20-F 1 d430164d20f.htm FORM 20-F Form 20-F
Table of Contents
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 20-F
 
 
 
 
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED 30 JUNE 2023.
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
OR
 
 
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
                    
 
Commission file number: 001-09526
BHP GROUP LIMITED
(ABN 49 004 028 077)
(Exact name of registrant as specified in its charter)
VICTORIA, AUSTRALIA
(Jurisdiction of incorporation or organisation)
171 COLLINS STREET, MELBOURNE,
VICTORIA 3000 AUSTRALIA
(Address of principal executive offices)
    
STEFANIE
WILKINSON
BHP GROUP LIMITED
171 COLLINS STREET
MELBOURNE VIC 3000
AUSTRALIA
TELEPHONE AUSTRALIA 1300 55 47 57
TELEPHONE INTERNATIONAL +61 3 9609 3333
FACSIMILE +61 3 9609 3015
(Name, telephone, email and/or facsimile number and
address of company contact person)
 
 
Securities registered or to be registered pursuant to Section 12(b) of the Act.
 
Title of each class
 
Trading symbol(s)
 
Name of each exchange on
which registered
American Depositary Shares*
  BHP   New York Stock Exchange
Ordinary Shares**
  BHP   New York Stock Exchange
 
*
Evidenced by American Depositary Receipts. Each American Depositary Receipt represents two ordinary shares of BHP Group Limited.
**
Not for trading, but only in connection with the listing of the American Depositary Shares.
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
 
    
BHP Group Limited
Fully Paid Ordinary Shares
   5,065,820,556
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☐
   International Financial Reporting Standards as issued by the International Accounting Standards Board  ☒    Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17  ☐    Item 18  ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
 
 
 


Table of Contents

Company details

BHP Group Limited’s registered office and global headquarters are at 171 Collins Street, Melbourne, Victoria 3000, Australia.

‘BHP’, the ‘Company’, the ‘Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ refer to BHP Group Limited, and except where the context otherwise requires, our subsidiaries. Refer to Financial Statements note 30 ‘Subsidiaries’ for a list of our significant subsidiaries and to Exhibit 8.1 – List of Subsidiaries for a list of our subsidiaries. Those terms do not include non-operated assets.

This Report covers functions and assets (including those under exploration, projects in development or execution phases, sites and closed operations) that have been wholly owned and/or operated by BHP or that have been owned as a joint venture1 operated by BHP (referred to in this Report as ‘operated assets’ or ‘operations’) from 1 July 2022 to 30 June 2023. On 2 May 2023, we completed our acquisition of OZ Minerals Limited and its subsidiaries (OZ Minerals). This Report includes the OZ Minerals data and information that is required to be disclosed under legal and regulatory requirements or necessary to meet applicable voluntary standards and benchmarks. The Annual Report includes financial and production data for OZ Minerals for the period from the date of acquisition and other information relating to OZ Minerals where expressly stated, including Additional Information 2, 4 and 5. OZ Minerals information and data is not otherwise included in the Annual Report unless otherwise stated.

BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this Report as ‘non-operated joint ventures’ or ‘non-operated assets’). Notwithstanding that this Report may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise.

BHP Group Limited has a primary listing on the Australian Securities Exchange. BHP holds a standard listing on the London Stock Exchange, a secondary listing on the Johannesburg Stock Exchange and an ADR program listed on the New York Stock Exchange.

Introduction

This document is our annual report on Form 20-F for the year ended 30 June 2023 (this “Annual Report”). Reference is made to our Australian Annual Report for the year ended 30 June 2023, which has been furnished to the U.S. Securities and Exchange Commission (the “SEC”) on a Report on Form 6-K on 22 August 2023, which includes information that has been omitted from this Form 20-F. Only information that is included in, or expressly incorporated by reference into, this Form 20-F shall be deemed to form a part of this Annual Report.

The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are available to the public through the SEC’s website at http://www.sec.gov.

All references to websites in this Annual Report are intended to be inactive textual references for information only and any information contained in or accessible through any such website does not form a part of this Annual Report.

Forward-looking statements

This Report contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements, other than statements of historical or present facts, including: statements regarding trends in commodity prices and currency exchange rates; demand for commodities; global market conditions, reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; climate scenarios; approval of certain projects and consummation of certain transactions; closure, divestment, acquisition or integration of certain assets, operations or facilities (including associated costs or benefits); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and supply of materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies; provisions and contingent liabilities; and tax, legal and other regulatory developments.

 

1 

References in this Annual Report to a ‘joint venture’ are used for convenience to collectively describe assets that are not wholly owned by BHP. Such references are not intended to characterise the legal relationship between the owners of the asset.

 

i


Table of Contents

Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘intend’, ‘aim’, ‘ambition’, ‘aspiration’, ‘goal’, ‘target’, ‘project’, ‘see’, ‘anticipate’, ‘estimate’, ‘plan’, ‘objective’, ‘believe’, ‘expect’, ‘commit’, ‘may’, ‘should’, ‘need’, ‘must’, ‘will’, ‘would’, ‘continue’, ‘forecast’, ‘guidance’, ‘trend’ or similar words. These statements discuss future expectations or performance, or provide other forward-looking information.

Examples of forward-looking statements contained in this Report include, without limitation, statements describing (i) our strategy, our values and how we define our success; (ii) our expectations regarding future demand for certain commodities, in particular copper, nickel, iron ore, metallurgical coal, potash and steel, and our intentions, commitments or expectations with respect to our supply of certain commodities, including copper, nickel, iron ore, potash, uranium and gold; (iii) our future exploration and partnership plans and perceived benefits and opportunities, including our focus to grow our copper, nickel and potash assets; (iv) the structure of our organisation and portfolio and perceived benefits and opportunities; (v) our business outlook, including our outlook for long-term economic growth and other macroeconomic and industry trends; (vi) our projected and expected production and performance levels and development projects; (vii) our expectations regarding our investments, including in potential growth options and technology and innovation, and perceived benefits and opportunities; (viii) our reserves and resources; (ix) our plans for our major projects and related budget and capital allocations; (x) our expectations, commitments and objectives with respect to sustainability, decarbonisation, natural resource management, climate change and portfolio resilience and timelines and plans to seek to achieve or implement such objectives, including our 2030 goals and ‘Pathway to 2030’ , our approach to equitable change and transitions, our Climate Transition Action Plan, Climate Change Adaptation Strategy and goals, targets and strategies to seek to reduce or support the reduction of greenhouse gas emissions, and related perceived costs, benefits and opportunities for BHP; (xi) the assumptions, beliefs and conclusions in our climate change related statements and strategies, including in our Climate Change Report 2020, for example, in respect of future temperatures, energy consumption and greenhouse gas emissions, and climate-related impacts; (xii) our commitment to social value; (xiii) our commitments to sustainability reporting, frameworks, standards and initiatives; (xiv) our commitments to improve or maintain safe tailings storage management; (xv) our commitments to achieve certain inclusion and diversity targets, aspirations and outcomes; (xvi) our commitments to achieve certain targets and outcomes with respect to Indigenous peoples and the communities where we operate; and (xvii) our commitments to achieve certain health and safety targets and outcomes.

Forward-looking statements are based on management’s expectations and reflect judgements, assumptions, estimates and other information available, as at the date made. BHP cautions against reliance on any forward-looking statements.

These statements do not represent guarantees or predictions of future financial or operational performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this Report.

For example, our future revenues from our assets, projects or mines described in this Report will be based, in part, on the market price of the commodities produced, which may vary significantly from current levels. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.

In addition, there are limitations with respect to scenario analysis, including any climate-related scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate.

Other factors that may affect the actual construction or production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include: (i) our ability to profitably produce and deliver the products extracted to applicable markets; (ii) the impact of economic and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the markets in which we operate; (iii) activities of government authorities in the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes and royalties or implementation of trade or export restrictions; (iv) changes in environmental and other regulations; (v) political or geopolitical uncertainty; (vi) labour unrest; and (vii) other factors identified in the risk factors set out in OFR 8.1.

Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

Past performance cannot be relied on as a guide to future performance.

 

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Emissions and energy consumption data

Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG emissions and operational energy consumption volumes (including ratios or percentages) in this Report are estimates. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy consumption data compared to BHP, which means third-party data may not be comparable to our data. For information on how we calculate our GHG emissions and operational energy consumption data refer to the BHP Scopes 1, 2 and 3 GHG Emissions Calculation Methodology 2023 available at bhp.com/climate.

