BHP Group (BHP) Teams Up With BlackRock For $2 Billion Investment

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BHP Group (NYSE:BHP) is one of the biggest mining companies in the world. The firm made an important announcement on December 9th when it revealed that BlackRock’s Global Infrastructure Partners would invest $2 billion in Western Australia Iron Ore’s inland power network. Through the deal, BHP Group (NYSE:BHP) will retain operational control of the site, and the two companies will create an entity in which the firm will hold a 51% stake. The mining company will pay a tariff to the new entity corresponding to its share.

Late November and early December also saw considerable action by analysts for BHP Group (NYSE:BHP)’s shares. For instance, on December 3rd, JPMorgan increased its share price target for the firm to GBp 2,300 from GBp 2,100 and kept a Neutral rating on the shares. On November 24th, Bank of America Securities kept a Buy rating and an A$49 share price target. BHP Group (NYSE:BHP) also made an important announcement on November 24th when it announced that it was “no longer considering” a combination with Anglo American plc. The firm cited the “potential of its own organic growth strategy” as one of the reasons behind walking away from a deal that many thought was in response to Anglo teaming up with Teck Resources to create a sizable entity in the copper industry.

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Disclosure: None. This article is originally published at Insider Monkey.