|
Issued by:
|
BHP Group Limited
|
|
Date:
|
27 August 2024
|
|
To:
|
London Stock Exchange
JSE Limited
|
|
For
Release:
|
Immediately
|
|
Contact:
|
Stefanie Wilkinson - Group Company Secretary
Tel: +61 3 9609 3333
|
|
BHP Group Limited - Economic
Contribution Report 2024
|
Introduction
Our Economic Contribution Report
(Report) for the year ended 30 June 2024 was released
today.
BHP delivered another strong set of
results in FY2024, enabled by our incredible assets, continued
disciplined execution of our strategy and superior operational
capability. Our underlying attributable profit was 2 per cent
higher at US$13.7 billion due to solid operational performance and
higher commodity prices in key commodities.
The excellence of our people, the
strength of our portfolio and balance sheet, our operating
excellence, financial rigour and ongoing commitment to social value
should position us well to continue growing value for our
shareholders and support the communities in the countries where we
operate.
BHP has a long-standing commitment
to transparency. We have disclosed details of our tax and royalty
payments for more than 20 years and we have continually updated and
expanded our disclosures. We recognise taxes and royalties are
important sources of government revenue and are central to the
fiscal policy and macroeconomic stability of countries. Paying the
right amount of taxes and royalties enables governments to finance
and deliver on their development plans for the benefit of the
broader community to promote sustainable economic growth, full and
productive employment, and reduce poverty and inequality within and
among countries. The BHP Economic Contribution Report aims to
provide a greater understanding of BHP's global tax profile, tax
contributions and the way we govern and manage our tax
obligations.
BHP is subject to the different tax
regimes and complies with applicable tax laws in all the countries
where we operate, including the Organisation for Economic
Co-operation and Development (OECD) Country-by-Country reporting.
This information provides tax authorities around the world with
details of how we conduct our business and how BHP's entities
transact with each other.
Our Economic Contribution Report
2024 has today been submitted to the FCA National Storage Mechanism
and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
It is also available to be downloaded on the BHP website
at:
https://www.bhp.com/-/media/Documents/Investors/Annual-Reports/2024/240827_bhpeconomiccontributionreport2024.pdf
BHP's total direct economic
contribution for FY2024 was US$49.2 billion. This includes
contribution to suppliers, wages and benefits for more than 90,000
employees and contractors, dividends, taxes, royalties and
voluntary investment in social projects across the communities
where we operate.
In FY2024, our tax, royalty and
other payments to governments totalled US$11.2 billion. Of this, 85
per cent or US$9.5 billion was paid in Australia. This made BHP one
of the largest corporate taxpayers in Australia in FY2024. During
the last decade, we paid US$95.1 billion globally in taxes,
royalties and other payments to governments, including US$76.6
billion (approximately A$107.1 billion) in Australia.
Below are extracted sections of our
full Economic Contribution Report 2024 that together
meet our UK regulatory obligations under DTR 4.3A
of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules and, where required by DTR 4.3A, the
Reports on Payments to Governments Regulations
2014 (as amended).
Our
payments to governments
BHP has prepared this information in
accordance with our UK regulatory obligations under DTR 4.3A of the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules, and on the basis set out in the Basis of Report preparation
and Glossary sections of the Economic Contribution Report
FY2024.
