BHP performed strongly in FY2021, with no one fatally injured across BHP’s global operations, and record production and throughput in a number of businesses.

Woman at Nickel West
In a year that has seen COVID-19 continue to challenge the lives and livelihoods of so many, I am proud of the resilience and commitment our people have demonstrated to deliver an outstanding set of results in FY2021.
Ken MacKenzie


Woman and man at South Flank
This has been a very good year for BHP. We have taken action to shape BHP’s future, while delivering very strong operational and financial results. The combination of a clear strategic outlook, increasing operational excellence and greater exposure to future facing commodities is expected to enable us to deliver positive returns and grow more value for all of our stakeholders in the years ahead.
Mike Henry
Mike Henry


2021 at a glance

Find out more about our 2021 results and performance.
0Zero fatalities for a second consecutive year and total recordable injury frequency fell 11%
4Major projects delivered on time and on budget, including Spence Growth Project in Copper and South Flank in Iron Ore
29.8%We had 29.8% female workplace representation by end FY2021, an increase of 3.3% points
US$25.9bn Profit from operations rose 80%
301 US centsRecord shareholder dividends per share
US$40.9bnOur total direct economic contribution including US$11.1 billion in taxes, royalties and other payments
30% Operational greenhouse gas (GHG) emissions on track to be reduced by at least 30% by FY2030 (from FY2020 levels)
11%27% freshwater withdrawal reduction from FY2017 baseline, with 11% reduction achieved in FY2021
US$175mInvested in environmental and social programs, including a US$50 million donation to the BHP Foundation
  • Financial Results
  • Performance and value
  • Positioning for the future
  • Inclusion and diversity
  • Downloads

FY2021 financial results

BHP delivered excellent financial results in FY2021, supported by strong operational performance, disciplined capital investment and our Marketing team’s ability to negotiate competitive commercial terms for our products.

Our operational performance, when combined with higher iron ore and copper prices, drove underlying EBITDA up 69 per cent to US$37.4 billion – at a margin of 64 per cent. Underlying attributable profit increased by 88 per cent to US$17.1 billion. 

The total shareholder dividend for FY2021 was a record 301 US cents per share. This represents an 89 per cent payout ratio.

Our total direct economic contribution for FY2021 was US$40.9 billion. This includes payments to suppliers, wages and benefits for our 80,000 employees and contractors, dividends, taxes and royalties, and voluntary investment in social projects across the communities where we operate. 

In FY2021, our tax, royalty and other payments to governments totalled US$11.1 billion. Of this, 84.7 per cent or US$9.4 billion was paid in Australia. Our global adjusted effective tax rate in FY2021 was 34.1 per cent, which is broadly in line with our average adjusted effective tax rate over the past decade of 33.4 per cent.

Once royalties are included, our FY2021 rate increases to 40.7 per cent. 

We have continued to apply the Capital Allocation Framework to direct cash where it can generate the best returns. Over the year, Underlying Return on Capital Employed strengthened to 32.5 per cent.

Performance and value

BHP delivered strong operational performance across our assets in FY2021, and we continue to pursue operational excellence.

We are also committed to creating long-term value for our shareholders and consider social value and financial value in the decisions we make.

Operational performance

We achieved record production at Western Australia Iron Ore, Olympic Dam and in our Goonyella mine in Queensland, and maintained average concentrator throughput at record levels at Escondida. Unit costs were lower across our major assets. Our major capital projects in iron ore, copper and petroleum were delivered on time and on budget, despite the challenges of the pandemic.

Importantly, we have continued our focus on safety. Nothing at BHP is more important than keeping people safe, and we remained fatality free for a second consecutive year. Our efforts on this will not cease. 


Social value

Social value is our positive contribution to society – to our people, partners, economy, environment and local communities. We know that when we consider social impacts in our decision-making and when we build respectful and mutually beneficial relationships, we create value for all of our stakeholders and in particular for our shareholders.

We consider our social value work to be successful when the societies where we operate are better off through our presence; the communities we are part of are resilient and thriving, even in the face of change; our shareholders receive a superior return on their investment; and we are a partner of choice for governments, investors, employees, communities, suppliers and customers.

Positioning for the future

We are growing value and positioning our company for the future.

In August 2021, we announced proposed changes to our portfolio and corporate structure to position BHP for the future. These portfolio and capability changes are intended to enable us to even more strongly grow long-term value by sustainably producing the commodities the world needs for continued economic growth and decarbonisation.

With this in mind, we are focusing our portfolio on commodities with the potential to afford long-term value growth at scale. We are investing US$5.7 billion in the Jansen Stage 1 project in Canada. We have announced our intention to create a global international energy company through the pursuit of a merger of BHP’s petroleum business with Woodside. We also continue to make progress on our coal portfolio consolidation, with a focus on higher-quality coal for steelmaking.

