In its report for the 2019 fiscal year, major miner BHP said its net debt came to US$9.2 billion, down US$1.7 billion from 2018.

In its report for the 2019 fiscal year, major miner BHP (ASX:BHP,NYSE:BHP,LSE:BLT) announced that its net debt came to US$9.2 billion, down US$1.7 billion from 2018.

The company attributed the reduction to strong free cash flow, which can be seen in its profits. Attributable profit came to US$8.3 billion, while underlying attributable profit came to US$9.1 billion, marking a 2 percent increase from last year. Meanwhile, profit from operations came to US$16.1 billion.

BHP further flaunted its cash by returning a record total of US$17 billion to shareholders over the year. This includes a record final dividend of US$0.78 per share, which is US$0.25 above the US$0.53 required by the company’s minimum dividend payout policy.

“Higher prices and record production from several of our operations contributed to strong operating cash flows. We used that cash to invest in attractive growth projects, advance our exploration programs and increase returns to shareholders,” BHP CEO Andrew Mackenzie said in a statement.

Mackenzie went on to discuss six projects that the company has under development across several commodities and highlighted that each one is on schedule and budget.

“This disciplined approach sets us up to deliver strong returns over the long term. Our transformation programs have the potential to unlock significant value through more productive and stable operations, as we embrace new ways of working and harness new technology.”

In terms of productivity, the company acknowledged that operational improvements — such as record volumes at its Jimblebar iron ore mine and record throughput at its Chilean copper assets — were impacted by various headwinds. These include grade declines at its copper projects, along with the separate impact of unplanned production outages in the first half of the 2019 fiscal year.

BHP experienced a handful of other hiccups at its assets last year, such as a fire at its Kalgoorlie nickel smelter and a runaway train incident. The latter temporarily impacted the company’s iron ore shipments out of Western Australia’s Pilbara region, causing a stir within one of BHP’s most prominent operations.

According to BHP, the year saw overall negative movement of US$1 billion after all improvements and headwinds were taken into account.

Looking ahead, the company anticipates that group copper equivalent production for its 2020 financial year will be slightly higher than it was for the year that just wrapped up. It expects output to grow from 1.68 million tonnes to a range of 1.7 million to 1.82 million tonnes.

Similarly, iron ore production is set to rise from 238 million tonnes to a range of 242 million to 253 million tonnes on the back of strong performances from BHP’s Western Australian iron ore assets.

In Australia, BHP’s share price grew 0.14 percent to reach AU$36.30 by the end of Tuesday (August 20).

On the London Metal Exchange, copper rested at US$5,755 per tonne as of Monday (August 19). Elsewhere, iron ore was down 0.36 percent to US$94.02 per tonne as of 4:53 a.m. EDT on Tuesday.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Hastings Technology Metals Ltd Onslow Selected for Yangibana RE Hydrometallurgical Plant

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to announce that it has received conditional approval from the WA Government to develop the Yangibana Rare Earths Project’s (Yangibana) hydrometallurgical plant in the Ashburton North Strategic Industrial Area (ANSIA), near Onslow on the Pilbara coast.

ANSIA is home to Chevron’s Wheatstone and BHP’s Macedon gas projects and offers Hastings access to key utilities as well as proximity to a skilled workforce in Onslow and the town’s port and airport facilities.

The ANSIA location has access to key connections services required for rare earths processing, such as piped natural gas, sufficient water and power, which are all located within close proximity of the proposed Yangibana hydrometallurgical location.

Keep reading... Show less

Lake Resources NL Quarterly Activities Report

Sydney, Australia (ABN Newswire) – Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) is a lithium developer utilising clean, direct extraction technology for the development of high purity lithium products with significant ESG benefits from its flagship Kachi Project (4.4mt LCE resource), and three other lithium brine projects in Argentina. No mining is involved in the brine processing.

Lake owns over 220,000 hectares (0.5 million acres) of leases in a prime location within the Lithium Triangle, alongside all 5 major lithium producers.

A key difference in Lake’s development plan to lithium production is to use an efficient direct lithium extraction method (DLE) from our technology partner, Lilac Solutions Inc. This enables Lake Resources to be a cost competitive supplier of high-purity lithium carbonate with a low carbon (CO2) footprint, low water use and low land use – strong Environmental, Social, Governance (ESG) benefits.

Keep reading... Show less

OceanaGold Reports Second Quarter 2021 Financial Results

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

(All financial figures in US Dollars unless otherwise stated)

Keep reading... Show less

In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

Keep reading... Show less

Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

Keep reading... Show less

Hastings Technology Metals Ltd Onslow Selected for Yangibana RE Hydrometallurgical Plant

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to announce that it has received conditional approval from the WA Government to develop the Yangibana Rare Earths Project’s (Yangibana) hydrometallurgical plant in the Ashburton North Strategic Industrial Area (ANSIA), near Onslow on the Pilbara coast.

ANSIA is home to Chevron’s Wheatstone and BHP’s Macedon gas projects and offers Hastings access to key utilities as well as proximity to a skilled workforce in Onslow and the town’s port and airport facilities.

The ANSIA location has access to key connections services required for rare earths processing, such as piped natural gas, sufficient water and power, which are all located within close proximity of the proposed Yangibana hydrometallurgical location.

Keep reading... Show less

Lake Resources NL Quarterly Activities Report

Sydney, Australia (ABN Newswire) – Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) is a lithium developer utilising clean, direct extraction technology for the development of high purity lithium products with significant ESG benefits from its flagship Kachi Project (4.4mt LCE resource), and three other lithium brine projects in Argentina. No mining is involved in the brine processing.

Lake owns over 220,000 hectares (0.5 million acres) of leases in a prime location within the Lithium Triangle, alongside all 5 major lithium producers.

A key difference in Lake’s development plan to lithium production is to use an efficient direct lithium extraction method (DLE) from our technology partner, Lilac Solutions Inc. This enables Lake Resources to be a cost competitive supplier of high-purity lithium carbonate with a low carbon (CO2) footprint, low water use and low land use – strong Environmental, Social, Governance (ESG) benefits.

Keep reading... Show less

OceanaGold Reports Second Quarter 2021 Financial Results

/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES./

(All financial figures in US Dollars unless otherwise stated)

Keep reading... Show less

In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

Keep reading... Show less

Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

Keep reading... Show less

Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

Keep reading... Show less

Top News

Related News