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

Brighthouse Financial BHF is a holding company formed to own the legal entities that historically operated a substantial portion of the former Retail segment of MetLife, Inc.The Zacks Consensus Estimate for its current year earnings has been revised 30.3% downward over the last 60 days.

BHP Group Limited BHP is one of the world's largest diversified resource companies with operations across several continents with a market capitalization of around $183 billion. The Zacks Consensus Estimate for its current year earnings has been revised almost 21.1% downward over the last 60 days.

ASM International ASMIY is a leading supplier of equipment and solutions used to produce semiconductor devices, or integrated circuits, for both the front-end and back-end segments of the semiconductor market. The Zacks Consensus Estimate for its current year earnings has been revised 6.5% 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 BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report Brighthouse Financial, Inc. (BHF) : Free Stock Analysis Report ASM International NV (ASMIY) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

By Praveen Menon and Siyi Liu

SYDNEY/BEIJING, July 21 (Reuters) – China's plan to centralise iron ore purchases has prompted questions whether the move could hit the bottomlines of global mining giants, such as Australia's Rio Tinto and BHP Group.

China, exposed to international prices of the steelmaking raw material as it must import nearly 80% of its annual consumption of about 1.2 billion tonnes, launched a new state-backed resources company on Tuesday.

The China Mineral Resources Group, with registered capital of 20 billion yuan ($3 billion), is tasked with investment in mining of minerals, as well as trading and purchasing, said Tianyancha, a Chinese online database of company information.

Global mining giants such as Rio, BHP and Fortescue Metals Group have refused to comment on the plans, but said there was no change in their relations with Chinese customers.

Fortescue supplies iron ore to customers under long-term contracts, Chief Executive Elizabeth Gaines said.

"We will continue to work closely with our customers and other key stakeholders in China to … optimise our distribution channels to meet the needs of our long-standing customers and the Chinese steel industry," Gaines said.

China accounted for 90% of Fortescue's revenue in the 2021 financial year.

The new company is expected to coordinate procurement of imported iron ore, develop domestic iron ore resources, and oversee development of mines overseas, the online database added.

Chinese business outlet Caixin also said this month that the body would centralise iron ore demand.

However, history showed plans for centralised iron ore purchases did not work, said BHP, the world's third largest producer of iron ore which sells the bulk of its output to China.

"At the end of the day, we believe that markets will sort out where the price needs to be based on supply and demand," Chief Financial Officer David Lamont told a business forum in Melbourne.

BHP led efforts more than a decade ago to end annual iron ore price-setting talks in a shift to market-based pricing.

Rival Anglo-Australian miner Rio Tinto declined to comment.

Still, a centralised approach to purchases seems likely to be more successful now than two decades ago, said Commonwealth Bank commodities analyst Vivek Dhar.

"That’s largely because of the recent consolidation among China's state-owned steel producers," he added.

"Further, the nationwide success of reducing steel production in the second half of 2021 provides hope that the steel sector can act in a unified way."

The impact of centralised purchases on top miners depends on the agency's ultimate objective, however, said Glyn Lawcock, head of mining research at Barrenjoey.

"The comments over the last few years clearly indicate that China is not happy with iron ore prices over $100 a tonne," Lawcock said.

Yet the short-term impact of centralised buying may be limited, as a long tail of private steel producers operates in China, he added.

"I don't think a buyers' club will have an impact in the short-term market, which is still very much driven by supply and demand." ($1=6.7593 Chinese yuan renminbi) (Reporting by Praveen Menon; Editing by Clarence Fernandez)

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

BHP Group Limited BHP is one of the world's largest diversified resource company with operations across several continents with a market capitalization of around $183 billion.The Zacks Consensus Estimate for its current year earnings has been revised 20.0% downward over the last 60 days.

Aviva AVVIY is the leading provider of indexed annuity and indexed life insurance products and its principal activity is the provision of financial products and services, focused on the following lines of business: long-term insurance and savings business, fund management and general insurance and health. The Zacks Consensus Estimate for its current year earnings has been revised 15.4% downward over the last 60 days.

BlackRock BLK  is a leading investment management company that offers products that span the risk spectrum, including active, enhanced and index strategies through a variety of structures that include separate accounts, mutual funds, iShares exchange-traded funds (ETFs), and other pooled investment vehicles. The Zacks Consensus Estimate for its current year earnings has been revised almost 13.5% 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 BlackRock, Inc. (BLK) : Free Stock Analysis Report BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report Aviva PLC (AVVIY) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

BHP Group BHP reported production details for the year ended Jun 30, 2022, and provided guidance for fiscal 2023. Total iron ore production for fiscal 2022 was 253 Mt (million tons), flat year on year and within its guidance of 249-259 Mt. The company met production guidance for copper, energy coal and metallurgical coal but missed the same for nickel due to a smelter outage in the June 2022 quarter.BHP’s copper production in fiscal 2022 was down 4% year over year to 1,573.5 kt. Metallurgical coal production decreased 9% to 29.1 Mt, while energy coal production was 13.7 Mt, down 4% year over year. Nickel production declined 14% year over year to 76.8 kt.Average realized prices for thermal coal and metallurgical coal for fiscal 2022 soared 271% and 225%, respectively. Average realized prices for nickel and copper surged 43% and 9%, respectively. However, iron ore prices declined 13%.

Quarterly Production & Peer Performances

In the April-June quarter, BHP’s iron ore production was down 2% year over year to 64.2 Mt. However, production improved 8% on a sequential basis, primarily due to enhanced performance at Western Australia Iron Ore (WAIO). This was driven by record production from the Mining Area C hub with the continued ramp-up of South Flank and improved supply chain performance.Brazilian miner Vale S.A. VALE reported its iron ore production for the second quarter of 2022 at 74.1 Mt, which came in 1.2% lower than the year-ago quarter but 17% higher than the first quarter of 2022.Vale lowered its iron ore production guidance for 2022 to 310-320 Mt citing the sale of the Midwestern System. Vale mentioned that it is adjusting production levels according to the current market conditions, and this decision is in sync with its “value over volume” philosophy/mantra.Last week, Rio Tinto Group RIO reported a 4% increase in second-quarter iron ore production to 78.6 Mt. Despite the impact of higher-than-average rainfall in May, continued focus on mine pit health and commissioning of Gudai-Darri supported production during the quarter under discussion.Rio Tinto’s iron production in the first half of this year was 150.3 Mt, 1% lower than the prior year. This was primarily due to the 6% decline reported in its first quarter production to 71.7 Mt.

Fiscal 2023 Guidance

BHP’s iron ore production guidance for fiscal 2023is at 249-260 Mt. The mid-point of the range indicates growth of 1% from fiscal 2022. WAIO production is expected between 246 Mt and 256 Mt (278 Mt and 290 Mt on a 100% basis), reflecting the tie-in of the debottlenecking port project and the continued ramp up of South Flank.The company expects copper production within 1,635 kt and 1,825 kt, suggesting a 10% year-on-year growth at the mid-point. Production guidance of Metallurgical coal is at 29-32 Mt compared with 29.1 Mt reported in fiscal 2022. The guidance for energy coal production is at 13-15 Mt. Nickel production for fiscal 2023 is expected between 80 kt and 90 kt, higher than the production of 76.8 kt reported in fiscal 2022.

Other Key Developments

The divestment of BHP’s 80% interest in BHP Mitsui Coal Pty Ltd (“BMC”) to Stanmore Resources was completed in May. The merger of BHP’s oil and gas portfolio with Woodside Energy was completed on Jun 1.BHP announced that it is retaining its New South Wales Energy Coal (“NSWEC”) unit and plans to continue mining up to the end of fiscal 2030. With the mining consent for the operation to expire in 2026, BHP is currently working toward acquiring the relevant approvals for the same.As of Jun 30, 2022, the company had one major project under development — the $5.7 billion Jansen Stage 1 project. It is tracking according to plan, and BHP is expecting to bring the first production forward to 2026.

Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

BHP’s shares have fallen 31.1% in a year, compared with the industry’s decline of 24.3%.

Zacks Rank & a Key Pick

BHP currently carries a Zacks Rank #5 (Strong Sell).

A better-ranked stock in the basic materials space is Albemarle Corporation ALB, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Albemarle has a projected earnings growth rate of 231.7% for the current year. The Zacks Consensus Estimate for ALB’s current-year earnings has been revised upward by 26.5% in the past 60 days.

Albemarle’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 20%. ALB has gained roughly 11% in a year.

