BHP Group Ltd (ASX: BHP) shares are down 0.4% in afternoon trading.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining company are currently changing hands for $48.12 apiece, down from Fridayâs closing price of $48.32 per share.
Thatâs todayâs price action for you.
Now hereâs what BHP is looking for from the government.
What kind of action is the ASX 200 miner suggesting?
If you own BHP shares you may be aware that the miner covered a range of topics in its submission to the federal budget.
As we covered earlier today, what the mining giant certainly does not want is for the federal government to impose a Queensland-style tax on âsuper-profitsâ.
Should that come into play, BHP CEO Mike Henry warned it would lead to âreduced investment, fewer jobs and, in the long term, lower living standards for Australiansâ.
As for what BHP would like to see, the company pointed to the Inflation Reduction Act (IRA) recently enacted by the United States. Among the specifications, the IRA provides US$437 billion worth of subsidies for new energy projects.
âIf Australia is to attract global capital and become a leader in the race for critical minerals, it needs to ensure it is globally competitive,â BHP stated (quoted by The Australian Financial Review).
âAustralia is the dominant global player in the mining of battery materials, but plays a relatively narrow role focused on mining and distribution of raw materials,â the ASX 200 miner added. âThe economic case for moving up the value chain is strong.â
Indeed, rival ASX 200 iron ore miner, Fortescue Metals Group Limited (ASX: FMG), is already increasing its focus on US opportunities via its off-shoot, Fortescue Future Industries (FFI).
With a focus on âgreen steelâ, Mark Hutchison the head of FFI, returned to the US last Wednesday to discuss the opportunities presented by green hydrogen with government and business leaders.
How have BHP shares been performing?
As you can see in the chart below, BHP shares are down 4% over the past 12 months. Longer-term, shares in the ASX 200 miner are up 70% over five years.
The post Own BHP shares? Hereâs what the ASX 200 miner wants from the government appeared first on The Motley Fool Australia.
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More reading
- BHP share price stumbles amid super-profit tax fears
- Why I donât own BHP shares (yet)
- Have BHP shares always paid better dividends than Rio Tinto?
- 5 things to watch on the ASX 200 on Friday
- Here are the top 10 ASX 200 shares today
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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