BHP Group (NYSE:BHP) Stock

BHP Group

BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore US oil and gas assets were sold in 2018 and the remaining Petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and is entering the potash market through the development of its Jansen project in Canada. However, due to low nickel prices, BHP placed its nickel business on care and maintenance in 2024.

BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares)

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BHP BILLITON LTD ORD by BHP Group Limited

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Shares of metals stocks are trading higher as stocks rebound amid overall market volatility as investors assess this week's tariff developments.

CENX

CSTM

STLD

Shares of metals stocks are trading lower, pulling back after surging Wednesday following President Trump's tariff pause announcement. The sector has been volatile amid trade war concerns.

Shares of metals companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

Mining may be down, but not out. The sector has been the worst hit since the <a href="https://www.benzinga.com/topic/tariffs">new U.S. tariffs</a> were announced.
JPMorgan analyst Dominic O'Kane says, "<a href="https://www.benzinga.com/markets/commodities">mining was best performing sector</a> exiting last 3 recessions," and he expects another sharp recovery to unfold after the slide.
With the sector already pricing in a worst-case scenario, the setup for a V-shaped bounce is taking shape.
<h2 class="wp-block-heading">Extreme Weakness, But What's Priced In?</h2>
Metals and mining have been the worst-performing sector since new U.S. tariffs were announced, shedding 13% just last week. That adds to an eye-watering 50% underperformance versus MSCI Europe since January 2023. But O'Kane argues the damage is largely in the price: mining stocks already discount a recession scenario, with commodity prices 15–20% below current levels—such as iron ore at $80/ton and copper at $7,500/ton.
Still, fair value estimates suggest that miners have a serious upside even if metal prices stay flat. JPMorgan sees more than 50% total shareholder return over a two-year horizon. Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), for example, offers >65% upside, Antofagasta plc (OTCPK: ANFGF) >50% upside and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) >65% upside from current price levels.
Read Also: <a href="https://www.benzinga.com/25/04/44682458/coppers-rout-sees-a-massive-intraday-price-swing-fundamentals-havent-changed-expert-says">Copper&#8217;s Rout Sees A Massive Intraday Price Swing, &#8216;Fundamentals Haven&#8217;t Changed,&#8217; Expert Says</a>
<h2 class="wp-block-heading">What Could Flip The Switch? China Stimulus In Q3</h2>
In the past three global downturns &#8211; 2009, 2016 and 2020 &#8211; miners bottomed ahead of the broader market and went on to outperform by roughly 100% in the next 12 months. This time, the catalyst could once again be China.
JPMorgan economists expect a RMB one trillion fiscal stimulus to be unveiled in the third quarter, which would align with the historical bottoming pattern of ~four months post-selloff.
In 2020, that timeline shrank to just one month as stimulus arrived fast and hard.
That said, this time is different: the expected 0.7% of GDP stimulus is far smaller than 2008's massive ~12% package, and no China property rescue is on the horizon.
Still, the setup remains favorable.
<h2 class="wp-block-heading">How To Play The Rebound: Stocks, ETFs</h2>
O'Kane's top stock picks are copper and gold-centric: Antofagasta and Lundin Mining Corp (OTCPK: LUNMF) lead his copper recommendations, while Rio Tinto offers a diversified bet with a high free cash flow yield.
On the gold side, Fresnillo plc (OTCPK: FSNPF), Hochschild plc (OTCPK: HCHDF) and Anglogold Ashanti PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) are rated Overweight.
Several ETFs offer targeted exposure to this thesis for US-based investors. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) and the iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) give broad access to copper and diversified miners.
Those seeking gold exposure can look to the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) or the iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>).
These vehicles provide exposure to many of the stocks JPMorgan favors and may be well-positioned for a recovery trade.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44442794/gold-etfs-face-off-gld-vs-gdx-as-they-steadily-climb-amid-bullion-boom">Gold ETFs Face Off: GLD Vs. GDX As They Steadily Climb Amid Bullion Boom</a></li>
</ul>
Photo: Shutterstock

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Market Vectors ETF Trust Market Vectors Gold Miners

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LUNMF

PICK

RING

JPMorgan's Mining Stock Picks For A 'V-Shaped Recovery,' Analyst Sees 50% Returns Over Two Years

