demand, saying: “Our expectation remains that the second half will be stronger than the first.”

(Updates with Henry’s China housing comments from penultimate paragraph)

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Mining’s biggest companies are already using artificial intelligence for a variety of purposes such as improving safety and efficiency. The mineral exploration company, through AI, discovers rare earth metals needed to power electric vehicles (EV). If KoBold is successful over time, this could be a big win for its investors — and for the EV industry.

(Bloomberg) — BHP Group Ltd. is warning its carbon emissions will rise in the short term, with rapid technological advances and industrial collaboration needed if the mining giant is to reach its goal of net zero emissions by 2050.

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The world’s biggest miner is on track to meet its target of a 30% reduction in operational emissions by 2030 at a cost of around $4 billion, it said Wednesday. Still, it expects a “near-term increase in emissions from production growth” from current levels, Graham Winkelman, the group’s head of carbon management, said in an investor briefing.

Carbon reduction technologies “must advance quickly from where it is now” and needs to include collaborations “with our vendors and industry,” BHP said in a presentation. The Melbourne-based company’s path to net zero would be “non-linear,” it added, with emissions rising before falling again by the end of the decade.

What It Would Take to Make Steelmaking Greener: QuickTake

The major iron ore, coal and copper producer plans to reduce its operational (Scope 1 and 2) greenhouse gas emissions by at least 30% on 2020 figures by 2030, and reach net zero in those emissions by 2050. Those targets don’t include “Scope 3” emissions, including those from end-users such as steelmakers and other customers.

The admission of short-term increases in emissions from BHP comes even as its environmental targets remain less ambitious than those of its peers. Rio Tinto Group, which is a bigger emitter, aims to reduce its Scope 1 and 2 emissions by 50% by 2030 from a 2018 baseline, while Fortescue Metals Group Ltd. is aiming to reach net zero by that year.

Around 75% of the $4 billion that BHP plans to spend on decarbonization by 2030 will be spent on replacing diesel use in haul trucks. It favors battery-powered haul trucks over hydrogen power because they are more than twice as efficient, Anna Wiley, the vice president of planning and technical in the company’s Australian minerals division, said on the conference call.

‘Dynamic Charging’

BHP will trial “dynamic charging” at its mines in Western Australia and Chile, allowing trucks to be charged while they are still in operation. It said its unfinished Jansen potash mine in Canada, which is due to start producing the fertilizer ingredient in 2026, would use 80% electric haul trucks from day one.

The company’s Australian iron ore mines are not connected to the grid and are powered by purpose-built gas generators. A switch to electric haul trucks will see power demand surge, and BHP plans to build 500 megawatts of renewables and storage to meet growing demand and decarbonize its electricity emissions, it said. It will also explore options for plugging into to a wider regional grid.

BHP’s coal mines in Queensland are the single biggest emitters in its Australian operations, producing almost half its pollution. Around a third of that comes from methane escaping from the coal seams, Wiley said.

It aims to capture about 50% of that methane and use it to generate electricity or sell to third parties, and said it was “exploring” options for the rest, adding that carbon offsets would likely be needed.

Still, of the $4 billion it plans to spend on decarbonization by 2030, BHP allocated a negligible amount to methane, with diesel, electricity and gas emissions the main targets. The company’s Western Australian iron ore division will be the biggest recipient of decarbonization investment between now and 2030, followed by the Escondida copper mine in Chile, it said.

(Updates with haul truck plans in 6th, 7th paragraphs)

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(Bloomberg) — Woodside Energy Group Ltd. gave the go-ahead for a $7.2 billion oil field off Mexico, the Australian producer’s first major fossil fuel investment since acquiring BHP Group Ltd.’s petroleum business last year.

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The Trion oil field, a joint venture with state-owned oil company Petroleos Mexicanos, will be Mexico’s first offshore deepwater oil project, according to Woodside. It has estimated resources of 479 million barrels of oil equivalent, and first production is expected in 2028, the Perth-based company said Tuesday.

Woodside, Australia’s biggest oil and gas producer, has come under intense pressure from activists and shareholders for its fossil fuel expansion plans, but has said new projects are necessary and can be consistent with global emission reduction goals. The company in February said it would review potential acquisitions in the Gulf of Mexico after reporting its highest-ever profit thanks to surging prices and the integration of BHP’s former energy unit.

