On June 22, BHP Group declined 4.11% overnight, trading at $84.65/share, with turnover of $155,000. The selloff was driven by the company's announcement of an approximately $2.3 billion asset impairment charge related to its Jansen potash project Phase 2 expansion in Saskatchewan, Canada.

According to the disclosure, the Jansen Phase 2 total investment budget has been revised upward from $4.9 billion to $6.9 billion, representing a 41% increase. The cost escalation was primarily attributed to additional construction labor requirements, higher material consumption, and inflationary pressures. As of late May, Phase 2 construction progress stood at 16%. Upon full ramp-up, annual potash production capacity is expected to reach 4.36 million tonnes, with combined output from both phases accounting for approximately 10% of global potash supply.

Within the Diversified Metals & Mining sector, the overall sector remained under pressure. Among individual stocks, USA Rare Earth Inc. up 0.57%, MP Materials Corp. down 0.71%, Rio Tinto PLC down 0.89%, Teck Resources Ltd flat, Materion flat.

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