BHP Results for half year ended 31 December 2023

BHP released its half year results on 20 February 2024 at 8.30am (AEDT). Mike Henry, Chief Executive Officer, and David Lamont, Chief Financial Officer, reviewed the Company’s operating and financial performance.

BHP Chief Executive Officer, Mike Henry:

“We are saddened by the loss of one of our sub-contractors who was fatally injured at BMA’s Saraji mine in January. An investigation is underway into the circumstances of this tragic incident and we are resolute in our commitment to prevent fatalities and serious injuries in our workplace.

Today, we announced underlying attributable profit of US$6.6 billion for the half year. We also announced an interim dividend of 72 US cents per share – a total of US$3.6 billion, equating to a payout ratio of 56%.

The period also had its challenges, with adjustments relating to Nickel West, West Musgrave and Samarco offsetting an otherwise solid operational performance and overall healthy commodity prices.

At our Western Australia Iron Ore operations, we remain the lowest cost major producer globally and in copper we set new production records at our operations in South Australia and Chile. In South Australia, our consolidated copper province has performed strongly and we are pursuing future growth options. In Canada, we’ve sanctioned Jansen Stage 2, which will almost double our planned potash production capacity.

We’ve seen volatility in global commodity prices and demand in the developed world has been softer than expected. That said, China demand is healthy despite weakness in housing and India remains a bright spot. In Australia, the mining industry is facing near-term headwinds in developing resources and it’s essential that the right industrial relations and fiscal settings are in place to support the sector’s ability to compete and win in global markets.

Long term, the mega-trends playing out in the world around us continue to underline our confidence in future demand for steel, non-ferrous metals and fertilisers.”

/Public Release. View in full here.