“We have considered a range of oil demand forecasts and believe Trion can help satisfy the world’s energy requirements,” Chief Executive Officer Meg O’Neill said in a statement, adding two-thirds of the Trion resource was “expected to be produced within the first 10 years after start-up.”

Woodside inherited a 60% stake in Trion from BHP and will invest $4.8 billion in the project, subject to clearance from Pemex and regulatory approval expected in the fourth quarter. The field’s floating production unit will have capacity to produce 100,000 barrels of oil a day.

Woodside is also developing the vast Scarborough gas field off the coast of Western Australia and plans other oil and gas projects. It also intends to invest in clean hydrogen manufacture.

The company has been the subject of numerous shareholder resolutions from climate activists. One of its directors received the lowest support in a decade in April and 49% of shareholders rejected its climate report last year.

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(Bloomberg) — A total of 19 trains carrying coal to Australia’s flagship export hub for the fuel were disrupted after a protester suspended themselves from two poles over rail tracks.

Part of a rail line in Kooragang, close to the Port of Newcastle in New South Wales state, was halted for more than four hours from 7 a.m. local time Monday, according to the Australian Rail Track Corp., which manages the network.

A 22-year-old woman was arrested at the scene after law enforcement removed the structure from the tracks, New South Wales police said in a statement.

Australia’s status as the world’s No. 2 coal exporter has long been a focus for activists who argue the nation’s sales of the fossil fuel are a key contributor to global emissions. While Prime Minister Anthony Albanese has legislated more ambitious national climate targets, his government has also shown support for a coal sector forecast to generate about A$128 billion ($88 billion) in export earnings this fiscal year.

Blockade Australia’s demonstration at Kooragang was “a response to Australia’s destruction of the climate,” the campaign group said in a message posted to Twitter. Two separate protests also took place Monday near the Port of Melbourne and Port of Brisbane, the organization said.

Newcastle Coal Infrastructure Group, which handles coal exports for producers including BHP Group Ltd., Yancoal Australia Ltd. and Whitehaven Coal Ltd., didn’t immediately respond to a request for comment.

BHP declined as much as 1.1% in Sydney by 1:08 p.m., as Whitehaven fell as much as 3.9% and Yancoal by as much as 2.8%.

More stories like this are available on bloomberg.com

©2023 Bloomberg L.P.

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Anglo American plc NGLOY is a mining company. The Zacks Consensus Estimate for its current year earnings has been revised 16.8% downward over the last 60 days.

Enerplus Corporation ERF is an oil and gas exploration and development company. The Zacks Consensus Estimate for its current year earnings has been revised 17% downward over the last 60 days.

First Busey Corporation BUSE is a bank holding company for Busey Bank. The Zacks Consensus Estimate for its current year earnings has been revised 9.2% downward over the last 60 days.

View the entire Zacks Rank #5 List.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Enerplus Corporation (ERF) : Free Stock Analysis Report

First Busey Corporation (BUSE) : Free Stock Analysis Report

Anglo American (NGLOY) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

A handful of mining stocks were at the bottom of the FTSE 100 index on Monday as concerns over the prospect of a global economic slowdown continued to weigh on the minds of investors.

Anglo American (AAL.L), Antofagasta (ANTO.L), Fresnillo (FRES.L), Rio Tinto (RIO.L) and Endeavour Mining (EDV.L) were among the companies at the bottom of the basket, at the time of writing, as metal prices remained under pressure due to demand fears.

“A stronger dollar, weakening global manufacturing activity and a weaker-than-expected economic recovery in China have weighed on metals commodities lately, as well as on mining stocks,” Piero Cingari, independent macro analyst, told Yahoo Finance.

“Despite that I’m optimistic about gold miners for the second half of the year. There are many players (one is Newmont (NEM)) trading at heavily discounted valuations compared to the current price of gold. I think the market is awaiting the results of this quarter before reversing the trend,” he added.

Cingari also said he’s “slightly less bullish on copper miners” until there’s more policy stimulus to be seen in China.

