BHP has reported an attributable profit of $4.4bn for the half-year ended 31 December 2024 (HY25), marking a 376% increase from $927m in HY24.
However, the mining company’s underlying attributable profit declined by 23% to $5.1bn, down from $6.56bn in the previous year.
Revenue for HY25 fell by 8% to $25.2bn, compared to $27.2bn in HY24, primarily due to lower realised prices for iron ore and steelmaking coal. Despite the revenue decline, profit from operations rose by 90% to $9.13bn.
BHP’s capital and exploration expenditure increased by 10% to $5.2bn, up from $4.74bn in HY24.
The company’s copper production for HY25 stood at 987kt, reflecting a 10% increase from 894.4kt in HY24. This growth was driven by a 22% rise in production at the Escondida copper mine, supported by strong operational performance across other assets including the Carajás mine.
BHP’s full-year FY25 copper production guidance remains between 1,845kt and 2,045kt.
Its iron ore production in HY25 reached 130.9Mt, up 1% from 129Mt in HY24.
The company has maintained its full-year FY25 guidance in the range of 255Mt to 265.5Mt. Meanwhile, nickel production in Western Australia declined by 31% to 27.6kt in HY25, compared to 39.8kt in HY24.
BHP has continued to refine its coal portfolio to focus on higher-quality steelmaking coal. Currently, 90% of BHP Mitsubishi Alliance (BMA)’s products are priced based on premium low volatile hard coking coal (PLV HCC) indices, up from 55% in 2020.
The company aims to stabilise raw coal inventory levels by CY26 and improve operational efficiency through enhanced labour and fleet productivity.
BHP reaffirmed its plans to proceed with a managed closure of New South Wales Energy Coal (NSWEC) by the end of FY30, following its decision in June 2022 to retain the asset.
BHP CEO Mike Henry said: “The strength of the result demonstrates BHP’s operational resilience and its ability to perform through the cycle, with standout production performances in the half from Escondida, WAIO and BMA.
“WAIO has maintained its lead as the lowest-cost iron ore producer globally, a testament to our ongoing work to drive productivity at our operations.”
