{"text":[[{"start":7.85,"text":"BHP has struck a deal with China’s powerful state-owned minerals buyer after months of intense talks that barred Chinese steel mills from purchasing some of its iron ore."}],[{"start":17.95,"text":"The Australian mining company said on Wednesday that talks with China Mineral Resources Group, the centralised purchasing agency that controls most of the country’s metals imports, had been “concluded” without providing more detail on the agreement."}],[{"start":33.35,"text":"Mike Henry, BHP’s outgoing chief executive, and Brandon Craig, who takes over in July, travelled to China this month to meet officials and steel industry partners."}],[{"start":45.05,"text":"The deal, which is expected to run to 2027 according to one person familiar with the arrangement, resolves a key uncertainty for BHP."}],[{"start":53.4,"text":"Its third-quarter production report showed that Jimblebar iron ore shipments — the grade targeted by China Minerals Resources — almost halved compared with the second quarter and had declined by 10 per cent in the first nine months of the year."}],[{"start":67.45,"text":"However, that shortfall was made up by a stronger performance at BHP’s other iron ore mines, with overall production up 2 per cent. "}],[{"start":75,"text":"JPMorgan said in a note that the China Minerals Resources deal was a “key positive” given iron pricing had remained “solid” during the quarter. "}],[{"start":83.45,"text":"The results, which also showed strong copper and gold production, were the final set of numbers delivered by Henry, who has run the world’s largest mining company since 2020. BHP said that copper production — a key part of Henry’s growth strategy — would be at the upper end of its guidance."}],[{"start":100.2,"text":"Henry said the refocusing of the business, including the sale of some coal mines and striking offtake deals for precious metals, had strengthened its balance sheet at a time of global uncertainty. "}],[{"start":112.55,"text":"“Our centralised procurement capability and our low-cost operations have positioned us advantageously in the face of industry-wide pressure on the cost of energy and consumables as a result of the conflict in the Middle East,” he said."}],[{"start":126.2,"text":"The war has hit the mining sector in countries including Australia as supplies of diesel and other vital ingredients including sulphuric acid have been constrained. The largest companies have thus far been able to absorb the impact though. "}],[{"start":139.1,"text":"Rio Tinto said this week that its copper production had risen 9 per cent and that the direct impact of higher fuel and supply costs had been “limited”."}],[{"start":148.1,"text":"BHP shares were almost 1 per cent higher in Sydney on Wednesday and have gained more than 22 per cent this year, valuing the company at A$284bn."}],[{"start":164.45,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776849082_5031.mp3"}