BHP Group Stock News

BHP's Escondida, supervisors' union avert strike with preliminary agreement

The supervisors' union at BHP's Escondida copper mine in ​Chile said they will begin a strike ‌on Wednesday after mediation efforts to tie up a new collective labor contract had failed, ​the union said on Tuesday.

UBS, the Swiss bank, expects BHP Group Ltd (LSE:BHP, ASX:BHP) and Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) to deliver stronger iron ore shipments in the September quarter, although weak Chinese demand is keeping prices under pressure. UBS analysts Myles Allsop, Lachlan Shaw and colleagues said iron ore prices had fallen to about $91 a tonne, with free-on-board prices at more than 10-year lows.

Supervisors at Chile's Escondida copper mine, the world's largest, rejected a collective ​contract offer on Wednesday, paving the way for ‌a potential strike at the site.

The latest rebalance of VettaFi's Thematic Rotation Quality Momentum Screened Index (TQRMS), tracked by the NBI Thematic Rotation ETF (NTHM:TSX), reshapes the portfolio around a new set of themes. GLP-1 weight loss drug manufacturers and midstream energy join the index, while battery technology & storage and software-as-a-service (SaaS) exit.

Combined BHP Ports Unions will take top global miner BHP to arbitration ​after the two parties failed to agree on terms for a new wage ‌deal for its Port Hedland iron ore operations in Western Australia, the union said on Tuesday.

Australian stocks ended Friday at ​a more than two-month low, as miners led by BHP lost on ‌weaker commodity prices, while a surge in oil prices over the week heightened inflation concerns and kept investors on edge.

Talks between BHP and unions representing workers at the mining giant's Port Hedland iron ore operations in ​Western Australia ended without a deal, with further negotiations ‌scheduled for next week, the parties said on Tuesday.