Higher gold prices are making a difference to the bottom line but investors overly optimistic.

Solid start to 2026 but shares overvalued.

Production guidance is maintained by management.

Allegations that the Chinese government told steel mills to stop buying from BHP shake markets.

Investors may be too pessimistic about this industry.

We are surprised that Teck agreed to the merger on these terms, and wouldn’t be surprised if there is a twist in the tale.

Results were softer than expected.

Record copper volumes are reported.

We forecast a recovery in lithium prices by the end of 2026 as demand continues to increase.

Quarterly performance solid in key iron ore and copper divisions.