BHP Group Ltd Files 20-F for FY2024

Ticker: BHPLF · Form: 20-F · Filed: Aug 30, 2024 · CIK: 811809

Bhp Group LTD 20-F Filing Summary
FieldDetail
CompanyBhp Group LTD (BHPLF)
Form Type20-F
Filed DateAug 30, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Sentimentneutral

Sentiment: neutral

Topics: annual-report, mining, sec-filing

TL;DR

BHP's 20-F is in, covering FY24 metal mining ops (coal, iron ore, copper).

AI Summary

BHP Group Ltd filed its annual 20-F report for the fiscal year ending June 30, 2024. The filing details the company's operations in metal mining, including segments like Coal, Iron Ore, and Copper. BHP Group Ltd, formerly BHP Billiton Ltd, is incorporated in Australia and headquartered in Melbourne.

Why It Matters

This filing provides investors with a comprehensive overview of BHP's financial performance, operational segments, and risk factors for the fiscal year ending June 30, 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a major global mining company, BHP is exposed to commodity price volatility, geopolitical risks, and environmental regulations.

Key Numbers

Key Players & Entities

FAQ

What are the primary operating segments of BHP Group Ltd as detailed in the 20-F?

The filing indicates primary operating segments include Coal, Iron Ore, and Copper.

When is the fiscal year end for BHP Group Ltd?

The fiscal year end is June 30 (0630).

What was BHP Group Ltd's previous name?

BHP Group Ltd was formerly known as BHP Billiton Ltd and BHP Ltd, and prior to that, Broken Hill Proprietary Co Ltd.

What is the SIC code for BHP Group Ltd?

The Standard Industrial Classification (SIC) code is METAL MINING [1000].

Where is BHP Group Ltd headquartered?

BHP Group Ltd is headquartered in Melbourne, Victoria, Australia.

Filing Stats: 4,336 words · 17 min read · ~14 pages · Grade level 14.2 · Accepted 2024-08-30 06:09:53

Filing Documents

Forward-looking statements

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 estimates; development and production forecasts; guidance; expectations, plans, strategies and objectives of management; climate scenarios; approval of projects and consummation of 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 availability of materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies, including artificial intelligence; provisions and contingent liabilities; and tax, legal and other regulatory developments. Forward-looking statements may be identified by the use of terminology, including, but not limited to, aim', ambition', anticipate', aspiration', believe', commit', continue', could', ensure', estimate', expect', forecast', goal', guidance', intend', likely', may', milestone', must', need', objective', outlook', pathways', plan', project', schedule', seek', should', target', trend', will', would', or similar words. These statements discuss future expectations or performance, or provide other forward-looking information. (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 Examples of forward-looking statements contained in this Report in

Risk factors

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 1, 2, 4 to 9.4 B Business overview Operating and Financial Review 1 to 5, 9, Additional information 1, 4 to 8, 9.3, 9.9 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 1, 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, 9, Additional information 2 to 4 B Liquidity and capital resources Operating and Financial Review 4, Financial Statements 1.4, Notes 11 and 21 to 24 to the Financial Statements C Research and development, patents and licenses, etc. Operating and Financial Review 3, 5, 8 and 9, Directors' Report 10, Additional information 1, 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 1 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, 25 and 26 to the Financial Statements F Erroneously Awarded

Dilution

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 Additional Information 8 (regarding the Framework Agreement) D Exchange controls Additional information 9.9 E Taxation Additional information 9.10 F Dividends and paying agents Not applicable G 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

Quantitative and Qualitative Disclosures About Market Risk Note 24 to the Financial Statements 12.

Description of Securities Other than Equity Securities

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 Not applicable 14. Material Modifications to the Rights of Security Holders and Use of Proceeds Not applicable 15.

Controls and Procedures

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 Not applicable 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable 16J. Insider Trading Policies Exhibit 11.1 16K. Cybersecurity Operating and Financial Review 8.1, Additional information 9.8 17.

Financial Statements

Financial Statements Not applicable 18.

