BHP chief executive officer Mike Henry has reflected on the company’s recent performance and what’s next for the Big Australian.
Henry started by declaring the company to be in a strong financial position following the first half of the 2024–25 financial year (H1 FY25), underpinned by “safe and reliable operations and rigorous cost control”.
This was particularly prevalent at BHP’s Western Australian Iron Ore (WAIO) portfolio, and BHP Mitsubishi Alliance (BMA) operations.
“The Group’s industry-leading margins and robust cash flow enabled the board to determine an interim dividend of $US0.5 cents per share – a total of $US2.5 billion ($3.9 billion),” Henry said.
“The strength of the result demonstrates BHP’s operational resilience and its ability to perform through the cycle, with standout production performances in the half from Escondida, WAIO and BMA.
“WAIO has maintained its lead as the lowest-cost iron ore producer globally, a testament to our ongoing work to drive productivity at our operations.”
Henry said BHP is continuing to invest in growth, including $US3.2 billion ($5 billion) in potash and copper.
The company has now also successfully completed the $US2 billion ($3.1 billion) formation of Vicuña Corp, a 50/50 joint venture with Lundin Mining to develop the combined Filo del Sol and Josemaria copper projects in a prospective new region in Argentina.
“The demand for BHP products remains strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the US and strong growth in India,” Henry said.
“The trajectory of the world population growing from eight billion today to 10 billion in 2050, with more people living in cities, together with the energy transition and the growth of data centres and AI, will compound the need for more metals and minerals.
“Against this backdrop, BHP is well-positioned, with the ability to leverage our strong balance sheet, technical know-how and sustainable business practices to deliver growth and resilient shareholder returns.”
