Group 1 - The event is being held in Melbourne, also known as Naarm, which is a significant location for the First Peoples of the Yalukit Willam of the Boonwurrung [1] - Acknowledgment of the traditional lands of the Eastern Kulin and the five major language groups that comprise the Kulin nation [2] - Recognition of the historical significance of the Yarra River, referred to as Birrarung by the First Peoples, highlighting its importance as a source of food, transport, and cultural identity [3]

BHP Chair Ross McEwan confirmed the mining giant was in commercial negotiations with China’s state-run iron ore buyer https://t.co/kTT3xQ1AYk ...

Financial Data and Key Metrics Changes - Financial year 2025 was a strong year for the company, with a return of 20.6% on capital employed and an underlying margin of 53% on EBITDA [24][25] - The company paid $5.6 billion in dividends, marking over $100 billion returned to shareholders over the past decade [25][18] - The effective tax rate was approximately 45%, contributing nearly $10 billion in taxes and royalties to fund public services [24] Business Line Data and Key Metrics Changes - Record production was achieved at Western Australia Iron Ore, maintaining its position as the lowest-cost major iron ore producer for six consecutive years [24] - Overall copper production increased by 28% over the past three years, representing the largest absolute growth among major miners globally [24] - 45% of the company's EBITDA now comes from copper, more than double the percentage from five years ago [25] Market Data and Key Metrics Changes - The company is pursuing growth in copper and potash, with significant investments in projects like the Jansen potash project in Canada and the Resolution Copper project in Arizona [26][25] - The Argentinian government has introduced incentives for large investments, which could benefit the company [27] - The company is facing challenges in Queensland due to high royalties, impacting profitability in its coal division [46][48] Company Strategy and Development Direction - The company aims for high-quality growth that drives value, focusing on a mix of assets and commodities that are attractive for the future [15][23] - There is a commitment to decarbonization, with a target of a 30% reduction in carbon footprint by 2030 [79] - The company emphasizes the importance of competitive tax policies to attract global investment [40][46] Management's Comments on Operating Environment and Future Outlook - The management highlighted the growing demand for sustainable commodities due to urbanization and shifts in energy sources [23] - There is a recognition of the need for nations to create favorable conditions for investment to enhance economic development and national security [16] - The company is optimistic about its future, citing a strong pipeline of growth projects and a commitment to operational excellence [29][19] Other Important Information - The company achieved gender balance within its global employee base, reflecting its commitment to inclusivity [21] - The management is focused on creating social value and building community trust as part of its operational strategy [17][18] Q&A Session Summary Question: Impact of a turnover tax on BHP and the mining industry - The Chair acknowledged the proposal for a net cash flow tax and emphasized the need for competitive tax policies to attract investment [40] Question: Conversations with the Queensland government regarding coal taxes - The Chair noted that the company is paying significantly more in royalties than it generates in profit, indicating unsustainable tax settings [46][48] Question: Status of iron ore sales and currency used - The Chair confirmed that about 10% of sales are conducted in currencies other than US dollars, primarily in RMB for portside sales in China [56][59] Question: Operational performance and dividend payment dates - The Chair explained that variations in dividend payment dates are linked to the timing of financial results announcements [72] Question: Environmental sustainability and koala habitat protection - The Chair assured that the company is committed to environmental sustainability and has set targets for reducing its carbon footprint [79][80] Question: Update on the Samarco dam failure compensation - The Chair provided an update, stating that 98% of community resettlement cases are finalized and approximately $5.6 billion has been paid in compensation [86]