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 BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report VALE S.A. (VALE) : Free Stock Analysis Report Rio Tinto PLC (RIO) : Free Stock Analysis Report Albemarle Corporation (ALB) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

Vale S.A. VALE reported iron ore production of around 74.1 million tons for the second quarter of 2022, which was up 17% sequentially. Improvement at Southeastern Systems (mainly attributable to Brucutu, Itabira and Timbopeba) and upbeat performances in all operations at Southern Systems, particularly at Vargem Grande and Mutuca, led to the higher production numbers in the quarter. Northern System production improved, benefiting from better weather seasonality in June despite headwinds.

This brings the company’s year-to-date production to 137 million tons, which marks a 3.7% decline year on year. This is primarily due to a lower 6% drop in production in the first quarter on account of the heavy rainfall in Minas Gerais in January that halted the Southern and Southeastern Systems operations. Production in the second quarter of 2022 was down 1.2% on a year-on-year comparison.The company lowered its iron ore production guidance for 2022 to 310-320 Mt from its previous guidance of 320-335 Mt, citing the sale of the Midwestern System. Vale mentioned that it is adjusting production levels according to the current market conditions, and this decision is in sync with its “value over volume” philosophy.This lowered guidance might provide a much-needed boost to iron ore prices. Iron ore prices have been in a slump lately and have fallen below $100 per ton. Prices have been weighed down by apprehensions regarding weak demand from top consumer China due to the recurring COVID-19 outbreaks and low profitability at Chinese steel mills. Rising fears about a potential global recession-driven demand downturn continue to put pressure on prices as well.Coming back to Vale’s details for the second quarter, sales volumes of iron ore fines and pellets were around 73.2 Mt in the quarter. It represents a 23% increase from the first quarter of 2022. Compared with the second quarter of 2021, sales were flat. Pellet production was 8.7 Mt in the quarter under review, up 25% from the first quarter and 8% year on year, courtesy of improved performance in the Oman plant as a result of fewer maintenance activities and higher pellet feed availability at the Vargem Grande plant.Copper production for the quarter was down 24% year over year to 55.9 kt in the quarter. Compared with the first quarter of 2022, copper output was down 1.2% due to planned and corrective maintenance at the Salobo plant that offset the impact of the Sossego SAG mill resumption in early June and stronger performance of Canadian mines. Vale sold 51.5 kt of copper, which reflects a 31% decline from the last-year quarter. However, compared with the first quarter of this year, copper sales were up 2.4% due to the postponement of a shipment.Vale has revised its copper production to 270-285 kt to account for the longer-than-expected maintenance at the Sossego mill and additional maintenance at the Salobo mill in the back half of the year.Production of nickel was down 16% year over year and 24% sequentially to 34.8 kt in April to June period. Scheduled maintenance of downstream facilities, partially offset by strong performance at Onça Puma, impacted production in the quarter.Nickel sales were down 17% year on year to 39.3 kt. However, on sequential comparison, sales were up 0.8%, outpacing production by 13%, as first-quarter inventories were sold in the second quarter.Cobalt production reached 541 metric tons in the quarter under review, down 28.2% from the prior-year quarter and 28.3% sequentially. Gold production plunged 37.5% year over year and 15.5% sequentially to 60,000 troy ounces in second-quarter 2022. Platinum production was 21,000 troy ounces, down 30% year on year and 8.7% sequentially. Palladium produced was 28,000 troy ounces, down 22% year on year and 3.4% sequentially.

Production Numbers from Peers

Last week, Rio Tinto Group RIO reported that its iron ore shipments in the second quarter of 2022 rose 5% year over year to 79.9 Mt. Iron ore production was up 4% year over year to 78.6 Mt. Despite the impact of higher-than-average rainfall in May, continued focus on mine pit health and commissioning of Gudai-Darri supported production during the quarter under discussion.The total iron ore shipped by Rio Tinto is 151.4 Mt for the first half of 2022, which reflects a 2% drop year over year. Iron production in the first half of this year was 150.3 Mt, 1% lower than the prior year. This was primarily due to the 6% decline reported in its first-quarter production to 71.7 Mt.BHP Group BHP recently reported that its iron ore production for the fiscal year ended June 30, 2022, was in line with the prior period at 253 Mt. Production in June ended quarter was 64.1 Mt, down 2% year on year but up 8% sequentially.BHP’s production came within its iron ore production guidance between 249 Mt and 259 Mt for fiscal 2022. Production for the 2023 financial year is expected to be between 249 Mt and 260 Mt

Price Performance

Shares of Vale have fallen 42.6% in a year compared with the industry’s decline of 41.2%

Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank & a Stock to Consider

Vale currently sports a Zacks Rank #5 (Strong Sell).A better-ranked stock in the basic materials space is Albemarle Corporation ALB, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Albemarle has a projected earnings growth rate of 231.7% for the current year. The Zacks Consensus Estimate for ALB’s current-year earnings has been revised upward by 26.5% in the past 60 days.

Albemarle’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 20%. ALB has gained roughly 11% in a year.

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 BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report VALE S.A. (VALE) : Free Stock Analysis Report Rio Tinto PLC (RIO) : Free Stock Analysis Report Albemarle Corporation (ALB) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

The copper price jumped higher on Wednesday, rebounding from steep declines, as Antofagasta became the latest miner to cut production guidance in response to inflation, drought and maintenance problems. London-listed Antofagasta lowered its full-year output target to a range of 640,000 to 660,000 tonnes, from 660,000 to 690,000 previously, blaming a leak in an underground pipeline at its Los Pelambres operation in Chile and continued “uncertainty about water availability”. Shares in Antofagasta fell as much as 1.3 per cent, recovering to trade 0.8 per cent higher on the day at 1,055p.

(Bloomberg) — Mining giant BHP Group has joined rival Rio Tinto Group in signaling more turbulence to come for commodities producers as costs balloon and demand for everything from iron ore to copper hits headwinds.

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The world’s biggest miner warned Tuesday of an “overall slowing of global growth” amid war in Ukraine, Europe’s energy crisis and global monetary tightening. The commentary — from its latest quarterly output update — echoed remarks from Rio last week. BHP also said cost pressures would linger over the coming 12 months.

While profitability is still strong, both miners “are trying to prepare the market in case we see a significant slowdown in Chinese demand,” Gavin Wendt, a senior resource analyst at MineLife Pty said by phone. “The tougher conditions are coming at a time when prices they’re receiving from commodities are easing, putting pressure on margins.”

Commodities prices have slumped in recent months as demand wavers in China and forecasts multiply for recessions across developed economies. Iron ore, the biggest earner for both companies, plunged below $100 a ton last week as China tackled fresh turmoil in its beleaguered property market, including a wave of homebuyer boycotts of mortgage payments.

At the same time, miners face rising costs. “We expect the lag effect of inflationary pressures to continue through the 2023 financial year, along with labor market tightness and supply chain constraints,” BHP’s Chief Executive Officer Mike Henry said in the statement.

Stimulus measures in China would boost growth there over the coming year, Henry said. Asia’s biggest economy grew by only 0.4% last quarter, and there’s uncertainty over when government steps to shore up the economy will take effect. Rio has described the headwinds in China as “considerable”.

Iron Giant

BHP’s shipments of the steel-making material from Western Australia’s Pilbara region reached 72.8 million tons in the three months ended June 30, down 1.2% from a year earlier and up 8.5% from the previous quarter, which was impacted by Covid-19 disruptions. That compares with a median estimate from three analysts of 73.1 million tons.

Rio last week announced a 5% increase in its quarterly iron ore shipments. Vale SA, which vies with BHP for the No.2 spot behind Rio in iron ore output, is due to report its production figures for the period later Tuesday.

“There’s definitely been more uncertainty seen in some time and that’s been reflected in the outlook” provided by BHP and Rio, said David Radclyffe, senior mining analyst at Global Mining Research Pty Ltd. Still, he added “their balance sheets have never been so good; they’re well-placed” to weather the downturn.

BHP is due to report its earnings for the period on Aug. 16. On Tuesday it forecast iron ore output from its Western Australian operations for the year started July 1 of between 246 million tons and 256 million tons, after it reached 253 million tons in the 12 months just completed.

For more highlights from BHP’s production report, including copper, nickel, coal output and forecasts, click here.

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(Bloomberg) — BHP Group Ltd. will accelerate the start of a $5.7 billion potash project in Canada as high gas prices and curbs on key exporters disrupt fertilizer supply chains.

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The world’s top miner, which is entering production of the crop nutrient to add exposure to population growth, has been searching for ways to speed up the project as the long-term outlook for fertilizer prices strengthens.

“We are working to bring forward Jansen Stage 1 first production into 2026 and are assessing options to accelerate Jansen Stage 2,” Melbourne-based BHP said Tuesday in a statement. Jansen’s first stage had previously been expected to commence in 2027.

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BHP last year finally approved construction of the Jansen mine in Saskatchewan, Canada, after years of debate over the huge price tag. Jansen could operate for a century, and eventually grow to a scale that would rival the size of the company’s flagship Pilbara iron ore operations, according to BHP.

