Australia Federal Mines Minister backs union right to strike at BHP — Port Hedland

Speaking to ABC, Minister Madeleine King said "the right to strike within fair bargaining is protected by the Federal Fair Work Act, and the government finds the union's claim legitimate while calling parties back to the table." MUA Western Australia Branch Secretary Will Tracey said the strike covers severance, shift allowances and the employment impact of AI integration.

BHP Iron Ore Australia CEO Tim Day said in a written statement that "the company has requested conciliation before the Federal Fair Work Commission and that 1.8 million tonnes a day of shipments from Port Hedland are affected." Rio Tinto and Fortescue have proposed sharing Port Hedland's northern terminal capacity. Western Australia State Mines Minister David Michael said state policy supports the federal stance.

In Singapore, 62% iron ore futures rose 2.6% to $112 a tonne; BHP shares fell 1.9% on the ASX to AU$41.80, Rio fell 1.4% and FMG declined 1.7%. UBS analyst Lachlan Shaw wrote that "third-quarter free cash flow estimates could be revised 4-6% lower if the strike extends." The Australian dollar was slightly weaker at 0.6480 against the U.S. dollar. Not investment advice.