 

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Form 20-F Cross Reference Table

 

Item Number

  

Description

  

Report section reference

1.

      Identity of Directors, Senior Management and Advisors    Not applicable

2.

      Offer Statistics and Expected Timetable    Not applicable

3.

      Key Information   
   A    [Reserved]   
   B    Capitalization and indebtedness    Not applicable
   C    Reasons for the offer and use of proceeds    Not applicable
   D    Risk factors    8.1

4.

      Information on the Company   
   A    History and development of the company    Cover page, Company details, Chair’s review, Chief Executive Officer’s review, Operating and Financial Review 1 to 9, Additional information 2, 4 to 9.4
   B    Business overview    Operating and Financial Review 1 to 5, 9, Additional information 2, 4 to 8, 9.3, 9.8 and Note 1 to the Financial Statements
   C    Organizational structure    Additional information 9.3 and Note 30 to the Financial Statements
   D    Property, plants and equipment    Operating and Financial Review 3, 5.1, 5.2, 5.3, 6 to 9, Additional information 2, 4 to 6 and Notes 11, 15 and 22 to the Financial Statements

4A.

      Unresolved Staff Comments    None

5.

      Operating and Financial Review and Prospects   
   A    Operating results    Operating and Financial Review 4, 5, 6.12, 9, Additional information 9.8
   B    Liquidity and capital resources    Operating and Financial Review 4, Financial Statements 1.4, Notes 11, 21 to 24 and 39 to the Financial Statements
   C    Research and development, patents and licenses, etc.    Operating and Financial Review 3, 5 to 9, Corporate Governance Statement 10, Directors’ Report 10, Additional information 2, 5, 6 and Notes 11 and 15 to the Financial Statements
   D    Trend information    Chair’s review, Chief Executive Officer’s review, Operating and Financial Review 1 to 6, 8, 9, Additional information 2, 4 to 7
   E    Critical Accounting Estimates    IFRS is applied in the Financial Statements as issued by the IASB

6.

      Directors, Senior Management and Employees   
   A    Directors and senior management    Corporate Governance Statement 4.1, 6.1, Directors’ Report 2
   B    Compensation    Remuneration Report
   C    Board practices    Corporate Governance Statement 4.1, 4.7, 5.2, 5.4, Remuneration Report
   D    Employees    Operating and Financial Review 6.6, Additional information 7
   E    Share ownership    Remuneration Report, Directors’ Report 3, 4 and Notes 17, 18 and 26 to the Financial Statements
   F    Erroneously Awarded Compensation    Not applicable

7.

      Major Shareholders and Related Party Transactions   
   A    Major shareholders    Additional information 9.5
   B    Related party transactions    Remuneration Report and Notes 25 and 33 to the Financial Statements
   C    Interests of experts and counsel    Not applicable

8.

      Financial Information   
   A    Consolidated Statements and Other Financial Information    Operating and Financial Review 7, Additional information 8, 9.6, Financial Statements beginning on page F-1 in this Annual Report and Financial Statements 1A
   B    Significant Changes    Note 35 to the Financial Statements

 

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9.

      The Offer and Listing   
   A    Offer and listing details    Additional information 9.2
   B    Plan of distribution    Not applicable
   C    Markets    Additional information 9.2
   D    Selling shareholders    Not applicable
   E    Dilution    Not applicable
   F    Expenses of the issue    Not applicable

10.

      Additional Information   
   A    Share capital    Not applicable
   B    Memorandum and articles of association    Additional information 9.3, 9.4
   C    Material contracts    Not applicable
   D    Exchange controls    Additional information 9.8
   E    Taxation    Additional information 9.9
   F    Dividends and paying agents    Not applicable
   G    Statement by experts    Not applicable
   H    Documents on display    Additional information 9.4
   I    Subsidiary information    Note 30 to the Financial Statements and Exhibit 8.1
   J    Annual Report to Security Holders    Not applicable

11.

      Quantitative and Qualitative Disclosures About Market Risk    Note 24 to the Financial Statements

12.

      Description of Securities Other than Equity Securities   
   A    Debt Securities    Not applicable
   B    Warrants and Rights    Not applicable
   C    Other Securities    Not applicable
   D    American Depositary Shares    Additional information 9.7 and Exhibit 2.1

13.

      Defaults, Dividend Arrearages and Delinquencies    There have been no defaults, dividend arrearages or delinquencies

14.

      Material Modifications to the Rights of Security Holders and Use of Proceeds   
   A       Additional information 9.3, 9.4 and Exhibits 1.1 and 2.1
   B       Not applicable
   C       Not applicable
   D       Not applicable
   E       Not applicable

15.

      Controls and Procedures    Corporate Governance Statement 9.2 and Financial Statements 1A

16A.

      Audit committee financial expert    Corporate Governance Statement 5.2

16B.

      Code of Ethics    Corporate Governance Statement 8

16C.

      Principal Accountant Fees and Services    Corporate Governance Statement 9.2 and Note 36 to the Financial Statements

16D.

      Exemptions from the Listing Standards for Audit Committees    Not applicable

16E.

      Purchases of Equity Securities by the Issuer and Affiliated Purchasers    Directors’ Report 4

16F.

      Change in Registrant’s Certifying Accountant    Not applicable

16G.

      Corporate Governance    Corporate Governance Statement

16H.

      Mine Safety Disclosure    Exhibits 96.1, 96.2, 96.3

16I.

      Disclosure Regarding Foreign Jurisdictions that Prevent Inspections    Not applicable

17.

      Financial Statements    Not applicable

18.

      Financial Statements    Financial Statements begin on page F-1 in this Annual Report

19.

      Exhibits    Exhibits

 

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Bringing people and resources together to build a better world.

We’ve positioned our business to support the megatrends shaping our world. Copper for renewable energy. Nickel for electric vehicles. Iron ore and higher-quality metallurgical coal for steel for new infrastructure. And we are moving into potash to support more sustainable farming. A resource mix for today – and critical to the future.

 

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Contents

 

Chair’s review

     1  

Chief Executive Officer’s review

     3  

Operating and Financial Review

  
1    Our business      5  
1.1    Where we operate      5  
1.2    Our portfolio      6  
1.3    How we create and deliver value      7  
2    Why BHP      9  
3    Positioning for growth      13  
  

Chief Financial Officer’s review

     16  
4    Financial review      17  
4.1    Group overview      17  
4.2    Key performance indicators      18  
4.3    Financial results      20  
4.4    Debt and sources of liquidity      23  
5    Our assets      25  
5.1    Minerals Australia      25  
5.2    Copper South Australia      29  
5.3    Minerals Americas      31  
5.4    Commercial      35  
6    Sustainability      36  
6.1    Safety      36  
6.2    Our sustainability approach      39  
6.3    Sustainability governance      40  
6.4    Material sustainability topics      40  
6.5    2030 goals      43  
6.6    People      45  
6.7    Sexual harassment      50  
6.8    Health      53  
6.9    Ethics and business conduct      55  
6.10    Digital security and data privacy      57  
6.11    Value chain sustainability      58  
6.12    Climate change      60  
6.13    Environment      60  
6.14    Community      66  
6.15    Indigenous peoples      68  
6.16    Tailings storage facilities      71  
6.17    Independent limited assurance report      74  

 

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7    Samarco      74  
8    How we manage risk      76  
8.1    Risk factors      78  
8.2    Management of risk      86  
9    Performance by commodity      93  
9.1    Copper      94  
9.2    Iron ore      95  
9.3    Coal      97  
9.4    Other assets      98  
9.5    Impact of changes to commodity prices      99  
10    Non-IFRS financial information      100  
10.1    Definition and calculation of non-IFRS financial information      109  
10.2    Definition and calculation of principal factors      111  
11    Other information      111  
11.1    Company details      111  
11.2    Forward-looking statements      111  

Governance

  

Corporate Governance Statement

     112  
1    Corporate governance at BHP      112  
2    FY2023 corporate governance highlights      112  
3    BHP’s governance structure      113  
4    Board composition and succession      115  
4.1    Board of Directors      115  
4.2    Director independence      119  
4.3    Board appointments and succession planning      119  
4.4    Director induction, training and development      119  
4.5    Director skills, experience and attributes      120  
4.6    Diversity      121  
4.7    Board evaluation      122  
5    Board Committees      123  
5.1    Nomination and Governance Committee      123  
5.2    Risk and Audit Committee      124  
5.3    Sustainability Committee      125  
5.4    People and Remuneration Committee      125  
6    Management      126  
6.1    Executive Leadership Team      127  
6.2    Senior management succession      128  
6.3    Performance evaluation of executives      128  