The producer had been reviewing options to accelerate the project’s timeline, Ragnar Udd, president of BHP’s Minerals Americas business, said in a May interview.

Fertilizers have become more expensive as a hike in natural gas prices — a crucial feedstock — has raised costs. Sanctions on Belarusian potash, and moves by China to rein in shipments have also tighten the market.

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BHP Group Ltd. has gone from lukewarm to hot on its Jansen potash mine in Saskatchewan, announcing Tuesday that it is working to accelerate first production by a year to 2026, and that it intends to speed up future expansions as potash prices continue to soar.

The Australian mining giant also reported in its year-end operational review that work on Jansen’s shaft, which already runs one-kilometre deep, was completed in June at a total cost of US$2.97 billion.

BHP says Jansen would initially produce 4.35 million tonnes of potash per year and has the potential to ramp up to around 12 million tonnes per year, making it one of the largest potash mines in the world. Officially, the mine has been under development for years, but BHP only committed to completing it in 2021, when CEO Mike Henry recalibrated the company’s portfolio towards “future-facing” commodities such as potash, a fertilizer that could be used to feed a growing world population, and battery metals for electrification.

“I’ve been clear that BHP needs to increase its exposure to future-facing commodities and that includes things like copper, nickel and potash,” Henry said in an interview with the Financial Post in 2020.

At that point, the company had already invested US$4 billion in the project, but Henry insisted that BHP was prepared to walk away based on potash prices.

Last August, BHP committed to fund all of the US$5.7 billion first phase. Although it has built a 97-metre tall headframe, BHP described the project in the operational review as only eight per cent completed, but confirmed that it is working to accelerate the timeframe for first production to 2026.

Earlier this year, BHP sold its petroleum business for $2.8 billion, and the company has said it will put its capital into potash instead.

“Today, in effect, we’re replacing our petroleum business with potash,” chief financial officer David Lamott said in May at the BMO Farm to Market Conference.

The Jansen mine has four stages, each capable of producing around 4 million tonnes of potash per year. Lamott said even if potash prices fell 50 per cent, “we’d be generating around US$4 to US$5 billion of EBITDA per year. For comparison, our petroleum business averaged around US$3 billion per annum over the past five years.”

Still, petroleum accounted for five per cent of the company’s annual earnings.

While oil prices have spiked in recent months, as part of the fallout from Russia’s invasion of Ukraine, so have potash prices. Western sanctions against Russia and Belarus, which account for 37.6 per cent of world potash production, pre-date the latest conflict and had already disrupted the global fertilizer market; the latest conflict exacerbated the situation.

In June, Saskatoon-based Nutrien Ltd., the world’s largest potash producer, said it would ramp up its annual production to 18 million tonnes by 2025, a 40-per-cent increase, as interim chief executive Ken Seitz warned that a global food crisis would soon affect tens of millions of people in the poorest countries.

“Our view is actually that the physical impact of this shortage in crop nutrients is going to start to be felt over the coming few months here,” Seitz said.

In June, the federal government committed to spending $100 million so that BHP could invest in technologies to reduce greenhouse gas emissions at Jansen.

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Lamott has said Jansen, located 140 miles east of Saskatoon, could operate for a century.

“It has the pathway to become our next Western Australia Iron Ore or Escondida over the next few decades,” he said at the BMO Farm to Market Conference, referencing the company’s iron ore and copper mines, which underpin its current portfolio.

In addition to announcing that it is looking to begin production at Jansen in 2026 rather than 2027, BHP also said it wants to accelerate phase two of Jansen, which would add another 4 million tonnes of annual potash production. But it did not give a target date for that phase, which remains many years away.

In Canada, the company also noted that it had formed an alliance Midland Exploration Inc. and in April funded a nickel exploration program in Nunavik, Que.

• Email: gfriedman@postmedia.com | Twitter: GabeFriedz

European stock markets climbed at the open as as Europe looks ahead to a key week on the political, monetary policy and energy market fronts.

The FTSE 100 (^FTSE) opened 0.6%, France’s CAC (^FCHI) rose 0.5% and Germany’s DAX (^GDAXI) climbed 0.5%.

In London, the blue-chip index was being led by the miners, which staged a rebound after the recent sell-off.

Topping the FTSE 100 was Antofagasta (ANTO.L), up 4.5% on the back of the reviving copper price. Following in its wake were Anglo American (AAL.L), up 3.3%, Glencore (GLEN.L) which rose 3% and Rio Tinto (RIO.L), up 2.8%.

Meanwhile, Haleon, the consumer healthcare product arm of GSK (GSK.L) started trading on Monday, becoming the biggest new listing in London in 2022.

Haleon has gone straight into the FTSE 100 index, where GSK also will remain. It will not be issuing new shares as part of its flotation. Rather, existing investors in GSK will get one share in the new company for each current one they own.

Haleon made its debut at 330p a share, valuing the business at £30.4bn

Direct Line (DLG.L) dropped 14% after it issued a profit warning. This also dragged down FTSE 100 rival Admiral Group (ADM.L).

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S&P 500 futures (ES=F) were up 0.6%, Dow futures (YM=F) gained 0.4%, and Nasdaq futures (NQ=F) were 0.9% higher as trade began in Europe.

Asian markets finished higher as Chinese and Hong Kong shares made gains. The Hang Seng (^HSI) gained 2.4% in Hong Kong and the Nikkei 225 (^N225) rose 0.5% in Tokyo. The Shanghai Composite (000001.SS) climbed 1.4%.

Meanwhile, oil prices are hovering above the $100 mark. Brent crude oil (BZ=F) was trading at $104 on Monday after US president Joe Biden failed to secure output hike agreements with Saudi Arabia, the world’s top oil exporter.

Naeem Aslam, chief market analyst at Avatrade said: “Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which president Biden spoke to a number of Arab leaders.

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“The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve. OPEC+ will continue to control oil supply, and one country alone cannot determine the oil supply — at least that is the message that traders have taken from Biden’s visit to Saudi Arabia.”

Across the pond, the S&P 500 (^GSPC) rose 1.9% and the tech-heavy Nasdaq (^IXIC) jumped 1.7% at the end of last week. The Dow Jones (^DJI) climbed 2.1% as markets closed on Friday.

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SANTIAGO, July 17 (Reuters) – Global miner BHP Billiton is likely to reconsider its investment plans in Chile, the world's No. 1 copper producer, if the government moves ahead with mining tax hikes, according to a report on Sunday.

The company was quoted by El Mercurio newspaper as saying in a statement that higher taxes would make Chile more expensive than other top mining jurisdictions like Australia, Canada and neighboring Peru.

"We have serious concerns with regards to the new royalties," the company said. "If the proposed royalty (hike) materializes, we would have to reevaluate our investment plans for Chile."

BHP did not immediately respond to a request for comment.

BHP is a major player in Chile, where it operates the world's largest copper mine, known as Escondida. In April, BHP said it was willing to invest another $10 billion in Chile over the years, but only if the regulatory and fiscal conditions were appropriate.

Chilean Finance Minister Mario Marcel has said that raising mining royalties is his "priority number one" and the top goal of the left-wing administration that was inaugurated earlier this year. The government wants to use the tax income to fund social programs.

The tax reforms, which also include a wealth tax on high earners among other provisions, aim to raise 4.1% of GDP over four years, with 0.7% going to a new guaranteed minimum pension fund.

Other global miners operating in Chile include Glencore , Anglo American, Freeport McMoRan and Antofagasta. (Reporting by Fabian Cambero; Editing by Cynthia Osterman)

Rio Tinto RIO iron ore shipments in the second quarter of 2022 rose 5% year over year to 79.9 million tons (Mt). Iron ore production was up 4% year over year to 78.6 Mt. Despite the impact of higher-than-average rainfall in May, continued focus on mine pit health and commissioning of Gudai-Darri supported production during the quarter under discussion. RIO announced that its most technologically advanced mine, the Gudai Darri mine in the Pilbara region, Western Australia, delivered its first ore in June. It marked the delivery of its first greenfield mine in more than a decade. The mine’s ramp-up is expected to increase iron ore production volumes and improve the product mix from Pilbara in the second half of this year.The total iron ore shipped by the company is 151.4 Mt for the first half of 2022, which reflects a 2% drop year over year. Iron production in the first half of this year was 150.3 Mt, 1% lower than the prior year. This was primarily due to the 6% decline reported in its first quarter production to 71.7 Mt. The company’s Pilbara operations had a challenging first quarter, as ongoing mine depletion was not offset by mine replacement projects. It was also impacted by delayed commissioning of Gudai-Darri and commissioning challenges at the Mesa A wet plant, which continued to impact production ramp-up at Robe Valley. COVID-19 constraints hampered labor supply.RIO reported bauxite production of 14.1 million tons in the second quarter, which was 3% higher year on year, driven by a solid operational performance at Weipa as a result of improved plant reliability at Amrun. Aluminum production was down 10% to 0.7 million tons due to reduced capacity at Kitimat smelter in British Columbia, following the strike that commenced in July 2021. Production at Boyne smelter in Queensland was impacted due to COVID-19-related unplanned absences. Mined copper production improved 9% year on year to 126 thousand tons due to higher material movement and higher grades and recoveries at Kennecott and Escondida, partly offset by lower grades and recoveries at Oyu Tolgoi as a result of planned mine sequencing.

