BHP profit, dividends take a hit as prices fall for Australia's mining exports
The Melbourne-based mining giant on Tuesday said it had earned an underlying profit of $US10.2 billion ($15.7 billion) in the year to June 30, its smallest profit in five years. It comes as Donald Trump's trade wars continue to cast a cloud over the global economy and the outlook for Australia's most lucrative mining exports.
Falling revenue across the year was 'primarily due to the decline in coal and iron ore prices', the company said in a statement to shareholders.
BHP earns most of its money from digging up iron ore in Western Australia and selling it to China to be processed into steel. However, demand in China has been starting to cool, as its property sector battles an oversupply crisis, weakening steel production rates and subduing demand and prices for iron ore. The glut has also pummelled the price of BHP's exports of metallurgical coal, which is used to fire steel-making furnaces.
Still, the Australian miner's full-year result was in line with analysts' expectations.
Shareholders will receive a final dividend worth US60¢ a share, taking BHP's payout for the year to $US1.10 a share. While that's better than analysts had expected, it's the lowest full-year payout since the year ended June 2017.
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Chief executive Mike Henry said the past 12 months had been a strong year for BHP, with the company delivering strong outcomes against a 'backdrop of global uncertainty'.
The outlook for some of Australia's largest mining and energy companies has deteriorated since April, when the US imposed across-the-board tariffs at much higher rates than many had been expecting, leading to increased uncertainty and lower global growth forecasts.
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The Advertiser
an hour ago
- The Advertiser
Digging deeper at Mt Arthur as mine heads towards closure
BHP plans to ramp up coal production at its Mt Arthur mine near Muswellbrook in the lead-up to the 2030 closure date. The company's annual results released on Tuesday show the mine produced 14 million tonnes of coal last financial year. The figure is expected to grow to 16 million tonnes this year. Among the factors driving the increased production is the disparity between Queensland coal royalties and those paid in NSW. BHP has threatened to mothball some of its Queensland coal mines following an extended slump in coal prices due to what it has described as an "extreme" royalty regime, which was introduced in 2022. Companies now pay 20 per cent on the dollar when coal prices exceed $175 per tonne, 30 per cent on the dollar when prices climb beyond $225 per tonne and 40 per cent when they exceed $300. In NSW coal royalties are levied as a percentage of the value of coal recovered. As of July 1, 2024, a 10.8 per cent levy is placed on open-cut mining. BHP announced in 2022 it was bringing forward the mine's closure from 2045 to 2030 after it failed to find a buyer for the project. The company estimates about 35 per cent of the mine's 2000-strong workforce will be at retirement age in 2030. It is expected to take between 10 and 15 years to fully rehabilitate the mined area. The company also announced on Tuesday it was updating its closure provision, funds used to cover the costs of rehabilitating a mine site, from US$0.7 bn to US$1.0 billion. BHP has also announced a partnership with ACCIONA Energa to explore the development of a pumped hydro energy storage project. Hiking and mountain biking trails, other renewable energy projects and grazing cattle are also being considered for the site's future. "Mt Arthur Coal sits on more than 7000 hectares and we are working hard to explore alternative land uses for the site that will continue to support jobs, investment in the region, and the local economy," BHP Australia president Geraldine Slattery said earlier this year. "The community have told us they want to see Mt Arthur repurposed when mining ends. This study will examine the role pumped hydro at the Mt Arthur site could play in the region's future." In addition, a $30 million community fund has been established to help support the local community prepare for 2030 and beyond. The site is strategically located with established connections to rail plus an array of existing high-quality infrastructure, including potential access to a high-capacity electrical network. The closure of Mt Arthur will also mark the end of BHP's association with the Hunter, which began with the opening of the Newcastle Steelworks in 1915. BHP plans to ramp up coal production at its Mt Arthur mine near Muswellbrook in the lead-up to the 2030 closure date. The company's annual results released on Tuesday show the mine produced 14 million tonnes of coal last financial year. The figure is expected to grow to 16 million tonnes this year. Among the factors driving the increased production is the disparity between Queensland coal royalties and those paid in NSW. BHP has threatened to mothball some of its Queensland coal mines following an extended slump in coal prices due to what it has described as an "extreme" royalty regime, which was introduced in 2022. Companies now pay 20 per cent on the dollar when coal prices exceed $175 per tonne, 30 per cent on the dollar when prices climb beyond $225 per tonne and 40 per cent when they exceed $300. In NSW coal royalties are levied as a percentage of the value of coal recovered. As of July 1, 2024, a 10.8 per cent levy is placed on open-cut mining. BHP announced in 2022 it was bringing forward the mine's closure from 2045 to 2030 after it failed to find a buyer for the project. The company estimates about 35 per cent of the mine's 2000-strong workforce will be at retirement age in 2030. It is expected to take between 10 and 15 years to fully rehabilitate the mined area. The company also announced on Tuesday it was updating its closure provision, funds used to cover the costs of rehabilitating a mine site, from US$0.7 bn to US$1.0 billion. BHP has also announced a partnership with ACCIONA Energa to explore the development of a pumped hydro energy storage project. Hiking and mountain biking trails, other renewable energy projects and grazing cattle are