 

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7    Shareholders and reporting      128  
7.1    Shareholder and stakeholder engagement      128  
7.2    Market disclosure      129  
8    Culture and conduct      130  
9    Risk management and assurance      130  
9.1    Risk management governance structure      130  
9.2    External audit and financial reporting      131  
10    US requirements      133  

Directors’ Report

     134  
1    Review of operations, principal activities and state of affairs      134  
2    Directors      134  
3    Share interests      135  
4    Share capital and buy-back programs      136  
5    Secretaries      137  
6    Indemnities and insurance      137  
7    Dividends      137  
8    Auditors      137  
9    Non-audit services      137  
10    Exploration, research and development      138  
11    ASIC Instrument 2016/191      138  
12    Proceedings on behalf of BHP Group Limited      138  
13    Performance in relation to environmental regulation      138  
14    Additional information      138  

Remuneration Report

     139  

People and Remuneration Committee Chair letter to shareholders

     139  
1    Remuneration governance      143  
2    Executive KMP remuneration framework      144  
2.1    How the remuneration framework is set      144  
2.2    Remuneration framework operation      144  
2.3    Remuneration mix      147  
3    Remuneration for the CEO and other Executive KMP      147  
3.1    FY2023 remuneration received by the CEO      147  
3.2    FY2023 CDP performance outcomes      148  
3.3    FY2023 LTIP performance outcomes      154  
3.4    Overarching discretion and vesting underpin      154  
3.5    LTIP allocated during FY2023      155  
3.6    FY2024 remuneration for the CEO and other Executive KMP      156  
4    Remuneration for Non-executive Directors      156  
4.1    Remuneration framework of Non-executive Directors      157  

 

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4.2    Non-executive Directors’ remuneration in FY2023 and FY2024      157  
5    Statutory KMP remuneration and other disclosures      158  
5.1    KMP remuneration table      158  
5.2    Equity awards      160  
5.3    Estimated value range of equity awards      162  
5.4    Ordinary shareholdings and transactions      162  
5.5    Prohibition on hedging of BHP shares and equity instruments      163  
5.6    Share ownership guidelines and the MSR      163  
5.7    Transactions with KMP      163  

Financial Statements

     164  

Additional information

  
1    Financial information summary      165  
2    Information on mining operations      166  
3    Financial information by commodity      191  
4    Production      194  
5    Mineral resources and mineral reserves      197  
6    Major projects      222  
7    People – performance data      223  
8    Legal proceedings      225  
9    Shareholder information      230  
9.1    History and development      230  
9.2    Markets      230  
9.3    Organisational structure      231  
9.4    Constitution      231  
9.5    Share ownership      235  
9.6    Dividends      238  
9.7    American Depositary Receipts fees and charges      238  
9.8    Government regulations      239  
9.9    Taxation      241  
10    Glossary      245  

Exhibits

     263  

 

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Chair’s review

Dear Shareholders,

I am pleased to provide BHP’s Annual Report for FY2023.

In FY2023, we achieved strong performance and made progress towards our social value and sustainability commitments, targets and goals. However, these achievements were overshadowed by the tragic deaths of our colleagues Jody Byrne at our Western Australia Iron Ore (WAIO) operations and Nathan Scholz at Olympic Dam during the second half of the year. Our investigation into Jody Byrne’s death at WAIO has been completed and the findings shared with industry peers. Our investigation into Nathan Scholz’s death at Olympic Dam is ongoing. We are determined to learn from these events and prevent them from happening again.

Our priorities

During FY2023, our key priority areas were safety, culture and capability, capital discipline, portfolio and social value. I met with many of our shareholders and visited sites in Australia, Singapore, Chile and Brazil where I had the opportunity to engage with our workforce, suppliers, customers, local communities and Indigenous partners. These discussions reinforced the work we have been doing across these priority areas. I am confident our ongoing delivery against these key areas will position BHP to continue to grow long-term value for our shareholders and create social value with our partners and stakeholders.    

Safety and culture

The safety of our people is our highest priority. I am deeply saddened by the deaths of Jody Byrne and Nathan Scholz, and I offer my condolences to their family, friends and colleagues.

Our commitment to the goal of zero fatalities and serious injuries at BHP remains unwavering and, following these tragic events, we have enhanced the organisation’s focus on the execution of our safety systems and processes in the field and strengthened our control environment. We continue to drive the safety culture needed to eliminate fatalities and serious injuries at BHP.

Our commitment to safety includes addressing sexual harassment, racism and bullying in our workplaces. We are determined to eliminate these harmful behaviours at BHP. There is more to do and we are committed to providing a safe, inclusive and diverse workplace culture where our people can perform at their best.

We know that inclusive and diverse teams are safer and more productive. We are on track to achieve our aspirational goal for a gender-balanced workforce by the end of FY2025 and have doubled the representation of women since CY2016 when we set our gender-balance goal.

Portfolio

Our objective is to position BHP’s portfolio of commodities to create value for today and the future. We have reshaped our portfolio to align with the global megatrends of decarbonisation, electrification, urbanisation and a rising population. Mining is essential for decarbonisation and the energy transition. The world needs copper for renewable energy, nickel for electric vehicles, and iron ore and higher-quality metallurgical coal for steel to build new infrastructure. And we’re moving into potash, which will be vital to food security and more sustainable farming to support a growing population.

BHP has a world-class portfolio of assets that stands to benefit from the increased demand generated from the global megatrends unfolding around us, and we have made changes to our portfolio this year to further align to these megatrends.

We acquired OZ Minerals in May 2023, adding complementary copper and nickel assets in Australia to Olympic Dam and Nickel West. We are consolidating our metallurgical coal portfolio to focus on higher-quality coals preferred by our steelmaking customers and the Jansen Potash Project in Canada is progressing, with first production now expected in late CY2026.

Delivering value

Our Capital Allocation Framework is used to assess the most effective and efficient way to deploy capital and is embedded in our decision making at BHP. In FY2023, through our Capital Allocation Framework, we were able to deliver substantial shareholder returns and create financial and social value for our partners and stakeholders.

The Board determined dividends totaling US$8.6 billion to shareholders for the year, taking the total amount in cash dividends for the past three years to over US$40 billion.

In addition to the value delivered to our shareholders, we created significant financial value in the communities where we operate through payments to suppliers, wages to our employees, community contributions and taxes and royalties paid to governments. In FY2023, our total economic contribution was US$54.2 billion, including US$2.6 billion to local suppliers who support our operations by providing goods and services.

 

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We also delivered tangible social value outcomes in each of the six pillars of our social value framework. Our social value pillars are focused on: decarbonisation, the environment, Indigenous partnerships, workforce, communities and supply chains. Key highlights in FY2023 included:

 

   

We are working with our steel manufacturing customers to develop solutions to help them reduce their greenhouse gas emission intensity, and have collaborative partnerships with seven major steelmakers, which together represent a total of approximately 19 per cent of reported global steel production according to recent World Steel Association data. Through these partnerships, we are supporting the industry to develop technologies and pathways that have the potential to reduce the GHG emission intensity of steelmaking.

 

   

We released our updated Reconciliation Action Plan (RAP) in Australia, which was recognised with ‘Elevate’ status from Reconciliation Australia, which is provided to organisations with a proven track record in respectful engagement with Aboriginal and Torres Strait Islander peoples. The RAP was developed in partnership with many Aboriginal and Torres Strait Islander businesses, communities and peak bodies across Australia.

 

   

We are making progress against our social value metrics for Indigenous workforce participation. BHP is the largest Indigenous employer in the Australian resources sector and we have increased Indigenous employment in our operations in Chile and at our Jansen Potash Project in Canada.

Board evaluation and governance review

Our structured and continuous Board succession and renewal process allows the Board to continue to be fit for purpose and have a balance of experience and fresh perspectives.

As part of the renewal process, John Mogford and Malcolm Broomhead retired from the Board in October 2022 and November 2022, respectively. I would like to thank John and Malcolm for their outstanding contribution to the Board and commitment to value creation for BHP shareholders.