Payments made by country and level of
government
|
US$M
|
Corporate income
tax
|
Royalty-related income
tax
|
Total taxes
paid
|
Royalties
|
Fees
|
Payments for infrastructure
improvements
|
Total payments as defined by
the UK Requirements
|
Other
payments
|
Total payments to
governments
|
|
Total payments to governments
|
6,708.2
|
245.9
|
6,954.1
|
3,721.5
|
51.2
|
11.1
|
10,737.9
|
477.1
|
11,215.0
|
|
Australia
|
5,287.0
|
-
|
5,287.0
|
3,720.0
|
32.6
|
10.1
|
9,049.7
|
417.0
|
9,466.7
|
|
Australian Taxation
Office
|
5,287.0
|
-
|
5,287.0
|
-
|
-
|
-
|
5,287.0
|
31.6
|
5,318.6
|
|
Central Highlands Regional Council
(Queensland)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4.1
|
4.1
|
|
City of Kalgoorlie-Boulder (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
0.2
|
|
City of Rockingham (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
|
Coal Mining Industry Long
Service
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22.8
|
22.8
|
|
Isaac Regional Council
(Queensland)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8.3
|
8.3
|
|
Mackay Regional Council
(Queensland)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.5
|
0.5
|
|
Municipal Council of Roxby Downs
(South Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.3
|
1.3
|
|
Muswellbrook Shire Council (New
South Wales)
|
-
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
2.8
|
2.9
|
|
Shire of Ashburton (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
|
Shire of Dundas (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
|
Shire of East Pilbara (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4.8
|
4.8
|
|
Shire of Leonara (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.9
|
0.9
|
|
Shire of Wiluna (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.2
|
1.2
|
|
State of New South Wales
|
-
|
-
|
-
|
178.4
|
2.7
|
-
|
181.1
|
9.1
|
190.2
|
|
State of Queensland
|
-
|
-
|
-
|
1,363.4
|
1.5
|
-
|
1,364.9
|
80.3
|
1,445.2
|
|
State of South Australia
|
-
|
-
|
-
|
138.8
|
5.6
|
-
|
144.4
|
39.3
|
183.7
|
|
State of Victoria
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7.9
|
7.9
|
|
State of Western
Australia
|
-
|
-
|
-
|
2,039.4
|
22.1
|
10.0
|
2,071.5
|
182.6
|
2,254.1
|
|
Town of Port Hedland (Western
Australia)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
17.0
|
17.0
|
|
Other Australian
Governments
|
-
|
-
|
-
|
-
|
0.7
|
-
|
0.7
|
1.5
|
2.2
|
|
Brazil
|
55.9
|
-
|
55.9
|
1.5
|
0.1
|
-
|
57.5
|
17.5
|
75.0
|
|
Federal Tax Revenue
Ministry
|
55.9
|
-
|
55.9
|
-
|
0.1
|
-
|
56.0
|
17.5
|
73.5
|
|
National Mining Agency
|
-
|
-
|
-
|
1.5
|
-
|
-
|
1.5
|
-
|
1.5
|
|
Canada
|
13.3
|
-
|
13.3
|
-
|
8.5
|
1.0
|
22.8
|
5.9
|
28.7
|
|
Canada Revenue Agency
|
13.6
|
-
|
13.6
|
-
|
-
|
-
|
13.6
|
2.3
|
15.9
|
|
Finances Quebec
|
(0.1)
|
-
|
(0.1)
|
-
|
-
|
0.3
|
0.2
|
0.1
|
0.3
|
|
Government of British
Columbia
|
(0.2)
|
-
|
(0.2)
|
-
|
-
|
-
|
(0.2)
|
-
|
(0.2)
|
|
Government of
Saskatchewan
|
-
|
-
|
-
|
-
|
8.5
|
-
|
8.5
|
0.1
|
8.6
|
|
Rural Municipality of Leroy
(Saskatchewan)
|
-
|
-
|
-
|
-
|
-
|
0.1
|
0.1
|
3.1
|
3.2
|
|
Rural Municipality of Prairie Rose
(Saskatchewan)
|
-
|
-
|
-
|
-
|
-
|
0.2
|
0.2
|
0.1
|
0.3
|
|
Rural Municipality of
Usborne
