Original article by Nick Evans
The Australian – Page: 13 & 18 : 23-Aug-23

BHP has posted a 2022-23 underlying net profit of $US13.4bn ($20.8bn), which is 37 per cent lower than previously. Its iron ore division reported underlying EBITDA of $US16.6bn for the year, down from $US21.7bn previously but in line with market expectations. BHP produced 285 million tonnes of iron ore in the Pilbara during 2022-23, while it expects output of 282 to 294 million tonnes in 2023-24. CEO Mike Henry has also downplayed fears that the iron ore price might fall below $US80 per tonne if China reduces its steel production. Meanwhile, lower prices and changes to the Queensland government’s royalties regime resulted in a sharp fall in the earnings of BHP’s coking coal mines in 2022-23.

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