BHP’s Newman operations. Credit: BHP
BHP Group on Tuesday reported its smallest annual underlying profit in five years and its lowest dividend in eight years, hiked its debt target, and flagged a cut in capital and exploration spending towards the end of the decade.
The world’s largest listed miner reported an underlying attributable profit of $10.16 billion for the year ended June 30, down 26% from last year and below the Visible Alpha consensus of $10.22 billion.
This was the miner’s weakest performance since 2020.
It announced a final dividend of $0.60 per share, down from $0.74 a year earlier. The full-year dividend payout of $1.10 beat the Visible Alpha consensus of $1.01 apiece, but was its lowest payout since 2017.
Additional supplies from Australia, Brazil and South Africa, alongside lower steel production in top consumer China, pressured iron ore prices for much of the financial…