Read more: Trending tickers: Glencore | Novartis | Frasers | UBS

Metal prices outlook

The latest slump in mining stocks comes after the World Bank recently projected metal prices to fall by 8% in 2023, and a further 3% in 2024.

It also highlighted in its recent commodities report that the first quarter of this year reflected optimism on a strong China recovery with the bank’s metals and minerals price index rising 10%.

However, it noted how that sentiment changed and most prices receded from their January highs by the end of the quarter.

It said a recovery in production is expected to lower aluminium prices (ALI=F) by 11% in 2023, while copper prices (HG=F) are forecast to fall 4%, compared with last year – and by a further 6% in 2024. Meanwhile, it forecast nickel prices to drop by about 15% in 2023.

“In the longer term, however, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel,” said World Bank lead economist Valerie Mercer-Blackman – and as also recently reported by Yahoo Finance.

Read more: FTSE rises as UBS completes Credit Suisse takeover

Year-to-date performance

Matt Britzman, an equity analyst at Hargreaves Lansdown, shared with Yahoo Finance an overview of how mining stocks have performed for the year-to-date.

“2023 has seen a reversal of fortunes for many of the largest miners in the FTSE 100. The mix of higher interest rates, sticky inflation, and growing concerns about potential recessions across the globe means the prices of key commodities have come down. Earlier in the year, we saw the effect when many of the largest miners reported falling profits at full-year results.

“But it's worth taking a step back and remembering we're coming off the back of a period of booming prices. 2021 and 2022 saw record prices for several key commodities, like copper, iron ore and coal, as global economies came out of lockdown periods and war broke out in Ukraine, sending energy markets into turmoil. The picture has changed, as is the life of a miner, and rising costs along with weaker economic growth have weighed on the sector,” he said.

Britzman also noted how “riding the cycle” is “part and parcel of investing” in a cyclical sector, and said it's more important to focus on the longer-term growth drivers – of which there are many.

Read more: Interest rates: Bank of England policy-maker hints at further rises

“The energy crisis seen over 2022 and a global push toward net-zero by 2050 both support the same message – a need to decarbonise, lower costs, and boost resilience. Reaching those targets means rethinking how we live and work, whilst improving technologies to enable that," he added.

"That means a shift in the demand dynamics for a host of metals needed to expand renewable energy sources, evolving battery technology, and build green infrastructure. There's an opportunity there for a host of companies in the sector."

The analyst also highlighted how the picture for gold (GC=F) has been somewhat different with its price rising over the past 18 months to reach record highs as investors and central banks piled cash into the asset, seen as a safe haven in difficult times.

“That'll be a tailwind for gold miners, and one that's likely to continue over the year as uncertainty looks set to remain,” Britzman concluded.

Watch: Markets in 3 Minutes: Fed and PBOC Matter More Than ECB and BOJ

Download the Yahoo Finance app, available for Apple and Android.

BHP Group Limited

Laguna Seca concentrator at Escondida

By using real-time plant data from the concentrators in combination with AI-based recommendations, the concentrator operators at Escondida will have the ability to adjust operational variables that affect ore processing and grade recovery.

MELBOURNE, Australia, May 30, 2023 (GLOBE NEWSWIRE) — A new collaboration between BHP and Microsoft has used artificial intelligence and machine learning with the aim of improving copper recovery at the world’s largest copper mine.

The use of new digital technology to optimise concentrator performance at BHP’s Escondida operation in Chile is expected to improve copper recovery.

BHP Chief Technical Officer Laura Tyler said by augmenting new digital technology capabilities with new ways of working, the team at Escondida is well-positioned to generate more value from an existing resource.

“We expect the next big wave in mining to come from the advanced use of digital technologies. As grades decline at existing copper mines and fewer new economic discoveries are made, next-generation technologies like artificial intelligence, machine learning and data analytics will need to be used to unlock more production and value from our existing mines,” she said.

BHP estimates the world would need to double the amount of copper produced over the next 30 years, relative to the past 30, to keep pace with the development of decarbonisation technology such as electric vehicles, offshore wind and solar farms assumed under its 1.5 degree scenario1.

