BHP Delivers Strong First-Half Performance, Investing in Growth

BHP has posted a solid financial performance for the first half of FY25, driven by operational excellence, cost discipline, and robust demand for its key commodities. Despite some market challenges, the company’s diversified portfolio and disciplined execution enabled an attributable profit of US$4.4 billion, a 376% increase from the previous period, along with an interim dividend of US$0.50 per share.

Strong Operations, Resilient Returns

BHP’s flagship operations—Escondida, WAIO, and BMA—delivered strong production results, reinforcing the company’s ability to navigate market cycles. WAIO maintained its position as the lowest-cost iron ore producer globally, while Escondida’s copper output surged 22%, contributing to a 10% overall increase in copper production.

This performance helped offset weaker iron ore and steelmaking coal prices, with copper now making up 39% of BHP’s underlying EBITDA, compared to 25% a year ago.

Investing in Future Growth

BHP remains committed to expanding its presence in future-facing commodities, with US$3.2 billion invested in copper and potash during the half. A major milestone was the US$2 billion formation of Vicuña Corp, a 50/50 joint venture with Lundin Mining to develop key copper projects in Argentina.

Market Outlook: Positioned for Long-Term Demand

Global demand for BHP’s commodities remains strong, with early signs of recovery in China, resilient growth in the US, and continued expansion in India. Looking ahead, long-term trends—including urbanization, energy transition, and data center expansion—are expected to drive increasing demand for metals and minerals.

Leadership Transition

BHP also announced a leadership change, with Ross McEwan set to succeed Ken MacKenzie as Chair on 31 March 2025. The company expressed gratitude to Ken for his instrumental role in shaping BHP’s strategic direction.

With a strong balance sheet, a disciplined approach to capital allocation, and a pipeline of growth projects, BHP remains well-positioned to deliver sustainable returns for shareholders while continuing to invest in the resources needed for the future.