Multinational miners BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) and Anglo American (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>) urge the Chilean government to reduce bureaucratic obstacles, preparing to invest billions into expanding the <a href="https://www.benzinga.com/topic/copper" target="_blank" rel="noreferrer noopener">country's copper output</a>. 
With demand for the metal expected to surge in the coming years, both companies warn that Chile risks losing its competitive edge if permitting delays persist.
"As a country, we must act with a sense of urgency if we want to execute growth projects." Alejandro Tapia, head of BHP's Escondida mine, said at the ongoing CRU World Copper conference in Santiago.
"Competition will be fierce, and Chile cannot lose this opportunity or its leadership position," he noted, according <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-04-08/bhp-gives-chile-a-13-billion-reason-to-cut-red-tape-for-mines" rel="noreferrer noopener">to</a> Bloomberg.
Chile's copper sector, which provides a quarter of the world's supply, has long struggled with slow permitting, exacerbated by increasing environmental and social scrutiny. While President Gabriel Boric has pledged to cut approval timelines by a third, a bill to streamline the process remains stalled in Congress.
BHP, which has operated in Chile for over 30 years, is preparing to invest as much as <a target="_blank" href="https://www.benzinga.com/24/11/42084529/bhp-unveils-14-billion-capex-for-chilean-copper-operations" rel="noreferrer noopener">$14 billion</a> to revitalize its operations in the country. The company will start with a $2.3 billion plant upgrade at Escondido, the world's largest copper mine.
The Australian mining leader plans to restart its Cerro Colorado mine by 2028 for $1.3 billion, and invest another $1.3 billion in its Spence mine. Without these expansions, BHP's Chilean output could drop to 900,000 metric tons annually — far below the 1.4 million tons it aims to achieve in the next decade.
Anglo American Chile CEO Patricio Hidalgo warned that copper demand, driven by the energy transition and digitalization, could equal the output of 80 Los Bronces mines by 2040.
Los Bronces currently represents more than 2% of the global known copper resources, producing over 215,000 metric tons annually, and is one of the assets BHP targeted with a <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">failed $49 billion bid</a> last year.
"When one sees this structural gap that will occur in the copper market, we need much more agility to bring copper to the market," Higaldo said <a target="_blank" href="https://www.reuters.com/markets/commodities/anglo-american-urges-faster-permits-chile-close-copper-supply-gap-2025-04-08/" rel="noreferrer noopener">per</a> Reuters.
Even state-owned Codelco is aggressively investing to rejuvenate its aging operations. After spending $4.4 billion in 2024, Codelco targets up to $5.6 billion in capex for 2025, aiming to recover from historic production lows and capitalize on long-term copper demand.
Despite recent copper's rout, Chairman Maximo Pacheco remains confident in the long-term outlook.
"I am convinced that the long-term fundamentals are very solid, very difficult to change," he said <a target="_blank" href="https://www.benzinga.com/25/04/44682458/coppers-rout-sees-a-massive-intraday-price-swing-fundamentals-havent-changed-expert-says" rel="noreferrer noopener">earlier this week</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/management/25/04/44663078/barrick-gold-proposes-name-change-targets-30-production-growth-by-2030" target="_blank" rel="noreferrer noopener">Barrick Gold Proposes Name Change, Targets 30% Production Growth By 2030</a></li>
</ul>
Photo via Shutterstock

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News

Regulations

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Global

AAUKF

Miners Urge Chile To Cut Bureaucracy Before Country Loses Copper Leadership

<a href="https://www.reuters.com/markets/commodities/bhp-considered-spinning-off-iron-ore-coal-divisions-2025-04-02/" title="https://www.reuters.com/markets/commodities/bhp-considered-spinning-off-iron-ore-coal-divisions-2025-04-02/">https://www.reuters.com/markets/commodities/bhp-considered-spinning-off-iron-ore-coal-divisions-2025-04-02/</a>