“We are excited to partner with BHP on this transformative project that demonstrates the power of AI, machine learning and cloud technologies,” said John Montgomery, CVP, AI Platform at Microsoft.

By using real-time plant data from the concentrators in combination with AI-based recommendations from Microsoft’s Azure platform, the concentrator operators at Escondida will have the ability to adjust operational variables that affect ore processing and grade recovery.

BHP is a top three global producer of copper and has the largest copper endowment of any company globally2. BHP has operated Escondida, an open-cut mine located in the Atacama Desert in the Antofagasta Region of northern Chile, for over 30 years.

Escondida produces over one million metric tonnes of copper per annum. The concentrator circuit is responsible for extracting, floating and collecting the copper mineral from crushed and milled ore.

Laguna Seca concentrator at Escondida

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/125d396c-04fa-40f3-9097-ea07a28432a3

BHP media contacts

Australia:Josie BrophyMobile: 0417 622 839Email: josephine.brophy@bhp.com

Chile:Renata FernándezMobile: +56 9 82295357Email: renata.fernandez@bhp.com

1 For information about the assumptions, outputs and limitations of this 1.5°C scenario refer to the BHP Climate Change Report 2020 available at bhp.com.2 Based on ownership interest. Peers include: Anglo American, Antofagasta, Codelco, First Quantum Minerals, Freeport, Glencore, Rio Tinto, Southern Copper and Teck. Source peers: Wood Mackenzie Ltd, Q1 2022.

MELBOURNE (Reuters) – BHP Group has teamed up with Microsoft Corp to improve copper recovery from its Escondida mine in Chile, the world's biggest copper mine, by using machine learning and artificial intelligence, it said on Tuesday.

BHP estimates the world needs to double the amount of copper produced over the next 30 years to keep pace with the development of decarbonisation technology such as electric vehicles, offshore wind and solar farms.

Finding and building new mines is costly, difficult and can take upwards of a decade so miners are looking to next generation technologies to reap more metal out of existing mines and processes.

"We expect the next big wave in mining to come from the advanced use of digital technologies" BHP Chief Technical Officer Laura Tyler said in the company statement.

Using real-time data from plants that process ore in combination with AI-based recommendations from Microsoft’s Azure platform, plant operators will have the ability to adjust variables that affect ore processing and grade recovery, BHP said.

BHP, the world's biggest miner, is the majority owner of Escondida and operates the mine with partners Rio Tinto, and Japan's JECO Corp. Escondida produced more than 1 million tonnes of copper during the last financial year ending in June.

(Reporting by Melanie Burton; Editing by Christian Schmollinger)

Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. Buying under-rated businesses is one path to excess returns. To wit, the BHP Group share price has climbed 29% in five years, easily topping the market return of 14% (ignoring dividends). On the other hand, the more recent gains haven't been so impressive, with shareholders gaining just 7.5% , including dividends .

Although BHP Group has shed AU$7.1b from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.

Check out our latest analysis for BHP Group

To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

Over half a decade, BHP Group managed to grow its earnings per share at 31% a year. This EPS growth is higher than the 5% average annual increase in the share price. So it seems the market isn't so enthusiastic about the stock these days. This cautious sentiment is reflected in its (fairly low) P/E ratio of 7.74.

You can see below how EPS has changed over time (discover the exact values by clicking on the image).

earnings-per-share-growth

We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. This free interactive report on BHP Group's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.

What About Dividends?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of BHP Group, it has a TSR of 116% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.

A Different Perspective

It's good to see that BHP Group has rewarded shareholders with a total shareholder return of 7.5% in the last twelve months. That's including the dividend. Having said that, the five-year TSR of 17% a year, is even better. The pessimistic view would be that be that the stock has its best days behind it, but on the other hand the price might simply be moderating while the business itself continues to execute. It's always interesting to track share price performance over the longer term. But to understand BHP Group better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 2 warning signs for BHP Group (of which 1 is significant!) you should know about.

BHP Group is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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(Bloomberg) — BHP Group Ltd. is confident China’s troubled property market will turn around in coming months, despite gloomy economic signals pushing iron ore and copper prices back to levels last seen during the Covid Zero era.