Alongside these portfolio changes, we are seeking to make BHP simpler and more agile by unifying the company’s corporate structure to adopt a single company structure under BHP Group Limited with a primary listing on the Australian Securities Exchange.

Exploration: focused on copper and nickel  

Our exploration program is focused on copper and nickel to grow our future-facing resource portfolio and replenish our resource base. It is designed to enable us to generate attractive, low-cost, value-accretive options for our business and to position BHP for the best future access to our preferred resources. 

Our resource assessment exploration expenditure increased by 5 per cent in FY2021 to US$138 million, while our greenfield expenditure increased by 23 per cent to US$54 million.

Inclusion and diversity

An inclusive and diverse workforce promotes safety, productivity and wellbeing, and underpins our ability to attract new employees.

Gender balance1

We have an aspirational goal to achieve gender balance globally by CY2025. In FY2021, we increased the representation of women working at BHP by 3.3 percentage points. Overall, women represent 29.8 per cent of our employee workforce including employees on extended absence such as parental leave. At the end of FY2021 we had 5,257 more female employees than reported in 2016.

Indigenous employment

Indigenous peoples are critical partners and stakeholders for many of BHP’s operations around the world.

We have set targets to achieve Indigenous employment of 8 per cent in our Australian workforce by the end of FY2025, 10 per cent in our workforce in Chile by the end of FY2026 and 20 per cent in our Potash workforce in Canada by the end of FY2027.

Indigenous employment within our employee and contractor workforce2 as at 30 June 2021 was 7.2 per cent in Australia, 7.5 per cent at our operations in Chile and 13.7 per cent at our Jansen Potash Project in Canada.

LGBT+ inclusion

Our LGBT+ ally employee inclusion group, Jasper, was established in 2017 as a natural extension of our inclusion and diversity aspirations and to reflect Our Charter value of respect. The membership base of LGBT+ employees and allies has grown substantially with eight regional chapters globally.

In February 2021, we launched our Gender Affirmation Policy and leader toolkit outlining how we will support employees affirming their gender.

Flexible working

Our focus on flexible working over the past few years assisted our office-based workers to adapt to remote working requirements caused by the COVID-19 pandemic.

We expect to maintain a hybrid working model for employees based in corporate offices, depending on the nature of their work.

We also understand many site-based employees are in roles that by their very nature cannot be performed remotely. We will continue to seek to provide flexible working through part-time and job-share arrangements, flexible rosters and career breaks.



1 Based on a ‘point in time’ snapshot of employees as at 30 June 2021, as used in internal management reporting for the purposes of monitoring progress against our goals. This does not include contractors. For the first time this includes  employees on extended absence (660 at 30 June 2021), who were previously not included in the active headcount.

2 Based on a ‘point in time’ snapshot of employees and labour hire contractors as at 30 June 2021.


Case Study

  • LGBT+ inclusion at BHP
    For many LGBT+ people, discrimination and the pressure to conceal sexual orientation or gender identity at work can have a major impact on mental health.

    At BHP, we encourage everyone to bring their whole selves to work. We know diverse and inclusive teams are safer, more productive and have a better culture, and we want to be the workplace of choice for people of all backgrounds and experiences.

    Each member of our workforce is encouraged to speak up and become a trusted advisor. A number of employee reference groups also inform our decision-making, advise on policy and advocate for cultural change. These groups include global and regional Inclusion and Diversity Committees and Jasper, our LGBT+ ally inclusion group.

    First established in 2017, Jasper has more than 1,600 members and eight local chapters across Australia, South America, Asia the United States and Canada. Their aim is to drive a safe and inclusive work environment at BHP by providing advice on ways to reduce bias and ensure LGBT+ people are respected and valued regardless of their sexual or gender identity.

    In FY2021, Jasper’s ‘Bring your whole self to work’ campaign advocated for visibility and inclusion of LGBT+ employees and contractors and underlined the importance of respectful behaviours. The campaign received the Health Excellence Award at our 2021 Health, Safety, Environment and Community (HSEC) Awards.

    We were also awarded silver-tier employer status at the 2021 Australian LGBTQ Inclusion Awards, which are based on the results of the Australian Workplace Equality Index (AWEI), a rigorous and evidence-based annual benchmarking assessment of the progress and impact of LGBTQ inclusion initiatives in Australian workplaces. The award is a reflection of our global efforts to improve LGBT+ inclusion through education and awareness initiatives and new policies such as our Gender Affirmation Policy, which launched in 2020.

    Throughout FY2021 and despite the challenges of COVID-19, Jasper continued to provide a connection to the LGBT+ community through peer support and networking. The group also hosted education and awareness sessions, reverse mentoring and initiatives for senior executives, line leaders, supervisors, employees and other allies to actively show their support.

    More information is available at or watch our video.


Annual Report 2021

Download and read our 2021 Annual Report.