BLT profits derive of mainly two things
1. Iron Ore - up from where it was last year (around $80p/t)
2. Oil - up from where it was last year
copper and other metals are loose change compared the above two.
Er.....not quite.
Copper is by far the most sensitive commodity in the BHP Billiton portfolio. They have some of the largest copper mines in the world (Olympic Dam, in Australia, Escondida and Pampa Norte in Chile, Antamina in Peru). These operations are huge. Every US$0.01 (yes, 1 US Cent) change in the copper price affects BLT income by US$88 Million. Iron ore is also huge (and the legal case over the Samarco tailings dam failure is still hanging over their heads) and coal and nickel are very significant. Petroleum provided US$6.9 Billion dollars to 2016 revenue, Copper and Coal provided $12.7 Billion and Iron ore about $10 Billion out of a total revenue of US$30.9 Billion. The 2016 loss was US$6.2 Billion or about US$1.20 per share.
Do your own forecasting on commodity prices (I have already given you mine) but the OPEC agreement is not going to turn BLT around very quickly. They need a good upturn in Iron ore and copper prices, and they need it to happen soon.
Just my six-penny worth as usual.
Best of luck to those holding.
Miner