BHP, the world’s largest mining company has just released its financial results for the first six months of the fiscal year 2018 as of December 31, 2017. The Australian based corporation said it had underlying profits of $4.05 billion (US) which is up 25% from the $3.24 billion a year earlier. It was noted BHP had previously flagged a $1.8 billion dollar exceptional charge arising from U.S. Corporate tax increases.
Total revenues for the half-year were $1.78 billion with copper revenues jumping nearly 52 percent because of robust prices. Cash flow reported at $4 billion dollars. BHP debt during the 6 months was cut to $15.4 billion, a drop of 23%.
BHP told share holders it had declared a dividend of 55 cents a share up nearly 38 percent from a year ago.
Andrew MacKenzie, Chief Executive Officer of BHP said “we have benefited from higher commodity prices but most importantly we delivered a solid operating performance” He said the company will continue with its plans to maximize cash flow, maintain capital discipline and increase value.”
It was revealed BHP was preparing to sell all its on shore U.S.shale assets which are on the books at $14 billion.
Although BHP no longer has any producing properties in the Globe-Miami area it has been involved in land reclamation projects as it continues to be a major land owner in our community involving several thousand acres. This includes the former Miami Copper lands north and east of the town of Miami, the former Sleeping Beauty and Copper Cities sites located out in the Wheatfields area, the Solitude Tailings area south of the town of Miami, section land located South of Miami High School and near the Midland City area and the Cobre Valley Regional Medical Center, the Old Dominion mine properties north of Globe and various small parcels of land in the community