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BHP’s axe falls on contractors as it examines claims of coal mine corruption in Queensland

BHP’s investigations are thought to centre on whether contractors were hired from within BMA for non-existent work, or for jobs where the extent of the work was greatly exaggerated. It is understood BHP is still trying to determine the financial impact of any improper or unwarranted payments, and how the contracts were issued.​

BHP has sacked dozens of contractors as it investigates allegations of corruption involving its coal operations in Queensland.

Some 26 contractors have been let go so far after BHP uncovered evidence pointing to wrongdoing within BMA, Australia’s largest producer and supplier of seaborne metallurgical coal.

BHP appears to have instructed international labour hire firm Hays, one of the biggest players in the sector in Australia, to turn off the contractors after a review found they were not required at the company’s coal mines in the Bowen Basin.

BHP’s investigations are thought to centre on whether contractors were hired from within BMA for non-existent work, or for jobs where the extent of the work was greatly exaggerated. It is understood BHP is still trying to determine the financial impact of any improper or unwarranted payments, and how the contracts were issued.

In response to questions from The Australian, BHP issued a statement via its coal division.

“BMA has robust measures in place to prevent and detect fraud and misconduct, and where it takes place we investigate and take necessary action,” a BMA spokesman said.

“We encourage anyone to speak up if they have concerns any conduct is inconsistent with our code (anti-corruption guidelines), internal requirements, or conduct that may be illegal or improper.”

There is no suggestion of any wrongdoing by Hays. The Australian was trying to contact Hays for comment last night.

Some of the sacked contractors had part-time duties or had yet to do any work at BMA.

The sackings and BHP investigation have sparked claims of widespread corruption from individuals purporting to have knowledge of the scandal and seeking to act as whistleblowers.

They claim to have reported the corruption claims to Crimestoppers in Queensland and have encouraged others to contact the police and the Australian Investment & Securities Commission.

Queensland police were not able to shed light on whether they had received complaints via Crimestoppers or launched an investigation.

One contracting firm named on social media strenuously denies any wrongdoing and is seeking legal advice.

The investigation and sackings come with BHP and unions locked in a legal battle in the Fair Work Commission in Brisbane over same job, same pay changes to industrial relations laws made by the Albanese government.

BHP led mining industry criticism of the IR changes, and Queensland remains on the nose with BHP chief executive Mike Henry over a big increase in coal royalty rates.

Mr Henry has criticised Queensland as an investment destination and late last year put Premier David Crisafulli on notice that BHP would seek changes to the former state Labor government’s super-profits coal royalties scheme.

BHP’s anti-corruption guidelines prohibit authorising, offering, giving or promising anything of value directly or indirectly to anyone to influence them in their role, or to encourage them to perform their work disloyally or otherwise done improperly.

Investigations are managed by lawyers within BHP’s compliance team and all employees receive annual training on the guidelines that prohibit bribery and corruption.

BHP confirmed it was investigating the corruption allegations a day after reporting a 14 per cent increase in production at BMA in the six months to December 31, taking into account last year’s $US3.2bn sale of the Daunia and Blackwater mines to Whitehaven Coal.

However, prices for BMA’s metallurgical coal fell 23 per cent year-on-year to $US206.37 a tonne.

BHP’s production guidance for 2024-25 remains unchanged at between 33 million and 38 million tonnes, but it is expected to be at the upper end of the range.

The production volumes are split with BMA partner Mitsubishi, which also has zero tolerance for corruption.
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Sort of interesting copper outlook for those who think they'll live long enough to see it, lol.

Held

How BHP is transforming SA copper​

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Tom Parker1 day ago

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The Carrapateena operation in South Australia. Image: OZ Minerals

BHP last year announced plans to more than double SA copper production by the mid-2030s. This week, we gained greater insight into how this will be achieved.

To realise the copper uplift, BHP will need to upgrade its Olympic Dam smelter and refinery so it can produce more than 500,000 tonnes per year.
The major miner has contracted Fluor Australia and Hatch to oversee the engineering, procurement and construction management (EPCM) component of the expansion, with the contract to be executed in stages ahead of a final investment decision in the first half of the 2026–27 financial year.
“Fluor and Hatch are experienced global EPCM partners with significant shared experience in delivering mega projects, who will bring the right level of scale and expertise to help BHP progress its copper growth plans in South Australia,” BHP group procurement officer Rashpal Bhatti said.

“The growth potential for Copper SA is exciting and this first stage of EPCM works will be key as we progress the proposal for an expanded copper smelter and refinery at the heart of South Australia’s growing copper province towards a final investment decision.”
BHP asset president Anna Wiley said the company was “building momentum in South Australia”.
“BHP has established a world-scale copper province in South Australia and we are working at pace to progress our plans to lift production further over the coming decade,” she said.
Alongside its Olympic Dam mine, BHP will look to further leverage its Prominent Hill and Carrapateena mines as part of its copper expansion.

