BHP

2024 - 2 - 20

BHP Half-Year Results: Nickel Woes and Profit Plunge

BHP - Copper production - Mining industry - Nickel mining

Discover how BHP's profit took an 86% hit due to the nickel crash and intriguing insights from the half-year results!

BHP recently unveiled its half-year results, revealing a staggering 86% plunge in profit attributed to the plummeting price of nickel. The Chief Executive Officer, Mike Henry, expressed concerns over the Australian government's support for nickel miners, indicating it might not be sufficient to address the crisis. Despite challenges with nickel and iron ore assets, BHP managed to slightly exceed analyst expectations with its underlying profit, thanks to robust iron ore prices.

The significant decline in profit was a direct result of the nickel market crash, affecting the mining giant's financial performance drastically. BHP's strategic shifts in spending reflect its preparations for the future, highlighting a nuanced approach to managing cash flows and investments. The company's resilience amidst volatile market conditions underscores its adaptability and forward-thinking strategies.

In a surprising turn of events, BHP's production tax credits from the Albanese government are being questioned for their effectiveness in salvaging the nickel industry. This dilemma sheds light on the complexities of government interventions in the mining sector and their impact on major players like BHP. Additionally, the company's emphasis on the right policy settings underscores the importance of regulatory frameworks in sustaining profitability and growth.

As investors analyze BHP's performance, the focus remains on the implications of the nickel crash and the company's future outlook. The mining giant's proactive measures to navigate market challenges indicate a commitment to long-term sustainability and profitability, setting the stage for continued industry leadership and innovation.

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Image courtesy of "BHP"

BHP Results for the half year ended 31 December 2023 (BHP)

BHP released its half year results on 20 February 2024 at 8.30am (AEDT). Mike Henry, Chief Executive Officer, and David Lamont, Chief Financial Officer, ...

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Image courtesy of "Financial Times"

BHP says Australian support for nickel miners 'may not be enough ... (Financial Times)

Group's first-half net profit dropped almost 90% after metal's price collapsed.

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Image courtesy of "The Sydney Morning Herald"

In $8.6b blow, BHP's profit is decimated by nickel woes, Samarco (The Sydney Morning Herald)

BHP boss Mike Henry says production tax credits being considered by the Albanese government may not be enough to salvage Australia's crashing nickel ...

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Image courtesy of "The Australian Financial Review"

BHP ASX: BHP CEO Mike Henry prefers the right policy settings ... (The Australian Financial Review)

The miner slashed the value of its struggling Australian nickel and Brazilian iron ore assets. Underlying profits were largely unchanged from one year ...

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Image courtesy of "Forbes"

BHP Profit Falls By 86% As The Nickel Crash Bites (Forbes)

A collapse in the price of nickel, used in the batteries of electric vehicles and stainless steel, all but wiped out the half-year profit of BHP.

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Image courtesy of "Reuters"

BHP half-year profit beats expectations, inflation impact recedes (Reuters)

BHP Group on Tuesday logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary ...

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Image courtesy of "BusinessDay.com.au"

The big money shift: How BHP is getting ready for the future (BusinessDay.com.au)

A dig into the mining giant's numbers tells quite a story about the significant changes it has made to how it is spending the vast volumes of cash it is ...

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Image courtesy of "Market Index"

5 key takeaways from BHP's half-year result (Market Index)

BHP's (ASX: BHP) first-half result might contain a bit of shock value after statutory profits tumbled 86% in the first half to US$927 million – The lowest ...

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Image courtesy of "The Australian Financial Review"

BHP poised to strike mega water deal, turbocharging copper mining (The Australian Financial Review)

A desalination plant agreement with the South Australian government would come as the miner grows more confident of boosting production at nearby ...

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Image courtesy of "BHP"

Western Ridge Crusher Project progresses to execution (BHP)

The Western Ridge Crusher is a sustaining tonnes proposal for Newman Operations. BHP WA Iron Ore Asset President Tim Day said this was a significant milestone ...

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Image courtesy of "Australian Mining"

BHP holds steady amid nickel downturn - Australian Mining (Australian Mining)

BHP has released its 2023–34 financial year half yearly report (HY24) with a strong outlook for the future.

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Image courtesy of "The Australian Financial Review"

BHP share price: Forget nickel, BHP's next big call is a test for ... (The Australian Financial Review)

BHP chief executive Mike Henry's next big call is on how to grow its copper business. He says Australia's IR, tax and approvals policies could turn it away from ...

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Image courtesy of "Creamer Media's Mining Weekly"

BHP eyes 500 000 t/y of copper from South Australia (Creamer Media's Mining Weekly)

Diversified mining company BHP is advancing several avenues for copper growth, CEO Mike Henry said on Tuesday, highlighting the key role that its South ...

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Image courtesy of "ABC News"

BHP boss says nickel business unlikely to be profitable until 2030 as ... (ABC News)

Mike Henry says its iron ore division is well-prepared to manage China's plateauing steel demand and increased competition from other miners in the future.

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Image courtesy of "Reuters"

China's shift to steady commodity demand echoes in BHP results (Reuters)

The good news for iron ore miners is that India and Southeast Asia are also expected to increase steel output in coming years, which may offset any decline in ...

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Image courtesy of "The Saturday Paper"

BHP profits pummelled by nickel crash, Samarco fine (The Saturday Paper)

BHP, Australia's largest mining company, has taken a $8.6bn profit hit due to ongoing nickel issues and a fine over the Samarco dam disaster (The Age).

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Image courtesy of "MINING.com"

BHP says nickel faces "difficult multi-year run" - MINING.COM (MINING.com)

BHP Group on Tuesday logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary ...

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Image courtesy of "Stockhead"

BHP Results: No clarity on nickel future as impairments obliterate 86 ... (Stockhead)

BHP's iron ore and copper earnings have bankrolled US$3.6 billion in dividends despite hits from its nickel and coal assets.

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Image courtesy of "Australian Mining"

BHP weighs up nickel future - Australian Mining (Australian Mining)

BHP chief executive officer Mike Henry said he foresees the nickel winter extending to the end of the decade, but that hope is on the horizon.

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