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Secondary sales in the housing market “continue to be strong, very strong,” Vandita Pant, BHP’s chief commercial officer, said in an interview on Thursday. “We always thought sales and completions of homes will turn around first, and then new starts,” she said, adding “that trajectory is holding.”

The note of confidence from the world’s biggest miner comes after China’s economic activity disappointed expectations since strict pandemic restrictions were removed late last year, heavily impacting metals demand. The Asian powerhouse is by far the largest importer of both iron ore and copper.

Weaker-than-expected construction, particularly in the property sector, has pushed iron ore — BHP’s top export — below $100 a ton. Copper, another of its key commodities, fell below $8,000 a ton for the first time in six months this week, adding to broader gloom about the global economy.

But Pant said BHP still expects China’s metals demand “to be a source of stability in the second half, and the second half to be better than the first half,” echoing the words of Chief Executive Officer Mike Henry at the company’s half-year results in February.

The first quarter of 2023 was “better than we were expecting,” but the market got carried away in the second quarter, pushing commodity prices to unrealistic levels, Pant said. China’s economy wouldn’t feel the “full tailwind” of government stimulus measures, introduced earlier this year, until 2024, she said.

Copper futures on the London Metals Exchange edged up 0.4% to $7,929 a ton at 12:22 p.m. in Singapore, but are still down almost 4% this week.

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Toronto, Ontario–(Newsfile Corp. – May 24, 2023) – Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company") is pleased to announce the closing of the second and final tranche of its previously announced non-brokered hard dollar and flow-through private placement (the "Offering"). All dollar amounts are in Canadian funds.

Hard Dollar Offering

The hard dollar component of the Offering involved the sale of units ("HD Units") at a price of $0.15 per HD Unit. Each HD Unit consists of one common share of the Company and one half of a common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of the Company at a price of $0.18 for a period of 36 months from the date of closing. The proceeds from the sale of the HD Units will be used to finance closing obligations and exploration activities on the Company's Cachinal project in Chile and for general working capital purposes.

In the first tranche closing on April 11, 2023, the Company sold 5,256,668 HD Units for gross proceeds of $788,500. In the second tranche closing, the Company sold an additional 1,447,000 HD Units for additional gross proceeds of $217,050. The gross proceeds from the sale of the 6,703,668 HD Units in both closings totalled $1,005,550.

Flow-Through Offering

The flow-through component of the Offering involves the sale of units ( "FT Units") at a price of $0.16 per FT Unit. Each FT Unit consists of one common share of the Company and one half of a common share purchase warrant, with each whole warrant having the same terms as the warrants comprising the HD Units. The proceeds from the sale of the FT Units will be used to fund exploration programs on one or more of the Company's exploration properties located in Yukon, Quebec, and Nunavut that will qualify as "Canadian Exploration Expenses" and, once renounced, "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada).

In the first tranche closing on April 11, 2023, the Company sold 1,234,375 FT Units for gross proceeds of $197,500. In the second tranche closing, the Company sold an additional 365,000 FT Units for additional gross proceeds of $58,400. The proceeds from the sale of the 1,599,375 FT Units in both closings totalled $255,900.

An insider of the Company acquired 15,000 HD Units and 15,000 FT Units in the second tranche closing for total gross proceeds of $4,650. The insider's participation in the Offering is a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of the insider's participation in the Offering does not exceed 25% of the market capitalization of the Company.

In connection with the Offering, the Company paid fees to eligible finders consisting of an aggregate of: (i) $39,921.01; and (ii) 51,940 Warrants (the "Broker Warrants"). Each Broker Warrant is exercisable by the holder to acquire one Common Share for a period of 36 months from the date of closing of the Second Tranche of the Offering at a price of C$0.18 per share.

All securities issued pursuant to the Offering are subject to a four-month statutory hold period under Canadian securities laws.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a Canadian silver company based in Toronto, Ontario, that is focused on the acquisition, development, and integration of accretive transactions of silver ounces. The Company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. With significant land holdings in southeast and south-central Yukon, including the Plata property 180 kms to the east of the Keno Hill silver district, as well as Ontario's historic Thunder Bay Silver District, Honey Badger Silver is positioning to be a top-tier silver company.