Financial Data and Key Metrics Changes - BHP reported strong operational and financial performance for the financial year 2025, achieving a return on capital employed of 20.6% and an underlying margin of 53% on EBITDA [24][21] - The company returned $5.6 billion in dividends, contributing to over $100 billion returned to shareholders over the past decade [25][18] - A 63% reduction in high potential injury frequency was achieved over the past five years, indicating improved safety performance [21] Business Line Data and Key Metrics Changes - Record production was achieved at Western Australia Iron Ore, maintaining its status as the lowest-cost major iron ore producer for six consecutive years [24] - Copper production grew by 28% over the past three years, marking the largest absolute growth among major miners globally [24] - 45% of BHP's EBITDA now comes from copper, more than double the percentage from five years ago [25] Market Data and Key Metrics Changes - BHP contributed nearly $47 billion to the economies it operates in, with about $10 billion in taxes and royalties [24] - The company is pursuing growth in copper and potash, with significant projects in South Australia, Chile, and Canada [25][26] Company Strategy and Development Direction - BHP aims for high-quality growth that drives value, focusing on a mix of assets and commodities that are attractive for the future [15][23] - The company is reshaping its portfolio to increase exposure to copper, recognizing its importance in a more urbanized and energy-efficient future [25][23] - BHP is committed to responsible investment and creating social value, which is integral to its operational and financial strategies [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of competitive tax policies to attract global investment, emphasizing the need for stability and competitiveness in Australia [40][41] - The company sees growing opportunities in the mining sector as nations recognize the importance of resource investment for economic development and national security [27][28] - BHP is committed to decarbonization, aiming for a 30% reduction in its carbon footprint by 2030 [79] Other Important Information - The company is actively engaging with the Queensland government regarding tax and royalty settings that impact its coal operations, particularly in the BMA division [46][48] - BHP is entering the potash market with the Jansen project in Canada, with first production expected by mid-2027 [26] Q&A Session Summary Question: Impact of a turnover tax on BHP and the mining industry - Management acknowledged the proposal for a net cash flow tax and emphasized the need for competitive tax policies to attract investment [40][41] Question: Conversations with the Queensland government regarding coal tax relief - Management confirmed ongoing discussions with the Queensland government, advocating for tax and royalty settings to align with global competitors [48] Question: Status of iron ore sales and currency used in transactions - Management indicated that less than 10% of sales are conducted in currencies other than U.S. dollars, primarily in RMB for portside sales in China [56][59] Question: Implications of U.S.-Australia relations on BHP - Management noted that Australia is well-positioned to support U.S. needs for critical minerals, particularly through projects like Resolution Copper [66] Question: Concerns about dividend payment dates - Management explained that variations in dividend payment dates are linked to the timing of financial results announcements [72] Question: Environmental sustainability and koala habitat protection - Management highlighted commitments to decarbonization and environmental stewardship, including efforts to protect habitats and support local communities [79][81]

Financial Data and Key Metrics Changes - BHP reported a strong operational and financial performance for FY 2025, achieving a return on capital employed of 20.6% and an underlying EBITDA margin of 53% [23][24] - The company declared a total of $5.6 billion in dividends for the year, contributing to over $100 billion returned to shareholders over the past decade [17][24] - BHP's effective tax rate was approximately 45%, with nearly $10 billion paid in taxes and royalties, supporting local economies [23][24] Business Line Data and Key Metrics Changes - Record production was achieved at Western Australia Iron Ore, maintaining its position as the lowest-cost major iron ore producer globally for the sixth consecutive year [23] - Copper production increased by 28% over the past three years, representing the largest absolute growth among major miners [23][24] - The company reshaped its portfolio to increase exposure to copper, with 45% of EBITDA derived from copper, more than double the figure from five years ago [24] Market Data and Key Metrics Changes - BHP's operational performance contributed nearly $47 billion to the economies it operates in, including wages, taxes, and community contributions [23] - The company is positioned to benefit from increasing global demand for critical minerals, particularly copper, as nations focus on energy transition and national security [26][28] Company Strategy and Development Direction - BHP aims for high-quality growth that drives value, focusing on a mix of assets and commodities that are attractive for future demand [14][22] - The company is strategically investing in copper and potash, with ongoing projects like the Jansen potash project in Canada and the Resolution Copper project in Arizona [24][25] - BHP emphasizes the importance of competitive tax policies to attract global investment and ensure sustainable operations [38][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for stable and competitive tax settings to attract investment in the mining sector, particularly in Australia [38][42] - The company is optimistic about the future, citing a strong pipeline of growth projects and a commitment to operational excellence [28] - BHP is focused on decarbonization and environmental sustainability, aiming for a 30% reduction in carbon footprint by 2030 [69][70] Other Important Information - BHP achieved gender balance within its global employee base, reflecting its commitment to inclusivity and collaboration [19][20] - The company is actively engaging with governments to address tax and royalty issues affecting its operations, particularly in Queensland [41][44] Q&A Session All Questions and Answers Question: Impact of a turnover tax on BHP and the mining industry - The Chair addressed the Australian Productivity Commission's proposal for a net cash flow tax, emphasizing the need for competitive tax policies to attract investment [38] Question: Conversations with the Queensland government regarding coal division tax relief - The Chair noted that BHP is paying significantly more in royalties than it generates in profit from its coal operations, indicating unsustainable tax settings [42][44] Question: Status of iron ore sales and currency used in transactions - Management confirmed that less than 10% of sales are conducted in currencies other than US dollars, primarily in RMB for portside sales in China [50][51] Question: Implications of recent US-Australia discussions on BHP - Management highlighted Australia's position to support US critical mineral supply chains, particularly through projects like Resolution Copper [58] Question: Concerns about dividend payment dates and operational performance - The Chair explained that variations in dividend payment dates are linked to the timing of financial results announcements [60][62] Question: Environmental sustainability and koala habitat protection - Management affirmed BHP's commitment to environmental sustainability and decarbonization, including efforts to protect local habitats [69][70] Question: Update on the Samarco dam failure compensation - Management reported that approximately $5.6 billion has been paid in compensation since the dam failure, covering around 537,000 people [75]

