Reshaping our portfolio for a changing world
Our Company is in great shape and this is shining through in the numbers.
Building upon this solid base, as we look to the future, we will seek to grow value through positioning the BHP portfolio to benefit from the big trends
unfolding in the world around us. These include population growth, rising living standards, electrification and decarbonisation. We want to grow in those commodities that stand to benefit greatest from these trends.
Against that backdrop:
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we took the decision to proceed with the Jansen potash project in Canada, which will contribute to more
sustainable farming;
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we announced the intent to merge our petroleum business with Woodside, creating a large, more resilient company,
better able to navigate the energy transition and grow value while doing so;
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earlier this week we announced the sale of our interest in the BMC coal assets in Queensland as we re-shape our portfolio to focus on higher quality metallurgical coal to increase efficiency and lower emissions in steelmaking; and
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we intend to continue to grow our already strong positions in nickel and copper.
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In copper, we have some solid growth ahead over the next five years, thanks to the recently commissioned Spence Growth project, improving grades at Escondida
and more reliable production out of Olympic Dam.
We have increased our exploration effort and have work underway in Ecuador, Peru, Chile, Mexico, the US
and Australia.
And we are currently looking at targeted investment in early stage development options as we did with SolGold in Ecuador and the
Elliott copper project in Australia.
In nickel, we have established agreements with Midland Exploration in Canada and made an offer to acquire Noront
Resources.
This combination of exploration, targeted early stage investments, and unlocking significant organic growth in our existing operated assets
sets us up to deliver more of our products to meet the worlds needs.
Creating competitive advantage through our people and culture
Now, everything Ive spoken about safety, strong operational and financial performance, growth - only happens with great people and
culture.
This is something that I am really passionate about.
We need to continue to build capability and have a number of efforts underway to do so.
We are strengthening our organisational capability as a competitive advantage.
Were recruiting new talent as well as developing even greater technical and operational capability through our Centres of Excellence.