BHP investors worry about returns on potash after ‘shock' cost blowout
BHP chief executive Mike Henry's claim to be the industry's best operator was dented by Friday's news that the first stage of the Jansen potash mine would cost 30 per cent more than expected and be delivered a year late.
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The Advertiser
a day ago
- The Advertiser
Trump hikes tariff on Canada to 35pc, citing fentanyl
President Donald Trump has raised the tariff rate on US imports from Canada to 35 per cent from 25 per cent, effective on Friday. The announcement from the White House late Thursday said Canada had failed to "do more to arrest, seize, detain or otherwise intercept ... traffickers, criminals at large, and illicit drugs". Trump has heckled Canada for months and suggested it should become its 51st US state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier on Thursday, the president said Canada's announcement it would recognise a Palestinian state would "make it very hard" for the United States to reach a trade agreement with its northern neighbour. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal "if there's one on the table that is in the best interests of Canadians". In a statement released early on Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. "Canada accounts for only one per cent of US fentanyl imports and has been working intensively to further reduce these volumes," he said, pointing to heavy investments in border security. Carney added that some industries - including timber, steel, aluminium and motor vehicles - would be harder hit, but said his government would try to minimise the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late on Thursday. Those import duties are due to take effect on August 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35 per cent, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation in 2026. The White House's statement said goods trans-shipped through Canada that were not covered by the USMCA would be subject to a 40 per cent tariff rate. President Donald Trump has raised the tariff rate on US imports from Canada to 35 per cent from 25 per cent, effective on Friday. The announcement from the White House late Thursday said Canada had failed to "do more to arrest, seize, detain or otherwise intercept ... traffickers, criminals at large, and illicit drugs". Trump has heckled Canada for months and suggested it should become its 51st US state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier on Thursday, the president said Canada's announcement it would recognise a Palestinian state would "make it very hard" for the United States to reach a trade agreement with its northern neighbour. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal "if there's one on the table that is in the best interests of Canadians". In a statement released early on Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. "Canada accounts for only one per cent of US fentanyl imports and has been working intensively to further reduce these volumes," he said, pointing to heavy investments in border security. Carney added that some industries - including timber, steel, aluminium and motor vehicles - would be harder hit, but said his government would try to minimise the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late on Thursday. Those import duties are due to take effect on August 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35 per cent, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation in 2026. The White House's statement said goods trans-shipped through Canada that were not covered by the USMCA would be subject to a 40 per cent tariff rate. President Donald Trump has raised the tariff rate on US imports from Canada to 35 per cent from 25 per cent, effective on Friday. The announcement from the White House late Thursday said Canada had failed to "do more to arrest, seize, detain or otherwise intercept ... traffickers, criminals at large, and illicit drugs". Trump has heckled Canada for months and suggested it should become its 51st US state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier on Thursday, the president said Canada's announcement it would recognise a Palestinian state would "make it very hard" for the United States to reach a trade agreement with its northern neighbour. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal "if there's one on the table that is in the best interests of Canadians". In a statement released early on Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. "Canada accounts for only one per cent of US fentanyl imports and has been working intensively to further reduce these volumes," he said, pointing to heavy investments in border security. Carney added that some industries - including timber, steel, aluminium and motor vehicles - would be harder hit, but said his government would try to minimise the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late on Thursday. Those import duties are due to take effect on August 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35 per cent, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation in 2026. The White House's statement said goods trans-shipped through Canada that were not covered by the USMCA would be subject to a 40 per cent tariff rate. President Donald Trump has raised the tariff rate on US imports from Canada to 35 per cent from 25 per cent, effective on Friday. The announcement from the White House late Thursday said Canada had failed to "do more to arrest, seize, detain or otherwise intercept ... traffickers, criminals at large, and illicit drugs". Trump has heckled Canada for months and suggested it should become its 51st US state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier on Thursday, the president said Canada's announcement it would recognise a Palestinian state would "make it very hard" for the United States to reach a trade agreement with its northern neighbour. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal "if there's one on the table that is in the best interests of Canadians". In a statement released early on Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. "Canada accounts for only one per cent of US fentanyl imports and has been working intensively to further reduce these volumes," he said, pointing to heavy investments in border security. Carney added that some industries - including timber, steel, aluminium and motor vehicles - would be harder hit, but said his government would try to minimise the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late on Thursday. Those import duties are due to take effect on August 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35 per cent, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation in 2026. The White House's statement said goods trans-shipped through Canada that were not covered by the USMCA would be subject to a 40 per cent tariff rate.
