BHP is trading 3% down at $77.79 in pre-market due to looming strike action at its Port Hedland iron ore operations, coupled with a broader risk-off sentiment across global markets. - The potential strike, set for July 16, involves workers at a crucial part of BHP's iron ore business, with potential daily costs estimated at US$90 million. - This decline occurs despite the company receiving environmental approval for a massive US$14.7 billion expansion at its Escondida copper mine in Chile, a positive operational development that has been overshadowed.