Cover Page
Cover Page | 12 Months Ended |
Jun. 30, 2021shares | |
Document Information [line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BHP GROUP LIMITED |
Entity Central Index Key | 0000811809 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 171 COLLINS STREET |
Entity Address, City or Town | MELBOURNE |
Entity Address, Postal Zip Code | 3000 |
Entity Incorporation, State or Country Code | C3 |
Entity Address, Country | AU |
Entity Common Stock, Shares Outstanding | 2,950,251,394 |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity File Number | 001-09526 |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
BHP Group​ Ltd​ [member] | Business Contact [Member] | |
Document Information [line Items] | |
Entity Address, Address Line One | 171 COLLINS STREET |
Entity Address, City or Town | MELBOURNE |
Entity Address, Postal Zip Code | 3000 |
Entity Address, Country | AU |
Contact Personnel Name | STEFANIE WILKINSON |
City Area Code | 61 3 |
Local Phone Number | 9609 3333 |
Contact Personnel Fax Number | 61 3 9609 3015 |
BHP Group​ Ltd​ [member] | American Depositary Shares [Member] | |
Document Information [line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | BHP |
Security Exchange Name | NYSE |
BHP Group​ Ltd​ [member] | Ordinary shares [member] | |
Document Information [line Items] | |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | BHP |
Security Exchange Name | NYSE |
BHP Group Plc [member] | |
Document Information [line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BHP GROUP PLC |
Entity Central Index Key | 0001171264 |
Current Fiscal Year End Date | --06-30 |
Entity Address, Address Line One | NOVA SOUTH |
Entity Address, Address Line Two | 160 VICTORIA STREET |
Entity Address, City or Town | LONDON |
Entity Address, Postal Zip Code | SW1E 5LB |
Entity Address, Country | GB |
Entity Common Stock, Shares Outstanding | 2,112,071,796 |
Entity File Number | 001-31714 |
BHP Group Plc [member] | Business Contact [Member] | |
Document Information [line Items] | |
Entity Address, Address Line One | NOVA SOUTH |
Entity Address, Address Line Two | 160 VICTORIA STREET |
Entity Address, City or Town | LONDON |
Entity Address, Postal Zip Code | SW1E 5LB |
Entity Address, Country | GB |
Contact Personnel Name | STEFANIE WILKINSON |
City Area Code | 44 20 |
Local Phone Number | 7802 4000 |
Contact Personnel Fax Number | 44 20 7802 4111 |
BHP Group Plc [member] | American Depositary Shares [Member] | |
Document Information [line Items] | |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | BBL |
Security Exchange Name | NYSE |
BHP Group Plc [member] | Ordinary shares [member] | |
Document Information [line Items] | |
Title of 12(b) Security | Ordinary Shares, nominal value US$0.50 each |
Trading Symbol | BBL |
Security Exchange Name | NYSE |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Continuing operations | |||
Revenue | $ 60,817 | $ 42,931 | $ 44,288 |
Other income | 510 | 777 | 393 |
Expenses excluding net finance costs | (34,500) | (28,775) | (28,022) |
Loss from equity accounted investments, related impairments and expenses | (921) | (512) | (546) |
Profit from operations | 25,906 | 14,421 | 16,113 |
Financial expenses | (1,378) | (1,262) | (1,510) |
Financial income | 73 | 351 | 446 |
Net finance costs | (1,305) | (911) | (1,064) |
Profit before taxation | 24,601 | 13,510 | 15,049 |
Income tax expense | (10,921) | (4,708) | (5,335) |
Royalty-related taxation (net of income tax benefit) | (229) | (66) | (194) |
Total taxation expense | (11,150) | (4,774) | (5,529) |
Profit after taxation from Continuing operations | 13,451 | 8,736 | 9,520 |
Discontinued operations | |||
Loss after taxation from Discontinued operations | (335) | ||
Profit after taxation from Continuing and Discontinued operations | 13,451 | 8,736 | 9,185 |
