$BHP

BHP CFO Vandita Pant stated the world needs 8-10 new copper mines the size of Escondida to meet demand by the mid-2030s during a keynote speech.

Faraday Copper Corp. (FDY) completed its acquisition of the San Manuel project and began drilling. BHP affiliates now own ~32% of Faraday's shares. The deal is expected to accelerate development and exploration efforts.

Rio Tinto's Q3 iron ore shipments rose 2% y/y to 83.90Mt, despite CMRG tensions, leaving annual guidance achievable. BHP posted record Q3 exports, while FMG's shipments fell 7% y/y due to CMRG disputes. Vale's Q3 exports dropped 7% y/y, raising guidance risk due to freight costs and demand pressures.

BHP (ASX: BHP) sued a union at its Spence copper mine in Chile for two alleged illegal work stoppages in June and July, seeking $8.6 million in compensation. The union sought a special bonus not in existing agreements. BHP confirmed the lawsuit. Spence is BHP's second-largest Chilean operation, a key copper producer.

Copper prices fell for the third day due to US inflation data and easing supply concerns. Comex copper dropped 1.2% to $6.5810 per pound, while London copper fell 0.9% to $14,360 per tonne. Analysts cited profit-taking and technical deterioration. Antofagasta reported a 7% rise in Q3 production but lowered 2027 guidance, causing its stock to drop 6.4%. Other miners like Freeport-McMoRan and Southern Copper also declined.

BHP plans to cut around 300 jobs in its Pilbara iron ore operations. The Electrical Trades Union criticized the move as a 'senseless attack' on workers. BHP is a major mining company.

Australia's S&P/ASX200 fell 0.43% to 8960.2, tracking a US tech sell-off after higher-than-expected inflation data. Tech and mining sectors dropped over 3% each. BHP and Rio Tinto fell 4% as iron ore prices declined. CommBank rose 2% leading financials higher. Treasury Wine Estates has no plans to list Penfolds separately. Bank of Queensland gained 4.6% on a strong update, while ARB and Droneshield fell.

Workers at BHP's Escondida mine in Chile plan to strike, following a walkout at Antofagasta's Centinela. Copper demand is projected to rise significantly by 2040, but supply may fall short. Chile's copper output dropped 12.8% in August, with potential further disruptions from El Niño. A Chinese ban on sulphuric acid exports could impact Chile's copper production.

The International Nickel Study Group forecasts a global nickel surplus of 19,000 tonnes in 2026, reversing an earlier shortage prediction. Supply is expected to exceed demand due to increased production, particularly from Indonesia. Nickel's role in batteries is growing slower than anticipated, facing competition from lithium iron phosphate chemistries. Key producers like Vale, Glencore, and BHP are mentioned, with BHP reviewing its suspended nickel assets.

JPMorgan upgraded Glencore, Kumba Iron Ore, and Anglo American, citing strong earnings drivers and revised commodity forecasts. Glencore was upgraded to Overweight with a price target of 730 pence. Antofagasta is JPMorgan's top EMEA copper pick. The bank also upgraded gold miners Fresnillo and AngloGold Ashanti, expecting gold prices to reach $5,000/oz by Q4 2027.