An update on our plan to grow shareholder value
1. Cost Efficiencies
Focused on further gains
We have reduced unit costs by more than 15%.
Since 2012 our annualised productivity gains have exceeded US$12 billion and we’ve targeted a further US$2 billion in gains by the end FY2019.
Improve safety, lower costs and unlock resource
We have sharpened our focus on technology to redefine what is possible.
Three new Integrated Remote Operations Centres have been implemented at our Mineral assets and we will continue to accelerate high-value initiatives such as mine autonomy.
3. Latent Capacity
Attractive returns, limited risk
Latent capacity projects allow us do more with what we’ve already got through building on existing infrastructure. They are often high return, low risk and some of the best investments we can make.
Over the last two years we have sanctioned five latent capacity opportunities and have developed a suite of new initiatives in their place, with an average return of greater than 100 per cent.
4. Future Options
Worked for value, timed for returns
We’ve approved two major projects in copper and oil that will cement our future in these commodities.
We have improved the risk-return profile of our other major projects and will continue to be guided by our capital allocation process to make sure we get the most out of every dollar invested.
Focused on copper and petroleum
We are excited by the opportunities we are exploring in oil and copper.
We’ve made discoveries at four petroleum exploration prospects and also successfully bid on the Trion discovered resource in Mexico.
We continue to seek, secure and test high potential copper discovery locations like Ecuador, Canada and Peru.
6. Onshore US
Exit to maximise value and returns
We have improved the performance of our Onshore US acreage as we prepare for exit into a supportive price environment.