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

Bunge closes agreement to acquire NWT grain elevator assets

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

The National Grain and Feed Association (NGFA) in the USA has applauded the Senate Agriculture Committee... Read more

Rio Tinto announces board changes.

As Rio Tinto previously reported, the size of its Board peaked at 14 Directors during a transitional... Read more

ADM advances quality capabilities with new central milling laboratory

ADM , a global leader in human and animal nutrition, has celebrated the opening of its new Central Milling... Read more

Bunge announces reporting segment changes and recast outlook

Bunge Global SA has announced that it has changed its segment and volume reporting to align with the... Read more

Open Trade Coalition calls for bold and open EU trade policy

As the European Parliament prepares for the confirmation hearings of the new Commissioners, the Open... Read more

Rio Tinto Q3 results show strong production across the portfolio

Multinational mining company, Rio Tinto, has releases its third quarter 2025 production results showing... Read more

Robe River JV to invest $733m to extend Western Australia iron ore mine

Rio Tinto, Mitsui and Nippon Steel will invest $733 million1 (Rio Tinto share $389 million) to develop... Read more

Cargill deploys AI robot dog 'Spot' to enhance safety, reliability and innovation

Cargill has introduced Boston Dynamics’ four-legged robot, Spot, at its Amsterdam Multiseed crush... Read more

Holcim strengthens West Australia presence with BGC acquisition

Holcim Australia has announced that Cement Australia (CA) - its joint venture with Heidelberg Materials... Read more