Reuters Reported BHP Considered Spinning Off Iron Ore, Coal Divisions

U.S. tariffs on copper imports could arrive within weeks. In February, President Donald Trump directed the U.S. Commerce Department to<a href="https://www.benzinga.com/25/03/44414283/copper-surges-as-arbitrage-opportunity-drives-us-imports"> conduct an investigation</a>, giving this executive department a nine-month deadline.
Per a Bloomberg<a href="https://www.bloomberg.com/news/articles/2025-03-26/trump-may-implement-copper-import-tariffs-within-weeks"> report</a>, the investigation is seen as "little more than a formality.&#8221; An announcement is likely to come well ahead of the November deadline.
The proposed tariffs, which could reach as high as 25%, would shift the global copper market. The US is a major copper consumer, needing between 1.7 and 1.9 million metric tons annually. Yet, it produces less than half of that, relying on Chile, Canada, and Peru for 90% of its imports.
Rising copper costs would boost domestic producers like Freeport McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). They could also be a catalyst for resolving the standstill in Arizona. Recall how Native American opposition stalled Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and BHP's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) Resolution Copper mine located in the southern part of the Tonto National Forest—a $64 billion flagship project that could supply 25% of projected future domestic copper demand.
The looming tariffs have triggered a surge in U.S. copper imports, as traders rush to front-run potential duties. According <a href="https://www.reuters.com/markets/commodities/us-copper-imports-soar-500000-tons-amid-tariff-threats-says-bloomberg-2025-03-24/">to</a> Mercuria, around 500,000 metric tons of copper are en route to the U.S. That far exceeds the usual monthly average of 70,000 tons, Reuters noted.
This situation has driven up prices on New York's COMEX exchange, where copper trades at a record $1,400 premium over the London Metal Exchange (LME) benchmark. Unforeseen circumstances further tightened the supply, as Glencore paused its major Chilean copper smelter after experiencing furnace issues.
Investment banks and commodity traders expect further price increases if tariffs are imposed. Goldman Sachs and Citigroup have both forecast that a 25% duty could be in place<a href="https://www.benzinga.com/news/guidance/25/03/44271394/goldman-sachs-sees-copper-imports-increasing-tariffs-as-fcx-positions-to-benefit"> by year-end</a>, while Trafigura has projected that copper prices could climb to $12,000 per ton from the current level of around $10,000, as reported<a href="https://www.ft.com/content/e4f4a52c-9449-4b2a-887d-540e37f7b9bc"> by</a> The Financial Times.
Trump, however, has remained vague on the timing of the tariff announcement. On March 5, he mistakenly implied that copper tariffs were already in effect, saying, "I imposed a 25% tariff on foreign aluminum, steel, lumber, and copper."
Besides this slip, he remained vague about potential tariff exceptions ahead of the April 2 announcement, touted as a "Liberation Day" for US trade policy. First, he took a strict tone against tariff exceptions, before softening the stance in a Tuesday interview for Newsmax,
"I'll probably be more lenient than reciprocal because if I was reciprocal, that would be very tough for people," he said, according<a href="https://www.cnbc.com/2025/03/26/trump-says-tariffs-coming-in-april-will-probably-be-more-lenient-than-reciprocal.html"> to</a> CNBC.
Read Next: 
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<li><a href="https://www.benzinga.com/news/legal/25/03/44490949/gold-ma-deals-are-accelerating-but-average-deals-are-smaller-research-shows">Gold M&amp;A Deals Are Accelerating, But Average Deals Are Smaller, Research Shows</a></li>
</ul>
Image: Shutterstock