also being considered for the site's future. "Mt Arthur Coal sits on more than 7000 hectares and we are working hard to explore alternative land uses for the site that will continue to support jobs, investment in the region, and the local economy," BHP Australia president Geraldine Slattery said earlier this year. "The community have told us they want to see Mt Arthur repurposed when mining ends. This study will examine the role pumped hydro at the Mt Arthur site could play in the region's future." In addition, a $30 million community fund has been established to help support the local community prepare for 2030 and beyond. The site is strategically located with established connections to rail plus an array of existing high-quality infrastructure, including potential access to a high-capacity electrical network. The closure of Mt Arthur will also mark the end of BHP's association with the Hunter, which began with the opening of the Newcastle Steelworks in 1915. BHP plans to ramp up coal production at its Mt Arthur mine near Muswellbrook in the lead-up to the 2030 closure date. The company's annual results released on Tuesday show the mine produced 14 million tonnes of coal last financial year. The figure is expected to grow to 16 million tonnes this year. Among the factors driving the increased production is the disparity between Queensland coal royalties and those paid in NSW. BHP has threatened to mothball some of its Queensland coal mines following an extended slump in coal prices due to what it has described as an "extreme" royalty regime, which was introduced in 2022. Companies now pay 20 per cent on the dollar when coal prices exceed $175 per tonne, 30 per cent on the dollar when prices climb beyond $225 per tonne and 40 per cent when they exceed $300. In NSW coal royalties are levied as a percentage of the value of coal recovered. As of July 1, 2024, a 10.8 per cent levy is placed on open-cut mining. BHP announced in 2022 it was bringing forward the mine's closure from 2045 to 2030 after it failed to find a buyer for the project. The company estimates about 35 per cent of the mine's 2000-strong workforce will be at retirement age in 2030. It is expected to take between 10 and 15 years to fully rehabilitate the mined area. The company also announced on Tuesday it was updating its closure provision, funds used to cover the costs of rehabilitating a mine site, from US$0.7 bn to US$1.0 billion. BHP has also announced a partnership with ACCIONA Energa to explore the development of a pumped hydro energy storage project. Hiking and mountain biking trails, other renewable energy projects and grazing cattle are also being considered for the site's future. "Mt Arthur Coal sits on more than 7000 hectares and we are working hard to explore alternative land uses for the site that will continue to support jobs, investment in the region, and the local economy," BHP Australia president Geraldine Slattery said earlier this year. "The community have told us they want to see Mt Arthur repurposed when mining ends. This study will examine the role pumped hydro at the Mt Arthur site could play in the region's future." In addition, a $30 million community fund has been established to help support the local community prepare for 2030 and beyond. The site is strategically located with established connections to rail plus an array of existing high-quality infrastructure, including potential access to a high-capacity electrical network. The closure of Mt Arthur will also mark the end of BHP's association with the Hunter, which began with the opening of the Newcastle Steelworks in 1915. BHP plans to ramp up coal production at its Mt Arthur mine near Muswellbrook in the lead-up to the 2030 closure date. The company's annual results released on Tuesday show the mine produced 14 million tonnes of coal last financial year. The figure is expected to grow to 16 million tonnes this year. Among the factors driving the increased production is the disparity between Queensland coal royalties and those paid in NSW. BHP has threatened to mothball some of its Queensland coal mines following an extended slump in coal prices due to what it has described as an "extreme" royalty regime, which was introduced in 2022. Companies now pay 20 per cent on the dollar when coal prices exceed $175 per tonne, 30 per cent on the dollar when prices climb beyond $225 per tonne and 40 per cent when they exceed $300. In NSW coal royalties are levied as a percentage of the value of coal recovered. As of July 1, 2024, a 10.8 per cent levy is placed on open-cut mining. BHP announced in 2022 it was bringing forward the mine's closure from 2045 to 2030 after it failed to find a buyer for the project. The company estimates about 35 per cent of the mine's 2000-strong workforce will be at retirement age in 2030. It is expected to take between 10 and 15 years to fully rehabilitate the mined area. The company also announced on Tuesday it was updating its closure provision, funds used to cover the costs of rehabilitating a mine site, from US$0.7 bn to US$1.0 billion. BHP has also announced a partnership with ACCIONA Energa to explore the development of a pumped hydro energy storage project. Hiking and mountain biking trails, other renewable energy projects and grazing cattle are also being considered for the site's future. "Mt Arthur Coal sits on more than 7000 hectares and we are working hard to explore alternative land uses for the site that will continue to support jobs, investment in the region, and the local economy," BHP Australia president Geraldine Slattery said earlier this year. "The community have told us they want to see Mt Arthur repurposed when mining ends. This study will examine the role pumped hydro at the Mt Arthur site could play in the region's future." In addition, a $30 million community fund has been established to help support the local community prepare for 2030 and beyond. The site is strategically located with established connections to rail plus an array of existing high-quality infrastructure, including potential access to a high-capacity electrical network. The closure of Mt Arthur will also mark the end of BHP's association with the Hunter, which began with the opening of the Newcastle Steelworks in 1915.
