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17.02.26 - 14:57
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BHP′s Copper Pivot Pays Off With Surprise Dividend Bump, Record-High Stock Price (ZeroHedge)
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BHP's Copper Pivot Pays Off With Surprise Dividend Bump, Record-High Stock Price
Shares of BHP Group, the world's largest miner, jumped to a record high in Australia after it posted earnings at the top end of Wall Street expectations. The miner's pivot into copper, aided by a surging rally in industrial metals, offset softer conditions in its iron ore unit.
BHP chief executive Mike Henry reaffirmed to investors earlier on a call that the miner is pivoting toward "future-facing" metals. In other words, he explained that the world's largest miner's shift away from operations focused on serving China's steel mills has paid off, as copper has soared.
Henry said that acquisitions began to bear fruit, as did the improvements at Escondida, the world's largest mine, all of which were helped by a record surge in the price of the industrial metal used heavily for power grids and AI-related applications.
"This is the result of our deliberate actions to grow our copper business,&qu...
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