The BHP Group Ltd (ASX: BHP) share price had a tough month in June.
During the period, the mining giant's shares dropped 7.5%.
Though, this is actually better than the ASX 200 index, which tumbled 9% over the same period.
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Why did the BHP share price tumble lower in June?
As well as battling broad market weakness, the BHP share price came under pressure from a pullback in the iron ore price.
For example, on Thursday the price of iron ore for September delivery fell a further 2.7% on China's Dalian Commodity Exchange. This put the steel-making ingredient on track to record a quarterly loss of approximately 11%.
In addition, the copper price has come under pressure significant pressure. So much so, the metal tumbled again on Thursday to record its biggest quarterly slump since 2011. This has been driven by concerns that a recession could impact demand.
Finally, the announcement of new coal royalties in Queensland weighed on mining shares during the month.
Is this a buying opportunity?
Analysts at Goldman Sachs appear to see the weakness in the BHP share price as a buying opportunity.
A note from earlier week reveals that its analysts have resumed coverage on the Big Australian with a buy rating and $49.40 price target.
This implies potential upside of 22% for investors over the next 12 months from current levels.
In addition, Goldman Sachs is forecasting fully franked dividends per share of US$3.50 in FY 2022 and then ~US$2.65 in FY 2023. Based on the current BHP share price and current exchange rates, this implies yields of 12.5% and 9.5%, respectively.
All in all, this suggests that there's a total potential return on offer of almost 35% for investors over the next 12 months.
