Lower commodities prices has seen diversified major BHP report a 58% fall in its attributable profits for the full-year ended June, from $30.9-billion to $12.9-billion. Revenue for the full year was down 17% from $65.1-billion to $53.8-billion, primarily as a result of the significantly lower prices across iron-ore, metallurgical coal and copper. Underlying earnings before interest, tax, depreciation and amortisation (Ebitda) was down 31% in the full year from $40.6-billion to $28-billion, while the Ebitda margin declined from 65% in the 2022 financial year to 54%.
PERTH – Lower commodities prices has seen diversified major BHP report a 58% fall in its attributable profits for the full-year ended June, from $30.9-billion to $12.9-billion.
The miner said that its focus on cost discipline has allowed us to mitigate the effects of the current inflationary environment. Unit costs were some 9% higher across its major assets, however the Western Australian iron-ore operations extended its lead as the lowest cost major iron-ore producer globally, at a unit cost of $17.79/t.
BHP’s capital and exploration expenditure increased by 16% in the 2023 financial year, from $6.1-billion spent in 2022, to $7.1-billion. In 2024, the miner is expecting production from Copper South Australia to reach between 310 000 t and 340 000 t.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP, Codelco, Freeport vie for title of biggest copper producerThere’s a three-way battle underway for the title of the world’s biggest copper producer. After buying Australia’s OZ Minerals , BHP Group is challenging for the mantle at a time when hitherto leader Codelco has seen output slide as it battles to overhaul aging operations in Chile. In fact, the Melbourne-based firm produced more than Codelco last quarter.
Read more »
Dick threatens to cancel BHP mining leasesQueensland Treasurer Cameron Dick has escalated the fight with diversified major BHP, warning that the miner’s current leases at its Queensland mines could be cancelled, if they were being ‘misused’. BHP on Tuesday again said that given the negative impact on investment economics of the Queensland government’s decision to raise coal royalty rates and the ‘increase in sovereign risk’ as a result of this decision, the miner would not be investing in any further growth in Queensland, however BHP said that it would sustain and optimise its existing operations.
Read more »
Hearing Aids May Lower Risk of Cognitive Decline and DementiaAs few as 15 percent of people who would benefit from hearing aids use them
Read more »
Researchers Identify One-of-a-Kind Fish in Lower SusquehannaResearchers emphasize the heightened urgency to save and restore the river's population. A Penn State research team, in collaboration with the Pennsylvania Fish and Boat Commission, has embarked on a mission to save a unique darter from the lower Susquehanna River. Their findings revealed that this
Read more »
Insurance Australia Group forecasts lower double-digit growth in gross written premiums By ReutersInsurance Australia Group forecasts lower double-digit growth in gross written premiums
Read more »
European stock futures edge lower; China's rate cut disappoints By Investing.comEuropean stock futures edge lower; China's rate cut disappoints
Read more »