A motion to stop BHP’s planned US copper mine has passed a major milestone.
The post BHP (ASX:BHP) share price lifts despite US mine doubts appeared first on The Motley Fool Australia. –
The BHP Group Ltd (ASX: BHP) share price has spent most of today in the green despite reports a bill to stop its planned copper project will face the US Senate.
Resolution Copper, a joint venture that’s 45% owned by BHP and 55% owned by Rio Tinto Limited (ASX: RIO), plans to mine a copper resource located underground at Arizona’s Oak Flat.
As The Motley Fool has previously reported, Oak Flat is sacred to the region’s San Carlos Apache Tribe.
Reports emerged today that a bill named the Save Oak Flat Act was added to a domestic spending package that passed the US House of Representatives on Thursday. It will now move to the US Senate, where it may be voted into law, disallowing BHP and Rio Tinto to mine the resource.
Let’s take a closer look at today’s news regarding the resources company.
BHP might fall flat at Oak Flat
The BHP share price was posting gains all day despite news an act opposing its planned project has passed the US House of Representatives.
While BHP’s stock hasn’t been noticeably affected by the reports, the Rio Tinto share price has slipped 0.27% today.
The act notes that Resolution Copper plans to use block cave mining to retrieve copper ore from the deposit. Doing so will destroy the sacred area forever.
It also argues BHP and Rio Tinto’s planned mine will likely affect the region’s hydrology and pollute its drinking water.
According to reporting by the Australian Financial Review (AFR), the act passed the US House of Representatives on Thursday.
The Save Oak Flat Act will now face the US Senate alongside several measures. There, it might be voted into law.
The AFR states the deposit holds enough copper to supply a quarter of the US’s needs for 40 years.
BHP share price snapshot
In the last hour of trade today, BHP shares dipped into the red. Right now, the BHP shares are trading at $41.19, 0.15% lower than the previous close.
This slump is more indicative of the BHP share price lately.
It is currently 2.92% lower than it was at the start of 2021. However, it has gained 12.69% since this time last year.
Should you invest $1,000 in BHP Group right now?
Before you consider BHP Group, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BHP Group wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.