Financial Data and Key Metrics Changes - BHP reported a return of 20.6% on capital employed with a healthy underlying margin of 53% on EBITDA [35] - The company paid out US$5.6 billion in dividends, marking a total of over US$100 billion returned to shareholders over the past ten years [36][29] - The final dividend payout ratio for the year was set at 60% of underlying attributable profit, reflecting confidence in the business's strength [29] Business Line Data and Key Metrics Changes - Record production was achieved in Western Australian iron ore, maintaining its position as the lowest cost major iron ore producer globally for the sixth consecutive year [34] - BHP's overall copper production grew by 28% over the past three years, representing the largest absolute copper growth among major miners [34] - Copper now accounts for 45% of BHP's EBITDA, more than double the percentage from five years ago [36] Market Data and Key Metrics Changes - The company contributed nearly US$47 billion to the economies it operates in, with about US$10 billion in taxes and royalties [35] - BHP is pursuing growth in copper and potash, with significant projects in South Australia, Chile, and Canada [37] Company Strategy and Development Direction - BHP aims to focus on high-quality growth that drives value, with a strong capital allocation framework guiding investment decisions [22][21] - The company is strategically positioned to meet the increasing demand for commodities essential for sustainable development, such as copper and potash [33][34] - BHP emphasizes the importance of competitive tax policies to attract global investment, highlighting the need for Australia to remain competitive in the mining sector [59][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the mining sector is competitive, and BHP is committed to improving its operational performance and safety culture [24][18] - The company recognizes the growing importance of critical minerals for national security and economic development, positioning itself to support these needs [85][88] - BHP is focused on decarbonization and has set a target to reduce its carbon footprint by 30% by 2030 [110] Other Important Information - BHP's commitment to creating social value is seen as a competitive advantage, helping to build community trust and attract talent [28] - The company is actively engaging with governments to address tax and royalty issues affecting its operations, particularly in Queensland [68][66] Q&A Session Summary Question: Impact of a proposed turnover tax on BHP and the mining industry - The Chair acknowledged the importance of competitive tax policies for attracting investment and emphasized the need for balance between government returns and investment incentives [58] Question: Concerns about the coal division's performance and tax burdens - Management highlighted the unsustainable tax burden on the BMA operations, indicating that current tax settings hinder investment in the coal business [66][69] Question: Status of iron ore sales and currency usage - BHP confirmed that less than 10% of its sales are conducted in currencies other than US dollars, primarily due to sales in China [76][80] Question: Implications of the recent Australia-US discussions on resource investments - Management noted that Australia is well-positioned to support US needs for critical minerals, particularly in copper production [88] Question: Dividend payment dates and operational performance - The Chair explained that variations in dividend payment dates are linked to the timing of financial results announcements [97] Question: Environmental concerns regarding koala habitats and energy consumption - Management assured that environmental considerations are integrated into decision-making processes, including commitments to decarbonization and habitat protection [110]

从 2005 年被迫接受日方敲定的 71.5% 涨价，到如今主动引导定价规则，中方的角色转变背后是战略布 局的长期积淀。这不仅守护了国内产业利益，更是维护金融主权与经济安全的重要实践，为全球大宗商 品贸易公平发展提供了新路径。 2025 年 10 月初，中方矿产资源集团要求国内钢厂暂停采购必和必拓所有美元计价的海运铁矿石，这一 举措迅速引发全球大宗商品市场震动。作为消耗全球 75% 以上海运铁矿石的核心买家，中方此次行动 绝非偶然的商业调整，而是对长期定价不公的主动回应，彰显了在资源贸易中掌握主动权的战略决心。 长期以来，国际三大矿商依托垄断地位，通过机制不透明的普氏指数操控价格。该指数仅依赖 30 至 40 家机构询价，不锚定实际成交，2025 年 6 月曾出现较中方港口现货价溢价 12.7% 的情况。这种定价模 式让中方钢企承受巨大成本压力，2024 年中方钢企销售利润率仅 0.71%，而澳大利亚矿企利润率超 100%，形成鲜明反差。改变始于 2022 年中方矿产资源集团的成立。这家总部位于雄安的央企整合了国 内分散的采购力量，结束了此前钢企 "各自为战、相互抬价" 的困境，成为铁矿石贸易中的 "超级买 ...