In FY2023, an external evaluation of the Board was carried out to assess the performance and effectiveness of the Board and its Committees. Separately, we reviewed the Board and Committee responsibilities and refreshed the Board and Committee governance documents to streamline our governance approach, including on key matters such as climate, technology and people.

Conclusion

BHP will face challenges and uncertainty in FY2024. Cost inflation is expected to remain in the short to medium term and the changing geopolitical landscape is impacting global markets.

I believe BHP is well positioned to successfully navigate these challenges and continue to create value for shareholders and broader communities, customers, suppliers and partners.

We have built a global business that can make the most of the many opportunities before us. It’s an exciting time to be at BHP.

Thank you for your ongoing support.

Ken MacKenzie

Chair

 

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Chief Executive Officer’s review

Dear Shareholders,

BHP performed solidly in FY2023. Our commitment to operational excellence saw us achieve another year of strong production results and cost performance. We continued to create and advance further growth options across our portfolio. This consistent execution of our strategy gives me great confidence in our ability to continue to generate long-term value for our shareholders, partners, customers and stakeholders.

However, in reviewing our performance each year we always look first to safety. Tragically, this year saw two BHP colleagues, Jody Byrne and Nathan Scholz, lose their lives in the workplace. These events underscore the absolute importance of safety and we are resolute in our commitment to eliminate fatalities and serious injuries at BHP.

Our operational performance was strong in FY2023, with record annual production achieved at Western Australia Iron Ore (WAIO), where we remain the lowest-cost major producer, and at Spence and Olympic Dam. At Escondida, we navigated operational challenges to deliver solid production, and our Queensland coal operations achieved strong underlying performance, offsetting the impact of significant wet weather.

We saw lower revenue in FY2023 due to weaker prices in key commodities. On the cost side, we managed the impact of inflation better than our competitors through disciplined cost control. We remain focused on productivity to stay competitive, which will remain important in FY2024 as we operate amid continued global economic volatility.

We delivered earnings of more than US$13 billion and announced dividends totalling 170 US cents per share for the year. That’s US$8.6 billion flowing back to our investors, including the many millions of Australians who hold BHP shares directly or via their superannuation funds. Our total economic contribution paid to governments, suppliers, contractors, communities and employees for the year was US$54.2 billion, including US$13.8 billion paid in taxes and royalties.

Positioned for growth

Population growth, rising global living standards and decarbonisation of the global energy system all mean the demand for many metals and minerals we produce is anticipated to grow. With our purpose of bringing people and resources together to build a better world, no company is better positioned to responsibly supply these resources than BHP.

We believe increasing productivity of our existing assets remains the greatest single value lever for BHP. This requires an ongoing focus on cost efficiency and throughput maximisation, ensuring we make the most of what we have – maximising the value our assets can create.

Our substantial resource base continues to provide organic development opportunities. We have the world’s largest copper mineral resources2 and the world’s second-largest nickel sulphide resources.3 The Jansen Stage 1 Potash Project in Canada, which is creating a new growth front for the company in potash, remains ahead of plan, and studies for Stage 2 are progressing. FY2023 also saw us continue to progress our strategy to increase our copper and nickel prospects globally. These interests include Kabanga Nickel in Tanzania, Oak Dam in Australia, and Ocelot in the United States. It also encompassed projects in Serbia and Peru, the Filo del Sol project in Argentina and Chile and, of course, the acquisition of OZ Minerals. Bringing together the copper assets from OZ Minerals with Olympic Dam will create a Tier 1 copper province in South Australia. The acquisition of OZ Minerals also brings potential for further copper and nickel growth in both the near and long term.

Social value in action

The world needs the growing demand for metals and minerals to be met responsibly and more sustainably. We continue to make good progress against the goals within our social value framework announced in FY2022. As of today, we have among the lowest absolute operational GHG of the major diversified mining companies.4 In FY2023, our operational GHG emissions reduced by 11 per cent from adjusted FY2022 levels, and we remain on track to achieve our FY2030 target to reduce operational GHG emissions by at least 30 per cent from FY2020 levels.

 

2 

Largest copper mineral resources on a contained metal basis, equity share. Peers include: Anglo American, Antofagasta, Codelco, First Quantum Minerals, Freeport, Glencore, Rio Tinto, Southern Copper and Teck. Source peers: Wood Mackenzie Ltd, Q2 2023. Source BHP data: BHP Annual Report 2023.

3 

Second largest nickel sulphide resources on a contained metal basis, equity share. Source peers: MinEx Consulting Global Ni Database, July 2022. Source BHP data: BHP Annual Report 2023.

4 

For more information refer to BHP’s Operational decarbonisation investor briefing presentation on 21 June 2023, available at bhp.com/operationaldecarbonisation-jun23.

 

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BHP’s relationship with the Indigenous peoples on whose traditional lands we operate is vitally important. In FY2023 we launched our updated Indigenous Peoples Policy Statement, which outlines our global approach to engaging and partnering with Indigenous peoples based on deep respect for the cultures, rights and perspectives of Indigenous peoples. BHP spent around US$333 million with Indigenous suppliers globally in FY2023, more than double last year’s figure. As well as increasing the value of our procurement, we are focused on building our relationships with Indigenous suppliers to create higher-value, long-term contracting partnerships that support economic empowerment and drive innovation and growth for Indigenous enterprises.

Differentiated culture

Our strong performance in FY2023 is thanks to the more than 80,000 great people working at BHP. We continue to build an inclusive, performance-orientated culture. We are empowering our people through the BHP Operating System, our way of working that seeks to make improvement part of what we do every day.

I am proud to say female employee representation grew to more than 35 per cent in FY2023, and representation of Indigenous peoples grew to 8.6 per cent of our operational employees in Australia, 9.7 per cent in Chile and 7.7 per cent in our Jansen Potash Project in Canada.

We have made progress, but there is still work to do. Our priority is to ensure our workplaces are safe and inclusive for everyone who works for, or with, BHP. We continue to focus on eliminating incidents of sexual harassment, racism and bullying through ongoing leader communication, company-wide workforce training that sets clear expectations about appropriate conduct, and ongoing work to support impacted people and review policies and processes to eliminate this unacceptable behaviour.

Innovating for the future

Data and technology, including automation and artificial intelligence, are further unlocking growth opportunities and enhancing our operating performance, enabling us to be safer, more efficient and more sustainable. We’re using autonomous trucks at some of our sites across Western Australia and Queensland and extending this to Spence and Escondida. At Jimblebar and Newman, truck automation has resulted in a 90 per cent reduction in heavy vehicle safety risks.

Through BHP Ventures and the Xplor program, we have increased our investment in innovation, building partnerships with companies to help us discover innovative ways to unlock more of the critical minerals needed for the energy transition.

Mining is an industry for today and tomorrow. At BHP, we are already providing materials and jobs critical to the future and we see clear opportunities to use our strengths to continue to grow value for shareholders. I am incredibly optimistic about the future of our company.

Thank you for your continued support.

Mike Henry

Chief Executive Officer

 

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Operating and Financial Review

1    Our business

1.1    Where we operate

Facts at a glance FY2023

 

     Total economic
contribution1 (US$)
     Payments to
suppliers(US$)
     No. of employees
and contractors3,4
 

Global total

     54.2 bn        22.1 bn        83,211  

Australia

     40.4 bn        12.8 bn        50,093  

Chile

     8.8 bn        6.5 bn        24,738  

Canada

     0.9 bn        0.8 bn        2,626  

Rest of the world5

     4.1 bn        2.0 bn        5,754  

FY2023 production

 

Copper

     1,716.5kt  

Iron ore

     257.0 Mt  

Coal

     72.2 Mt 7 

Nickel

     80.0 kt  

In development

  

Potash6

     US$5.7 bn  

 

1

This includes contribution to suppliers, wages and benefits for employees, dividends, taxes, royalties and voluntary social investment. For more information refer to the Economic Contribution Report 2023.

 

2

For more information refer to the Economic Contribution Report 2023.

 

3

Based on a ‘point-in-time’ snapshot of employees as at 30 June 2023, including employees on extended absence, as used in internal management reporting for the purposes of monitoring progress against our goals. This does not include employees that transitioned from OZ Minerals on 2 May 2023 (1,457 employees as at 30 June 2023 and around 4,000 contractors on average during FY2023). These employees will be included in the overall BHP employee reporting from FY2024.