Financial Statements

Financial Statements

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

Financial Statements begin on page F-1 in this Annual Report 19. Exhibits Exhibits iv Table of Contents Bringing people and resources together to build a better world. "A resource mix for today. Critical for the future. Our project pipeline and focus on continuous improvement in existing operations leave us well poised for growth across our four commodity pillars of copper, potash, iron ore and steelmaking coal in the decades ahead." Mike Henry Chief Executive Officer v Table of Contents Contents Chair's review 1 Chief Executive Officer's review 3 Operating and Financial Review 1 Why BHP 5 1.1 Where we operate 7 1.2 Our portfolio 8 2 What differentiates us 10 3 Positioning for growth 15 4 Financial review 18 4.1 Group overview 18 4.2 Key performance indicators 18 4.3 Financial results 20 4.4 Debt and sources of liquidity 22 5 Our assets 25 5.1 Minerals Australia 25 5.2 Copper South Australia 28 5.3 Minerals Americas 29 5.4 Commercial 32 6 Sustainability 34 6.1 Safety 34 6.2 Our sustainability approach 37 6.3 Sustainability governance 37 6.4 Material sustainability topics for reporting 38 6.5 2030 goals 40 6.6 People 43 6.7 Health 50 6.8 Ethics and business conduct 53 6.9 Climate change 55 6.10 Environment and nature 70 6.11 Community 77 6.12 Indigenous peoples 79 6.13 Independent limited assurance report 83 7 Samarco 84 8 How we manage risk 85 8.1

Risk factors

Risk factors 87 8.2 Management of risks 92 9 Performance by commodity 99 vi Table of Contents 9.1 Copper 99 9.2 Iron ore 100 9.3 Coal 101 9.4 Other assets 102 9.5 Impact of changes to commodity prices 103 10 Non-IFRS financial information 104 10.1 Definition and calculation of non-IFRS financial information 116 10.2 Definition and calculation of principal factors 119 11 Other information 120 11.1 Company details 120 11.2

Forward-looking statements

Forward-looking statements 120 Governance Corporate Governance Statement 121 1 Corporate governance at BHP 121 2 FY2024 corporate governance highlights 121 3 BHP's governance structure 122 4 Board composition and succession 123 5 Board Committees 132 6 Management 135 7 Shareholders and reporting 136 8 Culture and conduct 138 9 Risk management and assurance 139 10 US requirements 142 Directors' Report 143 1 Review of operations, principal activities and state of affairs 143 2 Directors 143 3 Share interests 144 4 Share capital and buy-back programs 145 5 Group Company Secretary 145 6 Indemnities and insurance 145 7 Dividends 145 8 Auditors 145 9 Non-audit services 145 10 Exploration, research and development 146 11 ASIC Instrument 2016/191 146 12 Proceedings on behalf of BHP Group Limited 146 13 Performance in relation to environmental regulation 146 14 Additional information 146 vii Table of Contents Remuneration Report 147 People and Remuneration Committee Chair letter to shareholders 148 1 Remuneration governance 151 2 Executive KMP remuneration framework 152 3 Remuneration for the CEO and other Executive KMP 155 4 Remuneration for Non-executive Directors 162 5 Statutory KMP remuneration and other disclosures 164

Financial Statements

Financial Statements 171 Additional information 1 Information on mining operations 172 2 Financial information summary 195 3 Financial information by commodity 196 4 Production 198 5 Major projects 201 6 Mineral resources and mineral reserves 202 7 People - performance data 225 8

Legal proceedings

Legal proceedings 227 9 Shareholder information 231 9.1 History and development 231 9.2 Markets 231 9.3 Organisational structure 232 9.4 Constitution 232 9.5 Share ownership 235 9.6 Dividends 238 9.7 American Depositary Receipts fees and charges 238 9.8 Supplemental cybersecurity disclosures for US reporting 239 9.9 Government regulations 240 9.10 Taxation 243 10 Glossary 247 Exhibits 263 viii Table of Contents ix Table of Contents x Table of Contents Chair's review Dear Shareholders, I am pleased to provide BHP's Annual Report for FY2024. Our operational and financial performance was strong in FY2024, and we made solid progress against our social value and sustainability commitments. It is more than four years since we began the strategic transformation of BHP's portfolio towards future-facing commodities and the world has changed markedly in that time. Thank you for the trust you have given us through this period. Today, BHP has a portfolio of world-class assets focused on products that are critical to the future. A portfolio positioned for growth, yet resilient and able to withstand volatility. A product mix that can continue to deliver financial and social value over the long term. However, FY2024 was overshadowed by a fatality. We are deeply saddened that Luke O'Brien, a team member working with one of our contracting partners at BHP Mitsubishi Alliance (BMA), was fatally injured in January in a vehicle incident at the Saraji mine in Queensland. Our heartfelt thoughts and condolences go to Luke's family and friends. Safety is our top priority and our commitment to zero fatalities and serious injuries at BHP is unwavering. Our strategic priorities During FY2024 I had the pleasure of meeting with our people, Indigenous partners, suppliers and other stakeholders at our global sites and offices. These discussions reinforced that our ongoing commitment to the priorit

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