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Investments accounted for using the equity method (Tables) | 12 Months Ended
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Jun. 30, 2020
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Summary of Ownership Interest in Equity Accounted Investments | Significant interests in equity accounted investments of the Group are thos e with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in equity accounted investments results are listed in the table below. For a complete list of the Group’s associates and joint ventures, refer to Exhibit 8.1 - List of Subsidiaries.
Significant associates and joint ventures |  | Country of incorporation/ principal place of business |  | Associate or joint venture |  | Principal activity |  | Reporting date |  | Ownership interest |
| 2020 % |  |  | 2019 % |
Cerrejón |  | Anguilla/ Colombia/ Ireland |  | Associate |  | Coal mining in Colombia |  | 31 December |  |  | 33.33 |  |  |  | 33.33 |
Compañía Minera Antamina S.A. (Antamina) |  | Peru |  | Associate |  | Copper and zinc mining |  | 31 December |  |  | 33.75 |  |  |  | 33.75 |
Samarco Mineração S.A. (Samarco) |  | Brazil |  | Joint venture |  | Iron ore mining |  | 31 December |  |  | 50.00 |  |  |  | 50.00 |
Summary of Movements of Investments Accounted for using the Equity Method | The movement for the year in the Group’s investments accounted for using the equity method is as follows:
Year ended 30 June 2020 US$M |  | Investment in associates |  |  | Investment in joint ventures |  |  | Total equity accounted investments |
At the beginning of the financial year |  |  | 2,569 |  |  |  | – |  |  |  | 2,569 |
(Loss)/profit from equity accounted investments, related impairments and expenses (1) |  |  | (4 | ) |  |  | (508 | ) |  |  | (512 | )
Investment in equity accounted investments |  |  | 147 |  |  |  | 95 |  |  |  | 242 |
Dividends received from equity accounted investments |  |  | (126 | ) |  |  | – |  |  |  | (126 | )
Other |  |  | (1 | ) |  |  | 413 |  |  |  | 412 |
At the end of the financial year |  |  | 2,585 |  |  |  | – |  |  |  | 2,585 |
(1) | US$(508) million represents US$(95) million impairment relating to US$(95) million funding provided during the period, US$(459) million movement in the Samarco dam failure provision including US$(916) million change in estimate and US$457 million exchange translation and US$46 million movement in provisions related to the Samarco Germano dam decommissioning provision including US$(37) million change in estimate and US$83 million exchange translation. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information.
Summary of Financial Information of Significant Equity Accounted Investments | The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. BHP Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Brasil has no funding obligation, is US$200 million (2019: US$250 million).
|  | Associates |  |  | Joint ventures |  |  |  |
2020 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial (1) |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Current assets |  |  | 974 |  |  |  | 712 |  |  |  |  |  |  |  | 49 | (3) |  |  |  |  |  |  |  |
Non-current assets |  |  | 4,743 |  |  |  | 2,462 |  |  |  |  |  |  |  | 3,601 |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (239 | ) |  |  | (170 | ) |  |  |  |  |  |  | (7,961 | ) (4) |  |  |  |  |  |  |  |
Non-current liabilities |  |  | (1,173 | ) |  |  | (854 | ) |  |  |  |  |  |  | (5,447 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – 100% |  |  | 4,305 |  |  |  | 2,150 |  |  |  |  |  |  |  | (9,758 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – Group share |  |  | 1,453 |  |  |  | 717 |  |  |  |  |  |  |  | (4,879 | ) |  |  |  |  |  |  |  |
Adjustments to net assets related to accounting policy adjustments |  |  | – |  |  |  | 59 |  |  |  |  |  |  |  | 256 | (5) |  |  |  |  |  |  |  |
Investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 405 | (6) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (930 | ) (7) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3,341 | (8) |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 1,807 | (9) |  |  |  |  |  |  |  |
Carrying amount of investments accounted for using the equity method |  |  | 1,453 |  |  |  | 776 |  |  |  | 356 |  |  |  | – |  |  |  | – |  |  |  | 2,585 |
Revenue – 100% |  |  | 2,464 |  |  |  | 1,091 |  |  |  |  |  |  |  | 26 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 629 |  |  |  | (182 | ) |  |  |  |  |  |  | (3,617 | ) (10) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 212 |  |  |  | (68 | ) |  |  |  |  |  |  | (1,918 | ) (11) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (95 | ) (7) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 93 |  |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 1,412 | (9) |  |  |  |  |  |  |  |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | 212 |  |  |  | (68 | ) |  |  | (148 | ) |  |  | (508 | ) |  |  | – |  |  |  | (512 | )
Comprehensive income – 100% |  |  | 629 |  |  |  | (182 | ) |  |  |  |  |  |  | (3,617 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 212 |  |  |  | (68 | ) |  |  | (148 | ) |  |  | (508 | ) |  |  | – |  |  |  | (512 | )
Dividends received from equity accounted investments |  |  | 105 |  |  |  | 9 |  |  |  | 12 |  |  |  | – |  |  |  | – |  |  |  | 126 |
|  | Associates |  |  | Joint ventures |  |  |  |
2019 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial (1) |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Current assets |  |  | 1,065 |  |  |  | 845 |  |  |  |  |  |  |  | 290 | (3) |  |  |  |  |  |  |  |
