BHP is not the first major player to flag green shoots in the mining industry. Caterpillar, the world's largest heavy machinery maker, said the same last month.
Investors have seen a rise in the market capitalization of top junior mining companies on the TSX Venture Exchange by more than 100% compared to last year.
" Despite the uncertainty around global metal prices, Quebec Premier Philippe Couillard has thrown his support behind a project that has the potential to be transformational for the north of his province."
While met coal is clearly the star performer, thermal coal is probably the biggest upset – seaborne prices have jumped 65% in 2016 to above $80 a tonne.