Are ASX mining giants BHP, Fortescue, and Rio Tinto shares a buy for November?

Shares of ASX mining giants BHP Group Ltd (ASX: BHP), Fortescue Ltd (ASX: FMG), and Rio Tinto Ltd (ASX: RIO) all sank lower in October.

At the time of writing, BHP shares have slumped around 4% over the month, to $58.07 apiece.

Fortescue shares have shed around 11% over the past month, down to $14.45 each.

And Rio Tinto shares are down roughly 9% to $149.99 each.

The broad declines were the result of a combination of headwinds, including weaker commodity prices, higher costs, broad macro pressures, and company-specific updates.

To help determine if the mining giant's shares are a buy for November, here's a brief look at their latest updates, and what's ahead next month.

BHP shares

The miner announced its September 2026 quarter operational review last week. This included the declaration of the new maiden block-cave mineral resource of 10.73 billion tonnes grading 0.59% copper at its Olympic Dam Copper Operations.

The block-cave resource is in the early stages of assessment. But it adds a potentially significant underground mining option to boost BHP's broader copper production plans.

BHP is scheduled to deliver a full strategy update and site-visit update on expansion plans for its Olympic Dam Block Cave in South Australia in late November.

And I anticipate a rally in interest in BHP shares as investors realise the potential this expansion plan offers for company growth. 

My view: I'm looking to add more BHP shares to my portfolio before then.

Fortescue shares

As a pure-play iron ore producer, the vast majority of Fortescue's revenue is tightly tied to fluctuations in the metal's price. Iron ore has rebounded from a four-year low, but at around CNY 670, is still trading around 15% lower than 12 months ago, according to Trading Economics data. 

The miner has also faced ongoing tensions and contract negotiations with China's state-backed buyer, China Mineral Resources Group (CMRG). The group has urged Chinese mills to curb delivery of iron ore from major miners while it negotiates with domestic steelmakers. It plans to force major miners into lower pricing agreements.

Fortescue's Q1 FY27 update last week has instilled a small amount of confidence back into investors. The miner confirmed it shipped 46.8 million tonnes of iron ore in the September quarter. It also said it ended the period with US$3.2 billion in cash and net debt of US$2.8 billion after payment of its FY26 final dividend and capital expenditure.

The problem is, I don't see that Fortescue's headwinds will cool anytime soon. Iron ore continues to trade at a low price, and the company's FY27 shipments and capital expenditure hinge on the outcome of negotiations with CMRG. If this doesn't happen within the next couple of months, it could start to seriously affect the miner's operations.

My view: I'd hold off buying Fortescue shares in November, until we have more visibility on CMRG negotiations or changes in iron ore prices.

Rio Tinto shares

Rio Tinto's headwinds look like they're easing this month.

Unlike Fortescue, Rio Tinto isn't a pure-play iron ore company, so it isn't as heavily influenced by iron ore prices, although its iron ore segment still accounts for around 50% to 60% of its total revenue.

The good news is that Rio Tinto's core business is strong and its projects are progressing well.

In mid-October, the miner reported global iron ore sales of 90.8 million tonnes for the third quarter of FY26, an increase of 3% on the prior corresponding period. 

Its Pilbara operations also performed well, with sales increasing 2% to 85.7 million tonnes. Its copper production also increased, by 27% compared with the same quarter last year, reflecting the ongoing ramp-up of its underground mine.

In other positive news, Rio Tinto reached an agreement with CMRG around a week ago. The finalised agreement secures multi-year iron ore supply running from November 2026 to May 2028.

There's no clear catalyst ahead for Rio Tinto in November, but I think the latest updates give the miner a green light to turn around its operations over the next quarter. 

My verdict: I'd rate Rio Tinto shares as a buy for November.

The post Are ASX mining giants BHP, Fortescue, and Rio Tinto shares a buy for November? appeared first on The Motley Fool Australia.

Motley Fool contributor Samantha Menzies has positions in BHP Group. 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 recommended BHP Group. 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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