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Segment reporting
 12 Months Ended
Jun. 30, 2024
Text block 1 [Abstract]  
Segment reporting
1  Segment reporting
Reportable segments
The Group operated three reportable segments during FY2024, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group.
 
Reportable segment
   
Principal activities
Copper
   
Mining of copper, uranium, gold, zinc, molybdenum and silver
Iron Ore
   
Mining of iron ore
Coal
   
Mining of steelmaking coal and energy coal
Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZ Minerals Ltd (OZL) acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments.
 
Year ended 30 June 2024
US$M
   
Copper
    
Iron Ore
    
Coal
    
Group and
unallocated
items/
eliminations
    
Group
total
  
Revenue
   
 
18,566
 
  
 
27,952
 
  
 
7,666
 
  
 
1,474
 
  
 
55,658
 
Inter-segment revenue
   
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenue
   
 
18,566
 
  
 
27,952
 
  
 
7,666
 
  
 
1,474
 
  
 
55,658
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBITDA
   
 
8,564
 
  
 
18,913
 
  
 
2,290
 
  
 
(751
) 
  
 
29,016
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortisation
   
 
(2,023
) 
  
 
(2,027
) 
  
 
(611
) 
  
 
(634
) 
  
 
(5,295
) 
Impairment losses
1
   
 
(17
) 
  
 
(61
) 
  
 
(2
) 
  
 
(10
) 
  
 
(90
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBIT
   
 
6,524
 
  
 
16,825
 
  
 
1,677
 
  
 
(1,395
) 
  
 
23,631
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exceptional items
2
   
 
–
 
  
 
(3,066
) 
  
 
880
 
  
 
(3,908
) 
  
 
(6,094
) 
Net finance costs
           
 
(1,489
) 
          
 
 
  
Profit before taxation
           
 
16,048
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Capital expenditure (cash basis)
   
 
3,711
 
  
 
2,033
 
  
 
646
 
  
 
2,426
 
  
 
8,816
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(Loss)/profit from equity accounted investments, related impairments and expenses
   
 
377
 
  
 
(3,032
) 
  
 
–
 
  
 
(1
) 
  
 
(2,656
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investments accounted for using the equity method
   
 
1,573
 
  
 
–
 
  
 
–
 
  
 
89
 
  
 
1,662
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
   
 
42,145
 
  
 
25,569
 
  
 
9,528
 
  
 
25,120
 
  
 
102,362
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
   
 
5,777
 
  
 
11,757
 
  
 
3,056
 
  
 
32,652
 
  
 
53,242
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Year ended 30 June 2023
US$M
    Copper     Iron Ore     Coal     Group and
unallocated
items/
eliminations		     Group
total		  
Revenue
      16,027       24,812       10,958       2,020       53,817  
Inter-segment revenue
      –       –       –       –       –  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenue
      16,027       24,812       10,958       2,020       53,817  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBITDA
      6,653       16,692       4,998       (387 )      27,956  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortisation
      (1,810 )      (1,993 )      (697 )      (561 )      (5,061 ) 
Impairment losses
1
      (33 )      (28 )      (6 )      (8 )      (75 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBIT
      4,810       14,671       4,295       (956 )      22,820  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exceptional items
2
      –       176       –       (64 )      112  
Net finance costs
              (1,531 ) 
          
 
 
  
Profit before taxation
              21,401  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Capital expenditure (cash basis)
      2,698       1,966       657       1,412       6,733  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(Loss)/profit from equity accounted investments, related impairments and expenses
      383       215       –       (4 )      594  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investments accounted for using the equity method
      1,530       –       –       90       1,620  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      39,864       25,527       11,087       24,818       101,296  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
      5,635       8,571       3,821       34,739       52,766  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Year ended 30 June 2022
US$M
    Copper     Iron Ore     Coal     Group and
unallocated
items/
eliminations		     Group
total		  
Revenue
      16,849       30,767       15,549       1,933       65,098  
Inter-segment revenue
      –       –       –       –       –  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenue
      16,849       30,767       15,549       1,933       65,098  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBITDA
      8,565       21,707       9,504       858       40,634  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortisation
      (1,765 )      (2,203 )      (762 )      (953 )      (5,683 ) 
Impairment losses
1
      (470 )      (33 )      (9 )      (3 )      (515 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBIT
      6,330       19,471       8,733       (98 )      34,436  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exceptional items
2
      –       (729 )      849       (450 )      (330 ) 
Net finance costs
              (969 ) 
          
 
 
  
Profit before taxation
              33,137  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Capital expenditure (cash basis)
      2,528       1,848       621       858       5,855  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
(Loss)/profit from equity accounted investments, related impairments and expenses
      658       (676 )      –       (1 )      (19 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investments accounted for using the equity method
      1,415       –       –       5       1,420  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      32,693       24,682       11,524       26,267       95,166  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
      5,248       7,884       3,874       29,394       46,400  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Impairment losses exclude exceptional items of US$3,800 million (2023: US$
 
nil; 2022: US$
 
nil).
 
2
 
Exceptional items reported in Group and unallocated include Samarco dam failure related costs of US$(105) million (2023: US$(64) million; 2022: US$(13) million). Refer to note 3 ‘Exceptional items’ for further information.
 
Geographical information
 
    
Revenue by location
of customer
  
    
2024
      2023      2022  
    
US$M
      US$M      US$M  
Australia
   
 
2,393
 
      1,702        1,649  
Europe
   
 
1,702
 
      1,961        2,129  
China
   
 
34,752
 
      31,205        36,618  
Japan
   
 
4,557
 
      6,971        8,401  
India
   
 
3,371
 
      3,447        5,215  
South Korea
   
 
3,069
 
      2,997        4,786  
Rest of Asia
   
 
3,749
 
      3,583        4,303  
North America
   
 
1,601
 
      1,382        1,282  
South America
   
 
464
 
      569        715  
  
 
 
     
 
 
     
 
 
  
  
 
55,658
 
      53,817        65,098  
  
 
 
     
 
 
     
 
 
  
    
Non-current assets by

location of assets
  
    
2024
      2023      2022  
    
US$M
      US$M      US$M  
Australia
   
 
48,991
 
      51,961        43,250  
North America
   
 
6,979
 
      5,081        3,964  
South America
   
 
19,927
 
      19,047        18,280  
Rest of world
   
 
831
 
      685        150  
Unallocated assets
1
   
 
1,296
 
      1,171        858  
  
 
 
     
 
 
     
 
 
  
  
 
78,024
 
      77,945        66,502  
  
 
 
     
 
 
     
 
 
  
 
1
 
Unallocated assets comprise deferred tax assets and other financial assets.
Underlying EBITDA
Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit).
Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from
period-to-period
and provide investors with further clarity in order to assess the performance of the Group’s operations. Management monitors exceptional items separately. Refer to note 3 ‘Exceptional items’ for additional detail.
Segment assets and liabilities
Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment.