BHP (ASX:BHP) shares trading in green today, here's why

2 min read | July 18, 2022 03:13 PM AEST | By Bhawna Gupta

BHP (ASX:BHP) shares trading in green today, here's why — Image source: © Billyfoto | Megapixl.com

Why is BHP share price up?

BHP also produces copper, among other metals and this seems to be an important reason why the company's shares are trading in green today. Copper prices gained 1.96% and were trading at USD 0.063/Lbs today at 1.55 PM AEST, .

Image Source: © De-kay | Megapixl.com

What happened to BHP shares on Friday?

BHP closed last week on a weaker note as the mining company's shares ended at AU$36.10 each on Friday (15 July 2022), which was 3.48% down from its previous close.

The iron ore futures price had also dropped US$5.30 or 4.8% overnight to US$104.96 a tonne on Friday.

BHP peers like Fortescue Metals Group Limited (ASX:FMG), Mineral Resources Limited (ASX:MIN), and Rio Tinto Limited (ASX:RIO) were also impacted due to the fall in price of iron ore futures.

Why was BHP in news recently?

An English Court of Appeal has allowed over 200,000 litigants from Brazil to pursue a AU$8.8 billion class action against BHP over the 2015 Samarco dam breach, which is a setback for the world's largest mining company BHP Group. According to an ASX filing, BHP is currently asking the Supreme Court for assistance with the Brazil dam dispute.

The corporation received word on Friday (8 July 2022), that the Court of Appeal had denied its request in a London court to halt an AU$8.8 billion lawsuit related to the dam breach that caused Brazil's worst environmental disaster.

When the Fundao dam, which is under the jurisdiction of the Samarco partnership between BHP and the biggest iron ore mine in Brazil, Vale, collapsed, 19 people were killed.

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