ON BEHALF OF THE BOARD

George Davis, President & CEO

Investors that are interested in further information on the Offering may also do so through the Sharechest Connector on our website at www.honeybadgersilver.com, which is an innovative solution to streamline and simplify communications with potential investors.

For more information, contact Ms. Michelle Savella for Investor Relations | msavella@honeybadgersilver.com | (604) 828-5886

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking information in this news release includes statements regarding: the structure and anticipated benefits of completing the acquisition of the Cachinal Project (including historical resource estimate and possible positive effects on cash-flow); and any other information herein that is not a historical fact may be "forward-looking information". Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR (www.sedar.com) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Not for distribution to U.S. news wire services or dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167407

(Bloomberg) — A top equities fund manager is backing BHP Group Ltd. and Rio Tinto Ltd., betting they can withstand softer iron-ore prices and will benefit as China’s reopening boosts demand for the commodity.

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Australian producers are attractive as they have relatively low operating costs and high exposure to the mainland, the world’s largest consumer of the steel-making ingredient, according to David Wilson, who oversees the equivalent of $5.3 billion at Australia-focused First Sentier Wholesale Geared Share Fund. The fund has returned 10% this year, beating more than 90% of its peers.

Even when iron-ore prices fall, Australian producers are still highly profitable given they have a lower cost base than their global counterparts, Sydney-based Wilson said. “Over the course of this year, China will continue to reopen and that will provide a base for demand for Australian iron ore.”

The fund recently rotated out of aluminum-miner South32 Ltd. and redirected some of that capital toward Rio Tinto, he said.

Iron ore has struggled after a strong start to the year amid concern China’s recovery is losing momentum. Still, Australian miners have weathered the commodity’s gyrations better than most of their international rivals, with BHP, Rio Tinto and Fortescue Metals Group Ltd. outperforming a Bloomberg Intelligence gauge tracking producers of the commodity over the last 12 months.

Even in Australia though, price pressures are building. BHP said last month said it expects iron-ore costs to come in at the top end of its $18 to $19 per ton guidance range in the financial year to June 30, while Brazil’s Vale SA forecasts $20 to $21 per ton for 2023.

While it has recently increased holdings of iron-ore miners, the four largest holdings in Wilson’s fund remain insurer QBE Insurance Group Ltd., oil producer Santos Ltd., gaming-machine maker Aristocrat Leisure Ltd. and industrial property firm Goodman Group.

The fund’s main strategy is to invest in “economically defensive companies that have growth,” Wilson said. Australia doesn’t have “the sort of earnings or economic volatility seen elsewhere. Australia is seen as a bit more of a defensive place, including even our banks.”

Margin Pressures

The fund is underweight local lenders as slowing credit growth and margin pressure weigh on their earnings outlooks, Wilson said. Still, the nation’s lenders remain well capitalized and are unlikely to face issues with bad debts, he said, adding that the fund prefers Commonwealth Bank of Australia and National Australia Bank Ltd. to their competitors.

Read more: Aussie Bank Investors Say Best Days Are Over as Margins Squeezed

The First Sentier fund has handily beaten the benchmark S&P/ASX 200 Index this year, with the gauge rising just 2.3%.

The fund also owns technology shares such as logistics-software company Wisetech Global Ltd. and online property-listing service REA Group Ltd.

“People, when they think of tech, tend to think of obviously the US,” Wilson said. “But Australia, over a long period of time, has been able to develop quite solid tech companies.”

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By Mrinmay Dey

(Reuters) -Canadian copper miner Teck Resources Ltd has been approached by mining companies including Vale SA, Anglo American Plc and Freeport-McMoRan Inc to explore deals for its base metals business if a planned split of the company happens, sources close to the matter told Reuters on Sunday.

Teck has received expressions of interest from more than six mining companies, which are interested in several other transactions after the split, according to the sources.

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc.

A spokesperson from Teck said the company does not comment on market rumours or speculation.

Freeport, Vale and Anglo American declined to comment.

Glencore on Tuesday modified its $22.5 billion all-share takeover bid for Teck to include up to $8.2 billion in cash, but Teck's board called it "largely unchanged".