Guidance for 2022

Rio Tinto expects Pilbara iron ore shipments (100% basis) in the range of 320 to 335 Mt in 2022. The mid-point of the range indicates a year-over-year rise of 2%. Bauxite production is expected to be 54-57 Mt compared with 54 Mt in 2021. Alumina production is anticipated between 7.6 Mt and 7.8 Mt, down from its prior range of 8.0 Mt and 8.4 Mt. Aluminium production is expected in the band of 3-3.1 Mt compared with the previously provided range of 3.1 to 3.2 Mt. RIO had produced 7.9 Mt of Alumina and 3.2 Mt of aluminum in 2021.Mined copper is forecast in the range of 500 kt to 575 kt for the year. The mid-point of the range indicates a 9% year-on-year growth. Refined copper is predicted between 230 kt and 290 kt, which indicates a 29% year-on-year growth at the mid-point. Diamonds production is projected to be 4.5-5.0 million carats, revised downward from the prior guidance of 5.0-6.0 million carats. Titanium dioxide slag production is expected to be 1.1-1.4 Mt.Brazilian miner Vale S.A VALE iron ore production guidance is at 320-335 Mt for 2022. The mid-point of the range suggests year-on-year growth of 4%. Pellet production is projected between 34 Mt and 38 Mt. Vale is set to release its second-quarter production report on Jul 19, 2021.BHP Group BHP expects to produce between 249 Mt and 259 Mt of iron ore in fiscal 2022. The mid-point of the range indicates in-line production from the prior-year levels.Rio Tinto, Vale and BHP Group are expected to bear the brunt of the recent drop in iron ore prices. Iron ore prices have fallen below $110 per ton — a level not seen since last December. Rising concerns about weak demand from top consumer China due to the recurring COVID-19 outbreaks and low profitability at Chinese steel mills continued to overshadow reports of a massive stimulus package and policy support pledges from the government. Mounting fears about a potential global recession-driven demand downturn have been weighing on the steel-making ingredient.

Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

In a year’s time, shares of Rio Tinto have fallen 34%, compared with the industry’s decline of 25.3%.

Zacks Rank & a Key Pick

Rio Tinto currently has a Zacks Rank #4 (Sell).A better-ranked stock worth considering in the basic materials space is Kronos Worldwide KRO, which flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Kronos has a projected earnings growth rate of 110% for the current year. The Zacks Consensus Estimate for KRO’s current-year earnings has been revised 61% upward in the past 60 days.Kronos has a trailing four-quarter earnings surprise of 24%, on average. KRO has gained around 17% in a year.

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 BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report VALE S.A. (VALE) : Free Stock Analysis Report Rio Tinto PLC (RIO) : Free Stock Analysis Report Kronos Worldwide Inc (KRO) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

Suze Orman says this is the only asset class with a track record of ‘earning more than inflation’ — here are 3 simple ways to gain exposure now

With U.S. inflation hitting yet another multi-decade high ⁠— it reached 9.1% in June — Americans continue to see their purchasing power plummet.

But whether we’ve reached peak inflation or we’re heading into a recession, Suze Orman, personal finance expert, says you should still lean on stocks for the long haul.

“Over the long-term stocks have produced the best gains after factoring in inflation,” writes Orman in a blog post. “Bonds and cash struggle to keep pace with inflation; only stocks have a track record of earning more than inflation.”

Orman’s advice is sound. But some areas of the stock market perform better than others during periods of high inflation.

Whether you’re looking to invest thousands of dollars or just a bit of your savings, the following three sectors might give you an extra boost over the next few years.

Don’t miss

• Mitt Romney says a billionaire tax will trigger demand for these two physical assets — get in now before the super-rich swarm

• Bill Gates just won legal approval to buy this tough-to-access asset — and people are ‘livid’ about it

• Warren Buffett likes these 2 investment opportunities outside of the stock market

1. Banks

In her blog post, Orman says investors should be prepared for stocks to go through periods where their value dips.

But that also offers the chance to snap up more top-shelf stocks at bargain-bin prices. When the next pullback happens (and it will happen), there’s one place investors might want to look to first: banks.

Unlike the vast majority of other industries, banks tend to fare relatively well when the Fed tightens up because of their asset-sensitive nature. When interest rates rise, bank assets like bonds and loans tend to climb higher than their liabilities such as deposits.

Rising rates also mean that banks can earn a wider spread between what they pay out in savings account interest and what they earn from Treasuries.

Another great thing about buying bank shares is you don’t need to overthink it.

Just pick two or three of the country’s largest banks, like Bank of America, Citigroup and Wells Fargo, and you should have all the positive exposure to rising interest rates you need.

2. Insurance

Even when people slash their budgets to help offset rising prices, we know those auto and life insurance premiums will keep rolling in no matter what.

Which means although insurance may not be the most exciting industry, it’s a defensive business that can provide plenty of portfolio protection — especially since insurers typically earn better returns on their “float” when rates rise.

And on top of that, insurers often pay their shareholders dividends, which means you can count on a little extra cash a few times a year.

For those interested in investing in insurance, Chubb, Allstate and MetLife are some of the big, blue-chip names in the industry.

3. Precious metals

When it comes to investing in precious metals, these stock picks can be worth their weight in gold.

Gold and silver have long been considered safe haven assets, meaning when all else fails, their value doesn’t really tarnish.

You can always buy precious metal bullion or coins, but mining stocks and ETFs allow you to invest in the space at a low cost and without needing to find storage.

Moreover, large diversified mining companies like Rio Tinto and Freeport-McMoRan also dig up metals like copper, which is currently experiencing booming demand due to its role in electric vehicle production.

Historically, the best time to make money from metals is when inflation is poised to keep increasing — like right now.

What to read next

• Sign up for our MoneyWise newsletter to receive a steady flow of actionable ideas from Wall Street’s top firms.

• US is only a few days away from an ‘absolute explosion’ on inflation — here are 3 shockproof sectors to help protect your portfolio

• ‘There’s always a bull market somewhere’: Jim Cramer’s famous words suggest you can make money no matter what. Here are 2 powerful tailwinds to take advantage of today

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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

Equinox Gold Corp. EQX engages in the exploration and development of mineral properties. The Zacks Consensus Estimate for its current year earnings has been revised 20% downward over the last 60 days.

BHP Group Limited BHP is a resources company that operates in Petroleum, Copper, Iron Ore, and Coal segments. The Zacks Consensus Estimate for its current year earnings has been revised 18.4% downward over the last 60 days.

Honda Motor Co., Ltd. HMC manufactures, and distributes motorcycles, automobiles, power products, and other products. The Zacks Consensus Estimate for its current year earnings has been revised 10.3% 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 BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report Equinox Gold Corp. (EQX) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research

It hasn’t been the best quarter for BHP Group Limited (ASX:BHP) shareholders, since the share price has fallen 24% in that time. Looking further back, the stock has generated good profits over five years. Its return of 56% has certainly bested the market return!

So let’s investigate and see if the longer term performance of the company has been in line with the underlying business’ progress.

Check out our latest analysis for BHP Group

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Over half a decade, BHP Group managed to grow its earnings per share at 46% a year. The EPS growth is more impressive than the yearly share price gain of 9% over the same period. So one could conclude that the broader market has become more cautious towards the stock. This cautious sentiment is reflected in its (fairly low) P/E ratio of 8.68.

The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).

earnings-per-share-growth

We like that insiders have been buying shares in the last twelve months. Even so, future earnings will be far more important to whether current shareholders make money. 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?

It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for BHP Group the TSR over the last 5 years was 148%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!

A Different Perspective

While it’s never nice to take a loss, BHP Group shareholders can take comfort that , including dividends,their trailing twelve month loss of 1.0% wasn’t as bad as the market loss of around 4.0%. Longer term investors wouldn’t be so upset, since they would have made 20%, each year, over five years. It could be that the business is just facing some short term problems, but shareholders should keep a close eye on the fundamentals. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. To that end, you should learn about the 3 warning signs we’ve spotted with BHP Group (including 1 which shouldn’t be ignored) .

