BHP Group Limited (NYSE:BHP) is one of Goldman Sachs top gold stock picks. On April 23, RBC Capital reaffirmed its Sector Perform rating on BHP Group Limited (NYSE:BHP) with a GBP56.00 price target. The stance is in response to solid first-quarter results that affirmed iron ore as the primary driver. While the company experienced cost pressure, it was mostly driven by foreign exchange movements.

The company has delivered strong performance over the past nine months, characterized by record material mined at Escondida. The results reflect operational consistency and the strength of a high-margin, diversified portfolio in an evolving operating environment. BHP Group continues to make steady progress across the copper growth program, underpinned by disciplined capital allocation.

BHP Group boasts a strong balance sheet, having realized $4.8 billion from completing the Antamina silver streaming transaction and finalizing the divestment of Carajas. Last year, the company agreed to sell royalties from a copper-gold mine in the Carajás region of Brazil.

BHP Group Limited (NYSE:BHP) produces gold primarily as a valuable byproduct of its massive copper mining operations, particularly at the Olympic Dam mine in South Australia. As a top 20 global gold producer and a major copper miner, BHP holds significant gold reserves (over 65 million ounces at Olympic Dam), positioning itself as a major player in the precious metal.

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