Mining firm BHP releases financial results for year ending June 30

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Image credit: bhp.com

Global mining company BHP has published its Operational Review for the year ended 30 June, detailing record-high full-year sale volumes at its iron ore business in Western Australia. 

The company attributed the WA unit’s sales results to the booming South Flank project’s operational performance.

In a press release, BHP CEO Mike Henry said the company produced a strong fourth quarter to cap off a year of significant progress. 

“Our performance for the year has been underpinned by safe, reliable operations and firm demand for our commodities. We completed another year fatality free and we are unwavering in our effort to improve safety, and this includes addressing sexual assault and harassment, racism and bullying,” Henry said. 

Adertisement

The review also reported that full-year production guidance for iron ore and energy coal was achieved, as was revised guidance for copper and metallurgical coal. 

Strong underlying performance was also reported from Queensland metallurgical coal, despite significant adverse weather in the state. 

Henry said BHP is currently looking into the effects of BMA economic reserves and mine lives as a result of the increase in coal royalties by the Queensland government. 

“The near tripling of top-end royalties has worsened what was already one of the world’s highest coal royalty regimes, threatening investment and jobs in the state,” the CEO said. 

He added that the company expects to face a roster of challenges over the year ahead as it operates amid global conflicts, the energy crisis in Europe, and tightening policies globally. 

“Our strong focus on safety, operational reliability, cost control and social value will help us navigate these challenges and continue to deliver for all of our stakeholders.”