The Oak Dam project is also waiting in the wings, boasting an inferred mineral resource of 1.34 billion tonnes at 0.66 per cent copper.
When it was announced in September 2024, the State Government declared BHP’s planned smelter expansion an ‘impact assessed development’, which would see the company enter a robust consultation process before the project can be approved.
www.australianresourcesandinvestment.com.au

How BHP is transforming SA copper

BHP last year announced plans to more than double SA copper production by the mid-2030s. This week, we gained greater insight into how this will be achieved.
www.australianresourcesandinvestment.com.au www.australianresourcesandinvestment.com.au
 
considering OZ minerals was doing quite nicely there ( Carrapateena ) already

one might wonder if the extra capex is worth it especially when Olympic Dam has plenty of room for expansion

( i held OZL 'free-carried ' and currently hold BHP which in recent years had to make several expensive U-turns on projects )

sorry but stories like this will NOT tempt me to lift my top-up price , maybe even encourage me to lower it
 
BHP Chair succession

BHP announces that its Chair, Ken MacKenzie, will retire from the Board of BHP Group Limited (BHP)on 31 March 2025.The Board has elected Ross McEwan to succeed as Chair, commencing on 31 March 2025.Chair retirement Ken MacKenzie joined the Board in September 2016 and has been Chair since September 2017.
During this period, Ken has overseen the strategic transformation of BHP’s portfolio towards commodities, with a strong focus on safety, disciplined capital management, world-class capability and culture, and a differentiated approach to creating social value.
Ken said, “It has been a privilege to serve as the Chair of BHP for the last 8 years and as a Director for 9 years and I am proud of what the Board and management has achieved during that time. BHP is a simpler, more productive and more resilient company and this has been a result of a talented and committed team focused on creating sustainable long-term value for our shareholders, our supply chain, partners and our communities.

I would like to take this opportunity to thank my fellow Board members as well as the broader BHP team for their dedication to the ongoing success of BHP.
Ross is an excellent choice as leader of the Board, and I wish him every success in the role. ”Chair appointment

The appointment of Ross McEwan follows a formal Chair succession process led by BHP Senior Independent Director, Gary Goldberg.
Ross has been an independent Non-executive Director of BHP since 4 April 2024, and has over 30 years’ global executive experience, including in the financial services industry, with deep expertise in capital allocation, risk management and value creation in complex regulatory environments.
Ross was the CEO of National Australia Bank (from 2019 to April 2024) and Group CEO of the Royal Bank of Scotland (from 2013 to 2019).
Prior to that, he held executive roles at Commonwealth Bank of Australia, First NZ Capital Securities and National Mutual Life Association of Australasia / AXA New Zealand.
Ross brings a strong focus on people and culture, technology and innovation and has extensive experience in capital allocation and value creation.
He has worked closely with a wide range of stakeholders, including customers, governments and regulators and brings a global perspective. He has a deep understanding of organisational transformation and brings a very strong focus on the customer and technology as a driver of change.
Ross is currently the Lead Independent Director of Reece Limited and a Non-executive Director Board of QinetiQ Group Plc.

Ross McEwan said, “It is an honour and privilege to succeed Ken MacKenzie as Chair of BHP.
Under his leadership, the company is simpler, more agile and well positioned for the future. Ken will be remembered for his strategic decision-making, active institutional and retail shareholder engagement and outstanding capacity to see value, whether that’s in strategy, portfolio, operational excellence or capital allocation.

As incoming Chair, I am committed to generating long-term value for all our shareholders and will work tirelessly with the Board and management to achieve this.
I look forward to continuing to take this great company forward.”


Authorised for release by Stefanie Wilkinson, Group General Counsel and Group Company Secretary.

i hold BHP

hmmm the market didn't react much to this release
 
divs4ever said:
BHP Chair succession

BHP announces that its Chair, Ken MacKenzie, will retire from the Board of BHP Group Limited (BHP)on 31 March 2025.The Board has elected Ross McEwan to succeed as Chair, commencing on 31 March 2025.Chair retirement Ken MacKenzie joined the Board in September 2016 and has been Chair since September 2017.
During this period, Ken has overseen the strategic transformation of BHP’s portfolio towards commodities, with a strong focus on safety, disciplined capital management, world-class capability and culture, and a differentiated approach to creating social value.
Ken said, “It has been a privilege to serve as the Chair of BHP for the last 8 years and as a Director for 9 years and I am proud of what the Board and management has achieved during that time. BHP is a simpler, more productive and more resilient company and this has been a result of a talented and committed team focused on creating sustainable long-term value for our shareholders, our supply chain, partners and our communities.

