They're pressing the company not only to accept a proposal by activist investor Elliott Management to spin off its US petroleum business, but to fully demerge all of its oil and gas assets.
BHP Billiton Mining News
Production for the first three months of the year slumped 37% compared with the same period of 2016.
Another 5% iron ore price drop Tuesday slashes $30 billion from top 5 producers' market value in one month.
The miner said it was unwilling to take the steps required to satisfy Australian steel makers to get the approval of the transaction, which would have its major deal since spinning off from BHP in 2015.
Worries about Chinese economy and rising tension surrounding North Korea brings fear trade to mining and industrial metals.
Activist investor Elliott's proposals to break up BHP are riddled with “major flaws” and could end up costing far more to implement than they would save, the company said.
The commodity is now trading below $70 a tonne and has just suffered its largest one-day percentage decline in over a year.
Analysts expect BHP to argue that a demerged petroleum business would need to fund offshore growth projects by raising debt. It may also contend that a stand-alone division won’t have the same ability to defer production until oil prices improve.
After a 85% rise in 2016, iron ore prices are now down 3.2% so far this year, which has placed the commodity in a bear market.
Company says the associated risks of spinning off about $22 billion of its US oil assets and listing them in New York would significantly outweigh any potential benefits.
Coking coal prices gained 86% to $283.10 a tonne this week, the biggest gain in four years.
Ore with 62% content in Qingdao fell almost 7% overnight, entering a bear market and erasing all of this year’s gains.
The miner said it won't meet its coal export commitments due to the damage caused by cyclone Debbie, which struck Australia’s north-east coast last week.
So far this year, the commodity has risen just 0.6%, quite far from the over 20% gains seen just over a month ago.
Combined worth of $842 billion with 20% gains so far in 2017.
The news follows the end of a historically long 43-day strike at BHP Billiton’s Escondida, the world's biggest copper mine in neighbouring Chile.
Appointment comes barely a week after the mine, operated by BHP Billiton, failed to secure a wage deal with 2,500 workers after a 43-day strike.
The steelmaking ingredient has shed almost $10 a tonne in just a week.
Vale said the US District Court for the Southern District of New York annulled the majority of a class action lawsuit against the company and executives over the 2015 deadly accident.
Workers ended their strike and invoked a rarely used legal provision that allows them to extend their old contract, which leaves them in the exact same situation they were before they downed tools.
Prices for the raw material have dropped below $90 a tonne as doubts gather about the strength of demand in China at stockpiles hit record highs.
Freeport restarts supply to domestic smelter in Indonesia, but the copper concentrate export ban at iconic mine remains in place.
A 39-day-long stoppage at the world’s largest copper mine may continue for up to three months.
Around 1,300 unionized miners plan to start an indefinite stoppage at Peru's largest copper mine beginning March 24.
The company is currently analyzing options to resume work as soon as possible, which includes hiring temporary workers to replace those that have downed tools.