Politics

Trump's Copper Tariffs Might Come Sooner Rather Than Later, Insiders Warn

The global iron ore market could increase production over the next five years, with output surging as high as 2.92 billion tons by 2029. This trend could put additional pressure on leading <a target="_blank" href="https://www.benzinga.com/topic/australia" rel="noreferrer noopener">exporters like Australia</a>, whose currency has declined by around 20% against the U.S. dollar since 2015.
Per Mining Weekly, BMI's latest <a target="_blank" href="https://www.miningweekly.com/article/iron-ore-production-to-accelerate-over-next-five-years-bmi-2025-03-11" rel="noreferrer noopener">report</a> expects iron output to grow at an annual rate of 2.5% until 2029—more than double the 1.2% growth it saw over the previous five years. Expansion of existing mines and new projects, like Guinea's Simandou, which BMI highlights as a long-term milestone, should drive this growth.
However, the report also warns that geopolitical instability and resource nationalism could cause delays, and after 2029, a lower price environment could push production into stagnation.
Global iron ore exports increased by 2% in 2024, reaching approximately 1.6 billion tons. Australia maintained its position as the world's top exporter, shipping 866 million tons—an increase of 1.4% year-over-year.
Brazil followed with 390 million tons, marking a 2.6% rise, while South Africa shipped 61 million tons, up 3.4%. China, the world's largest importer, brought in a record 1.24 billion tons in 2024, a 4.9% increase driven by stable steel production and lower prices for Australian fines.
Major mining companies also saw production increases in 2024. BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) boosted output by 3% to 290 million tons, Fortescue Metals Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FSUMF#OTC">FSUMF</a>) increased supply by 2% to 194 million tons, and Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) achieved a 2% rise to 328 million tons, its highest level since 2018.
Meanwhile, India's exports declined as domestic demand surged by 4% to 242 million tons, driven by growth in steel, pellet, and sponge iron production.
BMI has set an optimistic forecast for Brazil, expecting its ore production to rebound following a contraction around 2020. The firm forecasts a 3.1% average annual growth from 2025 to 2029, with output increasing from 463 million tons to 528.7 million tons.
This growth is expected to continue beyond 2030 as planned projects contribute to further expansion.
Still, China is expected to lag in market growth, boosting its output by 1% this year. Despite its effort to reduce reliance on ore imports, it faces a cost problem owing to lower-grade ore. India's iron ore production is projected to grow by 2% in 2024, reaching 284 million tons, but growth is expected to slow after 2025, with output forecasted to hit 306.5 million tons by 2034.
Australia, the global leader in iron ore, is set to increase output by 2.5% in 2025, with expansion projects such as Mineral Resources' Onslow Iron and Fortescue's Iron Bridge contributing to growth.
Yet, Rio Tinto has faced challenges due to resource depletion at Paraburdoo and adverse weather, with cyclones expected to impact shipments by 13 million tons in Q1 2025.
While cornerstone projects like Simandou offer a supply boost, declining prices and competitive pressures could reshape the industry – particularly if decarbonization efforts gain stronger momentum.
Price Watch: VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) is up 4.33% year-to-date.
Read Next:&nbsp;&nbsp;
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<li><a href="https://www.benzinga.com/25/03/44216408/dr-congo-explores-a-minerals-for-security-deal-with-the-us" target="_blank" rel="noreferrer noopener">DR Congo Explores Minerals-For-Security Deal With The US</a></li>
</ul>
Photo: BJP7Images via Shutterstock

Guidance

FSUMF

VALE

Iron Ore Production To Accelerate Until 2030, Study Says

AMRC

CISS

CLWT

FLNC

KITT

NRGV

Shares of several companies in the broader industrials space are trading higher amid overall market strength on reports indicating that President Trump will delay auto tariffs.

ICOP

TECK

Shares of copper stocks are trading higher after US President Donald Trump reportedly suggested imports of the metal could be subject to a 25% tariff. Copper is now trading at a 9-month high.

On Tuesday, BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) reported half-year earnings (concluding on December 31, 2024) of $5.08 billion, down 23% from the year earlier. The result is unsurprising, as the <a target="_blank" href="https://www.benzinga.com/markets/commodities" rel="noreferrer noopener">iron ore market</a> has been going through a challenging period.
Still, CEO Mike Henry acknowledged the firm's strength in this part of the market cycle.
"The strength of the result demonstrates BHP's operational resilience and its ability to perform through the cycle," he <a target="_blank" href="https://www.bhp.com/investors/financial-results-operational-reviews" rel="noreferrer noopener">said</a> in a press release. Despite the downturn in iron ore prices, Henry highlighted strong performances at Escondida, Western Australia Iron Ore (WAIO), and BMA.
Iron ore EBITDA fell notably, from $9.7 billion in the first half of 2024 to $7.2 billion, as average realized prices declined by 22% to $81.11 per wet metric ton. While production increased by 1% to 131 million metric tons on an equity basis, the price slump led to an overall revenue drop of 7.5% to $25.176 billion.
Following these results, the board declared an interim dividend of $0.50 per share, down from $0.72 per share last year. The new dividend is the lowest payout since 2017.
BHP maintained its position as the world's lowest-cost iron ore producer, with unit costs at $18.19 per ton. However, the impact of Tropical Cyclone Zelia, which caused temporary shutdowns at Port Hedland and heavy rainfall across the&nbsp;Pilbara region, means that full-year WAIO output is now expected to fall towards the lower end of its guidance range of 282-294 million tons.
China's economic situation is the primary driving force behind the iron ore market. While early signs of recovery have emerged, demand remains uncertain due to the country's real estate struggles and slower industrial output.
Still, BHP remains confident about the long-term demand for iron ore as global urbanization and infrastructure growth continue, particularly in India, where economic expansion drives higher steel consumption.
Meanwhile, BHP has continued investing in its growth, spending $3.2 on the potash and copper project. After a <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">failed bid for </a><a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">Anglo-American</a>, the firm formed a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">$2 billion joint venture</a> with Lundin Mining to develop the Filo del Sol and Josemaria copper projects, strengthening its output for the metal, which is growing in significance for electrification and renewable energy.
Henry also reflected on future M&amp;A, clarifying the management's stance. "In the current market, it is increasingly challenging to do large global M&amp;A for shareholder value, and that's what BHP is about at the end of the day," he noted.
Despite diversifying into other minerals, BHP remains committed to running a world-class iron ore business. The company aims to maintain WAIO production levels and potentially expand output to 305 million tons per year in the medium term, with an aspirational target of 330 million tons annually if market conditions permit.
Meanwhile, a remark from the U.S. Energy Secretary Chris Wright could open doors for new collaborations. "I would love to see Australia get in the game of supplying uranium," Wright said Monday at the Alliance for Responsible Citizenship event, <a href="https://www.reuters.com/business/energy/australia-should-supply-uranium-nuclear-power-says-us-energy-secretary-2025-02-17/" target="_blank" rel="noreferrer noopener">per</a> Reuters.
BHP owns Olympic Dam, the world's largest known uranium deposit. However, Australia's uranium industry has stagnated, with production banned in Western Australia and Queensland. Only three mines remain operational on the continent, and output has declined in recent years.
Still, the center-right Liberal Party has expressed <a target="_blank" href="https://www.benzinga.com/news/global/24/12/42482377/australian-opposition-goes-nuclear-211-billion-plan-could-open-doors-for-uranium-miners" rel="noreferrer noopener">support for nuclear energy</a> as a solution to Australia's electric power struggles. If they win the upcoming May elections, uranium production could receive a policy boost, helping BHP expand into this growing market.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43769507/chinas-metal-markets-are-stirring-heres-what-it-means-for-commodity-investors" target="_blank" rel="noreferrer noopener">China's Metal Markets Are Stirring &#8211; Here's What It Means for Commodity Investors</a></li>
</ul>
Photo via Shutterstock

