Core Viewpoint - BHP has entered into a long-term streaming agreement with Wheaton Precious Metals, involving a $4.3 billion upfront payment for silver from its share of production at the Antamina mine in Peru, allowing BHP to monetize its silver assets while maintaining its interests in other minerals [1][2][3]. Group 1: Agreement Details - BHP holds a 33.75% stake in Compañía Minera Antamina, and the new agreement does not change its shareholder rights or existing customer agreements [2]. - Under the terms, BHP will deliver 33.75% of the silver produced from Antamina at a payable rate of 90% until 100 million ounces are delivered, after which the rate will decrease to 22.5% for the remaining mine life [2]. - Wheaton will pay 20% of the spot silver price for each ounce delivered under the agreement, which will take effect on April 1, 2026, with completion expected around the same date [3]. Group 2: Financial Implications - BHP plans to use the capital from this deal to enhance shareholder value by reallocating funds towards high-return projects and returns, with no expected increase in reported debt levels as a result of the transaction [3]. - BHP reported a strong operational performance for the recent half-year, with revenue increasing by $2.7 billion, driven by higher copper and iron ore prices [5]. - The company's underlying earnings before interest, taxes, depreciation, and amortization saw a 25% uplift, with copper contributing 51% to this increase, reaching $8 billion [5]. Group 3: Management Commentary - BHP CEO Mike Henry expressed satisfaction in partnering with Wheaton, highlighting that the investment in Antamina has provided value to investors through strong copper production and that the agreement unlocks additional value from the asset [4].

Core Viewpoint - BHP Group Ltd. has entered into a $4.3-billion silver streaming agreement with Wheaton Precious Metals, marking the most valuable precious-metals streaming transaction to date [1] Group 1: Transaction Details - The streaming agreement involves an upfront payment of $4.3 billion from Wheaton to BHP, along with ongoing payments equal to 20% of the spot silver price for each ounce delivered [3] - The agreement covers 33.75% of Antamina's silver output attributable to BHP, which will decline to 22.5% after 100 million ounces have been delivered [3] - The transaction is set to take effect on April 1, 2026, pending regulatory approvals [5] Group 2: Strategic Implications - This agreement allows BHP to monetize silver as a byproduct from the Antamina mine while maintaining full exposure to its primary copper, zinc, and lead production [4] - The demand for silver has increased due to its applications in solar panels, electronics, and electrification technologies, amidst a backdrop of production deficits in the market [5] Group 3: Market Reaction - BHP Group shares experienced a slight decline of 0.35% to $73.12 during premarket trading, nearing its 52-week high of $75.14 [6] - Wheaton Precious Metals shares fell by 2.71% to $141.94 [6]

Core Viewpoint - The recent transaction of iron ore from BHP to China, settled in RMB, marks a significant shift in trade dynamics and highlights BHP's commitment to expanding its influence in the Chinese market [1][3]. Group 1: Company Developments - BHP's iron ore shipment to China has successfully arrived at Shandong Rizhao Port, marking the first transaction settled in RMB [1]. - The establishment of BHP's subsidiary in Shanghai, registered with a capital of 129 million RMB, is aimed at strengthening its market presence in China [1]. - BHP has a long history of engagement with the Chinese market, dating back to its first lead ore export in 1891, and has maintained a high export volume of iron ore to China [3]. Group 2: Market Dynamics - In 2022, China imported 694 million tons of iron ore from Australia, accounting for 67% of its total imports, indicating a strong demand for Australian iron ore [3]. - Despite efforts to reduce dependency on Australian iron ore, its unique qualities make it irreplaceable for Chinese steel manufacturers in the short term [5]. - The steel industry remains a pillar of the Chinese economy, ensuring sustained high demand for iron ore [5]. Group 3: Currency Settlement Implications - The use of RMB for this transaction is seen as a strategic move to mitigate risks associated with USD settlements, particularly in light of geopolitical tensions [6][8]. - The shift towards RMB settlements reflects a broader trend of de-dollarization, as countries seek to reduce reliance on the USD due to its political risks and volatility [8]. - RMB settlements can lower transaction costs and streamline processes by eliminating the need to convert currencies, thus enhancing trade efficiency [8].

Core Viewpoint - BHP Group reported a stronger-than-expected half-year underlying profit, primarily driven by copper, which has now surpassed iron ore in earnings for the first time, due to increased demand fueled by AI and cleaner energy initiatives [1][2]. Financial Performance - First-half underlying attributable profit rose 22% to $6.20 billion, exceeding the Visible Alpha consensus of $6.03 billion [3]. - BHP declared an interim dividend of 73 cents per share, surpassing market estimates of 63 cents, with a payout ratio of 60% [3]. - Copper, including byproducts, contributed $7.95 billion to operating earnings, higher than iron ore's $7.50 billion, making up 51% of total underlying operating earnings of $15.46 billion [3]. Market Dynamics - Demand for copper is surging due to rapid growth in power use for AI data centers and the transition to cleaner energy, leading to increased competition among mining companies for high-quality copper assets [2]. - A 32% increase in realized copper prices, along with higher prices for precious metals, significantly boosted profits [4]. - Iron ore prices have recently hit a seven-month low, and unit costs for iron ore increased by 7% to $19.41 per metric ton [4][5]. Strategic Focus - BHP is focusing on organic growth options for copper and does not feel pressured to pursue mergers and acquisitions, having previously walked away from a potential acquisition of Anglo American [7]. - The company has raised its copper production forecast for the year to between 1.9 million and 2 million tons, citing strong operational performance [8]. - BHP announced an $18 billion multi-year investment plan to develop copper, gold, and silver mining projects in northern Argentina, with potential peak copper production exceeding 500,000 tons annually [9]. Partnerships and Agreements - BHP entered a silver streaming agreement with Wheaton Precious Metals for an upfront payment of $4.3 billion, part of a targeted $10 billion to be raised from existing assets to potentially enhance dividend payouts [11].