Attributable to non-controlling interests | 2,147 | 780 | 879 |
Attributable to BHP shareholders | $ 11,304 | $ 7,956 | $ 8,306 |
Basic earnings per ordinary share (cents) | $ 2.235 | $ 1.573 | $ 1.603 |
Diluted earnings per ordinary share (cents) | 2.230 | 1.570 | 1.599 |
Basic earnings from Continuing operations per ordinary share (cents) | 2.235 | 1.573 | 1.669 |
Diluted earnings from Continuing operations per ordinary share (cents) | $ 2.230 | $ 1.570 | $ 1.665 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of comprehensive income [abstract] | |||
Profit after taxation from Continuing and Discontinued operations | $ 13,451 | $ 8,736 | $ 9,185 |
Hedges: | |||
Gains/(losses) taken to equity | 863 | (315) | (327) |
(Gains)/losses transferred to the income statement | (837) | 297 | 299 |
Exchange fluctuations on translation of foreign operations taken to equity | 5 | 1 | 1 |
Exchange fluctuations on translation of foreign operations transferred to income statement | (6) | ||
Tax recognised within other comprehensive income | (8) | 5 | 8 |
Total items that may be reclassified subsequently to the income statement | 23 | (12) | (25) |
Items that will not be reclassified to the income statement: | |||
Re-measurement gains/(losses) on pension and medical schemes | 58 | (81) | (20) |
Equity investments held at fair value | (2) | (2) | 1 |
Tax recognised within other comprehensive income | (20) | 26 | 19 |
Total items that will not be reclassified to the income statement | 36 | (57) | |
Total other comprehensive income/(loss) | 59 | (69) | (25) |
Total comprehensive income | 13,510 | 8,667 | 9,160 |
Attributable to non-controlling interests | 2,158 | 769 | 878 |
Attributable to BHP shareholders | $ 11,352 | $ 7,898 | $ 8,282 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 15,246 | $ 13,426 |
Trade and other receivables | 6,059 | 3,364 |
Other financial assets | 230 | 84 |
Inventories | 4,426 | 4,101 |
Assets held for sale | 324 | |
Current tax assets | 279 | 366 |
Other | 129 | 130 |
Total current assets | 26,693 | 21,471 |
Non-current assets | ||
Trade and other receivables | 337 | 267 |
Other financial assets | 1,610 | 2,522 |
Inventories | 1,358 | 1,221 |
Property, plant and equipment | 73,813 | 72,362 |
Intangible assets | 1,437 | 1,574 |
Investments accounted for using the equity method | 1,742 | 2,585 |
Deferred tax assets | 1,912 | 3,688 |
Other | 25 | 43 |
Total non-current assets | 82,234 | 84,262 |
Total assets | 108,927 | 105,733 |
Current liabilities | ||
Trade and other payables | 7,027 | 5,767 |
Interest bearing liabilities | 2,628 | 5,012 |
Liabilities directly associated with the assets held for sale | 17 | |
Other financial liabilities | 130 | 225 |
Current tax payable | 2,800 | 913 |
Provisions | 3,696 | 2,810 |
Deferred income | 105 | 97 |
Total current liabilities | 16,403 | 14,824 |
Non-current liabilities | ||
Trade and other payables | 1 | |
Interest bearing liabilities | 18,355 | 22,036 |
Other financial liabilities | 1,146 | 1,414 |
Non-current tax payable | 120 | 109 |
Deferred tax liabilities | 3,314 | 3,779 |
Provisions | 13,799 | 11,185 |
Deferred income | 185 | 210 |
Total non-current liabilities | 36,919 | 38,734 |
Total liabilities | 53,322 | 53,558 |
Net assets | 55,605 | 52,175 |
EQUITY | ||
Treasury shares | (33) | (5) |
Reserves | 2,350 | 2,306 |
Retained earnings | 46,779 | 43,396 |
Total equity attributable to BHP shareholders | 51,264 | 47,865 |
Non-controlling interests | 4,341 | 4,310 |
Total equity | 55,605 | 52,175 |
BHP Group Limited [member] | ||
EQUITY | ||
Share capital | 1,111 | 1,111 |
BHP Group Plc [member] | ||
EQUITY | ||
Share capital | $ 1,057 | $ 1,057 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | |||
Profit before taxation | $ 24,601 | $ 13,510 | $ 15,049 |
Adjustments for: | |||
Depreciation and amortisation expense | 6,824 | 6,112 | 5,829 |
