BHP Billiton's fiscal year profit increases with copper mine investment

Changjiang Nonferrous News, BHP Billiton's 2023/24 fiscal year profit slightly increased: The group announced on 

Tuesday that its basic profit for the 2023/24 fiscal year increased by 2%, reaching a total of 13.66 billion US dollars. 

This achievement is mainly due to the increase in profits of iron ore and copper businesses, although the coal business 

has been affected by weak prices. The strong performance of the copper mining business not only offset the negative

 impact of the coal business, but also made an important contribution to the overall performance improvement of the 

company. Faced with market challenges, BHP has invested more resources into its copper mining business, abandoning 

plans to acquire Anglo American and focusing instead on copper mining projects in South Australia and Argentina, and 

has announced detailed expenditure and growth plans.

BHP plans to support the growth of its metal business through increased debt and plans to increase capital and exploration

 expenditures to $10 billion in fiscal year 2025. Starting from fiscal year 2026, the average annual expenditure will increase 

to $11 billion. The company will continue to increase its investment in the copper mining field, and the equity transfer of Jin

 Chengxin in the Lubambe copper mining project also shows a trend of industry cooperation. As the global energy transition

 accelerates, the importance of copper mines will further increase.