BHP Group is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU 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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MILAN, June 30, 2022–(BUSINESS WIRE)–Thoughtworks (NASDAQ: TWKS), a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, today announced a strategic collaboration with lastminute.com, the European Travel-Tech leader in dynamic holiday packages.

lastminute.com will partner with Thoughtworks at a time when its business is rapidly resuming after the pandemic, and it is now back at full speed in delivering on its ambitious growth plans. To achieve this, its developer teams are evolving and growing in numbers, all in a very short timeframe and in a dynamic and complex technology landscape.

Thoughtworks will support lastminute.com in this exciting transformation phase, to continue to meet the rapid pace of change in the travel industry most effectively and create even more customer-centric experiences.

"At lastminute.com, we see ourselves as a tech company that travels. Every month we reach 60 million users via our websites and app and for us it is a business imperative to always make sure our clients have the best customer experience. The travel industry is continuously evolving and the global move to digitalization means we’ll increasingly grow our traffic, as more and more users search for and book their travel experiences online," said Corrado Casto, chief technology officer at lastminute.com. "The purpose of Thoughtworks, as stated on their website, is ‘To create an extraordinary impact on the world through our culture and technology excellence’. This is very much in line with my vision for our technology department, and I cannot wait to harness their thought leadership in software engineering to bring us one step closer to technology excellence."

The lastminute.com and Thoughtworks engineering teams will work side-by-side in a co-delivery setup on the most business-critical technologies and architectural challenges. The co-delivery work will be supported by coaching, training and mentoring sessions aimed at boosting lastminute.com’s ability to deliver engineering excellence and their ways of working.

"In the face of unpredictability and constant change, modern digital businesses such as lastminute.com have an advantage. They have learned to demand new levels of business agility and to continuously innovate," said Gautam Srusti, managing director at Thoughtworks Italy. "We’re excited to partner with lastminute.com as they continue to drive technology excellence and help people fulfill their aspirations as they return to traveling."

Supporting resources:

• Keep up with Thoughtworks news by visiting the company’s website

• Follow us on Twitter, LinkedIn and YouTube.

– ### – <TWKS915>

About lastminute.com lastminute.com is the European Travel-Tech leader in dynamic holiday packages. The company operates a portfolio of well-known brands such as lastminute.com, Volagratis, Rumbo, weg.de, Bravofly, Jetcost, Crocierissime and Hotelscan, with a vision to design the future of travel & tourism using digital technology as an enabler. The business is run in 17 languages and 40 countries, with more than 1,500 employees spread worldwide developing owned products and services aimed at powering the entire traveler journey for millions of people.

lastminute.com N.V. is a publicly traded company listed under the ticker symbol LMN on SIX Swiss Exchange.

About Thoughtworks Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 11,000+ people strong across 49 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005090/en/

Contacts

Media Aileen Pistorius, head of marketingEmail: aileen.pistorius@thoughtworks.com Phone: +39 02 124126310

BHP has announced plans to tackle biodiversity loss, in a move that the world’s biggest mining company hopes will put it ahead of rivals in the race to secure the best mineral deposits in the shift to clean energy. The biodiversity goal is part of a wider “social value” scorecard published on Tuesday that includes plans for a revised strategy on indigenous relations and full adherence to a programme on combating sexual assault and harassment in 2023. “The scrutiny of our industry continues to be high and the expectations on us are also high,” said BHP’s chief external affairs officer Caroline Cox.

By Nick Carey

LONDON (Reuters) – UK startup Circulor, which uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production, said on Tuesday it had raised $25 million to fund expansion, primarily in the United States.

The Series B funding round brings Circulor's fundraising over the last two years to $45 million. The funding round was led by early Tesla investor Westly Group and included investments from the venture capital arms of Volvo Cars, Jaguar Land Rover (JLR) and BHP Group, the world's largest listed miner.

Westly Group founder Steve Westly told Reuters that Circulor is "very much like Tesla," a pioneer in electric vehicles (EVs)that is the world's largest carmaker by market capitalisation.

"The market is going that direction in an extraordinarily rapid way… and Circulor is by far the leader in this sector," he said.

Circulor is working with carmakers including Volvo, Tata Motors unit JLR, plus miners and energy companies BHP and TotalEnergies, to trace their supply chains as they pursue environmental, social and corporate governance (ESG) goals.

BHP has used Circulor's blockchain platform to track the carbon emissions of nickel from the point when it was mined to Tesla's "gigafactory" in Shanghai.

Circulor CEO Douglas Johnson-Poensgen said demand for supply chain visibility has grown in response to regulatory pressure from the U.S. Securities and Exchange Commission (SEC).

Global supply chain disruptions have given manufacturers further reason to seek scrutiny over every stage of a component's journey.

"U.S. industry is increasingly interested in not just origin, but also demonstrating ESG performance because the SEC has made clear that the greenwashing and war of glossy brochures isn't good enough," Johnson-Poensgen told Reuters.

The U.S. government has also pushed for domestic EV battery production, which Johnson-Poensgen said will intensify the need for better supply chain mapping.

"Clearly the global arms race for battery materials is going to spread to the U.S. pretty quick," he said. "The one thing I think most folks can agree on is whatever the reason for supply chain visibility, it is now mission critical."

Johnson-Poensgen added that Circulor plans an initial public offering "in due course".

(Reporting By Nick Carey; editing by Barbara Lewis)

(Adds details from ruling, reaction)

By Ernest Scheyder

June 25 (Reuters) – A U.S. appeals court has ruled that the federal government may give thousands of acres in Arizona to Rio Tinto Plc for a copper mine, upholding a lower court's ruling and rejecting a request from Native Americans who said the land has religious and cultural import.

The 2-1 ruling from the San Francisco-based 9th U.S. Circuit Court of Appeals, issued late Friday night, essentially defers to a 2014 decision made by the U.S. Congress and then-President Barack Obama to give the land to Rio for its Resolution Copper project as part of a complex land swap deal.

Apache Stronghold, a nonprofit group comprised of members of the San Carlos Apache tribe and others, said it would appeal to the U.S. Supreme Court.

The Arizona dispute centers on the federally owned Oak Flat Campground, which some Apache consider home to deities and which sits atop a reserve of more than 40 billion pounds of copper. If a mine is built, it would create a crater 2 miles (3 km) wide and 1,000 feet (304 m) deep that would destroy that worship site.

Rio and minority partner BHP Group Plc have already spent more than $1 billion on the project without producing any copper.

While two judges said they were sensitive to Apaches' religious concerns, they stressed their ruling was narrowly tailored to the question about whether the government can do what it wants with its own land and whether the land transfer would prevent Apaches from practicing their religion.

"As we reach this conclusion, we do not rejoice. Rather, we recognize the deep ties that the Apache have to Oak Flat," the court said it its 58-page ruling. "This dispute must be resolved as are most others in our pluralistic nation: through the political process."

The dissenting judge said it was "absurd" and "illogical" to think the land swap would not impede Apaches' religious rights.

A bill under consideration in the U.S. Congress would undo the 2014 land swap, though its fate is unclear. President Joe Biden took steps to pause the land swap last year, though he has few options to delay it indefinitely.

"All the evidence suggests that the land exchange was meant to facilitate mineral exploration activities – nothing more and nothing less," the court said in the ruling. The proposed mine project comes as demand jumps for copper to make electric vehicles (EVs) and other electronic devices.

Wendsler Nosie, one of the leaders of Apache Stronghold, denounced the decision. "My children, grandchildren, and the generations after them deserve to practice our traditions at Oak Flat," he said.

Rio, which is based in Australia and Britain, said it would continue to talk with Apaches and others opposed to the mine. "There is significant local support for the project, however, we respect the views of groups who oppose it and will continue our efforts to understand, address and mitigate these concerns," said Rio spokesperson Simon Letendre.

Mila Besich, the Democratic mayor of Superior, the town closest to the campground, and a supporter of the mine, said she was relieved by the ruling. "The 9th Circuit ruling provides further confirmation that the permitting must continue," Besich said.

Representatives for BHP were not immediately available to comment. Terry Rambler, chairman of the San Carlos Apache tribe, was not immediately available to comment.

(Reporting by Ernest Scheyder Editing by Chizu Nomiyama)

Anglo American plc (LON:AAL) shareholders might be concerned after seeing the share price drop 19% in the last quarter. But that doesn’t change the fact that shareholders have received really good returns over the last five years. In fact, the share price is 217% higher today. Generally speaking the long term returns will give you a better idea of business quality than short periods can. Ultimately business performance will determine whether the stock price continues the positive long term trend.

Since the long term performance has been good but there’s been a recent pullback of 9.7%, let’s check if the fundamentals match the share price.

Check out our latest analysis for Anglo American

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company’s share price and its earnings per share (EPS).

