BHP delivers strong results on back of solid operational performance
(Posted on 27/08/24)
BHP has delivered a strong set of results in FY24 on the back of solid operational performance.
BHP Chief Executive Officer, Mike Henry said, “We delivered record volumes at Western Australia Iron Ore, where we extended our lead as the world’s lowest cost iron ore producer. Across our global copper assets, we grew overall copper volumes by 9% for the second consecutive year and expect to deliver a further 4% in FY25.
As a result of this strong performance, combined with our healthy balance sheet, we determined a final dividend of 74 US cents per share, a 53% payout ratio, continuing our track record of delivering robust shareholder returns through the cycle.
We have a pipeline of copper projects under development in Chile and Australia. At Copper SA we have a strategy to deliver up to 650 ktpa of copper and today we published an Inferred Mineral Resource at Oak Dam for the first time. In July, we strengthened our copper resource position and our early-stage options by agreeing to acquire a 50% interest in the promising Filo del Sol and Josemaria copper projects in Argentina, adding to Resolution in the US and our greenfield exploration efforts. In iron ore, studies on further potential expansions at WAIO to increase our output up to 330 Mtpa will be completed in CY25. Construction of our Jansen potash project in Canada is ahead of the original schedule with first production now just over two years away. We have put our Western Australia Nickel operations into temporary suspension as a result of global oversupply of nickel, while continuing to support our people and communities impacted by this decision.
In January, tragically a colleague was fatally injured at BMA and we continue our relentless effort to eliminate fatalities and operate safely. During FY24, we reached 37% female employee participation across BHP globally, including over 40% in our Minerals Americas business. We increased Indigenous procurement spend to over US$600 m. We have reduced operational greenhouse gas emissions by 32% from our FY20 adjusted baseline and today set out our decarbonisation plans through to 2050 in our second Climate Transition Action Plan.
The longer-term fundamentals that drive demand for our products remain compelling. In the near term, we expect volatility in global commodity markets, with China experiencing an uneven recovery among its end-use sectors. The effectiveness of recently announced pro-growth policies will be an important contributor for the country to achieve its official 5% growth target. India is set to continue as the world’s fastest growing major economy. We anticipate developed economies will face gradual relief from the lingering effects of higher interest rates in coming years.
We are energised to build on the positive momentum achieved this year. Our tier 1 assets, track record of operational performance and strong balance sheet allow us to invest in future growth and maintain strong cash returns to shareholders through the cycle.”
Latest News
US soy and Uzbekistan sign MoU to expand trade
(Posted on 02/12/25)The American Soybean Association’s World Initiative for Soy in Human Health programme and the... Read more
KNAC and Rio Tinto sign updated agreement
(Posted on 02/12/25)Karlka Nyiyaparli Aboriginal Corporation (KNAC) Registered Native Title Body Corporate and Rio Tinto... Read more
OCI Global announces sale of OCI Ammonia Holding to AGROFERT
(Posted on 02/12/25)OCI Global, a leading global producer and distributor of nitrogen products has announced that it has... Read more
Court of Appeal confirms permit for new steel plant in Luleå
(Posted on 24/11/25)In December 2024, SSAB was granted a permit by the Land and Environment Court at Umeå District... Read more
Simandou partners celebrate start of operations
(Posted on 15/11/25)The President of the Republic of Guinea has joined project partners WCS1, Baowu, Chinalco and Rio Tinto... Read more
GSC launches mining advisory division, strengthening global investment capabilities
(Posted on 10/11/25)GSC (Global Strategic Commodities) has announced the launch of its dedicated mining advisory division... Read more
SSAB issues first green bonds amounting to SEK2,800m
(Posted on 10/11/25)SSAB AB has successfully issued its inaugural green bonds under its EUR 2 billion EMTN programme, dated... Read more
Anglo American publishes shareholder circular for merger with Teck
(Posted on 10/11/25)On 9 September 2025, Anglo American plc and Teck Resources Limited announced that they had reached an... Read more
Bunge closes agreement to acquire NWT grain elevator assets
(Posted on 04/11/25)Bunge has successfully closed its purchase agreement for the grain elevator assets of North West Terminal... Read more
NGFA applauds Senate committee for advancing Grain Standards Act reauthorisation
(Posted on 27/10/25)The National Grain and Feed Association (NGFA) in the USA has applauded the Senate Agriculture Committee... Read more