The Advertiser
an hour ago
- The Advertiser
Bronco Ben walks like an Egyptian into NRL dream
Tough-as-teak Brisbane prop Ben Talty is the fragrance king of the NRL and fast asserting himself as a late bloomer rookie with a long career ahead of him. The 26-year-old former North Sydney Bears captain has been a barnstormer off the bench for the Broncos in their late season surge and off the field he is kicking goals galore. Talty has a Bachelor of Business and Bachelor of Innovation and Entrepreneurship. In cahoots with best mate and fellow Broncos prop Fletcher Baker, he is co-founder of Nefertum, a luxury fragrance brand that blends pure Egyptian oils with Australian craftsmanship. The name pays homage to Nefertiti, the famous queen of ancient Egypt. "Fletcher and I decided we wanted to go to Egypt one year but we didn't have the idea of going and setting up a fragrance business," Talty grinned. "My mother told me to go and try out an oil shop, and we did that at a couple of shops over there. "We kept in touch with a good friend of ours over there, an awesome fella, and he's our supplier. He sends it over here and we just check it and sell it." What former Broncos hardmen like Peter Ryan, Tonie Carroll and Shane Webcke would make of it is anyone's guess, but you can bet your bottom dollar they would be in admiration of Talty's displays after getting his late shot at the NRL and vindicating coach Michael Maguire's faith in him. Talty, a Muswellbrook Rams junior, has scored three tries in his five NRL games this year after signing with Brisbane mid-season and brings punch and thrust every time he comes on. "It's something I thought that would never come true," Talty said. "I was working away at North Sydney. You play footy for so long and you get to a certain age and you start to question whether it's all going to work out. "I'm just fortunate enough that Madge (Maguire) and the rest of the staff and recruitment put a little bit of faith in me. "I grew up on a horse stud just out of Muswellbrook in the Hunter (Valley), so my parents had to always take me to training Monday, Wednesday and Friday. It was a four-hour round trip, so being able to repay them for this and be in this position and make them proud, it's just such an honour to do that." Talty is on a train-and-trial deal until the end of 2026. The Broncos could upgrade that at any stage. Perth Bears fans are already clamouring for Talty to be a foundation player in 2027 when they enter the NRL. "All I ever wanted to do was play first grade, and the Broncos made that come true so I'm quite content with where I am at currently," he said. "The Bears will always have a deep place in my heart because they helped build the foundation of where I am now. "I'm still a long way from where I want to be as well. It's a great start, but I'm looking further ahead." Talty was a Newcastle junior from the age of 15 so can't wait to take on the Knights away on Sunday. "They helped pave the way. It should be an unreal experience," he said. Tough-as-teak Brisbane prop Ben Talty is the fragrance king of the NRL and fast asserting himself as a late bloomer rookie with a long career ahead of him. The 26-year-old former North Sydney Bears captain has been a barnstormer off the bench for the Broncos in their late season surge and off the field he is kicking goals galore. Talty has a Bachelor of Business and Bachelor of Innovation and Entrepreneurship. In cahoots with best mate and fellow Broncos prop Fletcher Baker, he is co-founder of Nefertum, a luxury fragrance brand that blends pure Egyptian oils with Australian craftsmanship. The name pays homage to Nefertiti, the famous queen of ancient Egypt. "Fletcher and I decided we wanted to go to Egypt one year but we didn't have the idea of going and setting up a fragrance business," Talty grinned. "My mother told me to go and try out an oil shop, and we did that at a couple of shops over there. "We kept in touch with a good friend of ours over there, an awesome fella, and he's our supplier. He sends it over here and we just check it and sell it." What former Broncos hardmen like Peter Ryan, Tonie Carroll and Shane Webcke would make of it is anyone's guess, but you can bet your bottom dollar they would be in admiration of Talty's displays after getting his late shot at the NRL and vindicating coach Michael Maguire's faith in him. Talty, a Muswellbrook Rams junior, has scored three tries in his five NRL games this year after signing with Brisbane mid-season and brings punch and thrust every time he comes on. "It's something I thought that would never come true," Talty said. "I was working away at North Sydney. You play footy for so long and you get to a certain age and you start to question whether it's all going to work out. "I'm just fortunate enough that Madge (Maguire) and the rest of the staff and recruitment put a little bit of faith in me. "I grew up on a horse stud just out of Muswellbrook in the Hunter (Valley), so my parents had to always take me to training Monday, Wednesday and Friday. It was a four-hour round trip, so being able to repay them for this and be in this position and make them proud, it's