BHP released its half year results on 18 February 2025 at 8.30am (AEDT). Mike Henry, Chief Executive Officer, and Vandita Pant, Chief Financial Officer, reviewed the Company's operating and financial performance.
BHP Chief Executive Officer, Mike Henry:
"BHP reported a strong financial performance for the half-year, underpinned by safe and reliable operations and rigorous cost control. The Group's industry-leading margins and robust cash flow enabled the Board to determine an interim dividend of 50 US cents per share – a total of US$2.5 billion. 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.
We continued to invest in growth, including US$3.2 billion in potash and copper, and have now also successfully completed the US$2.0 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 an exciting prospective region in Argentina.
In Brazil, the signing of a comprehensive settlement agreement during the half will deliver expanded programs for the environment and communities, while also providing greater clarity on future cash flows related to the tragedy.
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. 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.
Ross McEwan will succeed Ken MacKenzie as Chair on 31 March 2025. We thank Ken for the instrumental role he has played in shaping BHP and look forward to Ross' leadership as Chair of BHP."
