On June 23, BHP Group fell 4.34% in pre-market trading, trading at $81.8/share, with turnover of $272,600. The stock continued to face selling pressure following the companys announcement of a significant asset impairment related to its Canadian potash project.

BHP disclosed that its Jansen potash project Phase 2 expansion in Saskatchewan, Canada, has experienced substantial cost overruns, prompting an approximately $2.3 billion impairment charge. The total investment budget for Phase 2 has been revised upward from $4.9 billion to $6.9 billion, representing a 41% increase, primarily driven by additional construction labor requirements, increased material usage, and inflationary pressures. As of end-May, Phase 2 construction was approximately 16% complete. Upon reaching full capacity, the project is expected to produce 4.36 million tonnes of potash annually, with combined Phase 1 and Phase 2 output accounting for approximately 10% of global potash supply.

Peer Rio Tinto declined 4.37% over the same period, with the broader Diversified Metals and Mining sector under pressure. Teck Resources fell 6.58%, USA Rare Earth dropped 5.89%, and HudBay Minerals lost 5.43%.

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