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Financial risk management (Tables) | 12 Months Ended
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Jun. 30, 2024
Text block 1 [Abstract] |
Summary of foreign currency risk arising from financial assets and liabilities, which are denominated in currencies other than the US dollar | The following table shows the carrying values of financial assets and liabilities at the end of the reporting period denominated in currencies other than the US dollar that are exposed to foreign currency risk:
Net financial (liabilities)/assets - by currency of denomination |  | 2024 |  |  | 2023 |
|  | US$M |  |  | US$M |
AUD |  |  | (3,850 | ) |  |  | (4,168 | )
CAD |  |  | (543 | ) |  |  | (312 | )
CLP |  |  | (150 | ) |  |  | (74 | )
GBP |  |  | 323 |  |  |  | 353 |
EUR |  |  | 239 |  |  |  | 217 |
Other |  |  | 43 |  |  |  | 355 |
Total |  |  | (3,938 | ) |  |  | (3,629 | )
Summary of Financial Assets and Liabilities by Class | The financial assets and liabilities are presented by class in the table below at their carrying amounts.
|  | IFRS 13 Fair value hierarchy Level 1 |  | IFRS 9 Classification |  | 2024 US$M |  |  | 2023 US$M |
Current cross currency and interest rate swaps 2 |  | 2 |  | Fair value through profit or loss |  |  | 5 |  |  |  | 34 |
Current other derivative contracts 3 |  | 2,3 |  | Fair value through profit or loss |  |  | 118 |  |  |  | 407 |
Current other financial assets 4 |  |  |  | Amortised cost |  |  | 234 |  |  |  | – |
Current other investments 5 |  | 1,2 |  | Fair value through profit or loss |  |  | 24 |  |  |  | 29 |
Non-current cross currency and interest rate swaps 2 |  | 2 |  | Fair value through profit or loss |  |  | 113 |  |  |  | 149 |
Non-current other derivative contracts 3 |  | 2,3 |  | Fair value through profit or loss |  |  | 103 |  |  |  | 228 |
Non-current other financial assets 6 |  | 3 |  | Fair value through profit or loss |  |  | 195 |  |  |  | 246 |
Non-current other financial assets 4,7 |  |  |  | Amortised cost |  |  | 398 |  |  |  | – |
Non-current investment in shares |  | 1,3 |  | Fair value through other comprehensive income |  |  | 201 |  |  |  | 224 |
Non-current other investments 5 |  | 1,2 |  | Fair value through profit or loss |  |  | 219 |  |  |  | 268 |
Total other financial assets |  |  |  |  |  |  | 1,610 |  |  |  | 1,585 |
Cash and cash equivalents |  |  |  | Amortised cost |  |  | 12,501 |  |  |  | 12,428 |
Trade and other receivables 8 |  |  |  | Amortised cost |  |  | 1,597 |  |  |  | 1,506 |
Provisionally priced trade receivables |  | 2 |  | Fair value through profit or loss |  |  | 3,250 |  |  |  | 2,705 |
Total financial assets |  |  |  |  |  |  | 18,958 |  |  |  | 18,224 |
Non-financial assets |  |  |  |  |  |  | 83,404 |  |  |  | 83,072 |
Total assets |  |  |  |  |  |  | 102,362 |  |  |  | 101,296 |
Current cross currency and interest rate swaps 2 |  | 2 |  | Fair value through profit or loss |  |  | 176 |  |  |  | 147 |
Current other derivative contracts |  | 2 |  | Fair value through profit or loss |  |  | 241 |  |  |  | 176 |
Current other financial liabilities 9 |  |  |  | Amortised cost |  |  | 95 |  |  |  | 79 |
Non-current cross currency and interest rate swaps 2 |  | 2 |  | Fair value through profit or loss |  |  | 1,337 |  |  |  | 1,608 |
Non-current other derivative contracts 3 |  | 2,3 |  | Fair value through profit or loss |  |  | 54 |  |  |  | 82 |
Non-current other financial liabilities 9 |  |  |  | Amortised cost |  |  | 368 |  |  |  | 467 |
Total other financial liabilities |  |  |  |  |  |  | 2,271 |  |  |  | 2,559 |
Trade and other payables 10 |  |  |  | Amortised cost |  |  | 6,049 |  |  |  | 5,338 |
Provisionally priced trade payables |  | 2 |  | Fair value through profit or loss |  |  | 614 |  |  |  | 841 |
Bank overdrafts and short-term borrowings 11 |  |  |  | Amortised cost |  |  | 3 |  |  |  | 5 |
Bank loans 11 |  |  |  | Amortised cost |  |  | 2,610 |  |  |  | 7,502 |
Notes and debentures 11 |  |  |  | Amortised cost |  |  | 14,932 |  |  |  | 11,819 |
Lease liabilities 12 |  |  |  |  |  |  | 3,116 |  |  |  | 3,019 |
Other 11 |  |  |  | Amortised cost |  |  | 57 |  |  |  | – |
Total financial liabilities |  |  |  |  |  |  | 29,652 |  |  |  | 31,083 |
Non-financial liabilities |  |  |  |  |  |  | 23,590 |  |  |  | 21,683 |
Total liabilities |  |  |  |  |  |  | 53,242 |  |  |  | 52,766 |
1 | All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes.
