while BHP has legacy issues especially with bloated jobs for the boys and takeovers. However it’s significantly outperformed s32 since the demerger... and unlike s32 it has billions of off balance sheet worth in tenements that have tier 1 mines waiting. S32 does not.. check out oak dam west... woah could be transformational for BHPs copper division.
im actually impressed with the new BHP since the 2016 mining crash. S32 has been relatively disappointing. Arizona was smart, outside that... well it’s spraying exploration targets with minnows as it should, no real luck. Coal, is unfortunately not in vogue. Aluminium/Alumnia is in the diddums. Cannington is great, however not a huge mine life remaining (which would be the only reason Bhp ditched it). Then we have a lot of operational risk for the CAPEX spend coming.
I lightened my holding in the low $3s thankfully. But still hold a lot from my large legacy Bhp holdings. Tempted to top up. But financials appear more undervalued to me.
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