Over half a decade, Anglo American managed to grow its earnings per share at 42% a year. The EPS growth is more impressive than the yearly share price gain of 26% over the same period. 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 5.60.

You can see how EPS has changed over time in the image below (click on the chart to see the exact values).

earnings-per-share-growth

We know that Anglo American has improved its bottom line over the last three years, but what does the future have in store? This free interactive report on Anglo American’s balance sheet strength is a great place to start, if you want to investigate the stock further.

What About Dividends?

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). 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. It’s fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Anglo American’s TSR for the last 5 years was 318%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.

A Different Perspective

It’s good to see that Anglo American has rewarded shareholders with a total shareholder return of 25% in the last twelve months. And that does include the dividend. However, that falls short of the 33% TSR per annum it has made for shareholders, each year, over five years. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Case in point: We’ve spotted 3 warning signs for Anglo American you should be aware of, and 1 of them is a bit concerning.

If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.

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

TORONTO, June 22, 2022–(BUSINESS WIRE)–Thoughtworks (NASDAQ: TWKS), a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, today announced at Collision 2022 partnering with Holaluz, a Spanish green technology company listed on BME Growth since November 2019. Our work together aims to reduce Holaluz’s carbon footprint by identifying priorities to optimize its operations in the AWS cloud with Cloud Carbon Footprint.

According to Gartner®, "organizations are increasingly turning to outside experts for help with strategic and operational sustainability initiatives."1 In addition to implementing Cloud Carbon Footprint, one of the industry’s first multi-cloud carbon footprint tools, Thoughtworks worked alongside Holaluz’s IT organization to produce sustainability metrics for stakeholders. Cloud Carbon Footprint supports companies, such as Holaluz, to reconfigure, optimize or re-architect to reduce carbon emissions. It does this by breaking down emissions by region, service and project/team to help identify inefficient areas.

"From its founding almost a decade ago, Holaluz has been revolutionizing the electric power sector with a clear vision to connect people to green energy. We created Holaluz with the conviction that companies can be tools to change the world by leading the transformation of the Spanish energy sector with a commitment to the new model of distributed generation and differential supply in self-consumption," said Carlota Pi, CoFounder and Executive President at Holaluz. "This includes examining the environmental impact of our own operations. As a result, Holaluz has been recognized in 2020 as number one in the electric companies category by Sustainalytics, the world’s leading agency for ESG and corporate governance research and ratings. We are pleased to partner with Thoughtworks to adopt more sustainable strategies and technologies, such as green cloud optimization."

At the end of last year, Thoughtworks launched its Looking Glass report, a guide to critical technology-driven shifts, which provides organizations with the actionable insights needed to excel in the coming year. Notably, in its latest report, Thoughtworks presented the opportunities for companies to embed sustainability in more activities and practices and included reference to Holaluz’s experience.

"The cloud has enabled a new way of working, yet it brings with it a new, often overlooked, environmental cost. Measuring and tracking cloud-carbon footprint is a critical step to change the trajectory of emissions. With consumers and investors increasingly factoring sustainability into their decision-making, businesses have to measure and publish their progress in this area," said Elise Zelechowski, who leads Thoughtworks’ global sustainability strategy. "Across our business we seek out partnerships with sustainably-minded organizations and we’re particularly excited to partner with Holaluz, in support of their carbon-reduction mission/revolution."

Thoughtworks has made certain portions of Cloud Carbon Footprint available under an open source license to enable the whole industry to collaborate in supporting the United Nations Framework Convention on Climate Change Paris Agreement’s goal for the information communications technology (ICT) industry to reduce greenhouse gas emissions by 45 percent by 2030.

Supporting resources:

• Read the Holaluz case study on how it’s addressing green cloud optimization

• Explore Thoughtworks’ latest Looking Glass report and Social Impact report

• Learn more about Thoughtworks Cloud Carbon Footprint

• Keep up with Thoughtworks news by visiting the company’s website

• Follow us on Twitter, LinkedIn and YouTube

– ### – <TWKS915>

About Holaluz

Holaluz has the goal of a world powered by 100 percent green energy. This objective is advanced by persuading people to switch to a green energy plan made with 100 percent renewable energy. On average, Holaluz clients can make savings of 10 percent thanks to the intensive use of technology and a people focused business strategy which promotes a trusting relationship with clients.

Created with the conviction that companies can be tools to change the world, Holaluz leads the transformation of the Spanish energy sector with a commitment to the new model of distributed generation and differential supply in self-consumption. Holaluz is a benchmark company not only statistically but also in terms of quality and service innovation. Holaluz was the first electricity company to implement a simplified compensation package in the Spanish market with Holaluz Cloud, a programme that allows the deduction of surpluses from energy bills (in other words, the excess energy produced by solar panels that can’t be consumed in the moment).

At the heart of Holaluz’s strategy is the commitment to a new business model which gives employees flexibility and autonomy to carry out their responsibilities in a way that allows for a better work/life balance. Examples of this approach include goal based tasks and easy scheduling. This holistic business approach has helped Holaluz close in on its target of achieving parity of representation in all areas of the company. This development has come about almost completely organically. (It has only been necessary to apply quotas to the technology team where focus has been applied to gain 100 percent parity.) Holaluz has a positive impact on its employees, the community, and the wider environment. It was the first European power company to be B Corp certified. This authorisation of social and environmental performance beyond profit is shared with 2,400 other companies in 50 countries. Holaluz is also one of the founding companies of "Capitalism with a Conscience in Spain", a philosophy that recognises the innate potential for business to improve the world.

About Thoughtworks

Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 10,000+ people strong across 49 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.

1Gartner, Competitive Landscape: Sustainability Consulting, Aapo Markkanen, Chrissy Healey, Brendan Williams, published January 18, 2022. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220622005384/en/

Contacts

Media: Linda Horiuchi, global head of public relationsEmail: linda.horiuchi@thoughtworks.com Phone: +1 (646) 581-2568

(Updates with BHP comment on royalty hike)

By Harish Sridharan

June 22 (Reuters) – Queensland's bigger-than-expected hike in coal royalties could embolden other Australian states and resources-heavy countries around the world to make similar moves, analysts warned on Wednesday.

Australia's second-largest state, which aims to deliver a budget surplus by 2024-25, said on Tuesday it would increase royalties on coal production after a 10-year freeze, to capture windfall profit from rocketing coal prices.

The move promises an extra A$1.2 billion ($836 million) in 2023 financial year taxes for the state that's home to coal mines owned by industry leaders like BHP Group Ltd, Glencore PLC, Anglo American PLC and Peabody Energy Corp.

"We had expected QLD (Queensland) to increase royalties but the magnitude of the increase & the lack of consultation with the mining industry in our opinion sets a concerning precedent, especially when many governments are looking to balance budgets post-COVID," analysts at UBS said in a note.

Resources lobbies in Queensland slammed the move, saying it would compound the tax burden on coal producers who already pay double the royalty rate in Australia's other major coal-producing state, New South Wales (NSW).

"The cost of doing business in Queensland is already high, and further cost pressures will discourage investment, operational growth, job creation and local business spending," Edgar Basto, President Minerals Australia at BHP, said in an emailed statement to Reuters.

While NSW left its rate unchanged, analysts said they would be keeping an eye out for the Commonwealth Budget in October to see if there were any plans to lift rates for iron ore or other miners, considering the boom most commodities saw recently in the wake of the Russia-Ukraine conflict.

"While NSW did not follow the Queensland government's decision to hike royalties, record high commodity prices and ongoing budget deficits could pressure other governments to raise mining taxes," Australian brokerage firm Barrenjoey said.

UBS also flagged the risk of other mining countries like Chile, Peru, Canada and Zambia raising taxes over the next two years after Queensland's move.

Chile, a major copper producer, is already set to push forward its tax reform plans that include a bill on mining royalties, while Indonesia announced plans of raising royalty tariffs on tin production earlier this week.

(Reporting by Harish Sridharan and Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu)

(Bloomberg) — Australia’s coal mines cause more planetary warming in a typical year than emissions from all of the country’s cars. If Prime Minister Anthony Albanese wants to meet tougher climate targets, he’ll need to fix that.

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Satellite observations suggest the best place to start is the Bowen Basin, the major coal hub in Queensland state, and an area where scientists have estimated the methane intensity per unit of production is 47% higher than the global average.

A satellite earlier this month spotted a plume of the potent greenhouse gas that geoanalytics firm Kayrros SAS estimated originated within about 25 kilometers (15.5 miles) of coal mines operated by Anglo American Plc, Stanmore Resources Ltd. and BHP Mitsubishi Alliance, known as BMA. The former two companies didn’t answer questions from Bloomberg asking if their mines emitted methane the day of the satellite observation. BMA said it estimates and publicly reports emissions in accordance with national requirements.

