New York, March 30, 2026, 16:11 EDT
BHP Group’s U.S.-listed shares slipped 0.7% Monday afternoon, trailing Rio Tinto—which jumped 2.5%—and Vale, up 0.3%. BHP was last seen at $69.03. Rio traded at $88.79, with Vale at $15.08.
Investors still peg BHP to iron ore, despite the company’s ongoing efforts to spotlight copper expansion. ASX records indicate BHP hasn’t posted any fresh market filings over the past week, so the operational review scheduled for April 22—covering output for the nine months through March 31—remains the next notable event on the calendar.
Rio Tinto reported Monday it had restarted loading at three out of four Pilbara iron ore terminals in Western Australia following Cyclone Narelle, holding its 2026 shipment outlook steady. Iron ore futures barely budged, traders weighing more expensive energy and stronger Chinese steel demand against high port stockpiles.
Brandon Craig, slated to become CEO on July 1, says BHP will zero in on growing its copper, iron ore, potash and coal assets organically. Any acquisition, he insists, would need to be “incredibly compelling.” Craig points to the United States, Chile and Argentina as crucial to BHP’s long-term plans. Andy Forster at Argo Investments also flagged the Americas as “the most important business for BHP in the years ahead.” Reuters
BHP’s copper story has some numbers to back it up. In February, copper—vital for power grids, EVs, and data centers—surpassed iron ore as the company’s top earner for the first time, accounting for 51% of underlying operating earnings. First-half underlying profit climbed 22% to $6.2 billion, with an interim dividend set at 73 U.S. cents per share. Forster described the update as “a good result,” after the dividend topped forecasts. Reuters
BHP’s Geraldine Slattery told reporters on March 24 that Copper South Australia is turning out roughly 316,000 metric tons per year and could hit around 500,000 tons by the mid-2030s. She also pointed to even bigger ambitions—potentially doubling output by the late 2030s. But, as Slattery made clear, “capturing this opportunity depends on investment decisions made now,” underscoring that BHP’s copper expansion hinges on securing the right funding and approvals. BHP
Iron ore is still where the short-term risk is concentrated. Should Rio manage to restore Pilbara output ahead of schedule while Chinese port inventories remain elevated, gains across the sector could struggle to break higher; but that could flip fast—another bout of bad weather, a diesel crunch, or any escalation in BHP’s price talks with China’s state buyer might just yank volatility sharply in the opposite direction.
BHP isn’t giving investors much to work with at the moment. The miner hasn’t posted an ASX filing in the last week, and its next scheduled update, a production report, lands April 22. For now, shareholders have to gauge how the copper narrative stacks up against the still-dominant iron ore story driving the share price each session.