I would like to take this opportunity to thank my fellow Board members as well as the broader BHP team for their dedication to the ongoing success of BHP.
Ross is an excellent choice as leader of the Board, and I wish him every success in the role. ”Chair appointment

The appointment of Ross McEwan follows a formal Chair succession process led by BHP Senior Independent Director, Gary Goldberg.
Ross has been an independent Non-executive Director of BHP since 4 April 2024, and has over 30 years’ global executive experience, including in the financial services industry, with deep expertise in capital allocation, risk management and value creation in complex regulatory environments.
Ross was the CEO of National Australia Bank (from 2019 to April 2024) and Group CEO of the Royal Bank of Scotland (from 2013 to 2019).
Prior to that, he held executive roles at Commonwealth Bank of Australia, First NZ Capital Securities and National Mutual Life Association of Australasia / AXA New Zealand.
Ross brings a strong focus on people and culture, technology and innovation and has extensive experience in capital allocation and value creation.
He has worked closely with a wide range of stakeholders, including customers, governments and regulators and brings a global perspective. He has a deep understanding of organisational transformation and brings a very strong focus on the customer and technology as a driver of change.
Ross is currently the Lead Independent Director of Reece Limited and a Non-executive Director Board of QinetiQ Group Plc.

Ross McEwan said, “It is an honour and privilege to succeed Ken MacKenzie as Chair of BHP.
Under his leadership, the company is simpler, more agile and well positioned for the future. Ken will be remembered for his strategic decision-making, active institutional and retail shareholder engagement and outstanding capacity to see value, whether that’s in strategy, portfolio, operational excellence or capital allocation.

As incoming Chair, I am committed to generating long-term value for all our shareholders and will work tirelessly with the Board and management to achieve this.
I look forward to continuing to take this great company forward.”


Authorised for release by Stefanie Wilkinson, Group General Counsel and Group Company Secretary.

i hold BHP

hmmm the market didn't react much to this release
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I think the only thing that matters now is BHP Results 18 February 2025, 8:00 AM Melbourne time (approximate) https://www.bhp.com/investors/financial-calendar
 
divs4ever said:
considering OZ minerals was doing quite nicely there ( Carrapateena ) already

one might wonder if the extra capex is worth it especially when Olympic Dam has plenty of room for expansion

( i held OZL 'free-carried ' and currently hold BHP which in recent years had to make several expensive U-turns on projects )

sorry but stories like this will NOT tempt me to lift my top-up price , maybe even encourage me to lower it
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over the past 2 or so years BHP well BMA.BMA subsideries have sold off 4 of its coal mines in Queensland Bowen basin with the Blackwater and Daunia mines sales just going through. who knows what that will do ti its stock price but all those mines were running at a profit due to being metallurgical coal. the good coal you tell the greenies ones thats used for making steel, solar panels and wind turbine structures
 
investor13 said:
over the past 2 or so years BHP well BMA.BMA subsideries have sold off 4 of its coal mines in Queensland Bowen basin with the Blackwater and Daunia mines sales just going through. who knows what that will do ti its stock price but all those mines were running at a profit due to being metallurgical coal. the good coal you tell the greenies ones thats used for making steel, solar panels and wind turbine structures
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yeah , but they sold those mines to WHC

i hold WHC at a very nice profit , nice one for me , they flogged off the petroleum arm , i got some WDS out of that , and they demerged S32 , so i got some of them as well

am just not so sure what a highly experienced banker as the new chair brings to the company ( surely it doesn't need to take out another loan/capital raise )
 
divs4ever said:
yeah , but they sold those mines to WHC

i hold WHC at a very nice profit , nice one for me , they flogged off the petroleum arm , i got some WDS out of that , and they demerged S32 , so i got some of them as well

am just not so sure what a highly experienced banker as the new chair brings to the company ( surely it doesn't need to take out another loan/capital raise )
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You can have a relief that he was not a public figure woman known for her positive inclusive PR job at a media company, preferably in the US...
That was the tendency.
Better a banker...
 
BHP reported a half-year underlying profit of $5.08 billion, well below consensus estimates for $5.4 billion.

It lowered the interim dividend, to USD$0.50 from USD $0.74

Despite increasing iron ore and copper production volumes, BHP’s profit was dragged lower by weaker commodity prices; it was paid 22 per cent less for each tonne of iron ore and 23 per cent less for each tonne of coking coal sold in the period.
 
