NEW YORK, March 16, 2026, 17:28 EDT
BHP Group’s American depositary shares picked up around 2.3% on Monday. Traders reacted to news that Britain’s Court of Appeal dismissed a contempt case connected to the 2015 Mariana dam disaster, along with a temporary lift in Chinese restrictions on one of BHP’s iron ore products. The shares added $1.59 to reach $70.31 late in New York trading.
This is significant: investors are weighing whether BHP’s clash with China’s state iron ore buyer turns out to be a brief scrap over pricing, or if it drags on and starts to hit both volumes and prices. Iron ore, despite copper edging ahead in the most recent half, is still a heavy cash generator. Beijing, pushing tougher procurement restrictions as talks over BHP’s 2026 supply deal continue, isn’t easing up.
It’s been a rough patch. BHP slid 1.2% in Sydney, touching its lowest point since Feb. 6. Rio Tinto dropped 2%, and Fortescue fared even worse, down 3.9%, with miners following iron ore lower after the commodity retreated from recent two-month highs.
China’s move offers only slim relief. According to Reuters, China Mineral Resources Group informed local steel mills they can pick up BHP’s Jimblebar fines, a steelmaking iron ore, which have been held at ports for roughly a week. Traders, however, remain excluded from this exception.
The tougher ban remains in force. Only days ago, Reuters said CMRG had expanded its prohibition to cover Newman fines held at ports, sending traders scrambling to offload stockpiles on concern that BHP’s other grades could soon run into similar trouble. April iron ore futures in Singapore spiked over 4%, touching $108.95 a ton.
BHP started this period on solid footing. In February, the company posted first-half underlying attributable profit of $6.2 billion, beating analyst forecasts. Copper delivered $7.95 billion in operating earnings, pushing past iron ore for the first time. “Tough negotiations” with China are ongoing, Chief Executive Mike Henry noted. Argo Investments portfolio manager Andy Forster called the dividend “smashed everyone’s expectations.” Reuters
There’s still a cash payout on the table for shareholders. BHP declared a 73 U.S. cent interim dividend per share, due March 26. Its American depositary shares—each equal to two ordinary shares—went ex-dividend March 6, according to the company.
The London decision resolves one legal obstacle, but not the big one. BHP still faces uncertainty over whether it can challenge a separate verdict that held it responsible for the Samarco dam disaster. Another trial covering damages is scheduled for April 2027. Notably, as the London proceedings got underway, Brazil sealed a 170 billion reais ($31.94 billion) settlement with BHP, Vale, and Samarco.
Monday’s gains weren’t just about BHP. Wall Street climbed as oil prices eased, and both Rio Tinto’s U.S. shares and Vale’s traded up over 2% late in the session. That kind of move hints at stronger demand across mining stocks, not just a one-off jump for a single name.
There’s a real chance the market’s racing ahead of reality. China’s decision to ease restrictions on Jimblebar? That’s just a one-week break. Traders talking to Reuters worry fresh procurement limits could pop up. BHP’s battle over its Mariana liabilities isn’t settled either; if either story sours, Monday’s bounce could fizzle fast.