Teck has repeatedly rejected Glencore's offer of merging the companies and subsequently spinning off their combined thermal and steel-making coal businesses, saying it would expose shareholders to thermal coal, oil, LNG and related sectors.

It has instead urged its investors to vote for a restructuring proposal which will see it spin off its highly polluting coal business and focus on production of copper.

Teck investors will decide on the Canadian miner's restructuring plan on April 26.

Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues.

Large investors often follow the recommendations of proxy advisory firms including ISS and its smaller rival Glass Lewis.

The Globe and Mail first reported interest in Teck's base metals business.

(Reporting by Mrinmay Dey and Lavanya Ahire in Bengaluru; Editing by Bill Berkrot and Sandra Maler)

(Adds Freeport declined to comment)

April 16 (Reuters) – Teck Resources Ltd has been approached by a unit of Vale SA, Anglo American Plc and Freeport-McMoRan Inc to explore deals if a planned split of the company happens, The Globe and Mail reported on Sunday, citing two sources familiar with the discussions.

A vote on Teck's plan to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business is scheduled on April 26.

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies.

The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal.

Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split.

Institutional Shareholder Services (ISS) advised shareholders to reject Teck's restructuring plan. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.

Teck has received expressions of interest from at least half a dozen major mining companies, who are interested in various transactions post-split, the Globe and Mail added.

Teck, Freeport, Vale and Anglo American declined to comment to Reuters' request for comment. (Reporting by Lavanya Ahire in Bengaluru; Additional reporting credit by Mrinmay Dey in Bengaluru; Editing by Bill Berkrot and Sandra Maler)

By Fabian Cambero and Divya Rajagopal

SANTIAGO, April 14 (Reuters) – Lundin Mining Corp's bid for control of Chile's Caserones copper mine comes despite ongoing uncertainty over potential policy changes to royalties and taxes, an indication that investors may be regaining confidence in the world no.1 copper-producing country.

Lundin last month agreed to pay $950 million for 51% control of the mine, calling the deal "an endorsement that we believe the mining royalty and taxation discussions are trending in the right direction."

The deal caused some surprise. In the past 18 months, mining giants have been vocal about concerns in Chile. BHP Group Ltd said it might reevaluate its investments depending on new tax plans by the government, while Freeport-McMoRan Inc has said it would pause expansion plans in Chile, citing political uncertainty.

But with the outlook looking rosier for investment and global demand surging for the key green energy metal, reluctance has diminished, experts and officials say.

Chile's mining minister, Marcela Hernando, told Reuters on Thursday she felt "confident" that the concerns of the industry had been taken into account with the royalty proposals and that she had seen hints investment was starting to improve.

"What one observes are signs, you see how some investments have materialized, how a very important deal was completed a few weeks ago," she said, referring to the Caserones purchase.

"We aren't worried investments are going to be scared away."

A proposed new constitution that, among other changes, would have given the state greater control over mining was rejected by voters last September, while an ambitious tax overhaul plan was voted down by Congress in March.

Meanwhile, another government plan for new royalties on mining, currently moving through Congress, has also been tempered amid industry complaints that an increased tax burden at a time when deposits were facing decreased production would hurt the country's competitiveness.

"As the proposed bill has moderated, some companies have gotten to a risk level compatible with their investment decisions, as happened with Lundin," said Juan Carlos Guajardo, head of the Plusmining consulting agency in Santiago.

"Some companies have a more optimistic vision about the final evolution of the royalty bill, which is sparking investment decisions, but there are others that are still in 'wait-and-see' mode."

Canada-based Teck Resources has also recently boosted investment in Chile, submitting for environmental approval this year a $3 billion project to increase capacity at its Quebrada Blanca 2 mine.

But BHP said its stance on investment in Chile had not changed. Freeport did not reply to a request for comment.

Lundin said it was considering raising its stake to 70% of the mine for an additional $350 million, but that it would "continue to evaluate any potential royalty and taxation changes" as a factor in that decision.

ENVIRONMENTAL CONCERNS

Lundin's purchase from JX Nippon Mining & Metals comes at a time when companies are seeing longer delays for permits as opposition has risen from local communities. Some projects have been rejected by the state or by courts on environmental impact concerns.