Earnings

BHP Earnings Fall As Iron Ore Prices Pressure Market Leader To Slash Dividend

BHP Group H1 Adj EPADS $2.00 Down From $2.59 YoY, Sales $25.18B Down From $27.23B YoY

<h3>Companies Reporting Before The Bell</h3>
<h3>Companies Reporting After The Bell</h3>
• Tennant (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNC#NYSE">TNC</a>) is expected to report quarterly earnings at $1.37 per share on revenue of $323.27 million. 
• UFP Industries (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFPI#NASDAQ">UFPI</a>) is expected to report quarterly earnings at $1.24 per share on revenue of $1.43 billion. 
• Noble Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) is estimated to report quarterly earnings at $0.65 per share on revenue of $874.53 million. 
• Otter Tail (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OTTR#NASDAQ">OTTR</a>) is projected to report quarterly earnings at $1.27 per share on revenue of $314.75 million. 
• Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) is likely to report quarterly earnings at $0.01 per share on revenue of $962.85 million. 
• BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) is projected to report earnings for its first quarter. 
• Huntsman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUN#NYSE">HUN</a>) is projected to report quarterly loss at $0.07 per share on revenue of $1.46 billion. 
• JELD-WEN Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JELD#NYSE">JELD</a>) is estimated to report quarterly loss at $0.06 per share on revenue of $862.41 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