Name of Company:
BHP Group Limited (ABN 49 004 028 077)
Report for the half year ended 31 December 2024
This statement includes the consolidated results of BHP for the half year ended 31 December 2024 compared with the half year ended 31 December 2023.
This page and the following 72 pages comprise the half year end information given to the ASX under Listing Rule 4.2 Aand should be read in conjunction with the 2024 BHP Group annual financial report.

The results are prepared in accordance with IFRS and are presented in US dollars.

US$ Million Revenue Down 8% to 25,176
Profit after taxation attributable to the members of the BHP Group Up 376% to 4,416
Net Tangible Asset Backing:Net tangible assets1 per fully paid share were US$9.43 as at 31 December 2024, compared with US$8.68 as at 31December 2023.1
Net Tangible Assets includes right of use assets with a carrying value of US$2,264 million as at 31 December 2024 (December 2023: US$3,194million).
Dividends per share:Interim dividend for current period(record date 7 March 2025;
payment date 27 March 2025) US 50 cents fully franked Interim dividend for previous corresponding period US 72 cents fully franked

Dividend Reinvestment Plan
Any eligible shareholder who wishes to participate in the dividend reinvestment plan, or to vary a participation election,should do so by 11 March 2025 or, in the case of shareholdings on the South African branch register of BHP Group Limited, in accordance with the instructions of your CSDP or broker.
Full terms and conditions of the dividend reinvestment plan and details about how to participate can be found at: bhp.com

This statement was approved by the Board of Directors

part of a MUCH larger release

i hold BHP

let's see how the market reacts to this

probably not down enough to tempt me to add more
 
divs4ever said:
Name of Company:
BHP Group Limited (ABN 49 004 028 077)
Report for the half year ended 31 December 2024
This statement includes the consolidated results of BHP for the half year ended 31 December 2024 compared with the half year ended 31 December 2023.
This page and the following 72 pages comprise the half year end information given to the ASX under Listing Rule 4.2 Aand should be read in conjunction with the 2024 BHP Group annual financial report.

The results are prepared in accordance with IFRS and are presented in US dollars.

US$ Million Revenue Down 8% to 25,176
Profit after taxation attributable to the members of the BHP Group Up 376% to 4,416
Net Tangible Asset Backing:Net tangible assets1 per fully paid share were US$9.43 as at 31 December 2024, compared with US$8.68 as at 31December 2023.1
Net Tangible Assets includes right of use assets with a carrying value of US$2,264 million as at 31 December 2024 (December 2023: US$3,194million).
Dividends per share:Interim dividend for current period(record date 7 March 2025;
payment date 27 March 2025) US 50 cents fully franked Interim dividend for previous corresponding period US 72 cents fully franked

Dividend Reinvestment Plan
Any eligible shareholder who wishes to participate in the dividend reinvestment plan, or to vary a participation election,should do so by 11 March 2025 or, in the case of shareholdings on the South African branch register of BHP Group Limited, in accordance with the instructions of your CSDP or broker.
Full terms and conditions of the dividend reinvestment plan and details about how to participate can be found at: bhp.com

This statement was approved by the Board of Directors

part of a MUCH larger release

i hold BHP

let's see how the market reacts to this

probably not down enough to tempt me to add more
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A bit like CBA, whatever happens, people still buy.
At least cba goes up and does not the house silver for dividends..
 
This is the lowest interim dividend in eight years and the bare minimum allowed under its shareholder returns policy.

It is the lowest since BHP paid US40¢ a share in February 2017, and it continues a multi-year trend for the company to reduce its dividend payments in both absolute terms and as a proportion of its profit.

BHP paid dividends equivalent to 54 per cent of underlying earnings in the year to 30 June, 2024, down from 89 per cent of earnings in 2021.

This payout represented 50 per cent of underlying earnings.

.
it's cyclical.
 
Dona Ferentes said:
thinking along those lines ...

but at what entry point.? Maybe in the $37's,
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Agree, people also tend to forget checking purchased reserves vs extracted for big miner.
The figures often quoted are the official reserves but they also include existing leases reserve increases due to more detailed exploration.
In my view, owning a miner with a lease, which announce he found 10% more coal is good news but very different from them bying an extra asset and getting 10% extra coal as a result.
That is what i meant with my "selling the silverware" comment.
This calculation is doable but not easy
; on a long term it is clear imho BHP 2025 is a shade of what it was 25 y ago..
They might reverse the trend one day...
As in investor, it is the difference between buying a pile of commodities and selling a bit every year as income, or buying a business..well probably a ratio of...
Let's see how it folds
 
My Opinion Only - Better reaction by the Stock Market than I anticipated :) is this the bottom as Iron Ore has firmed to be trading over $100 again, where BHP was selling for approx. $80 last year and China looks to be starting to grow again. Plus Copper is out preforming.\
Any thoughts?
 
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