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BHP (A1, A-, A): Push To Lift Uranium Mining Bans

CREDIT UPDATE
  • There is currently a push to lift uranium mining bans in Australia which could impact BHP significantly. Currently, BHP's Olympic Dam project, which produces uranium as a byproduct of copper mining, contributes about 9% of global uranium output.
  • Uranium prices are up 30% this year, although 23% off yearly highs made in Feb.
  • Elsewhere, BHP filed a mediation request with Chilean authorities to avoid a strike at Escondida, the world’s largest copper mine.
  • The BHP curve has bull-steepened over the past week with the front-end 25-35bps tighter, underperforming the USD US A+, A, A- curve by 2-5bps.
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