BHP Eyes Big Expansion of WA Iron Ore As It Posts Record Results

The West Australian2022-08-16

BHP has flagged a possible expansion of its WA iron ore division to churn out an extra 40 million tonnes to reach a goal of 330 million tonnes a year.The mining giant announced the medium-term goal as...

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HockLai
2022-08-17
HockLai
Good
Cchan
2022-08-16
Cchan
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Cchan
2022-08-16
Cchan
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Thonyaunn
2022-08-16
Thonyaunn
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href=https://thewest.com.au/business/mining/bhp-eyes-big-expansion-of-wa-iron-ore-as-it-posts-record-results-c-7892473><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BHP has flagged a possible expansion of its WA iron ore division to churn out an extra 40 million tonnes to reach a goal of 330 million tonnes a year.The mining giant announced the medium-term goal as...</p>\n\n<a href=\"https://thewest.com.au/business/mining/bhp-eyes-big-expansion-of-wa-iron-ore-as-it-posts-record-results-c-7892473\">Source 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and disciplined cost control to realise record underlying earnings of $US40.6b and record free cash flow of $US24.3b.“These strong results were due to safe and reliable operations, project delivery and capital discipline, which allowed us to capture the value of strong commodity prices,” he said.“We continue to make progress in building inclusive, diverse and high-performing teams and culture, and we remain unwavering in our focus on eliminating sexual harassment, bullying and racism from BHP.”Mr Henry said BHP entered the 2023 financial year in great shape strategically, operationally and financially, and well prepared to manage an uncertain near-term environment.“We are pursuing options to deliver greater value for shareholders by growing the business and our exposure to future-facing commodities,” he said.His comments come a week after BHP announced an $8.4b cash bid for copper producer OZ Minerals, that was flatly rejected by the company’s board.“We expect China to emerge as a source of stability for commodity demand in the year ahead, with policy support progressively taking hold,” he said.“At the same time, we expect to see a slowdown in advanced economies as monetary policy tightens, as well as ongoing geopolitical uncertainty and inflationary pressures.“The direct and indirect impacts of Europe’s energy crisis are a particular point of concern.”Mr Henry said tight labour markets would remain a challenge for global and local supply chains.“Waves of COVID-19 infection continue to occur in the communities where we operate, and we are planning accordingly,” he said.BHP also revealed today that its Perth-based Minerals Australia boss Edgar Basto would take on the new role of chief operating officer across the group while former petroleum boss Geraldine Slattery would become president of the company’s Australian operations.BHP shares were up $1.29, or 3 percent, to $40.12 at 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