 

4

In FY2023 some of our employees did not identify as male or female (<0.1% of total employees), we have excluded these employees from the data presented in the gender composition tables to protect the privacy of those employees. We will explore options to include our employees who do not identify as male or female in our diversity reporting (including ‘Tell Us About You’ survey data) in future reporting periods and continuing to protect their privacy.

 

5

Rest of the world includes consolidation adjustments related to intra-group transactions.

 

6

In August 2021, BHP approved US$5.7 billion in capital expenditure for Jansen Stage 1. First potash production is expected in late CY2026.

 

7

BHP Mitsubishi Alliance (BMA) is included and shown on a 100 per cent basis.

 

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1.2    Our portfolio

A resource mix for today – and for the future

We have continued to focus our portfolio on iron ore and higher-quality metallurgical coal preferred by our steelmaking customers, copper which is used in electrification, nickel which is used in electric cars and potash to make food production and land use more efficient and more sustainable. Among our by-products, we are a major producer of uranium and, following the acquisition of OZ Minerals in May 2023, we expect to become a major producer of gold.

Copper

We hold the world’s largest copper mineral resources.5 We are using technical innovation such as new flotation technology to help lower energy costs and unlock value and are looking to secure more copper resources through exploration, acquisition and early-stage entry. Escondida in Chile is the world’s largest copper mine and increased production by 5 per cent in FY2023. Improved reliability and productivity helped Olympic Dam in South Australia achieve record annual copper production. Spence in Chile also achieved record annual copper production, largely due to higher concentrator throughput. The copper assets acquired with OZ Minerals are in the process of being integrated with Olympic Dam and our Oak Dam deposit to create Copper South Australia.

For more information refer to OFR 5.2 and 5.3

Iron ore

Western Australia Iron Ore (WAIO) is the lowest-cost major iron ore producer globally6 and has one of the lowest GHG emission production intensities of benchmarked seaborne iron ore operations.3 WAIO achieved record production in FY2023 of 253 million tonnes (Mt) through productivity gains in its supply chain, rail network and car dumpers. We are focused on increasing annual production at WAIO to greater than 305 Mt over the medium term. We are also studying growing the WAIO business to 330 million tonnes per annum (Mtpa). Within WAIO, South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100 per cent basis) by the end of FY2024. South Flank completed the deployment of autonomous trucks in May 2023.

For more information refer to OFR 5.1

Metallurgical coal

We are continuing to focus our metallurgical coal operations in Queensland on higher-quality product and have one of the lowest GHG emission production intensities of benchmarked export metallurgical coal mines.7 We believe a wholesale shift away from blast furnace steelmaking, which uses metallurgical coal, is still decades in the future and as a result metallurgical coal will remain an essential input into the steelmaking process and a critical input to support decarbonisation infrastructure over the coming decades. We believe higher-quality coals for steelmaking have greater potential upside for quality premiums as steelmakers seek to improve blast furnace utilisation and reduce GHG emission intensity of production. Our metallurgical coal operations achieved a strong underlying performance in FY2023, with Goonyella Riverside and Daunia transitioning to autonomous fleets.

For more information refer to OFR 5.1

Nickel

We hold the second-largest nickel sulphide resources globally8 and our nickel operations in Western Australia have one of the lowest GHG emission production intensities of benchmarked nickel mines and processing plants.3 We are assessing options to expand Mt Keith operations and have completed approximately 100 kilometres of development and exploration drilling in FY2023. We are continuing to seek more nickel resources through exploration, acquisition and early-stage entry. The West Musgrave nickel mine acquired as part of OZ Minerals, when complete, has potential to be a feed source to the Nickel West smelting and refining assets.

For more information refer to OFR 5.1

 

5 

Largest copper mineral resources on a contained metal basis, equity share. Peers include: Anglo American, Antofagasta, Codelco, First Quantum Minerals, Freeport, Glencore, Rio Tinto, Southern Copper and Teck. Source peers: Wood Mackenzie Ltd, Q2 2023. Source BHP data: BHP Annual Report 2023.

6 

Based on published unit costs of major iron ore producers as reported at 30 June 2023. There may be differences in the manner that third parties calculate or report unit costs data compared to BHP, which means third-party data may not be comparable with our data.

7 

Benchmarking is based on CY2022 data from Skarn Associates and reported BHP data for CY2022 (as Skarn Associates’ data is prepared on a calendar year basis). For more information refer to the ‘Additional Climate Change Data’ tab in the BHP ESG Standards and Databook 2023 available at bhp.com/climate.

8 

Second largest nickel sulphide resources on a contained metal basis, equity share. Source peers: MinEx Consulting Global Ni Database, July 2022. Source BHP data: BHP Annual Report 2023.

 

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Potash

We are developing one of the world’s largest potash mines in Canada. The proposed mine has been designed based on a more sustainable approach with a relatively low GHG emission footprint and water intensity compared to existing potash mines. The Jansen Potash Project is expected to increase BHP’s product diversification, customer base and operating footprint, and open a new future growth front. The US$5.7 billion Jansen Stage 1 is tracking to plan and in FY2023 we brought forward the expected date for first production to late CY2026. The feasibility study for Jansen Stage 2 continues to progress and is on track to be completed during FY2024.

For more information refer to OFR 5.3

1.3    How we create and deliver value

 

LOGO

 

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Table of Contents
                                                 
                         
     What we need     

 

Strong relationships

 

Suppliers: More than 7,800 suppliers in 53 countries provide us with goods and services.

 

Partners: We seek to be the partner of choice for customers, business partners and community stakeholders.

 

    

 

Exceptional capability

 

Operational excellence and capital discipline are key to generating long-term value.

 

    
    

 

People

 

We have more than 80,000 employees and contractors globally. Our aim is for them to be engaged and supported in a way that sees them work in safer and more productive ways.

          
    

 

LOGO

  For more information refer to OFR 6.6      LOGO   For more information refer to OFR 2      LOGO  

For more information on exceptional performance and disciplined use of capital refer to OFR 2

 

    
                         
    

 

World-class assets

 

We have a portfolio of large, high-quality; low-cost assets. We are investing in technology to improve productivity and drive ongoing growth across our operations.

           

 

Effective risk management

 

Risk management helps us to protect and create value, and is central to achieving our purpose and strategic objectives.

    
    

 

LOGO

  For more information refer to OFR 1.2             LOGO   For more information refer to OFR 8     
                         
                         
                         
     The value we create

 

Shareholder dividends

 

US$8.6 bn

 

FY2022 US$36.0 bn

 

 

Indigenous procurement spend

 

US$332.6 m

 

FY2022 US$149.9 m

 

 

 

 

 

 

       Tax, royalty and other payments to governments1

 

US$13.8 bn

 

FY2022 US$17.3 bn

 

 

Total voluntary social investment

 

US$149.6 m

FY2022 US$186.4 m

 

       Payments to suppliers1

 

US$22.1 bn

 

FY2022 US$23.3 bn2

 

 

    
         

 

Salary, wages and
incentives for our employees1

 

US$4.7 bn

FY2022 US$4.5 bn

             
                         
    

1   For more information refer to the Economic Contribution Report 2023.

 

2   FY2022 has been restated to conform to the FY2023 basis of preparation that includes payments to suppliers for operating costs on an accruals basis and payments to suppliers for capital expenditure on a cash basis.

 

  

 

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2    Why BHP

The world is on a path of population growth, increased urbanisation and a lower GHG emission future.

BHP is committed to playing our role in building a better world. We seek to do so responsibly and sustainably while continuing to create value for our shareholders and the broader community.

Our products are vital

Much of what the world needs for these global megatrends requires metals and minerals we produce.

Decarbonisation and the energy transition through electrification cannot happen without mining. Solar farms, wind farms and electric vehicles need copper and nickel.

Iron ore and metallurgical coal are needed for steel to build new renewables technology and infrastructure and to grow cities.

And we are moving into potash used in fertilisers to assist with food security for a growing population and more efficient and sustainable land use.

Our core products are important in helping shape our society for the better – and we expect they will be increasingly necessary in a decarbonising world.

We have scale

One of the things that sets BHP apart from our peers is the scale of our resources and the long-term growth opportunity we believe this provides.

For more information refer to OFR 1.2

How we produce resources sets us apart

We are committed to safety, the development of our more than 80,000 employees and contractors, and to promoting and maintaining an inclusive and diverse workforce. We recruit and retain the best people and empower them to run our operations safely and productively.

We are committed to continuous improvement and we strive to operate more reliably and efficiently than our competitors, generating social value as well as financial value.