2 | Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date.
3 | Includes net other derivative assets of US$92 million related to power purchase contract agreements that are categorised as Level 3 (2023: US$46 million).
4 | Includes deferred consideration of US$495 million in relation to the divestment of the Blackwater and Daunia mines.
5 | Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$243 million (2023: US$290 million) of which other investments (mainly US Treasury Notes) of US$134 million categorised as Level 1 (2023: US$138 million).
6 | Includes receivables contingent on future realised coal price of US$195 million (2023: US$246 million receivables contingent on outcome of future events relating to mining and regulatory approvals).
7 | Includes Senior notes of US$137 million relating to Samarco with a maturity date of 30 June 2031 (refer to note 4 ‘Significant events – Samarco dam failure’ for further information).
8 | Excludes input taxes of US$492 million (2023: US$531 million) included in other receivables.
9 | Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations.
10 | Excludes input taxes of US$101 million (2023: US$121 million) included in other payables.
11 | All interest bearing liabilities, excluding lease liabilities, are unsecured.
12 | Lease liabilities are measured in accordance with IFRS 16/AASB 16 ‘Leases’.
Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge | The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them:
• |  | The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge.
• |  | The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments.
• |  | The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement.
|  |  |  |  | Fair value of derivatives |  |  |  |
2024 US$M |  | Carrying amount of notes and debentures |  |  | Foreign exchange notional at spot rates |  |  | Interest rate risk |  |  | Recognised in cash flow hedging reserve |  |  | Recognised in cost of hedging reserve |  |  | Recognised in the income statement 1 |  |  | Accrued and other cash flows |  |  | Total |  |  | Hedged value of notes and debentures 2 |
|  | A |  |  | B |  |  | C |  |  | D |  |  | E |  |  | F |  |  | G |  |  | B to G |  |  | A + B + C |
USD |  |  | 10,928 |  |  |  | – |  |  |  | 498 |  |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | (48 | ) |  |  | 452 |  |  |  | 11,426 |
GBP |  |  | 1,595 |  |  |  | 521 |  |  |  | 247 |  |  |  | (13 | ) |  |  | 3 |  |  |  | (69 | ) |  |  | (16 | ) |  |  | 673 |  |  |  | 2,363 |
EUR |  |  | 2,409 |  |  |  | 367 |  |  |  | 259 |  |  |  | (27 | ) |  |  | 7 |  |  |  | (50 | ) |  |  | (286 | ) |  |  | 270 |  |  |  | 3,035 |
Total |  |  | 14,932 |  |  |  | 888 |  |  |  | 1,004 |  |  |  | (40 | ) |  |  | 10 |  |  |  | (117 | ) |  |  | (350 | ) |  |  | 1,395 |  |  |  | 16,824 |
|  |  |  |  | Fair value of derivatives |  |  |  |
2023 US$M |  | Carrying amount of notes and debentures |  |  | Foreign exchange notional at spot rates |  |  | Interest rate risk |  |  | Recognised in cash flow hedging reserve |  |  | Recognised in cost of hedging reserve |  |  | Recognised in the income statement 1 |  |  | Accrued and other cash flows |  |  | Total |  |  | Hedged value of notes and debentures 2 |
|  | A |  |  | B |  |  | C |  |  | D |  |  | E |  |  | F |  |  | G |  |  | B to G |  |  | A + B + C |