Non-current assets |  |  | 4,495 |  |  |  | 2,664 |  |  |  |  |  |  |  | 6,103 |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (498 | ) |  |  | (344 | ) |  |  |  |  |  |  | (6,704 | ) (4) |  |  |  |  |  |  |  |
Non-current liabilities |  |  | (1,076 | ) |  |  | (801 | ) |  |  |  |  |  |  | (5,830 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – 100% |  |  | 3,986 |  |  |  | 2,364 |  |  |  |  |  |  |  | (6,141 | ) |  |  |  |  |  |  |  |
Net assets/(liabilities) – Group share |  |  | 1,345 |  |  |  | 788 |  |  |  |  |  |  |  | (3,071 | ) |  |  |  |  |  |  |  |
Adjustments to net assets related to accounting policy adjustments |  |  | – |  |  |  | 65 |  |  |  |  |  |  |  | 366 | (5) |  |  |  |  |  |  |  |
Investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 310 | (6) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (835 | ) (7) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 2,835 | (8) |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 395 | (9) |  |  |  |  |  |  |  |
Carrying amount of investments accounted for using the equity method |  |  | 1,345 |  |  |  | 853 |  |  |  | 371 |  |  |  | – |  |  |  | – |  |  |  | 2,569 |
Revenue – 100% |  |  | 3,203 |  |  |  | 2,094 |  |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 1,168 |  |  |  | 309 |  |  |  |  |  |  |  | (2,166 | ) (10) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 394 |  |  |  | 103 |  |  |  |  |  |  |  | (1,075 | ) (11) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (96 | ) (7) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 108 |  |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 118 | (9) |  |  |  |  |  |  |  |
(Loss)/profit from equity accounted investments, related impairments and expenses |  |  | 394 |  |  |  | 103 |  |  |  | (98 | ) |  |  | (945 | ) |  |  | – |  |  |  | (546 | )
Comprehensive income/(loss) – 100% |  |  | 1,168 |  |  |  | 309 |  |  |  |  |  |  |  | (2,166 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 394 |  |  |  | 103 |  |  |  | (98 | ) |  |  | (945 | ) |  |  | – |  |  |  | (546 | )
Dividends received from equity accounted investments |  |  | 361 |  |  |  | 134 |  |  |  | 15 |  |  |  | – |  |  |  | – |  |  |  | 510 |
|  | Associates |  |  | Joint ventures |  |  |  |
2018 US$M |  | Antamina |  |  | Cerrejón |  |  | Individually immaterial |  |  | Samarco (2) |  |  | Individually immaterial |  |  | Total |
Revenue – 100% |  |  | 3,866 |  |  |  | 2,453 |  |  |  |  |  |  |  | 30 |  |  |  |  |  |  |  |  |
Profit/(loss) from Continuing operations – 100% |  |  | 1,613 |  |  |  | 576 |  |  |  |  |  |  |  | (1,558 | ) (10) |  |  |  |  |  |  |  |
Share of operating profit/(loss) of equity accounted investments |  |  | 544 |  |  |  | 192 |  |  |  |  |  |  |  | (823 | ) (11) |  |  |  |  |  |  |  |
Impairment of the carrying value of the investment in Samarco |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (80 | ) (7) |  |  |  |  |  |  |  |
Additional share of Samarco losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 117 |  |  |  |  |  |  |  |  |
Unrecognised losses |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 277 | (9) |  |  |  |  |  |  |  |
Profit/(loss) from equity accounted investments, related impairments and expenses |  |  | 544 |  |  |  | 192 |  |  |  | (80 | ) |  |  | (509 | ) |  |  | – |  |  |  | 147 |
Comprehensive income/(loss) – 100% |  |  | 1,613 |  |  |  | 576 |  |  |  |  |  |  |  | (1,558 | ) |  |  |  |  |  |  |  |
Share of comprehensive income/(loss) – Group share in equity accounted investments |  |  | 544 |  |  |  | 192 |  |  |  | (80 | ) |  |  | (509 | ) |  |  | – |  |  |  | 147 |
Dividends received from equity accounted investments |  |  | 496 |  |  |  | 181 |  |  |  | 16 |  |  |  | – |  |  |  | – |  |  |  | 693 |
(1) | The unrecognised share of loss for the period was US$12 million (2019: unrecognised share of profit for the period was US$15 million), which increased the cumulative losses to US$193 million (2019: decrease to US$181 million).
(2) | Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Brasil’s share of Samarco’s losses.
(3) | Includes cash and cash equivalents of US$15 million (2019: US$246 million).
(4) | Includes current financial liabilities (excluding trade and other payables and provisions) of US$6,023 million (2019: US$5,510 million).
(5) | Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable.
(6) | Working capital funding provided to Samarco is capitalised as part of the Group’s investments in joint ventures. Following a change to IAS 28 the Group no longer recognises an additional share of Samarco’s losses related to working capital funding provided during the period. This is now disclosed as an impairment included within the Samarco impairment expense line item. Comparative periods, including the impact on unrecognised losses have been restated to reflect the change.
(7) | In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(405) million have also been recognised.
(8) | BHP Brasil has recognised accumulated additional share of Samarco losses of US$(3,341) million resulting from US$(2,929) million provisions relating to the Samarco dam failure, including US$(412) million recognised as net finance costs.
(9) | Share of Samarco’s losses for which BHP Brasil does not have an obligation to fund.
(10) | Includes depreciation and amortisation of US$84 million (2019: US$85 million; 2018: US$73 million), interest income of US$16 million (2019: US$22 million; 2018: US$31 million), interest expense of US$588 million (2019: US$342 million; 2018: US$385 million) and income tax benefit/(expense) of US$(256) million (2019: US$52 million; 2018: US$(154) million).
(11) | Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable.

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