The Advertiser
a day ago
- The Advertiser
BHP, Vale accused of 'cheating' UK law firm out of fees
BHP and Vale face a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. Anglo-Australian mining giant BHP said it rejected the allegations "in their entirety" and would contest them. Brazil-headquartered multinational Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek Stg1.3 billion ($A2.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture - which owned and operated the dam - said about 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($A47 billion) compensation agreement that Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $US1 billion ($A1.6 billion) in borrowing costs to finance the English case over the dam's collapse. "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to 2024's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court in June ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to Stg36 billion. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil. BHP and Vale face a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. Anglo-Australian mining giant BHP said it rejected the allegations "in their entirety" and would contest them. Brazil-headquartered multinational Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek Stg1.3 billion ($A2.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture - which owned and operated the dam - said about 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($A47 billion) compensation agreement that Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $US1 billion ($A1.6 billion) in borrowing costs to finance the English case over the dam's collapse. "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to 2024's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court in June ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to Stg36 billion. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil. BHP and Vale face a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. Anglo-Australian mining giant BHP said it rejected the allegations "in their entirety" and would contest them. Brazil-headquartered multinational Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek Stg1.3 billion ($A2.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture - which owned and operated the dam - said about 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($A47 billion) compensation agreement that Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $US1 billion ($A1.6 billion) in borrowing costs to finance the English case over the dam's collapse. "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to 2024's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court in June ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to Stg36 billion. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil. BHP and Vale face a London lawsuit from the law firm representing hundreds of thousands of people over Brazil's worst environmental disaster, alleging the companies sought to cheat the firm out of legal fees by procuring settlements. Anglo-Australian mining giant BHP said it rejected the allegations "in their entirety" and would contest them. Brazil-headquartered multinational Vale declined to comment. Pogust Goodhead, which represents the claimants in an ongoing case against BHP over the 2015 collapse of the Fundao dam in Mariana, southeastern Brazil, says it will seek Stg1.3 billion ($A2.7 billion) for unpaid fees. The firm was representing more than 600,000 Brazilians in the case at London's High Court. A June presentation by BHP and Vale's Samarco joint venture - which owned and operated the dam - said about 130,000 people had settled. In a legal letter sent on Pogust Goodhead's behalf, lawyers representing the firm allege BHP, Vale and Samarco pressured claimants to "settle their claims at far below their true value". Pogust Goodhead also alleges that a 170 billion-reais ($A47 billion) compensation agreement that Brazil signed with BHP, Vale and Samarco in October 2024 prevented claimants discussing the deal with the firm or paying its legal fees. The firm says it has also incurred an extra $US1 billion ($A1.6 billion) in borrowing costs to finance the English case over the dam's collapse. "We reject Pogust Goodhead's claims and allegations in their entirety and dispute their factual and legal basis," a BHP spokesperson said in a statement. "These allegations and threatened claims are entirely without merit and BHP rejects and will vigorously contest them." The BHP spokesperson pointed to 2024's compensation deal, saying: "We continue to believe Brazil is the most appropriate, effective, and efficient place for compensation for the Fundao dam failure from Samarco to be delivered." Pogust Goodhead's threat of legal action - in a so-called "letter before action" that is required as part of the process - is the latest development in the litigation, after the High Court in June ruled BHP should face a full contempt of court hearing for funding parallel litigation in Brazil. BHP, meanwhile, still awaits judgment following a trial of the underlying lawsuit over the dam collapse, in which Pogust Goodhead said it was seeking damages of up to Stg36 billion. When the dam burst in 2015, it unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River. The trial began in October and finished in March. BHP denies liability and says the case duplicates legal proceedings and reparation and repair programs in Brazil.
Perth Now
a day ago
- Perth Now
Trump hikes tariff on Canada to 35pc, citing fentanyl
President Donald Trump has raised the tariff rate on US imports from Canada to 35 per cent from 25 per cent, effective on Friday. The announcement from the White House late Thursday said Canada had failed to "do more to arrest, seize, detain or otherwise intercept ... traffickers, criminals at large, and illicit drugs". Trump has heckled Canada for months and suggested it should become its 51st US state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier on Thursday, the president said Canada's announcement it would recognise a Palestinian state would "make it very hard" for the United States to reach a trade agreement with its northern neighbour. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal "if there's one on the table that is in the best interests of Canadians". In a statement released early on Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. "Canada accounts for only one per cent of US fentanyl imports and has been working intensively to further reduce these volumes," he said, pointing to heavy investments in border security. Carney added that some industries - including timber, steel, aluminium and motor vehicles - would be harder hit, but said his government would try to minimise the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late on Thursday. Those import duties are due to take effect on August 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35 per cent, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation in 2026. The White House's statement said goods trans-shipped through Canada that were not covered by the USMCA would be subject to a 40 per cent tariff rate.