JELD

OTTR

UFPI

Earnings Scheduled For February 17, 2025

Oil and gold are the first things that come to mind when investors think about mining and exploration stocks, but the sector is far more diverse and expansive than just two commodities.
Coal, natural gas, construction materials like limestone, industrial metals like copper and aluminum, and even the lithium in our batteries, all come from mining companies.
However, mining operations consume immense amounts of time and capital expenditure, so mining companies tend to perform well during economic booms, and poorly during downturns.
As luck would have it, we have a strong economy, low inflation, and a new, business-friendly administration, all pointing to a very good year for mining stocks.
Here are four stocks that are well-positioned for growth through 2025.
<h2 class="wp-block-heading">Rio Tinto Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rio#NYSE">RIO</a>)</h2>
Rio Tinto Group is a diversified large-cap mining company with a $100 billion market cap and operations in numerous industrial metals and materials. Based in Melbourne, RIO trades on several global stock exchanges, including the FTSE, ASX, and the NYSE.
The company was named after the original mine it purchased from the Spanish government in 1871. Over time, RIO has become the world&#8217;s second-largest public mining company, focusing on iron ore, aluminum, copper/diamonds, and energy minerals (like uranium).
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="299" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165348/RIO-1024x299.png" alt="" class="wp-image-752215" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165348/RIO-1024x299.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165348/RIO-300x87.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165348/RIO-768x224.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165348/RIO.png 1293w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
RIO shares have a few tailwinds that could benefit investors in 2025. First, the company has been dropping unprofitable coal mining operations to improve efficiency and recently purchased Arcadium Lithium in a $6.7 billion deal to add more properties to its renewable energy portfolio (RIO is now the third largest lithium miner in the world).
Additionally, the company is said to be <a href="https://www.benzinga.com/25/01/43040137/rio-tinto-and-glencore-weigh-historic-merger-shaking-up-global-mining?adt_ei=%7B%7Bemail%7D%7D&amp;he=%7B%7Bemail%7D%7D&amp;el=ResearchDaily">pursuing a merger</a> with Glencore, which would create the largest combined mining company in the world. With demand for copper, aluminum, and lithium expected to increase as more electric infrastructure is built, RIO is set up to be a major beneficiary. The stock is a consensus Buy based on nine analysts covering the stock, and the average price target is $73, representing a 17% upside. Plus, that 7% dividend yield isn't too shabby, either.
[<a href="https://www.benzinga.com/premium/ideas/benzinga-edge/?utm_source=WebRD-0128&amp;el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}">Get a New, High-Potential Trade Every Morning</a>]
<h2 class="wp-block-heading">Constellium SE (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cstm#NYSE">CSTM</a>)</h2>
Constellium was part of Rio Tinto Group but was spun out in 2011 when the company sold its Alcan Engineered Products unit. Today, Constellium is a major manufacturer of aluminum and various related alloys with plants in North America, Asia, and Europe. Constellium is headquartered in Paris and employs over 12,000 full-time workers.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="298" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165355/CSTM-1024x298.png" alt="" class="wp-image-752216" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165355/CSTM-1024x298.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165355/CSTM-300x87.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165355/CSTM-768x223.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165355/CSTM.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Compared to its former parent company, Constellium is small. The company has a mere $1.5 billion market cap and posted $1.6 billion in revenue last quarter, but it has a high-profile list of clients in the aerospace and automotive industries, including BMW, Mercedes-Benz, Audi, Boeing, and Airbus.
According to analyst reports, the stock is a consensus Buy with an average price target over $20, which would be nearly double the current market price. The company recently announced it's moving to US-based accounting principles (like filing 10K reports with the SEC), which could hint at potential expansion into new US markets. With defense spending expected to increase over the next decade, companies manufacturing lightweight and innovative aluminum products stand to reap the rewards.
<h2 class="wp-block-heading">Alcoa Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aa#NYSE">AA</a>)</h2>
Alcoa Corp. used to be a staple amongst Jim Cramer's most essential earnings calls and guidance reports. Still, the long-time aluminum producer has seen its market cap shrink from nearly $17 billion to just over $10 billion in the last three years.
Year-over-year revenue growth declined for seven consecutive quarters starting in Q3 2022, and 2023 full-year gross profit was a disappointing $738 million (down from $2.2 billion in 2022). However, the last two quarterly reports have shown that revenue is growing again, and the stock is positioned fundamentally and technically for a turnaround.&nbsp;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="298" src="https://editorial.benzinga.com/wp-content/uploads/2025/01/AA -1024x298.png" alt="" class="wp-image-752217" /></figure>
Alcoa primarily produces aluminum and bauxite and operates in 10 countries, including the United States, Australia, Iceland, and several Caribbean nations. At its peak in the bull market in 2022, the stock traded near the $90 range.
Today, it sits around $40 and only has a Hold rating and a $43 price target based on 15 analyst reports. However, revenue growth has returned, and the stock's 200-day moving average could act as a support level for a continuing uptrend.&nbsp;
<h2 class="wp-block-heading">BHP Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhp#NYSE">BHP</a>)</h2>
BHP is the world's largest mining company, with a market cap of over $125 billion and operations in materials like iron core, copper, zinc, gold, silver, uranium, and more. The company is based in Australia but has mines worldwide, including domestic operations in Queensland and Western Australia, plus international extraction sites in Canada, Brazil, and Chile.
BHP's copper operations are expected to be a main profit driver over the next few decades as the material is required for EV batteries, data center grids, and other electrification projects. The company expects copper demand to increase by 70% by 2050, and recent output from the Escondida mine in Chile has significantly boosted BHP's production.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="298" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165445/BHP-1024x298.png" alt="" class="wp-image-752219" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165445/BHP-1024x298.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165445/BHP-300x87.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165445/BHP-768x223.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/27165445/BHP.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Additionally, the company has found another profit driver: potash! BHP has become one of the largest potash producers, a water-soluble potassium mineral commonly used in fertilizer. Based on coverage from eight different analysts, BHP shares are currently a consensus Buy, with an average price target of $67 (indicating a potential 34% upside from the current market price).
The valuation looks cheap with a 16.1 P/E ratio, and the stock also pays a hefty 5.8% dividend yield. BHP is also a serial M/A participant, and that type of business is expected to pick up under a merger-friendly Trump administration.
Simplify your strategy with a daily, carefully curated stock pick designed for profit potential, complete with expert analysis and actionable insights. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge/?utm_source=WebRD-0128&amp;el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}">Get My Trades.</a>
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Opinion