|
-
|
-
|
-
|
-
|
-
|
0.4
|
0.4
|
-
|
0.4
|
|
Other Canadian
Governments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
0.2
|
|
Chile1
|
1,179.6
|
245.9
|
1,425.5
|
-
|
9.3
|
-
|
1,434.8
|
28.2
|
1,463.0
|
|
Servicio De Impuestos
Internos
|
1,179.6
|
245.9
|
1,425.5
|
-
|
9.3
|
-
|
1,434.8
|
28.2
|
1,463.0
|
|
China
|
7.1
|
-
|
7.1
|
-
|
-
|
-
|
7.1
|
-
|
7.1
|
|
China Tax Bureau
|
7.1
|
-
|
7.1
|
-
|
-
|
-
|
7.1
|
-
|
7.1
|
|
Ecuador
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
0.2
|
|
Instituto Ecuatoriano de Seguridad
Social
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
0.2
|
|
India
|
0.1
|
-
|
0.1
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
|
Income Tax Department
|
0.1
|
-
|
0.1
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
|
Japan
|
0.3
|
-
|
0.3
|
-
|
-
|
-
|
0.3
|
-
|
0.3
|
|
National Tax Agency
|
0.3
|
-
|
0.3
|
-
|
-
|
-
|
0.3
|
-
|
0.3
|
|
Malaysia
|
0.9
|
-
|
0.9
|
-
|
-
|
-
|
0.9
|
-
|
0.9
|
|
Inland Revenue Board
|
0.9
|
-
|
0.9
|
-
|
-
|
-
|
0.9
|
-
|
0.9
|
|
Netherlands
|
5.5
|
-
|
5.5
|
-
|
-
|
-
|
5.5
|
-
|
5.5
|
|
Tax and Customs
Administration
|
5.5
|
-
|
5.5
|
-
|
-
|
-
|
5.5
|
-
|
5.5
|
|
Peru
|
19.8
|
-
|
19.8
|
-
|
-
|
-
|
19.8
|
0.2
|
20.0
|
|
National Superintendency of Customs
and Tax Administration
|
19.8
|
-
|
19.8
|
-
|
-
|
-
|
19.8
|
0.2
|
20.0
|
|
Philippines
|
0.5
|
-
|
0.5
|
-
|
-
|
-
|
0.5
|
0.4
|
0.9
|
|
Bureau of Internal
Revenue
|
0.3
|
-
|
0.3
|
-
|
-
|
-
|
0.3
|
0.4
|
0.7
|
|
Other Philippines
Governments
|
0.2
|
-
|
0.2
|
-
|
-
|
-
|
0.2
|
-
|
0.2
|
|
Singapore
|
41.0
|
-
|
41.0
|
-
|
-
|
-
|
41.0
|
-
|
41.0
|
|
Inland Revenue Authority of
Singapore
|
41.0
|
-
|
41.0
|
-
|
-
|
-
|
41.0
|
-
|
41.0
|
|
Switzerland
|
2.5
|
-
|
2.5
|
-
|
-
|
-
|
2.5
|
-
|
2.5
|
|
Canton of Zug
|
2.5
|
-
|
2.5
|
-
|
-
|
-
|
2.5
|
-
|
2.5
|
|
United Kingdom
|
20.4
|
-
|
20.4
|
-
|
-
|
-
|
20.4
|
4.1
|
24.5
|
|
City of Westminster
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.0
|
1.0
|
|
HM Revenue & Customs
|
20.4
|
-
|
20.4
|
-
|
-
|
-
|
20.4
|
3.1
|
23.5
|
|
United States of America
|
74.3
|
-
|
74.3
|
-
|
0.7
|
-
|
75.0
|
3.6
|
78.6
|
|
Arizona Department of
Revenue
|
-
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
-
|
0.1
|
|
Arizona State Land
Department
|
-
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
-
|
0.1
|
|
Internal Revenue Service
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2.8
|
2.8
|
|
State of New Mexico
|
(1.0)
|
-
|
(1.0)
|
-
|
-
|
-
|
(1.0)
|
-
|
(1.0)
|
|
U.S. Department of the
Treasury
|
75.3
|
-
|
75.3
|
-
|
-
|
-
|
75.3
|
0.2
|
75.5
|
|
U.S. Nuclear Regulatory
Commission
|
-
|
-
|
-
|
-
|
0.3
|
-
|
0.3
|
-
|
0.3
|
|
Utah State Tax Commission
|
-
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
-
|
0.1
|
|
Other US Governments
|
-
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
0.6
|
0.7
|
Figures are rounded to the nearest
decimal point.
1. Income and mining taxes
are paid in Chile on a calendar year basis. However, for the
purpose of this Report, taxes paid are included for BHP's financial
year (1 July 2023 to 30 June 2024). For reference, income tax and
specific tax on mining activities paid by Escondida for CY2023
amount to US$1,307.0 million.