USD |  |  | 7,245 |  |  |  | – |  |  |  | 214 |  |  |  | – |  |  |  | – |  |  |  | 32 |  |  |  | 23 |  |  |  | 269 |  |  |  | 7,459 |
GBP |  |  | 1,566 |  |  |  | 522 |  |  |  | 274 |  |  |  | 24 |  |  |  | (9 | ) |  |  | (69 | ) |  |  | 35 |  |  |  | 777 |  |  |  | 2,362 |
EUR |  |  | 3,008 |  |  |  | 434 |  |  |  | 302 |  |  |  | (39 | ) |  |  | 10 |  |  |  | (49 | ) |  |  | (132 | ) |  |  | 526 |  |  |  | 3,744 |
Total |  |  | 11,819 |  |  |  | 956 |  |  |  | 790 |  |  |  | (15 | ) |  |  | 1 |  |  |  | (86 | ) |  |  | (74 | ) |  |  | 1,572 |  |  |  | 13,565 |
1 | Predominantly related to ineffectiveness.
2 | Includes US$532 million (2023: US$534 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship.
Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges | The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 ‘Other equity’.
2024 US$M |  | Cash flow hedging reserve |  |  | Cost of hedging reserve |  |  | Total |
|  | Gross |  |  | Tax |  |  | Net |  |  | Gross |  |  | Tax |  |  | Net |  |  |  |
At the beginning of the financial year |  |  | 15 |  |  |  | (5 | ) |  |  | 10 |  |  |  | (1 | ) |  |  | – |  |  |  | (1 | ) |  |  | 9 |
Add: Change in fair value of hedging instrument recognised in OCI |  |  | (24 | ) |  |  | 7 |  |  |  | (17 | ) |  |  | (9 | ) |  |  | 3 |  |  |  | (6 | ) |  |  | (23 | )
Less: Reclassified from reserves to financial expenses – recognised through OCI |  |  | 49 |  |  |  | (15 | ) |  |  | 34 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 34 |
At the end of the financial year |  |  | 40 |  |  |  | (13 | ) |  |  | 27 |  |  |  | (10 | ) |  |  | 3 |  |  |  | (7 | ) |  |  | 20 |
2023 US$M |  | Cash flow hedging reserve |  |  | Cost of hedging reserve |  |  | Total |
|  | Gross |  |  | Tax |  |  | Net |  |  | Gross |  |  | Tax |  |  | Net |  |  |  |
At the beginning of the financial year |  |  | 59 |  |  |  | (18 | ) |  |  | 41 |  |  |  | (27 | ) |  |  | 8 |  |  |  | (19 | ) |  |  | 22 |
Add: Change in fair value of hedging instrument recognised in OCI |  |  | 95 |  |  |  | (29 | ) |  |  | 66 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 66 |
Less: Reclassified from reserves to financial expenses – recognised through OCI |  |  | (174 | ) |  |  | 53 |  |  |  | (121 | ) |  |  | 26 |  |  |  | (8 | ) |  |  | 18 |  |  |  | (103 | )
Less: Loss/(gain) transferred to balance sheet related items |  |  | 35 |  |  |  | (11 | ) |  |  | 24 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 24 |
At the end of the financial year |  |  | 15 |  |  |  | (5 | ) |  |  | 10 |  |  |  | (1 | ) |  |  | – |  |  |  | (1 | ) |  |  | 9 |
Summary of Movement of Interest Bearing Liabilities and Related Derivatives | The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows:
|  | Interest bearing liabilities |  |  | Derivatives (assets)/ liabilities |  |  |  |
2024 US$M |  | Bank loans |  |  | Notes and debentures |  |  | Lease liabilities |  |  | Bank overdraft and short-term borrowings |  |  | Other |  |  | Cross currency and interest rate swaps |  |  | Total |
At the beginning of the financial year |  |  | 7,502 |  |  |  | 11,819 |  |  |  | 3,019 |  |  |  | 5 |  |  |  | – |  |  |  | 1,572 |  |  |  |  |
Proceeds from interest bearing liabilities |  |  | 400 |  |  |  | 4,691 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 5,091 |
Settlements of debt related instruments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (321 | ) |  |  | (321 | )