just such an honour to do that." Talty is on a train-and-trial deal until the end of 2026. The Broncos could upgrade that at any stage. Perth Bears fans are already clamouring for Talty to be a foundation player in 2027 when they enter the NRL. "All I ever wanted to do was play first grade, and the Broncos made that come true so I'm quite content with where I am at currently," he said. "The Bears will always have a deep place in my heart because they helped build the foundation of where I am now. "I'm still a long way from where I want to be as well. It's a great start, but I'm looking further ahead." Talty was a Newcastle junior from the age of 15 so can't wait to take on the Knights away on Sunday. "They helped pave the way. It should be an unreal experience," he said. Tough-as-teak Brisbane prop Ben Talty is the fragrance king of the NRL and fast asserting himself as a late bloomer rookie with a long career ahead of him. The 26-year-old former North Sydney Bears captain has been a barnstormer off the bench for the Broncos in their late season surge and off the field he is kicking goals galore. Talty has a Bachelor of Business and Bachelor of Innovation and Entrepreneurship. In cahoots with best mate and fellow Broncos prop Fletcher Baker, he is co-founder of Nefertum, a luxury fragrance brand that blends pure Egyptian oils with Australian craftsmanship. The name pays homage to Nefertiti, the famous queen of ancient Egypt. "Fletcher and I decided we wanted to go to Egypt one year but we didn't have the idea of going and setting up a fragrance business," Talty grinned. "My mother told me to go and try out an oil shop, and we did that at a couple of shops over there. "We kept in touch with a good friend of ours over there, an awesome fella, and he's our supplier. He sends it over here and we just check it and sell it." What former Broncos hardmen like Peter Ryan, Tonie Carroll and Shane Webcke would make of it is anyone's guess, but you can bet your bottom dollar they would be in admiration of Talty's displays after getting his late shot at the NRL and vindicating coach Michael Maguire's faith in him. Talty, a Muswellbrook Rams junior, has scored three tries in his five NRL games this year after signing with Brisbane mid-season and brings punch and thrust every time he comes on. "It's something I thought that would never come true," Talty said. "I was working away at North Sydney. You play footy for so long and you get to a certain age and you start to question whether it's all going to work out. "I'm just fortunate enough that Madge (Maguire) and the rest of the staff and recruitment put a little bit of faith in me. "I grew up on a horse stud just out of Muswellbrook in the Hunter (Valley), so my parents had to always take me to training Monday, Wednesday and Friday. It was a four-hour round trip, so being able to repay them for this and be in this position and make them proud, it's just such an honour to do that." Talty is on a train-and-trial deal until the end of 2026. The Broncos could upgrade that at any stage. Perth Bears fans are already clamouring for Talty to be a foundation player in 2027 when they enter the NRL. "All I ever wanted to do was play first grade, and the Broncos made that come true so I'm quite content with where I am at currently," he said. "The Bears will always have a deep place in my heart because they helped build the foundation of where I am now. "I'm still a long way from where I want to be as well. It's a great start, but I'm looking further ahead." Talty was a Newcastle junior from the age of 15 so can't wait to take on the Knights away on Sunday. "They helped pave the way. It should be an unreal experience," he said.
ABC News
2 hours ago
- ABC News
Independent review into Monash IVF embryo bungles in Melbourne and Brisbane to remain secret
Monash IVF has received an independent review into unrelated cases of embryo mix-ups in Brisbane and Melbourne but the contents will remain secret. In an announcement to the ASX today, the fertility giant said the review, undertaken by barrister Fiona McLeod KC, would not be released publicly to protect the privacy of affected patients. "Both cases involved non-standard IVF treatments and circumstances that would not arise in the vast majority of IVF procedures," Monash IVF said in the ASX announcement. The review concluded the Brisbane incident was the result of human error. It found the Melbourne incident resulted from a range of factors, including human error at multiple stages and IT system limitations "in the very limited circumstances of an embryo transfer to a partner". "Those limitations ultimately made subsequent processes more vulnerable to human error," the ASX announcement said. In April, revelations emerged that one of Monash IVF's Brisbane patients had been mistakenly implanted with another woman's embryo in 2023 and gave birth to a baby who had no genetic links to her later that year. Then, in June, the fertility company apologised for a second time in as many months after a patient received her own embryo "contrary to the treatment plan which designated the transfer of an embryo of the patient's partner".