4 Mining Stocks to Buy for a Booming 2025

Global mining leader BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) has temporarily abandoned its pursuit of Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>), one of the <a target="_blank" href="https://www.benzinga.com/topic/mergers-and-acquisitions" rel="noreferrer noopener">largest M&amp;A attempts</a> in 2024.
The Financial Times <a target="_blank" href="https://www.ft.com/content/3268df66-7ad7-4d54-aca0-c470b111ef9a" rel="noreferrer noopener">reported</a> that the Australian miner now views a deal as "too expensive," given Anglo's share price surge in recent months – as London-listed company shares rose 26% in the last 12 months, owing to restructuring efforts and favorable investor sentiment.
BHP's <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">$49 billion bid</a> targeted Anglo's copper assets, particularly its stakes in the Collahuasi mine in Chile and the Quellaveco mine in Peru. These sites rank among the world's most significant copper reserves, with Collahuasi containing 3.93 billion tons of ore at 0.66% copper and Quellaveco holding 1.1 billion tons at 0.55% copper.
Anglo American responded with a swift restructuring, <a target="_blank" href="https://www.benzinga.com/24/11/42166102/anglo-american-sells-coal-portfolio-for-38-billion-continues-restructuring" rel="noreferrer noopener">selling its Australian coal assets</a> for $3.8 billion, spinning off its South African platinum operations, and working on Brazilian nickel asset divestments.
"If BHP were bidding what they thought was fair value, it is difficult to see why they would bid more now," remarked George Cheveley, fund manager at Ninety One.
BHP's interest in Anglo American stems from the rising demand for copper, a critical metal in the energy transition and digital infrastructure. The miner has projected that copper demand will increase sixfold by 2050, driven by electrification trends and the explosive growth of data centers. Data centers, in particular, are emerging as significant copper consumers, requiring the metal for power networks, cooling systems, and circuit boards.
An <a target="_blank" href="https://www.bhp.com/news/bhp-insights/2025/01/why-ai-tools-and-data-centres-are-driving-copper-demand" rel="noreferrer noopener">internal analysis</a> estimated that the copper used for data centers will grow from 500,000 tons annually to 3 million tons by 2050.
"Digital demand," as BHP describes it, includes copper use in data center construction, electricity generation, and power delivery infrastructure. The miner also anticipates global electricity consumption by data centers will rise from 2% of total electricity demand today to 9% by mid-century.
Despite not acquiring Anglo's copper assets, BHP still expanded its copper operation. Earlier this month, the company completed a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">$3 billion joint acquisition</a> of the Filo del Sol project in Argentina with Lundin Mining. The project in the Vicuña district holds a probable estimate of 2,22 million pounds of copper, 2,86 million ounces of gold, and 133,33 million ounces of silver.
Still, regardless of the firm's optimism about the metal, CEO Mike Henry has set tight criteria for further deals, clarifying that they have to create value and align with the company's long-term goals.
"There is no transaction that is a ‘must do' for BHP," he noted.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/01/43013685/research-firms-and-industry-insiders-clash-copper-agree-on-trumps-risk" target="_blank" rel="noreferrer noopener">Research Firms And Industry Insiders Clash On Copper, Agree On Trump's Risk</a></li>
</ul>
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BHP's CEO Sees No 'Must Do' Transactions, Abandons Anglo American For Now

