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    BHP   AU000000BHP4

BHP GROUP

(BHP)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/22
37.65 AUD   -2.16%
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U.S. House committee moves to block Rio Tinto's Resolution mine

09/10/2021 | 05:16pm EDT
FILE PHOTO: Arizona copper fight reflects tough choices as America tries to go green

(Reuters) - A U.S. House of Representatives committee has voted to include language in a wider budget reconciliation package that would block Rio Tinto Ltd from building its Resolution copper mine in Arizona.

The San Carlos Apache tribe and other Native Americans say the mine would destroy sacred land (https://www.reuters.com/article/usa-mining-resolution-idCNL1N2LO28S) where they hold religious ceremonies. Elected officials in nearby Superior, Arizona, say the mine is crucial for the region's economy.

The House Natural Resources Committee late on Thursday folded the Save Oak Flat Act into the $3.5 trillion reconciliation spending measure. The full House could reverse the move and the legislation (https://www.reuters.com/world/us/us-senates-reconciliation-process-its-not-way-it-sounds-2021-08-10) faces an uncertain fate in the U.S. Senate,

If approved, the bill would reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process (https://www.reuters.com/article/usa-mining-resolution-idCNL1N2LO28S) to give Rio federally-owned Arizona land that contains more than 40 billion pounds of copper in exchange for acreage that Rio owns nearby.

Former President Donald Trump gave the land swap final approval (https://www.reuters.com/article/us-usa-mining-resolution/outgoing-trump-admin-oks-land-swap-for-rio-tintos-arizona-copper-mine-idUSKBN29K22P) before leaving office in January, but successor Joe Biden reversed that decision (https://www.reuters.com/business/environment/us-forest-service-blocks-land-swap-rio-tintos-arizona-copper-mine-2021-03-01/), leaving the project in limbo.

The final reconciliation budget is expected to include funding for solar, wind and other renewable energy projects that require immense volumes of copper. Electric vehicles use twice as much copper as those with internal combustion engines. The Resolution mine could fill about 25% of the demand for U.S. copper.

Superior Mayor Mila Besich, a Democrat, said the project seems increasingly stuck in "bureaucratic purgatory."

"This move seems contradictory to what the Biden administration is trying to do to address climate change," said Besich. "I hope the full House does not allow that language to stay in the final bill."

Rio said it would continue consultation with local communities and tribes. Rio Chief Executive Jakob Stausholm plans to visit Arizona later this year.

Representatives for the San Carlos Apache and BHP Group Ltd, which is a minority investor in the project, could not immediately be reached for comment.

(Reporting by Ernest Scheyder; Editing by Sonya Hepinstall)

By Ernest Scheyder


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -2.16% 37.65 End-of-day quote.-11.27%
RIO TINTO GROUP -1.82% 95.03 End-of-day quote.-16.52%
RIO TINTO PLC 0.51% 4672.5 Delayed Quote.-14.58%
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Financials (USD)
Sales 2022 62 337 M - -
Net income 2022 18 771 M - -
Net Debt 2022 7 848 M - -
P/E ratio 2022 7,09x
Yield 2022 10,3%
Capitalization 139 B 139 B -
EV / Sales 2022 2,36x
EV / Sales 2023 2,68x
Nbr of Employees 40 110
Free-Float 58,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 28,10 $
Average target price 32,88 $
Spread / Average Target 17,0%
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Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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