“Methane leaking from coal mines has been ignored for many years, but tackling it is the ‘low hanging fruit’ in Australia’s effort to combat climate change,” Sabina Assan, an analyst with environmental think tank Ember, wrote in a report released this month.

The Bowen Basin has become a global example of the disparity between reported coal mine methane emissions and independent measurements, according to the report. The powerful green house gas can leak from underground and open-cut coal mines and has 84 times the warming power of carbon dioxide during its first two decades in the atmosphere.

The most recent release, observed on June 3rd by the European Space Agency’s Sentinel-5P satellite, was estimated to have an emissions rate of about 12 metric tons of methane an hour and could have come from several mines, according to Kayrros. Coal production typically runs 24 hours a day, so methane is often emitted constantly from mines. Release levels might fall during maintenance, or rise if miners hit a gas pocket. If the rate estimated by Kayrros was consistent for a year, the gases would have the same short-term warming impact as the annual emissions from roughly 1.9 million US cars.

Australia’s new government, voted into office last month, on Thursday confirmed an election pledge to lower carbon emissions by 43% from 2005 levels by 2030, tightening a previous commitment for cuts of 26%-28%.In February, Australia disclosed it had revised the method used to calculate methane pollution from open-cut coal mines and said the change means total national emissions were on average 0.3% higher than previously stated for each year since 1990. That revision was prompted by the use of satellite data, which has improved capacity to estimate emissions, the government said.

The change isn't currently reflected in national greenhouse gas reporting legislation.

BMA, which did not use the updated methodology, said based on site-specific measurements of methane and CO2 content in the coal seams and surrounding strata at its Broadmeadow, Peak Downs and Caval Ridge mines cumulatively emitted about 3.32 metric tons of methane an hour on June 3.

Read more: The Cheap and Easy Climate Fix That Can Cool the Planet FastWhen contacted about the June 3 release, Australia’s Department of Industry, Science, Energy and Resources didn’t say if it was aware of the emissions or investigating them. “Making reliable, ‘top-down’ estimates of emissions from the satellite data is difficult for a number of reasons, including challenges associated with a lack of ground-truthing, instrument and modelling errors, and attribution,” the department said.The agency emphasized that coal-mine operators are required to estimate and report company and facility level greenhouse gas emissions under reporting guidelines and that the country’s Clean Energy Regulator publishes reported emissions data annually.

But Australia has had problems with some operators who report their own emissions. Peabody Energy Corp. said in January it had made errors in data filed to the local regulator, and appointed an auditor to review its processes.In Australia’s latest report to the United Nations, the government reported that active and abandoned coal mines released about 1 million tons of methane in 2020, while cars generated about 40 million tons of carbon dioxide.

(Updates to add BMA comment from third paragraph.)

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(New throughout, adding Vale and BHP statement saying Samarco is not for sale, sources confirming talks and creditors responding to criticism of its restructuring plan)

By Tatiana Bautzer

SAO PAULO, June 20 (Reuters) – Miners Vale SA and BHP Group said in a joint statement on Monday they are not interested in selling their joint venture Samarco, after reports of the interest of Brazilian steelmaker Companhia Siderurgica Nacional (CSN).

"BHP Brasil and Vale say Samarco is not for sale and reaffirm its support for the restructuring plan filed by the employees' unions," the companies said in a joint statement.

The statement added the companies are "focused on the mediation hearing in the bankruptcy process" scheduled for Tuesday.

CSN is drafting an offer to acquire miner Samarco Mineracao SA, which will be presented by its adviser RK Partners to the bankruptcy court judge overseeing its debt restructuring, two people with knowledge of the matter said.

RK Partners has reached out to Samarco shareholders Vale and BHP Group, along with unions and financial creditors, the sources said. One of the sources said Vale has already told CSN the company is not interested in selling Samarco.

A key problem to reach an agreement is financing Samarco's liabilities related to its 2015 disaster in the city of Mariana. Shareholders, which have committed to pay for damages, may resist any proposal to give up control of operations while keeping that liability.

A mediation hearing was scheduled by the judge overseeing Samarco's bankruptcy between two groups presenting competing restructuring proposals, one led by financial creditors and the other by the employees' unions with the support of Vale and BHP.

According to a document filed by Samarco with the bankruptcy court and seen by Reuters, the miner is asking the bankruptcy judge to reject the plan proposed by creditors for "inconsistencies."

Samarco's lawyers say the 96% reduction in the 23 billion real ($4.5 billion) shareholders credit with the company is subject to tax and would create a $1.5 billion tax liability that was not assessed in the plan.

In a statement, the group of creditors said Samarco's analysis about the plan is incorrect and said that reducing the "undue" credit with shareholders will not create tax liabilities.

($1 = 5.1481 reais) (Reporting by Tatiana Bautzer Editing by Brad Haynes, Marguerita Choy and Lisa Shumaker)

SAO PAULO, June 20 (Reuters) – Brazilian steelmaker Companhia Siderurgica Nacional (CSN) is drafting an offer to acquire miner Samarco Mineracao SA, which will be presented to the bankruptcy court judge overseeing its debt restructuring, a person with knowledge of the matter said.

CSN hired restructuring firm RK Partners to draft a proposal to buy control of Samarco, the source said, requesting anonymity to disclose private discussions. Brazilian newspaper O Globo reported on Sunday CSN's interest in Samarco.

RK Partners is reaching out to Samarco shareholders Vale SA and BHP Group Ltd, along with unions and financial creditors, the source said.

An agreement may not be easy, according to the source, due to Samarco's liabilities related to its 2015 disaster in the city of Mariana. Shareholders, which have committed to pay for damages, may resist any proposal to give up control of operations while keeping that liability.

Samarco and Vale did not immediately respond to requests for comment. BHP and press representatives for the group of financial creditors declined to comment.

The judge overseeing Samarco's bankruptcy has scheduled a mediation hearing for Tuesday between two groups presenting competing restructuring proposals, one led by creditors and the other by the unions with the support of Vale and BHP. (Reporting by Tatiana Bautzer Editing by Brad Haynes and Marguerita Choy)

BHP Group BHP recently announced that it has not received a viable offer for its New South Wales Energy Coal (“NSWEC”) unit and plans to retain it and continue mining up to the end of fiscal 2030. With the mining consent for the operation to expire in 2026, BHP is currently working toward acquiring the relevant approvals for the same.For the past two years, BHP has been exiting some of its lower-grade metallurgical coal and energy coal assets as it seeks to reduce emissions and streamline its portfolio. In sync with this, in January 2022, BHP concluded the sale of its 33.3% stake in the Cerrejón joint venture in Colombia for $294 million in cash. In May, the company divested its 80% interest in BHP Mitsui Coal Pty Ltd, an operated metallurgical coal joint venture in Queensland.  A trade sale process for NSWEC had also been initiated but the company failed to find a buyer. Per the company’s assessment of resource economics, geotechnical profile and future investment requirements, continuing operating the mine seems to be more financially viable than divesting the asset.BHP is currently working on the application for relevant approvals with the New South Wales and Australian governments to support mining at NSWEC, which includes the Mt Arthur coal mine near Muswellbrook, until 2030. This will also include plans for the closure of the asset, including rehabilitation and determining the most appropriate use of the land post-mining. Post-closing, rehabilitation is expected to take around 10 to 15 years. The company has earmarked $700 million for the closure of the mine.In the nine-month period ended Mar 31, 2022, the NSWEC unit produced 9.8 million tons (Mt) of thermal coal. The guidance for energy coal production for fiscal 2022 is 13 to 15 Mt. The NSWEC unit’s costs are predicted between $76 per ton and $81 per ton, higher than the $62-$70 per ton range expected earlier. The revision reflects a targeted increase in the proportion of higher-quality coal to capture more value from record-high prices for higher-quality thermal coal. Higher-quality products now make up almost 90% of sales compared with approximately 65% sales earlier.This move will help the company capitalize on the recent increase in coal prices, which has been supported by a tightening market following Russia’s invasion of Ukraine and unprecedented economic sanctions. The EU’s ban on oil and coal imports from Russia has thrown the global energy market into chaos. Meanwhile, iron ore prices have tumbled to $135 per ton on the fear of weak demand in China, the world’s top steel producer on renewed COVID-19 outbreaks in China.

Price Performance

BHP shares have fallen 14.6% over the past year compared with the industry’s decline of 11.1%.