President Donald Trump&#8216;s revoking <a href="https://www.benzinga.com/markets/equities/25/01/43122855/trumps-plan-to-revoke-7500-ev-tax-credit-is-a-huge-negative-for-tesla-says-gary-black-downplays-impact-on-rivals">the $7,500 electric vehicle tax credit</a> hasn&#8217;t discouraged mining companies from continuing to source critical materials needed for EV manufacturing.
Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) CEO Jakob Stausholm, for example, remains optimistic about the global demand for lithium. Speaking at the World Economic Forum in Davos on Tuesday, Stausholm noted, &#8220;Lithium demand will probably go up another five times over the next 15 years.&#8221;
Stausholm also praised Trump&#8217;s greenlighting of the Resolution mine in Arizona. Resolution is a massive joint venture project with BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) that could become the biggest copper mine on the continent, the companies claim. 
&#8220;I do think that we have really good chances now to progress that project," he <a href="https://www.ft.com/content/a022764b-59a6-4292-bdee-6379d0200564">told</a> the Financial Times. The $64 billion project has an estimated life span of a 60-years. It&#8217;s expected to produce over 1 billion pounds of copper per year or around 25% of the U.S. needs.
Trump&#8217;s interest in Greenland is also said to go deeper than simply <a href="https://www.benzinga.com/markets/emerging-markets/25/01/43133508/trump-wants-to-buy-greenland-for-us-security">projecting power</a> on the global stage. The Denmark-owned island is home to 25 of the 34 critical metals (per the EU&#8217;s classification). Companies like Australia-based Energy Transition Minerals have already mapped over <a href="https://www.benzinga.com/news/global/25/01/42884764/how-trump-could-impact-chinas-role-in-emerging-greenland-mining-frontier">one billion tons of mineral resources</a>. This includes heavy rare earth metals like terbium, neodymium, dysprosium, and uranium.
As of January, Greenland <a href="https://www.economist.com/finance-and-economics/2024/10/31/greenland-faces-one-of-historys-great-resource-rushes-and-curses?utm_source=chatgpt.com">has</a> one active mine. In 2023, there were <a href="https://www.energymonitor.ai/sectors/industry/why-the-world-finds-itself-in-a-greenland-mining-rush/?utm_source=chatgpt.com">two</a>.
Another key focus of Trump's critical minerals strategy may be deep-sea mining. The Metals Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMC#NASDAQ">TMC</a>), a prospective deep-sea miner, plans to submit its first application to the International Seabed Authority (ISA) in June. 
The Vancouver, British Columbia-based company seeks approval to extract polymetallic nodules from the ocean floor. These nodules contain cobalt, nickel, and rare earth elements crucial for battery and electronics production.
TMC's application, with support from the Republic of Nauru, could face hurdles as ISA&#8217;s new Secretary-General, Leticia Carvalho, has touted sustainability and equity in deep-sea mining governance.
"Our mandate is both a privilege and a responsibility—to act in the interest of all humankind," Carvalho <a href="https://www.isa.org.jm/news/leticia-carvalho-assumes-role-as-secretary-general-of-the-international-seabed-authority/">said</a> after assuming the leadership role earlier this month.
Despite this, TMC remains undeterred. CFO Craig Shesky <a href="https://www.benzinga.com/government/24/08/40119611/exclusive-seabed-mining-company-execs-see-industry-developing-regardless-of-un-authority-vote">told</a> Benzinga last summer, &#8220;There&#8217;s nothing to stop [deep-sea mining] at this point. This is now inevitable.&#8221;
With Trump's administration favoring deregulation and resource independence, TMC may find a more conducive environment for advancing its ambitions.
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Image: Shutterstock

No EV Credits, No Problem: Mining Giants Still See Green In Trump Deregulation Push

CRML

GOLD

MTRN

PAAS

RGLD

SBSW

Shares of stocks in the broader metals and mining sector are trading higher in possible sympathy with Rio Tinto and Glencore who announced discussions regarding a potential merger, the largest in mining industry history.

BHP Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) short percent of float has fallen 16.67% since its last report. The company recently reported that it has 8.97 million shares sold short, which is 0.35% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.38 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>BHP Group Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736541016_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for BHP Group has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing BHP Group's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, BHP Group's peer group average for short interest as a percentage of float is 5.86%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into BHP Group's Recent Short Interest

Jefferies analyst Christopher LeFemina maintains BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) with a Hold and lowers the price target from $57 to $53.

Price Target

Jefferies Maintains Hold on BHP Group, Lowers Price Target to $53

BHP Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) short percent of float has fallen 4.55% since its last report. The company recently reported that it has 10.60 million shares sold short, which is 0.42% of all regular shares that are available for trading. Based on its trading volume, it would take traders 4.78 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>BHP Group Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1734961511_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for BHP Group has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing BHP Group's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, BHP Group's peer group average for short interest as a percentage of float is 4.64%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About BHP Group?

Strike Ends At World's Largest Copper Mine

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BHP invests $350,000 to support the Regina Food Bank in the fight against hunger and to help advance reconciliation efforts

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