Core Insights - BHP reported strong operational and financial performance for the December 2025 half year, driven by effective production delivery, cost control, and favorable commodity prices [1] - The company's strategy execution is evident, with over half of earnings for the period derived from the copper business, reflecting a 30 percentage point increase over the past three years [2] - BHP has established a robust growth pipeline in copper and potash, aligning with anticipated strengthening dynamics in the copper market [3] - Since the merger of BHP and Billiton, the company has achieved the highest total shareholder return among major diversified miners, approximately four times that of the MSCI World Metals and Mining Index [4]

Market Overview - The S&P/ASX 200 closed up on February 17, 2026, gaining 21.80 points or 0.24% to reach 8,958.90, with a 1.03% increase over the last five days and currently 1.71% off its 52-week high [1][10] - The mining subindex rose by 1.3%, driven by BHP's strong performance [2][10] Top Performers - JB Hi-Fi Limited (JBH) led the gains, closing at A$89.10, up A$6.70 or 8.13% [6][11] - Pro Medicus Limited (PME) followed, finishing at A$125.96 after rising A$8.99, a gain of 7.69% [6][11] - Other notable gainers included A2 Milk Company Limited (A2M) up 6.26%, PEXA Group Limited (PXA) up 4.76%, and BHP Group Limited (BHP) up 4.73% to A$52.74 [7][11] Sector Performance - The materials sector was the best-performing sector, gaining 1.28% on the day and 1.41% over the past five days [8][11] - Financials remained relatively unchanged, with losses in three of the big four banks offsetting Westpac's 0.3% gain [9][11] Upcoming Events - Investors are awaiting Rio Tinto's earnings report on February 19, 2026, and Fortescue's report next week, focusing on iron ore demand and sector outlook [3][10] - Traders are also eyeing upcoming jobs data expected to show a cooling in hiring and a slight uptick in unemployment, which will be crucial for the country's rate outlook [10][11]

BHP moves to hide even its own evidence in its defence against coal miner Simon Turner. Michael West with the latest bizarre twist in the David v Goliath court battle.Mining giant BHP Group Limited has sought to withhold sections of the transcript of a Federal Court hearing in a case brought by a former coal miner who broke his back at one of its mine sites and is now pursuing compensation.The application relates to proceedings brought by Simon Turner, a self-represented litigant who appeared in the Federal ...

全球市值最大的矿业公司必和必拓（BHP）因押注铜需求激增而获得回报，上半财年净利润同比增长近30%，铜业务首次成为公司最大利润来 源。 这家澳大利亚矿业巨头周二公布，截至去年12月31日的六个月内，收入同比增长11%至279亿美元，股东应占利润增长28%至56亿美元。业绩超出 分析师预期，公司股价开盘上涨5.3%。 首席执行官Mike Henry表示，这一表现对必和必拓而言是"里程碑"，铜业务贡献了公司51%的基础息税折旧摊销前利润，首次超越其他业务成为 最大利润来源。能源和汽车行业的强劲需求持续推高铜价，令这一转型的战略价值得到验证。 必和必拓将派发每股73美分的中期股息，相当于60%的盈利分配率。 公司已与加拿大Wheaton Precious Metals签署43亿美元协议，供应秘鲁Antamina矿山的白银，以利用这一金属价格的大幅上涨。 铜业务跃升利润支柱 铜已成为全球矿业增长的核心驱动力。必和必拓此次业绩标志着公司战略转型的成功，铜业务对基础息税折旧摊销前利润的贡献率达到51%，这 是该业务首次成为公司最大利润来源。 评级机构穆迪的Saranga Ranasinghe表示，铜现已成为必和必拓"强劲 ...

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Fixed Income and Central Bank Sentiment - Japanese government bond yields declined as market expectations for an interest rate hike by the Bank of Japan cooled, with the 30-year JGB yield falling 4.5 basis points to 3.44% and the 2-year yield dropping 1.5 basis points to 1.25% [2][9]. Corporate Activism and Leadership Shakeups - Starboard Value LP is intensifying its campaign at Tripadvisor, holding over 9% of the company and planning to nominate a majority of candidates for its eight-person board to drive operational and strategic changes [3][9]. - Thomas Pritzker has resigned as executive chairman of Hyatt Hotels following reports of his connections to Jeffrey Epstein, marking a significant leadership change as the company navigates a competitive post-pandemic environment [4][9]. Commodities and Energy Markets - The commodities sector saw volatility, particularly in precious metals, with gold prices falling over 1% to $4,922.09/oz and silver dropping more than 3% to $73.82/oz, indicating a shift in investor sentiment [6][9]. - The energy market experienced a modest recovery, with WTI crude futures rising more than 1%, suggesting renewed buyer interest and stabilizing demand [7][9]. Technology and Geopolitics - A report indicates that non-listed firms now account for nearly 70% of financial AI patent applications, with analysts warning that China's advancements in AI could lead to a "global tech shock," challenging U.S. technological dominance [8][9]. Trade and Diplomacy - Japan's transport ministry announced it will ease regulations for importing U.S.-made cars to reduce trade friction, and plans to send a special envoy to the first Board of Peace meeting regarding Gaza, reflecting Japan's efforts to balance domestic economic interests with international commitments [10]. Alternative Assets - The collectibles market achieved a milestone with a Pokemon card selling for a record $16.49 million at auction, highlighting the strength and high valuations in the alternative asset market [11].