BHP delivered another strong set of results in FY2024, enabled by the continued disciplined execution of our strategy. 

Ensuring shareholders continue to benefit from our consistent and reliable performance, we’ve announced a final dividend of 74 US cents per share. Together with the shareholder dividend for the first half of 72 US cents per share, the total cash dividend to shareholders for FY2024 will be US$7.4 billion, which represents a 54 per cent payout ratio.

Our underlying attributable profit was 2 per cent higher at US$13.7 billion due to solid operational performance and higher commodity prices in key commodities. 

Underlying EBITDA increased by 4 per cent to US$29 billion and underlying EBITDA margin remained at 54 per cent, the eighth consecutive year we have achieved a margin greater than 50 per cent – significantly ahead of our nearest competitors. Our return on capital employed, at 27 per cent, was also very strong. 

We performed well in areas within our control. Production volumes were in line with last year, and our operational excellence, productivity initiatives and cost discipline allowed us to mitigate the effects of inflation. While we experienced a global inflation rate of 4 per cent, predominantly driven by higher labour costs, unit costs across our major assets increased less than 3 per cent, and we met our original unit cost guidance for all assets except BMA.

This year we generated more than US$20 billion of net operating cash flows which allowed us to reduce net debt to US$9.1 billion, invest in our business and maintain healthy returns to shareholders. 

We have consistently delivered a high baseline of cash flow, having generated net operating cash flows above US$15 billion for all but one of the past 15 years.

We’ve achieved this due to the quality of our portfolio and our focus on operational excellence and cost discipline – despite market and operating conditions varying greatly over these years. This stability is a hallmark of BHP.

In FY2024, our tax, royalty and other payments to governments totalled US$11.2 billion. During the last decade, we paid US$95.1 billion globally in taxes, royalties and other payments, including approximately A$107.1 billion in Australia. Our global adjusted effective tax rate in FY2024 was 32.5 per cent. Once royalties are included, our FY2024 rate increases to 41.7 per cent.

How we create and deliver value

The world needs essential metals and minerals to be produced by companies who set and uphold high ESG standards, who run their operations safely and efficiently, and who allocate capital in a consistent and disciplined way. These are the companies that will succeed. This is BHP.   

Our portfolio

A resource mix for today – and for the future. 

We have copper, which is used in electrification. Iron ore, which is essential for making steel needed for construction, including renewables infrastructure. Our higher-quality steelmaking coal is used in the blast furnace process for making steel. Nickel can be used in electric vehicle batteries. We are on track to be a major global producer of potash by the end of the decade. Potash is used in fertilisers to assist with food security for a growing population and more sustainable land use. Among our by-products, we are a major producer of uranium and gold.

Social value

We are committed to social value: our positive contribution to society. It is vital for our future and a consideration in the strategic decisions we make.

Social value underpins stable operations, reduces risk and opens doors to opportunities, partnerships, talent and capital. Delivering social value will help us to continue to generate long-term value for all partners and stakeholders, including shareholders.

Exceptional performance

The strength of our portfolio, our operating excellence and financial rigour from our disciplined application of the Capital Allocation Framework (CAF) enables us to deliver strong and consistent returns.

The BHP Operating System (BOS) is our unique overarching management system that enables the right culture, routines, behaviours and leadership to deliver stable operating excellence and leading safety performance. It provides us with a competitive edge.

Positioning forgrowth

With our clear strategy and our laser-like focus on creating and sustaining the right portfolio of the best assets in attractive commodities with enhanced growth optionality, BHP is well placed to capitalise on the changes shaping our world. 

As the global population grows and urbanises and the world pursues decarbonisation and electrification, we are positioning our portfolio and pursuing multiple growth options to increase our exposure to these megatrends. 

Unlocking growth at our assets

One of our biggest near-term growth levers is from improving productivity at our existing assets and unlocking more of their potential.

Growth through exploration, focused on copper and nickel

During FY2024, we advanced our global programs focusing on early-stage exploration opportunities in Australia, Canada, Chile, Peru, Sweden, Serbia and the United States. This effort involved concept evaluation work through prospect testing.   

We fully integrated the OZ Minerals’ exploration portfolio, significantly expanding our land holdings and enabling us to develop an important province in South Australia with significant copper potential. 

Safety

Protecting the safety and wellbeing of our workforce and the communities where we operate is of the highest importance at BHP and is underpinned by Our Values.

Health

We set mandatory minimum standards to identify, assess and manage health risks and their potential impacts, and monitor the health of our employees and contractors.  

Inclusion and diversity

We believe an inclusive and diverse workforce promotes engagement, safety and productivity, and is valued by prospective employees as well as our current workforce.   

Gender balance

In CY2016, we announced our aspiration to achieve gender balance within our employee workforce globally by the end of CY2025, which we define as a minimum 40 per cent women and 40 per cent men. 

We increased the participation of women working at BHP in FY2024 by 1.9 percentage points compared to FY2023 to 37.1 per cent, with around 10,500 more female employees at the end of FY2024 than FY2016. Since we first set our gender balance aspiration in CY2016, BHP has more than doubled the participation of women (from 17.6 per cent to 37.1 per cent). 

Indigenous employment

Indigenous peoples are critical partners of BHP across our operations. 

We recognise, as part of our global Indigenous Peoples Policy Statement, we can contribute to the economic empowerment of Indigenous peoples by providing opportunities for employment, training and procurement and by supporting Indigenous enterprises. 

We have set targets to increase Indigenous employment in our Minerals Australia operations, Minerals Americas operations in Chile and our Jansen potash project in Canada.

LGBT+ inclusion

Our LGBT+ ally employee inclusion group, Jasper, established in 2017, is a natural extension of our inclusion and diversity aspirations. Its membership base grew to around 2,900 at the end of FY2024, with 16 chapters globally.

In FY2024, we continued to advocate for LGBT+ inclusion and partner with charities throughout the communities where we operate, to help our LGBT+ employees develop a strong sense of belonging inside and outside of our offices and our mine sites.