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“Our view is that China is still going to provide a bit of stability or underpinning to global economic growth over the next 12 months. We are seeing some green shoots in China,” said Henry, pointing to increased property sales and completions.

Steel production in China was likely to be just over 1bn tonnes this year, he added, 1-2 per cent lower than in 2021.

In an update this week, BHP maintained its production and cost guidance for the year as a strong performance in iron ore and nickel helped offset lower volumes in copper and coal, which were hit by wet weather in Australia and labour shortages.

Rival Rio Tinto, which also mines iron ore in the Pilbara region of Western Australia, warned this week that recessionary fears in the US and Europe and the struggling Chinese housing market would damp demand for commodities.

here is the FT.

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https://www.ft.com/content/a9e4b1b1-fcc6-4f76-a026-669683e890ee

The chief executive of BHP has signalled that the world’s biggest mining company will resist the temptation to go on an acquisition spree despite a growing war chest.

Mike Henry told the Financial Times that “we want to be quite disciplined” and that the company would look to exploration, organic growth and higher productivity to raise its output.

BHP’s unsolicited A$8.4bn bid for OZ Minerals in August was swiftly rejected by shareholders, fuelling speculation it might come back to the table with a more generous offer.

However, Henry said BHP would be restrained about which M&A opportunities to pursue.

“OZ is a nice-to-have, it is not a must-have for BHP,” he said at the FT’s Mining Summit. “We have these other levers of productivity, organic growth, exploration and early-stage entry that gives us the freedom to be quite choiceful about the M&A opportunities we will pursue.”

BHP, which draws most of its revenue from iron ore and coking coal, has been on the hunt for growth with a focus on potash, copper and the nickel used in electric vehicle batteries.

OZ completed a feasibility process to kick-start the development of its remote A$1.7bn nickel and copper mine in Western Australia last month. The project will open up a new frontier for Australian nickel production, and its viability could provide more comfort for bidders including BHP in establishing OZ’s value.

Bumper profits last year mean BHP has a sizeable war chest at its disposal, should it choose to pursue acquisitions. However, its shareholders also expect a lot of that cash to be given back to them. The company returned $16.5bn to investors during its past fiscal year.

The mining company has also consolidated its Australian and British share structure — a move analysts say will make significant acquisitions easier to complete — and has split off its oil and gas operations via a merger with Woodside that completed earlier this year.

Henry said he was cautiously optimistic on the outlook for China, the world’s largest consumer of commodities.

China delayed the release of its third-quarter economic data this week, adding to concerns about a slowdown that has been compounded by Covid lockdowns.

It would be nice if this is all wrapped up soon… anything over 40-50p will be a result from here….. get the deal done, and get us paid.. preferably before Putin has his moment of nuclear madness and world markets collapse further. The lost opportunity cost associated with sticking with Solg is just too much

With Solgold, you can completely ignore their Corporate presentations.. and take their 'pathways to production' with the kind of credibility you would give to a used car salesman kicking tyres..

This share has been an absolute turd for too long.. and it seems the markets don't have any faith in their recent announcements or ability to close a deal.

Those expecting a payout of circa £1 and above soon, due to corporate actions need to be asking why even at this price, and after the proposed merger news, no one is interested.

So why are we sat still at 16p?

cheers Lunch

I don't know if this has already been discussed, but can anyone give a reason as to the very specific, caveated point of Solgold being able to to pay Cornerstone 20% of the deal in cash? considering we all know we have none.

Then we get their 15% of Ensa for 3.5 million next year I guess... granted our share price will collapse if the merger is voted down... but they basically have no other choice really.

Good morning Darren

DBW, they would have shouted it from the rooftops if it wasn't a dud.

What ever mr charisma is saying right now, the market is not interested.

e all thought we had shares in a turkey until last week

Got to have a dream

Hey, we would all like to see the end game finally arrive... it would be lovely if it was all wrapped up by new year... it wont be, but we can dream.... I'm dreaming of being able to treat myself to an extra piece of coal on the fire and an extra roast potato on Christmas day

Red, you must think this is the greatest comeback since Lazarus, after doing all your research and deciding the sky was about to fall in...

not enough cash to be able to drill anything

That’s all your going to get Rcgl.

I’ve given up tuning in to these presentations.. I used to watch with a real keen interest, each presentation Solg did. But they have become stale, entirely predictable and worthless.

Your going to get generic pleasantries about CGP and then deflections and vagueness regarding the funding.

The fact they have not shouted any of the drill results should tell you all you need to know.... They are clearly not sitting on great news. They never have done.

the said accountant now has nice new villa in Marbella?

in not 100% sure we can Bozi. of course common sense says, surely they wont release it without supporting finance sorted... but my opinion of our board is so low after the last 3-4 years.........