Group 1 - Iron ore is a crucial raw material for steel production, with China accounting for over half of global steel output and importing more than a billion tons annually, primarily from Australia and Brazil [2] - Major Australian companies like BHP and Rio Tinto dominate the global iron ore market, leading to a situation where Chinese steel mills have historically faced low profit margins, averaging less than 1% net profit [2] - In response to the unfavorable pricing dynamics, China has diversified its iron ore sources, focusing on the Simandou project in Guinea, which is the largest undeveloped iron ore mine globally, with an annual capacity of 120 million tons [4] Group 2 - China's steel production surged from 270 million tons in 2003 to 510 million tons within five years, causing iron ore prices to rise from under $40 per ton to over $140, resulting in significant financial outflows to Australian mining companies [5] - In 2022, the establishment of China Mineral Resources Group centralized 40% of iron ore import procurement, allowing for unified negotiations and reducing the fragmentation of previous purchasing strategies [4] - By 2024, China's crude steel production is projected to reach nearly 1 billion tons, with iron ore imports accounting for 72% of global seaborne trade, yet profit margins for Chinese steel mills remain low [7] Group 3 - In August 2023, negotiations between China and BHP for long-term contracts for 2026 stalled over currency settlement preferences, with China pushing for RMB settlements while BHP insisted on USD [9] - Following a suspension of all BHP's USD iron ore purchases, BHP's stock price fell, highlighting its dependency on the Chinese market, which accounts for 60% of its exports [11] - A subsequent agreement allowed for 30% of fourth-quarter transactions to be settled in RMB, marking a significant shift in pricing dynamics and reducing exchange rate risks for Chinese steel mills [11][13] Group 4 - The shift to RMB settlements represents a broader change in pricing rules, reducing costs for Chinese steel mills and increasing their profit margins, while also weakening the pricing power of Australian exporters [13] - With the full production of Simandou, global iron ore supply is expected to increase by 10%, further diminishing the monopoly held by Australian companies [13] - The move towards RMB in iron ore trade is expected to enhance China's position in resource trade and promote the internationalization of the RMB [13]

Core Viewpoint - BHP Group, the world's largest mining company, reported an increase in copper production and a slight decrease in iron ore production for the first quarter of the 2025 fiscal year, maintaining a positive outlook on future commodity demand [2][7]. Iron Ore Business - Iron ore is the core revenue source for BHP, accounting for over half of its total earnings [4]. - In the first quarter, iron ore production was 64.1 million tons, a year-on-year decrease of 1% and a quarter-on-quarter decrease of 9% [4]. - Despite the slight decline in production, iron ore sales remained stable, with sales volume roughly flat compared to the same period last year, and a 5% increase in high-value lump ore sales [4]. - BHP emphasized the flexibility and diversification of its sales model, utilizing various distribution channels including maritime sales and sales at Chinese ports [4]. Copper Business - BHP produced 493,600 tons of copper in the quarter, a year-on-year increase of 4% and a quarter-on-quarter decrease of 4% [5]. - The growth in copper production was attributed to record processing volumes and recovery rates at the Escondida mine in Chile [5]. - Copper is BHP's second-largest revenue source, and the company is expanding its copper business amid increasing global demand, projected to grow by about 70% by 2050 [5]. - BHP is benefiting from operational disruptions among competitors, such as Freeport-McMoRan's production halt due to a fatal landslide at the Grasberg mine in Indonesia [5]. Coal Business - BHP's metallurgical coal production increased by 8% year-on-year, driven by strong performance at the Broadmeadow mine in eastern Australia [5]. - However, the coal business faces challenges from weak global coal prices and high royalties in Queensland, Australia, impacting profitability [6]. - BHP announced the closure of a coal mine operated in joint venture with Mitsubishi Corporation due to unsustainable low profits under current market conditions [6]. Commodity Demand Outlook - Despite global economic uncertainties, BHP's CEO expressed optimism about the demand for commodities, citing robust macroeconomic signals and upward revisions in global growth expectations [7]. - The company anticipates that China's economic growth will support commodity market demand, projecting a growth rate of around 5% for China this year [8].

Group 1: Iron Ore Production and Demand Outlook - BHP maintains an optimistic outlook on global iron ore demand, supported by strong macroeconomic signals and rising global economic growth expectations [1] - In the three months ending September 30, BHP's iron ore production in Western Australia was 70.2 million tons, slightly below market estimates of 71.55 million tons, and a minor decrease of 0.1% year-on-year [1][2] - The company expects its iron ore production in Western Australia for the fiscal year 2026 to remain unchanged at 284 million to 296 million tons [2] Group 2: Copper Production and Strategic Focus - BHP's copper production increased by 4% to 493,600 tons, primarily due to higher output from the Escondida project in Chile, offsetting declines in other areas [3] - The company has become the world's largest copper producer, with an annual output of approximately 2 million tons, and maintains its copper production forecast for 2026 [3] - BHP's CEO highlighted that production disruptions at competitors' mines have tightened the overall market, benefiting BHP's world-class asset portfolio [3] Group 3: Potash Project Developments - BHP has postponed the expansion plans for the Jansen potash project due to cost overruns and ample market supply, but remains optimistic about potash as a long-term opportunity [3] - The first phase of the Jansen potash project is 73% complete and is expected to start production in 2027, while the second phase is 13% complete [3]