Sydney, Feb 3, 2026, 16:54 AEDT — After-hours
- BHP shares ended the day 1.4% higher on the ASX, closing at A$50.13
- Australia’s central bank hiked rates, ending a two-year pause
- Attention turns to BHP’s half-year results and guidance due Feb. 17
BHP Group Ltd shares ended Tuesday up 1.4%, closing at A$50.13 and outpacing the broader market. Australia’s S&P/ASX 200 rose 0.9%, clawing back most of the previous session’s losses. (Investing)
At midday, the Reserve Bank of Australia hiked its benchmark cash rate by 25 basis points — 0.25 percentage point — to 3.85%, marking its first increase in two years. This move sparked speculation about another rate rise in May, sending the Australian dollar past 70 U.S. cents. (Reuters)
That currency shift hits miners hard, since their revenues mostly track U.S. dollar commodity prices, but their costs and dividends come in Australian dollars. BHP is set to release its half-year results for the period ending Dec. 31 on Feb. 17, a key date that usually resets forecasts for dividends and capital expenditure. (BHP)
BHP is pushing its early-stage exploration and tech efforts, announcing it has picked 10 companies for its 2026 Xplor program. Each will receive a $500,000 “equity-free” grant—meaning cash with no equity taken—along with mentoring and specialist support. Tim O’Connor noted, “Exploration is evolving quickly. New tools, better data, and different ways of working are changing how early-stage ideas are tested and refined.” (BHP)
Macro Metals Limited revealed that its majority Indigenous-owned contractor, Nyapiri Macro Mining, has inked a multi-year framework agreement with BHP at Mount Goldsworthy. According to the ASX announcement, the deal spans 3+1+1 years and allows BHP to issue work packages under pre-agreed terms. These cover civil earthworks, rehabilitation, and dewatering tasks. (Market Index Data API)
Shares of other major miners also saw gains. Rio Tinto climbed roughly 1.9%, with Fortescue edging up around 0.2%, market data shows. (Intelligent Investor)
Commodity markets have been volatile. On Monday, metals and energy prices fell after Kevin Warsh was chosen to succeed Jerome Powell as U.S. Federal Reserve chair. The decision bolstered the U.S. dollar and shook risk assets. Vivek Dhar of Commonwealth Bank of Australia noted, “A stronger U.S. dollar is also adding pressure on precious metals and other commodities, including oil and base metals.” (Reuters)
BHP’s rebound doesn’t straightforwardly reflect its fundamentals. If the Australian dollar climbs further or interest rates rise beyond current forecasts, local-currency profits and the lure of high-dividend miners could take a hit. Traders remain cautious too, knowing demand from China often dips near holidays, which can magnify price volatility.
On Wednesday, eyes are on the Aussie dollar, shifts in copper and iron ore prices, and whether the risk-on mood sticks after the rate decision. BHP’s next big event is its half-year report on Feb. 17, where investors will zero in on guidance, cost updates, and any signals about capital returns.
