BHP +3.03%: Finished FY25 with strong JunQ production with copper, iron ore, and coal beating expectations, net debt was better than expected and FY26 production guidance was flat. The negative was the start date for Jansen was pushed back to mid CY27 with capex up materially and stage 2 potentially to be pushed out. Jansen is set to become one of the world’s largest underground potash mines, with a potential full-life capacity of 16–17 Mtpa by the 2030s, however, it’s proving more costly and more complex than originally thought.
MM remains long & bullish BHP ~$40
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