Original article by Cameron England
The Australian – Page: 13 & 16 : 28-Aug-24

BHP has posted a 2023-24 statutory net profit of $US7.9bn, which is 39 per cent lower than previously. The result was marred by a $US2.7bn write down of its nickel assets in Western Australia and a $US3.8bn charge related to the Samarco tailings dam collapse in Brazil. BHP’s underlying profit was up two per cent to $US13.7bn, and revenue was three per cent higher at $US55.7bn. CEO Mike Henry says China’s steel production is expected to plateau in coming years, reducing demand for iron ore. Meanwhile, BHP has warned that labour costs will rise due to the federal government’s ‘same job, same pay’ industrial relations reforms, reducing Australia’s international competitiveness.

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