BHP(BHP) - 2024 Q4 - Annual Report

Operational Performance - BHP's operational performance in FY2024 included the highest copper production in over 15 years, contributing to a total economic contribution of US$49.2 billion[20]. - Copper production reached 1.86 million tonnes in FY2024, a 9$7.4 billion for FY2024, bringing the total cash dividends returned since July 2021 to over US$42 billion[26]. - Revenue for FY2024 was US$55.7 billion, an increase of US$1.8 billion or 3$7.9 billion in FY2024 from US$12.9 billion in FY2023, including an exceptional loss of US$5.8 billion[92]. - Underlying attributable profit for FY2024 was US$13.7 billion, compared to US$13.4 billion in FY2023[88]. - Net operating cash flows for FY2024 were US$20.7 billion, up from US$18.7 billion in FY2023[88]. - Total expenses excluding net finance costs increased by US$4.9 billion or 15$36.8 billion in FY2024[95]. - Capital and exploration expenditure for FY2024 was US$9.3 billion, up from US$7.1 billion in FY2023[88]. - Net debt decreased to US$9.1 billion in FY2024 from US$11.2 billion in FY2023[88]. - Other income rose to US$1.3 billion, a 226$137 million in voluntary social investment in FY2024, focusing on community and environmental initiatives[26]. - BHP's operational GHG emissions target aims for at least a 30% reduction by FY2030 against an FY2020 baseline[35]. - The company managed 83,012 hectares (1.62%) of land and water under nature-positive management practices, with a goal of reaching at least 30% by FY2030[65]. - In FY2024, the total voluntary social investment amounted to US$136.7 million, including US$102.4 million in direct funding for initiatives aligned with the social value framework[183]. - BHP's Responsible Minerals Program (RMP) aligns with OECD guidelines and is currently expanding to include environmental risk assessments in mineral supply chains[179]. - The company aims to achieve alignment with the Global Industry Standard on Tailings Management (GISTM) for all BHP-operated tailings storage facilities by August 2025[182]. Diversity and Inclusion - Female employee participation increased by 1.9 percentage points year-on-year to 37.1% by the end of FY2024, while Indigenous employee participation reached 10.1% in Chile and 11.2% in Canada[24]. - The Indigenous employee participation rate at Minerals Australia operations was 8.3% as of June 30, 2024, with a total participation rate of 7.5% across Australia[184]. - BHP's FutureFit Academy provides pathways for new employees through accredited maintenance and production traineeships, enhancing workforce capabilities[191]. - As of FY2024, the FutureFit Academy achieved 80% female participation and over 20% Indigenous intake in its student cohort[192]. - The gender breakdown of new hires in FY2024 was 48.1% men and 51.9% women, with women in leadership roles increasing by 2.0% compared to FY2023[200]. - BHP's LGBT+ ally employee group, Jasper, grew to around 2,900 members globally by the end of FY2024[207]. Safety and Health - BHP's commitment to safety remains unwavering, with a focus on eliminating unacceptable behaviors such as sexual harassment and bullying in the workplace[24]. - In FY2024, the company recorded a 36% decrease in the high-potential injury frequency rate compared to FY2023, despite one fatal incident[154]. - The total recordable injury frequency (TRIF) increased by 5% from FY2023, with the highest number of injuries related to slips, trips, and falls[154]. - Over 90% compliance was achieved for the Fatality Elimination Program (FEL) controls implemented in FY2024[157]. - The Fatality Elimination Program remains a high priority, with asset implementation plans intended for completion by FY2025[156]. - The global Field Leadership Program aims to enhance safety culture and verify critical safety controls across operations[159]. Strategic Initiatives - BHP's strategic focus includes aligning its portfolio with global trends, emphasizing the demand for metals and minerals driven by urbanization and energy transition[25]. - The Jansen potash project in Canada is ahead of schedule, with first production expected in just over two years, and Jansen Stage 2 has been approved with a capital expenditure of US$4.9 billion[32][46]. - BHP plans to invest approximately US$300 million per annum in Western Australia Nickel facilities, with a review of operations scheduled for February 2027[37]. - The company is exploring options to increase Copper South Australia's production beyond 500 kilotonnes per annum (ktpa), with potential growth up to 650 ktpa[33]. - BHP plans to grow WAIO production capacity up to 330 million tonnes per annum, with studies expected to complete in CY2025[50]. - The company has established BHP Ventures to invest in emerging technologies, with new investments in FY2024 including SiTration and ZwitterCo[74]. - BHP Xplor program selected six companies from over 500 applications to support early-stage mineral exploration, focusing on critical resources for the energy transition[78].