For information refer to OFR 1 and for Safety and People refer to OFR 6.1 and OFR 6.6

Our commitment to social value

We are committed to social value, our positive contribution to society. Social value is about creating mutual benefit for BHP, our shareholders, Indigenous partners and the broader community. We consider social value and financial value in the decisions we make.

We believe social value and sustainability are vital to our future as they support stable operations, reduce risk and open doors to opportunities, partnerships, capital and talent. They help to ensure we can continue to generate value for our partners and stakeholders, including our shareholders.

For more information refer to ‘Social value’ later in this section and OFR 6

BHP is part of the solution

The core resources we produce are critical to the future and can help address global challenges, such as climate change. We will continue to promote the issues we understand matter to our people and the communities and countries we work in, seeking positive change in our industry and at national, regional and local levels.

We bring together essential resources, a strong balance sheet and a differentiated operating capability underpinned by our technical Centres of Excellence and the BHP Operating System (BOS).

We believe this combination, together with our commitment to social value and sustainability, will help us grow value more consistently for our partners and stakeholders, and underpin continued attractive returns and long-term value for our shareholders.

For more information on BOS refer to ‘Operational excellence’ later in this section

 

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Our people

 

    

 

Every day, our more than 80,000 employees and contractors strive to build a better world. Our aim is to support their ability to do so by providing the tools, opportunity and a safe and inclusive working environment to allow them to perform at their best.

    
       
 

 

Health and safety

 
     Fatalities   High-potential injury frequency rate   Total recordable injury frequency rate1    
  2   ^13%   4.5  
  FY2022 zero   from FY2022   ^ 9% from FY2022  
  Workers exposed to our most material occupational exposures of diesel particulate matter (DPM) respirable silica and coal mine dust  
  v33%      
 

from FY2022

 

     
       

For more information refer to OFR 6.1 and 6.8

Operations Services and BHP FutureFit Academy

Operations Services performs business-critical services across our operations in Australia, including maintaining a large portion of our ultra-class truck fleet and moving significant volumes of material as part of production services. At the end of FY2023, Operations Services had more than 4,300 employees and was responsible for maintaining 43 per cent of BHP’s haul trucks across Minerals Australia, including 96 per cent of ultra-class trucks at BHP Mitsubishi Alliance and 308 kilometres of conveyors in our WAIO operations.

The BHP FutureFit Academy is an exciting career pathway into the mining sector to join Operations Services. Since the FutureFit Academy was launched in May 2020, it has welcomed more than 920 students and graduated 400 apprentices and maintenance associates at its facilities in Perth in Western Australia and Mackay in Queensland. Of the graduates, 82 per cent are female, 25 per cent identify as Indigenous and the majority are new to the mining industry. During FY2023, the Academy trained more than 530 apprentices and trainees, with 227 graduating.

 

       
     Operations Services          FutureFit Academy     
  Employees     Graduates since May 2020  
  >4,300     400  
       
  maintaining      
  43%     82%  
  of BHP’s haul trucks across Minerals Australia     are female  
       
      and  
  308km     25%  
  of conveyors in our WAIO operations     identify as Indigenous  
       

 

1

Combined employee and contractor frequency per 1 million hours worked.

 

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Inclusion and diversity

We continue to build a more inclusive and diverse workforce that further enhances our performance and better reflects the communities where we operate:

 

 

We remain on track to achieve our aspirational goal for a gender-balanced employee workforce globally by FY2025.

 

 

We made progress during FY2023 against targets for increased Indigenous employment in our Minerals Australia operations, Minerals Americas operations in Chile and our Jansen Potash Project in Canada.

For more information refer to OFR 6.6

Exceptional performance

Operating and financial strength

The strength of our portfolio, our operating excellence and financial rigour from the disciplined application of the Capital Allocation Framework (CAF) have helped us deliver strong and consistent returns. We achieved net operating cash flow of US$18.7 billion in FY2023. Our net operating cash flow has been above US$15 billion for 13 of the last 14 years.

In FY2023, through our CAF we kept our balance sheet strong, delivered growth and returns for our shareholders, made progress towards our social value and GHG emissions reduction objectives and prioritised capital to maintain reliable operations.

Operational excellence

The importance and value of operational excellence and cost control in dealing with challenging circumstances was evident in FY2023.

We achieved production guidance across copper, iron ore, metallurgical coal and energy coal, including record annual production at WAIO, Olympic Dam and Spence. Our focus on cost discipline meant we continued to manage inflationary pressures effectively.

The BOS is our way of working that seeks to make improvement part of what we do every day through the application of the BOS tools and practices to our operations. We continued to deploy the BOS throughout our business in FY2023 and expect full deployment by the end of FY2024.

Technology and innovation

The use of technology and our focus on innovation, together with the BOS, have helped accelerate continuous improvement in our value chain – from the introduction of advanced technologies designed to improve safety and increase productivity of our operated assets, to reducing water and energy consumption.

Technology is a key lever for BHP and has been used to:

 

 

support the maintenance of safe, predictable and productive operations

 

 

drive productivity improvements, with an emphasis on automation and real-time, data-driven insights and decision-making

 

 

unlock the next stage of value growth potential, from realising greater margins at our existing operations to finding new assets

 

 

improve sustainability outcomes through innovation

 

 

help drive inclusion and diversity through technologies, such as remote operations and decision support tools that make roles more accessible to a wider range of people

The advanced use of next generation technologies, such as artificial intelligence (AI), cloud and data analytics, is enabling quicker and more economic recovery of our existing resources, more safely and more sustainably. It is also helping achieve a performance uplift by delivering operational improvements in iron ore, copper and nickel.

Examples of our application of technology and innovation in FY2023 include:

 

 

Around US$13 million per year for the past two years in additional revenue was unlocked through cloud-based technology, which uses the Grade Adjustment Model and StacksOn applications to reduce shipping grade variability and increase operational planning accuracy from mine to port. This technology has been introduced at WAIO’s Jimblebar, Newman Hub, Mining Area C, South Flank and Yandi operations, and is in the process of being rolled out to Port Hedland.

 

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Increased copper recovery has been achieved at Escondida by using AI recommendations, new machine learning and data processing platforms to help optimise flotation operational parameters.

 

 

An additional 40 kilotonnes (kt) of coal was delivered at BMA through the Process Area Set Point Optimisation (PASPO) digital tool in FY2023. Built in-house, the PASPO technology uses machine-learning models to optimise coal handling and processing plant operating settings, and accurately forecast product blend. We believe the PASPO was one of the first successful applications of machine learning in the resources industry and it won the 2022 AustIndustry Innovation of the Year Award at the Queensland Mining Awards. Since its inception in CY2020, the PASPO tool has delivered more than 450 kt of additional coal.

 

 

Reduction of 59 gigawatt hours of energy and 2 million cubic metres of water compared to FY2022 by optimising energy and water consumption in concentrators and desalination plants at Escondida. Solutions provided real-time options to enable operators to implement water optimisation plans and real-time data analytics on large volumes of energy usage data to identify anomalies and automate corrective actions.

Financial excellence

We use our CAF to assess the most effective and efficient way to deploy capital. Since the CAF’s introduction in FY2016, we have balanced reinvestment in our business with cash returns to shareholders.

Our CAF promotes discipline in all capital decisions.

 

 

LOGO

Social value

We are committed to social value and sustainability and are making progress in responsibly providing more of the resources the world needs to develop. We believe this commitment can help us become a partner of choice with communities, governments, suppliers and our customers.

We seek to be a valued partner with the communities where we operate and the Indigenous peoples we interact with.

We released a revised Indigenous Peoples Policy Statement in November 2022 and launched a re-designed and co-created Reconciliation Action Plan (RAP) in Australia in June 2023, which outlines our commitment to early engagement, to listening and learning, and ensuring we capture and integrate Aboriginal and Torres Strait Islander peoples’ voices, values, knowledge and perspectives in our decision-making.

The RAP has been recognised with ‘Elevate’ status from Reconciliation Australia, which is provided to organisations with a proven track record in respectful engagement with Aboriginal and Torres Strait Islander peoples and taking a leadership role to advance national reconciliation and create a more equitable Australia. Commitments made in the plan include targets by the end of FY2027 to increase Indigenous representation across our Australian workforce to 9.7 per cent and to achieve a A$1.5 billion spend (from 1 July 2023) in aggregate across our Australian assets with Traditional Owner and Indigenous businesses. We are also working to develop regional Indigenous peoples plans to advance our existing and new relationships with Indigenous peoples in Canada and South America.