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Image Source: Zacks Investment Research

Zacks Rank & Stocks to Consider

BHP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Some better-ranked stocks in the basic materials space are Allegheny Technologies Inc. ATI, Cabot Corporation CBT and Nutrien Ltd. NTR.Allegheny has a projected earnings growth rate of 1,030.8% for the current year. The Zacks Consensus Estimate for Allegheny’s current-year earnings has been revised 40% upward in the past 60 days.Allegheny has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has rallied around 16% in a year and currently sports a Zacks Rank #1.Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 29.5% for the current year. The Zacks Consensus Estimate for Cabot’s earnings for the current year has been revised 12.1% upward in the past 60 days.CBT has a trailing four-quarter earnings surprise of 16.2%, on average. Cabot has rallied around 6% in a year.Nutrien has a projected earnings growth rate of 174.6% for the current year. The Zacks Consensus Estimate for Nutrien’s current-year earnings has been revised 30.7% upward in the past 60 days.Nutrien has a trailing four-quarter earnings surprise of 5.8%, on average. NTR has rallied 48.5% in a year. The company sports a Zacks Rank #1.

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 To read this article on Zacks.com click here. Zacks Investment Research

(Bloomberg) — BHP Group u-turned on its plan to exit from thermal coal, after surging prices made the assets more valuable and a shift in investor attitudes has reduced pressure on the company to stop mining the dirtiest fuel.

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The world’s biggest resources companies and their shareholders have been grappling for years with the question of whether to get out of the fossil-fuel business. BHP already sold out of a giant coal mine in Colombia and its biggest rival, Rio Tinto Group, completely exited coal years ago, while top shipper Glencore Plc says it will hold onto its mines until they run out of coal sometime before 2050.

Investors Pushed Mining Giants to Quit Coal. Now It’s Backfiring

Now investors are growing increasingly wary of the unintended consequences of divestment, especially as spiking energy prices make it a lucrative business for new owners — meaning more coal could end up being produced for longer. Anglo American Plc spun off its South African coal mines last year into a new company that immediately announced it planned to increase production.

As a result, pressure from ESG-focused investors to quickly sell coal assets has been replaced by calls on major commodity producers to focus on the responsible — and accelerated — closure of the operations.

“Use of asset divestment as a tool to lower carbon footprints and avoid responsible closure is not acceptable,” Harriet Kater, climate lead for Australia at the Australasian Centre for Corporate Responsibility, a shareholder activist group, said in a statement.

In fact, BHP will seek to extend the operation’s life until the end of the decade, from the current permitting through 2026. The company said it will work with the local community over the next eight years on a closure plan.

While the company was still looking to sell the mine, it surprised investors by applying to extend mining until 2045, which prompted concerns that a potential buyer could keep the operation open until then.

BHP’s move to exit the business has also been complicated by a price surge that saw Asia’s benchmark Newcastle coal advance to a record high last month. BHP sold its stake in the Cerrejon coal mine to Glencore before prices spiked, which given the structure of the deal meant Glencore got the asset almost for free.

Glencore Gets Rich on Coal, But Questions Persist Over Exit Plan

Glencore itself is on course to make record profits from its coal business this year and could overtake Rio Tinto to become the world’s second most profitable miner as a result. The company has been forced to revisit the debate over its coal strategy this year as some investors push for more detail about the plan to wind down coal mines. However, the plan still received support from 76% of investors in a vote in April.

BHP has been seeking to shed fossil fuel assets as Chief Executive Office Mike Henry focuses the company around its top-earning iron ore unit, and on metals tied to the energy transition, including copper and nickel.

A sprawling oil and gas unit was divested to Woodside Energy Group in a deal completed this month, while the firm also last year sold a package of Australian metallurgical coal assets.

BHP has a provision of about $700 million for the closure of Mt Arthur and expects rehabilitation work to last about 10 to 15 years after mining ends, the company said in its statement.

(Updates with chart and additional background.)

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SAO PAULO, June 14 (Reuters) – The judge overseeing Brazilian miner Samarco Mineracao's bankruptcy has scheduled a mediation hearing between the company, shareholders Vale SA and BHP Group and creditors to hammer out a restructuring agreement.

Creditors rejected the company's last proposal on April 18 and filed an alternative plan a month later, in which a debt-for-equity swap would turn them into Samarco's controlling shareholders.

Unions representing employees presented another plan on May 19, with Samarco and its shareholders' support.

Judge Adilon Claver de Resende said the mediation hearing aims to find middle ground between the proposals. It has not yet been decided how the restructuring would proceed with the two competing plans. (Reporting by Tatiana Bautzer; Editing by Kirsten Donovan)

(Recasts with BHP talk about possible partner interest)

By Rod Nickel and Ismail Shakil

OTTAWA, June 13 (Reuters) – BHP Group is open to taking on a partner as it builds its first potash mine in the Canadian province of Saskatchewan, but can also go it alone and is not currently involved in discussions with rival Nutrien Ltd , a senior BHP executive said on Monday.

"We are more than happy and willing to work with partners. We don't need a partner though," Ragnar Udd, BHP president of Minerals Americas, said in an interview with Reuters. "So it has to be really about what's that partner actually going to be contributing to the mix."

BHP last month said it was looking at accelerating the Jansen, Saskatchewan project by a year amid tight global potash supplies after Russia's invasion of Ukraine. Prices of the crop nutrient have soared since Western sanctions were imposed against Russia over the invasion.

Nutrien, the world's biggest potash producer and based in Saskatchewan, last week said it plans to boost capacity by 20% by 2025.

Nutrien interim CEO Ken Seitz told Reuters that he has had no discussions with BHP since taking that job in January.

Russia and Belarus, which also faces sanctions, are the world's second- and third-largest potash producers, while Canada is No. 1.

Prior to the sanctions, some analysts said potash output looked well-supplied. But Udd said steady global demand growth for potash appeals to BHP, and planned expansions of eastern European mines now look to be in jeopardy.

Jansen's first phase is estimated to cost up to $5.7 billion with annual capacity to produce 4.4 million tonnes, starting as soon as late 2026.

"Are we contributing to a glut? That remains to be seen," Udd said, adding that BHP eventually wants to be the market leader.

Jansen's mine shafts are designed for capacity of 16 million tonnes annually, Udd said.

Canada will invest up to C$100 million ($77.83 million) in Jansen's development as a low-emissions mine, Canadian Industry Minister Francois-Philippe Champagne said earlier on Monday.

"We know how critical potash is for our country when it comes to food security," Champagne said.

BHP, in a partnership with Sandvik AB, is planning to install new mining systems at the mine that are expected to reduce environmental impact by using 60% less equipment underground than traditional potash mines, Udd said.

Reuters, citing a source, has reported that the investment will allow BHP to use electric vehicles and equipment.

($1 = 1.2844 Canadian dollars) (Reporting by Ismail Shakil in Ottawa; Editing by Chris Reese, Will Dunham and Mark Porter)

By Rod Nickel and Ismail Shakil

OTTAWA (Reuters) -BHP Group is open to taking on a partner as it builds its first potash mine in the Canadian province of Saskatchewan, but can also go it alone and is not currently involved in discussions with rival Nutrien Ltd, a senior BHP executive said on Monday.

"We are more than happy and willing to work with partners. We don't need a partner though," Ragnar Udd, BHP president of Minerals Americas, said in an interview with Reuters. "So it has to be really about what's that partner actually going to be contributing to the mix."

BHP last month said it was looking at accelerating the Jansen, Saskatchewan project by a year amid tight global potash supplies after Russia's invasion of Ukraine. Prices of the crop nutrient have soared since Western sanctions were imposed against Russia over the invasion.

Nutrien, the world's biggest potash producer and based in Saskatchewan, last week said it plans to boost capacity by 20% by 2025.

Nutrien interim CEO Ken Seitz told Reuters that he has had no discussions with BHP since taking that job in January.

Russia and Belarus, which also faces sanctions, are the world's second- and third-largest potash producers, while Canada is No. 1.

Prior to the sanctions, some analysts said potash output looked well-supplied. But Udd said steady global demand growth for potash appeals to BHP, and planned expansions of eastern European mines now look to be in jeopardy.

Jansen's first phase is estimated to cost up to $5.7 billion with annual capacity to produce 4.4 million tonnes, starting as soon as late 2026.

"Are we contributing to a glut? That remains to be seen," Udd said, adding that BHP eventually wants to be the market leader.

Jansen's mine shafts are designed for capacity of 16 million tonnes annually, Udd said.

Canada will invest up to C$100 million ($77.83 million) in Jansen's development as a low-emissions mine, Canadian Industry Minister Francois-Philippe Champagne said earlier on Monday.

"We know how critical potash is for our country when it comes to food security," Champagne said.

BHP, in a partnership with Sandvik AB, is planning to install new mining systems at the mine that are expected to reduce environmental impact by using 60% less equipment underground than traditional potash mines, Udd said.

Reuters, citing a source, has reported that the investment will allow BHP to use electric vehicles and equipment.

($1 = 1.2844 Canadian dollars)

(Reporting by Ismail Shakil in Ottawa; Editing by Chris Reese, Will Dunham and Mark Porter)