Caserones, located 4,300 meters above sea level, has itself faced strikes by workers and lawsuits by farmers, who have complained about water over-extraction.

Chilean courts have since approved plans from JX Nippon to rectify environmental damage and Lundin told Reuters one of the company's "primary objectives is to minimize potential environmental impacts through implementation of environmental management controls."

The company added that its nearby Candelaria operation uses desalinated water and has a guaranteed minimum of 80% of renewably-sourced electricity.

Lundin remains confident in the future of the Caserones project, which began operations in 2014 and has annual output of 100,000 tonnes of copper. Peter Rockandel, Lundin Mining's CEO, said the firm had "no concerns" of what lay ahead in a conference call following the announcement of the deal.

The purchase is emblematic of the emerging copper industry trend of buy versus build, said Christopher LaFemina, an equity analyst at Jefferies, with falling share prices and ballooning development costs favoring purchasing, rather than constructing, new mines, even at "premium prices."

"The optimal time to pursue sizable acquisitions is now," LaFemina said in a report, adding that the window might close if investors wait for "the macro environment to improve." (Reporting by Fabian Cambero and Divya Rajagopal; editing by Alexander Villegas, Ernest Scheyder and Rosalba O'Brien)

(Bloomberg) — The key iron ore export hub of Port Hedland reopened after the biggest cyclone to hit Western Australia in at least a decade made landfall, with a major gold mine lashed by destructive winds as the storm moved inland.

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Port Hedland reopened at 11 a.m. local time Friday after an inspection of the channel and berths confirmed safe operations can resume, according to Pilbara Ports Authority. BHP Group and Fortescue Metals Group Ltd. export iron ore from the harbor, which was closed on Thursday.

Severe tropical cyclone Ilsa crossed the coast overnight east of Port Hedland in a sparsely populated region as a category 5 — the strongest on the Australian scale. The storm is weakening as it tracks inland but had maintained cyclone intensity as it reached Newcrest Mining Ltd.’s Telfer gold and copper operation, which is 400 kilometers (248 miles) from the port.

Newcrest is aiming to start bringing the majority of workers back to Telfer over the weekend, pending inspections of the airstrip and village at the mine, according to a spokesperson. The company had reduced staffing at the site to a skeleton crew ahead of the cyclone.

Ilsa had weakened to a category 1 cyclone as of 2 p.m. local time on Friday, according to a notice from the Bureau of Meteorology.

The mayor of Port Hedland told the Australian Broadcasting Corp. that winds from the cyclone were “like a freight train” but the town appeared to have been spared from major damage. The owners of Pardoo Roadhouse, a tavern and gas station along the coastline, reported “great damage” to their building after riding out the storm, according to local media.

BHP will return to full operations once all vessels have safely returned to the inner harbor at Port Hedland, a spokesman said. There’s been no significant damage to the company’s sites at the port, they added.

Fortescue said no major damage has been reported across any of the company’s Pilbara operations and monitoring will continue over the coming days to assess potential flooding risk, according to a spokesperson. Some teams are commencing post-cyclone ramp up activities, the spokesperson said.

Ilsa is the sixth tropical cyclone and the strongest to make landfall in Australia this season, which runs from Nov. 1 to April 30, according to the bureau. The storm is expected to dump as much as 200 millimeters (7.8 inches) of rain in some areas on Friday.

–With assistance from Liz Yee Xing Ng and Kevin Varley.

(Updates with latest bureau notice, comments from Newcrest and BHP.)

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Yahoo Finance Live’s Rachelle Akuffo discusses the decline in stock for American Airlines.

Video Transcript

RACHELLE AKUFFO: Thank you.

All right, now for our trending ticker. Investors lowering the altitude of American Airlines on the airline’s updated profit outlook. The airline releasing updated earnings expectations for later this month that are coming short of analysts’ expectations with adjusted earnings per share between $0.01 to $0.05 versus expectations of $0.05 per share based on Bloomberg consensus.

Airlines like American, of course, particularly exposed to movements in the energy sector as the peak summer travel season looms. We see that the stock down almost about 9 and 1/2% on the day.