Through our commitment to sustainability, we seek to reduce the impact we have on the planet through our operational activities. We have set a long-term goal to achieve net zero operational GHG emissions by 2050.

 

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We manage our decarbonisation projects across our operated assets through our CAF to help us use our capital effectively. We are also working with our suppliers and customers to assist them with reducing their GHG emissions. We have set goals in areas such as the environment and water stewardship, and are in the process of establishing plans in accordance with our 2030 Healthy environment goal to create nature-positive9 outcomes by having at least 30 per cent of the land and water we steward10 at the end of FY2030 under conservation, restoration or regenerative practices. At 30 June 2023, we were the steward of just under 6.5 million hectares of land and water.11

For more information refer to OFR 6.5

How WAIO intends to manage an expected increase in surplus water

By FY2040, around 40 per cent of the ore at Western Australia Iron Ore (WAIO) is expected to be accessed from below the water table. This could mean around a four-fold increase in dewatering volumes to that in FY2022 and an increase in surplus water (dewatering volumes that are excess to operational requirements).

BHP’s intent is to use surplus water for beneficial use as much as practicable and manage it to prevent or minimise our adverse impacts on water resources. In June 2023, WAIO released a context-based water target that by FY2030 at least 50 per cent of surplus water will be prioritised for beneficial use to improve the sustainability of regional groundwater resources or generate social value.

At WAIO’s Mining Area C, for example, additional aquifer reinjection bores and infiltration ponds are planned to be expanded so that more than 70 per cent of surplus water is returned to the ground.

For more information, refer to bhp.com/News/case-studies/2023/08/pilbara-water-scheme-success

For more information on BHP’s approach to water management, refer to OFR 6.13

3    Positioning for growth

We have continued to create a simpler, more efficient BHP, that we believe is better able to capitalise on the megatrends shaping our world. As the population grows, urbanisation increases and as the world increasingly pursues a lower GHG emissions energy transition, we continue to position our portfolio for success.

Unlocking growth potential at our assets

Our biggest near-term growth lever is from improving productivity at our existing assets and unlocking more of their untapped potential.

WAIO was designed with an initial capacity of 240 Mt annually, and in FY2023 it produced a record 285 Mt (100 per cent basis), due to optimisations we have made over the years.

We are undertaking initiatives to responsibly grow our production to more than 305 Mt per year over the medium term, through the ramp up of our newest mine, South Flank, debottlenecking our port and rail systems, the rollout of autonomous haulage trucks, and ongoing productivity enhancements. We are also studying options to further grow annual production to 330 Mt with the study expected to be completed in CY2025.

Escondida has significant untapped resource potential and we are progressing studies into potentially replacing the Los Colorados concentrator. We are also looking at different leaching technologies that could help us extract more copper and have potential to lower water and energy consumption, reduce or eliminate the need for tailings dams, and enable production of cathode-finished product that does not require smelting.

Developing a position in potash

Potash is used in fertilisers to enable more efficient and sustainable farming. With the world’s population continuing to grow and rising concerns around food security and land use, we believe potash is a potential new growth front for BHP.

 

9 

Nature positive is defined by the World Business Council for Sustainable Development (WBCSD)/TNFD as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state.’ It includes land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystem.

10 

Excludes greenfield exploration licences (or equivalent tenements), which are located outside the area of influence of our existing mine operations.

11 

This figure excludes greenfield exploration licences (or equivalent tenements), which are located outside the area of influence of our existing mine operations, and does not include the areas that we now steward following the acquisition of OZ Minerals. Those areas will be included in our land and biodiversity data from FY2024.

 

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At the end of FY2023, Jansen Stage 1 (JS1) was 26 per cent complete. Production is expected to commence in late CY2026. When JS1 reaches full production capacity, it is expected to produce approximately 4.35 Mt of potash per year, increasing Canada’s total potash output by nearly 22 per cent. We intend to progressively ramp up to full production by CY2028.

At its construction peak around 3,500 roles are expected to be involved in JS1, with around 600 permanent positions once production commences, including at a new Integrated Operations Centre in Saskatoon.

Studies for Jansen Stage 2 (JS2) are progressing. If approved by the BHP Board, JS2 may increase optionality and strengthen capital efficiency and operational productivity. Existing JS1 infrastructure could be leveraged to allow for an accelerated JS2 production timeline. Should it proceed, JS2 is expected to add an additional 4 Mtpa of potash at full production capacity, with possible first production estimated to occur in FY2029.

OZ Minerals: Creating a new copper province in South Australia

We will pursue growth through acquisition when we believe we can create value for our shareholders.

BHP completed the acquisition of OZ Minerals on 2 May 2023 increasing our exposure to future-facing commodities by adding copper and nickel resources that complement our existing resources in Australia.

We are integrating OZ Minerals’ two South Australian mines and options, which include Prominent Hill as well as Carrapateena, with Olympic Dam and the Oak Dam deposit to create a significant mining province called Copper South Australia. This province is expected to produce copper, gold and uranium oxide for decades to come.

We expect to be innovative in the creation of the province and intend to incorporate the OZ Minerals’ ‘Think & Act Differently’ approach to innovation. The approach seeks to build capability across the mining value chain to help us better understand future opportunities and find new ways to understand ore bodies and responsibly extract and process commodities.

Our focus is on building scale and optionality. While OZ Minerals is expected to add about 120,000 tonnes of copper production annually (based on its CY2022 performance and including production in Brazil), we believe it also brings potential for further copper and nickel growth in the medium term.

In Western Australia, the West Musgrave nickel mine, when complete, has potential to be a feed source to the Nickel West smelting and refining assets.

For more information refer to OFR 5.2 Copper South Australia and OFR 5.1 West Musgrave

Creating and accelerating longer-term options

BHP Ventures

BHP Ventures is our dedicated venture capital unit. It looks for game-changing technologies and emerging companies to help drive ongoing and more sustainable growth within BHP and provide us with a portfolio of new growth options for the decades ahead.

BHP Ventures complements the innovation already underway within BHP by forging new partnerships and creating fresh opportunities to strengthen our portfolio and support the decarbonisation of our operated assets and decarbonisation opportunities in our value chain. For our partners, BHP Ventures provides an opportunity to collaborate with us.

BHP Ventures’ focus areas include:

 

 

supporting innovation in our core operations, primarily around decarbonisation

 

 

opportunities that enable us to grow our resource base by extracting more from what we have today

 

 

opportunities that provide new options for BHP beyond our core business, including in our portfolio and value chain

BHP Xplor

BHP Xplor is our global accelerator program targeting innovative, early-stage mineral exploration companies to find critical resources necessary to drive the energy transition. We are searching globally for the next generation of explorers to unlock copper, nickel and other critical mineral deposits.

 

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In January 2023, BHP Xplor announced its first cohort of seven companies. Each of these companies received a cash payment of up to US$500,000 from BHP and gained access to a network of internal and external experts, to support the development of their opportunity and to provide potential investment options for BHP to accelerate the exploration for minerals needed for the energy transition. Subject to the finalisation of definitive agreements, further investment is expected in three of the seven participating companies in the first cohort, due to their region of interest, potential technical opportunity, team capability and strategic alignment.

Growth through exploration, focused on copper and nickel

 

 

LOGO

During FY2023, we advanced our exploration programs globally, including undertaking further drilling at the Ocelot project in Arizona. This confirmed the presence of a body of mineralisation at depth, albeit at a lower grade than anticipated. We pursued earlier stage exploration opportunities for copper in Australia, Canada, Chile, Ecuador, Peru, Serbia and the United States. This involved reconnaissance work through target definition and drill testing.

We have also increased the number of high-quality nickel projects within the exploration pipeline. In Australia, we are actively exploring nickel targets, while in Canada, we continued our partnership with Midland Exploration Inc, through our 5 per cent interest and collaboration on a target generation program. BHP made a US$40 million investment in Kabanga Nickel in Tanzania in FY2022 and the exploration team has completed a series of studies to assess the additional upside potential to the known resource. As confirmatory drilling advances, we will continue to evaluate further work required to test this potential.

The acquisition of OZ Minerals brings the opportunity to unlock synergies and further grow our portfolio of copper and nickel projects. In South Australia, this acquisition has significantly increased our land position and is enabling us to develop an important province with additional upside copper discovery opportunities. We expect to fully integrate the OZ Minerals exploration activities into our programs during FY2024.