Payments made by project
|
US$M
|
Corporate income
tax
|
Royalty-related income
tax
|
Total taxes
paid
|
Royalties
|
Fees
|
Payments for infrastructure
improvements
|
Total payments as defined by
the UK Requirements
|
Other
payments
|
Total payments to
governments
|
|
Total payments to governments
|
6,708.2
|
245.9
|
6,954.1
|
3,721.5
|
51.2
|
11.1
|
10,737.9
|
477.1
|
11,215.0
|
|
Minerals Americas
|
1,265.5
|
245.9
|
1,511.4
|
1.5
|
17.9
|
0.7
|
1,531.5
|
51.6
|
1,583.1
|
|
BHP Billiton Brasil
Ltda1
|
52.9
|
-
|
52.9
|
-
|
0.1
|
-
|
53.0
|
17.5
|
70.5
|
|
Escondida
|
1,210.5
|
245.7
|
1,456.2
|
-
|
0.4
|
-
|
1,456.6
|
22.1
|
1,478.7
|
|
Other Copper
|
8.6
|
-
|
8.6
|
1.5
|
0.9
|
-
|
11.0
|
1.1
|
12.1
|
|
Pampa Norte
|
(33.2)2
|
0.2
|
(33.0)
|
-
|
8.0
|
-
|
(25.0)
|
5.4
|
(19.6)
|
|
Potash Canada
|
-
|
-
|
-
|
-
|
8.5
|
0.7
|
9.2
|
5.5
|
14.7
|
|
RAL Cayman
Inc3
|
26.7
|
-
|
26.7
|
-
|
-
|
-
|
26.7
|
-
|
26.7
|
|
Minerals Australia
|
5,621.7
|
-
|
5,621.7
|
3,720.0
|
32.2
|
10.1
|
9,384.0
|
340.0
|
9,724.0
|
|
BHP Mitsubishi
Alliance4
|
644.3
|
-
|
644.3
|
1,363.4
|
1.6
|
-
|
2,009.3
|
92.8
|
2,102.1
|
|
Copper South Australia
|
94.9
|
-
|
94.9
|
138.8
|
5.4
|
-
|
239.1
|
38.5
|
277.6
|
|
New South Wales Energy
Coal
|
601.4
|
-
|
601.4
|
178.4
|
2.7
|
0.1
|
782.6
|
15.8
|
798.4
|
|
Other Coal
|
3.3
|
-
|
3.3
|
-
|
-
|
-
|
3.3
|
34.6
|
37.9
|
|
Western Australia Iron
Ore
|
4,355.1
|
-
|
4,355.1
|
2,016.1
|
15.4
|
10.0
|
6,396.6
|
131.4
|
6,528.0
|
|
Western Australia Nickel
|
(77.3)2
|
-
|
(77.3)
|
23.3
|
7.1
|
-
|
(46.9)
|
26.9
|
(20.0)
|
|
Group and Unallocated
|
(179.0)
|
-
|
(179.0)
|
-
|
1.1
|
0.3
|
(177.6)
|
85.5
|
(92.1)
|
|
Commercial
|
23.5
|
-
|
23.5
|
-
|
-
|
-
|
23.5
|
-
|
23.5
|
|
Corporate5
|
(196.6)2
|
-
|
(196.6)
|
-
|
0.1
|
-
|
(196.5)
|
84.6
|
(111.9)
|
|
Other
|
(5.9)2
|
-
|
(5.9)
|
-
|
1.0
|
0.3
|
(4.6)
|
0.9
|
(3.7)
|
Figures are rounded to the nearest
decimal point.
1. Holding company of
Samarco equity accounted investment.
2. Includes refunds in
relation to prior periods.
3. Holding company of
Antamina equity accounted investment.
4. Royalties, fees and
other payments made by BM Alliance Coal Operations Pty Limited have
been included in total payments to the extent of BHP's ownership of
the operating entity, being 50 per cent.
5. The corporate
income tax amount predominantly reflects the allocation of the
Australian corporate income tax liability among members of the
Australian tax consolidated group. For more information refer to
Basis of Report preparation section.