BHP awards $200M contract for Ministers North haul road

BHP awarded a $200M contract to Q H & M Birt for a 13km haul road at its $1.3B Ministers North Project, targeting 20Mt/year iron ore output by 2029. BHP's share price was $57.56 post-announcement. Earlier, GR Engineering received a $230M contract for the project.

BHP and Rio Tinto must defend class actions over workplace harassment after a court rejected their attempts to dismiss claims. The ruling allows former employees to proceed with most claims and have legal costs covered by the companies, according to Federal Court Judge Houda Younan.

BHP's shares rose 6% to R680 after a two-month decline, supported by strong iron ore and coal output and a $40M copper exploration deal in Chile. Copper production fell 19% due to operational issues, but guidance was maintained. The company's long-term growth projects and commodity prices support its outlook.

BHP Group reported FY2026 underlying EBITDA of US$33B and profit of US$13B, with copper contributing over half of earnings. The company approved funding for the Escondida New Concentrator and announced CEO Mike Henry's retirement, with Brandon Craig set to take over on July 1, 2026. BHP also reported two on-site worker deaths and pledged safety upgrades. The company's potash project is 87% complete, with first production expected in mid-2027.

Freedom Broker analyst Vitaly Kononov cut BHP Group's price target to A$55 from A$66, maintaining a Hold rating. The move follows BHP's fiscal Q1 report, which showed lower copper output and record iron ore production. The company's Q1 copper output was 400.7kt, down 19% year-over-year.

BHP Group reported a US$13B profit for 2026, up 30%, and approved US$8.7B in dividends. The company also announced 300 job cuts in Western Australia, sparking union criticism. BHP defends cuts as necessary for competitiveness amid rising costs and lower iron ore prices. Copper now leads earnings, with automation reducing labor needs.