In June 2023, BHP signed an agreement to acquire a 100 per cent interest in Ragnar Metals Sweden AB for US$6.4 million. This includes the early-stage Granmuren project, a drill-ready nickel-copper target in southern Sweden. The exploration team expects to commence activities focused on completed initial drill tests during FY2024.

Our exploration partnerships continued to deliver encouraging results. In Australia, we continued our partnership with Encounter Resources to explore for sediment-hosted copper deposits in the Northern Territory. We finalised our exploration agreement with Mundoro Capital over projects in Serbia, with initial drilling completed during FY2023. We extended our partnership with Kobold Metals, a BHP Ventures portfolio company that is developing a technology platform for data-driven exploration. The partnership contemplates an additional 18 months of further exploration in northern Western Australia for nickel.

 

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Exploration expenditure

Our resource assessment exploration expenditure increased by 42 per cent in FY2023 to US$255 million, while our greenfield expenditure increased by 23 per cent to US$95 million. Expenditure on resources assessment and greenfield exploration over the last three financial years is set out below.

 

Year ended 30 June

   2023
US$M
     2022
US$M
     2021
US$M
 

Greenfield exploration

     95        77        54  

Resources assessment

     255        179        138  
  

 

 

    

 

 

    

 

 

 

Total metals exploration and assessment

     350        256        192  
  

 

 

    

 

 

    

 

 

 

Exploration expense

Exploration expense represents that portion of exploration expenditure that is not capitalised in accordance with our accounting policies, as set out in Financial Statements note 11 ‘Property, plant and equipment’.

Exploration expense for each segment over the last three financial years is set out below.

 

Year ended 30 June

   2023
US$M
     2022
US$M
     2021
US$M
 

Exploration expense

        

Copper

     145        85        53  

Iron Ore

     52        54        55  

Coal

     6        6        7  

Group and unallocated items1

     91        54        19  
  

 

 

    

 

 

    

 

 

 

Total Group

     294        199        134  
  

 

 

    

 

 

    

 

 

 

 

1

Group and unallocated items includes functions, other unallocated operations, including Potash, Nickel West, West Musgrave (acquired on 2 May 2023 as part of the acquisition of OZ Minerals Ltd), legacy assets and consolidation adjustments.

Chief Financial Officer’s review

Not required for US reporting.

 

16


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4    Financial review

4.1    Group overview

We prepare our Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. We publish our Consolidated Financial Statements in US dollars. All Consolidated Income Statement, Consolidated Balance Sheet and Consolidated Cash Flow Statement information below has been derived from audited Consolidated Financial Statements. For more information refer to Financial Statements.

We use various non-IFRS financial information to reflect our underlying performance. Non-IFRS financial information is not defined or specified under the requirements of IFRS, however is derived from the Group’s Consolidated Financial Statements prepared in accordance with IFRS. Non-IFRS financial information is consistent with how management reviews financial performance of the Group with the Board and the investment community. OFR 10 ‘Non-IFRS financial information’ includes our non-IFRS financial information and OFR 10.1 ‘Definition and calculation of non-IFRS financial information’ outlines why we believe non-IFRS financial information is useful and the relevant calculation methodology. We believe non-IFRS financial information provides useful information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as profit or net operating cash flow) or any other measure of financial performance or position presented in accordance with IFRS, or as a measure of a company’s profitability, liquidity or financial position.

Summary of financial measures

 

Year ended 30 June

US$M

   2023      2022  

Consolidated Income Statement (Financial Statements 1.1)

     

Revenue

     53,817        65,098  

Profit/(loss) after taxation from Continuing operations

     14,324        22,400  

Profit/(loss) after taxation from Continuing and Discontinued operations attributable to

BHP shareholders

     12,921        30,900  

Dividends per ordinary share – paid during the period (US cents)

     265.0        350.0  

Dividends per ordinary share – determined in respect of the period (US cents)

     170.0        325.0  

In specie dividend on merger of Petroleum with Woodside (US cents)

            386.4  

Basic earnings/(loss) per ordinary share (US cents)

     255.2        610.6  

 

 

Consolidated Balance Sheet (Financial Statements 1.3)

     

Total assets

     101,296        95,166  

Net assets

     48,530        48,766  

 

 

Consolidated Cash Flow Statement (Financial Statements 1.4)

     

Net operating cash flows

     18,701        32,174  

Capital and exploration expenditure

     7,083        7,545  

 

 

Other financial information (OFR 10)

     

Net debt

     11,166        333  

Underlying attributable profit

     13,420        23,815  

Underlying attributable profit – Continuing operations

     13,420        21,319  

Underlying EBITDA

     27,956        40,634  

Underlying basic earnings per share (US cents)

     265.0        470.6  

Underlying basic earnings per share – Continuing operations (US cents)

     265.0        421.2  

Underlying return on capital employed (per cent)

     28.8        48.7  

 

17


Table of Contents

4.2    Key performance indicators

Our key performance indicators (KPIs) enable us to measure our development and financial performance. These KPIs are used to assess performance of our people throughout the Group.

For information on our approach to performance and reward refer to Remuneration Report.

For information on our overall approach to executive remuneration, including remuneration policies and remuneration outcomes refer to Remuneration Report.

Following BHP’s sale of the Onshore US assets in FY2019 and subsequently the merger of our Petroleum business with Woodside in FY2022, the contribution of these assets to the Group’s results is presented as Discontinued operations. Footnotes to tables and infographics indicate whether data presented in OFR 4.2 is inclusive or exclusive of Petroleum assets. Details of the contribution of the Petroleum assets to the Group’s results are disclosed in Financial Statements note 28 ‘Discontinued operations’.

 

LOGO

 

1

Includes data for Continuing and Discontinued operations for the financial years being reported.

 

2

Excludes data from Discontinued operations for the financial years being reported.

 

3

For more information on non-IFRS financial information refer to OFR 10.

 

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Table of Contents

Reconciling our financial results to our key performance indicators

 

    

Profit

       

Earnings

       

Cash

       

Returns

 
                 US$M              US$M              US$M                US$M  

 Measure

  

Profit after taxation

from Continuing and

Discontinued operations

 

 

 

     14,324       Profit after taxation from Continuing and Discontinued operations      14,324      

Net operating cash

flows from Continuing operations

     18,701       Profit after taxation from Continuing and Discontinued operations

 

     14,324  
 Made
 up of
   Profit after taxation                       Profit after taxation              Cash generated by the Group’s consolidated operations, after dividends received, interest, proceeds and settlements of cash management related instruments, taxation and royalty-related taxation. It excludes cash flows relating to investing and financing activities

 

    Profit after taxation

 

 Adjusted  for    Exceptional items before taxation      340            Exceptional items before
taxation
     340              Exceptional items after taxation

 

     606  
  

 

Tax effect of
exceptional items

  

 

 

 

 

 

266  

 

 

 

      

 

Tax effect of exceptional
items

  

 

 

 

266

 

 

           Net finance costs excluding exceptional items

 

  

 

 

 

1,079

 

 

  

 

Exceptional items
after tax attributable
to non-controlling
interests

  

 

 

 

    (107)  

 

 

      

 

Depreciation and
amortisation excluding
exceptional items

  

 

 

 

5,061

 

 

          

 

Income tax expense on net finance costs

 

  

 

 

 

 

 

(342)

 

 

 

     

 

 

                            
  

 

Exceptional items
attributable to BHP
shareholders

     

 

 

 

 

 

499

 

 

 

    Impairments of property,
plant and equipment,
financial assets and
intangibles excluding
exceptional items
  

 

 

 

75

 

 

           Profit after taxation excluding net finance costs and exceptional items

 

  

 

 

 

  15,667

 

 

                           

 

 

 
                           
                           
   Profit after taxation
attributable to
non-controlling
interests
        (1,403 )     

 

Net finance costs
excluding exceptional
items

  

 

 

 

1,079

 

 

           Net assets at the beginning of period   

 

 

 

48,766

 

 

  
            

 

Taxation expense
excluding exceptional
items

  

 

 

 

6,811

 

 

           Net debt at the beginning of period   

 

 

 

        333

 

 

  
                           Capital employed at the beginning of period         49,099  
                           Net assets at the end of period      48,530     
                           Net debt at the end of period          11,166     
                             

 

 

    
                           Capital employed at the end of period         59,696