Repayment of interest bearing liabilities |  |  | (5,319 | ) |  |  | (1,338 | ) |  |  | (656 | ) |  |  | – |  |  |  | (14 | ) |  |  | – |  |  |  | (7,327 | )
Change from Net financing cash flows |  |  | (4,919 | ) |  |  | 3,353 |  |  |  | (656 | ) |  |  | – |  |  |  | (14 | ) |  |  | (321 | ) |  |  | (2,557 | )
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Divestment of subsidiaries and operations |  |  | – |  |  |  | – |  |  |  | (60 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Interest rate impacts |  |  | – |  |  |  | (214 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 188 |  |  |  |  |
Foreign exchange impacts |  |  | 24 |  |  |  | (35 | ) |  |  | (16 | ) |  |  | – |  |  |  | – |  |  |  | 35 |  |  |  |  |
Lease additions |  |  | – |  |  |  | – |  |  |  | 593 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Remeasurement of index-linked freight contracts |  |  | – |  |  |  | – |  |  |  | 230 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Other interest bearing liabilities/derivative related changes |  |  | 3 |  |  |  | 9 |  |  |  | 6 |  |  |  | (2 | ) |  |  | 71 |  |  |  | (79 | ) |  |  |  |
At the end of the financial year |  |  | 2,610 |  |  |  | 14,932 |  |  |  | 3,116 |  |  |  | 3 |  |  |  | 57 |  |  |  | 1,395 |  |  |  |  |
|  | Interest bearing liabilities |  |  | Derivatives (assets)/ liabilities |  |  |  |
2023 US$M |  | Bank loans |  |  | Notes and debentures |  |  | Lease liabilities |  |  | Bank overdraft and short-term borrowings |  |  | Other |  |  | Cross currency and interest rate swaps |  |  | Total |
At the beginning of the financial year |  |  | 2,472 |  |  |  | 11,363 |  |  |  | 2,576 |  |  |  | – |  |  |  | 17 |  |  |  | 1,688 |  |  |  |  |
Proceeds from interest bearing liabilities |  |  | 5,450 |  |  |  | 2,732 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 8,182 |
Settlements of debt related instruments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (677 | ) |  |  | (677 | )
Repayment of interest bearing liabilities |  |  | (1,087 | ) |  |  | (1,610 | ) |  |  | (576 | ) |  |  | – |  |  |  | (16 | ) |  |  | – |  |  |  | (3,289 | )
Change from Net financing cash flows |  |  | 4,363 |  |  |  | 1,122 |  |  |  | (576 | ) |  |  | – |  |  |  | (16 | ) |  |  | (677 | ) |  |  | 4,216 |
Other movements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of subsidiaries and operations |  |  | 688 |  |  |  | – |  |  |  | 423 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Interest rate impacts |  |  | – |  |  |  | (803 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 691 |  |  |  |  |
Foreign exchange impacts |  |  | (23 | ) |  |  | 128 |  |  |  | 12 |  |  |  | – |  |  |  | – |  |  |  | (127 | ) |  |  |  |
Lease additions |  |  | – |  |  |  | – |  |  |  | 542 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Remeasurement of index-linked freight contracts |  |  | – |  |  |  | – |  |  |  | 53 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |
Other interest bearing liabilities/derivative related changes |  |  | 2 |  |  |  | 9 |  |  |  | (11 | ) |  |  | 5 |  |  |  | (1 | ) |  |  | (3 | ) |  |  |  |
At the end of the financial year |  |  | 7,502 |  |  |  | 11,819 |  |  |  | 3,019 |  |  |  | 5 |  |  |  | – |  |  |  | 1,572 |  |  |  |  |

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