Impairments of property, plant and equipment, financial assets and intangibles | 2,635 | 494 | 264 |
Net finance costs | 1,305 | 911 | 1,064 |
Loss from equity accounted investments, related impairments and expenses | 921 | 512 | 546 |
Other | 348 | 720 | 308 |
Changes in assets and liabilities: | |||
Trade and other receivables | (2,723) | 291 | (211) |
Inventories | (447) | (715) | 298 |
Trade and other payables | 1,201 | (755) | 406 |
Provisions and other assets and liabilities | 501 | 1,188 | (125) |
Cash generated from operations | 35,166 | 22,268 | 23,428 |
Dividends received | 753 | 137 | 516 |
Interest received | 97 | 385 | 443 |
Interest paid | (771) | (1,225) | (1,346) |
(Settlements)/proceeds of cash management related instruments | (401) | 85 | 296 |
Net income tax and royalty-related taxation refunded | 407 | 48 | 59 |
Net income tax and royalty-related taxation paid | (8,017) | (5,992) | (5,999) |
Net operating cash flows from Continuing operations | 27,234 | 15,706 | 17,397 |
Net operating cash flows from Discontinued operations | 474 | ||
Net operating cash flows | 27,234 | 15,706 | 17,871 |
Investing activities | |||
Purchases of property, plant and equipment | (6,606) | (6,900) | (6,250) |
Exploration expenditure | (514) | (740) | (873) |
Exploration expenditure expensed and included in operating cash flows | 430 | 517 | 516 |
Investment in subsidiaries, operations and joint operations, net of cash | (480) | ||
Net investment and funding of equity accounted investments | (578) | (618) | (630) |
Proceeds from sale of assets | 197 | 265 | 145 |
Other investing | (294) | (140) | (285) |
Net investing cash flows from Continuing operations | (7,845) | (7,616) | (7,377) |
Net investing cash flows from Discontinued operations | (443) | ||
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Net investing cash flows | (7,845) | (7,616) | 2,607 |
Financing activities | |||
Proceeds from interest bearing liabilities | 568 | 514 | 250 |
Proceeds/(settlements) of debt related instruments | 167 | (157) | (160) |
Repayment of interest bearing liabilities | (8,395) | (2,047) | (2,604) |
Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts | (234) | (143) | (188) |
Share buy-back – BHP Group Limited | (5,220) | ||
Dividends paid | (7,901) | (6,876) | (11,395) |
Dividends paid to non-controlling interests | (2,127) | (1,043) | (1,198) |
Net financing cash flows from Continuing operations | (17,922) | (9,752) | (20,515) |
Net financing cash flows from Discontinued operations | (13) | ||
Net financing cash flows | (17,922) | (9,752) | (20,528) |
Net increase/(decrease) in cash and cash equivalents from Continuing operations | 1,467 | (1,662) | (10,495) |
Net increase/(decrease) in cash and cash equivalents from Discontinued operations | 18 | ||
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Cash and cash equivalents, net of overdrafts, at the beginning of the financial year | 13,426 | 15,593 | 15,813 |
Foreign currency exchange rate changes on cash and cash equivalents | 353 | (505) | (170) |
Cash and cash equivalents, net of overdrafts, at the end of the financial year | $ 15,246 | $ 13,426 | $ 15,593 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Share capital [member]BHP Group Limited [member] | Share capital [member]BHP Group Plc [member] | Treasury shares [member]BHP Group Limited [member] | Treasury shares [member]BHP Group Plc [member] | Reserves [member] | Retained earnings [member] | Attributable to BHP shareholders [member] | Non-controlling interests [member] |
Balance (Restated balance [member]) at Jun. 30, 2018 | $ 60,592 | $ 1,186 | $ 1,057 | $ (5) | $ 2,290 | $ 50,986 | $ 55,514 | $ 5,078 | |
Balance (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Jun. 30, 2018 | (71) | (71) | (71) | ||||||
Balance at Jun. 30, 2018 | 60,663 | 1,186 | 1,057 | (5) | 2,290 | 51,057 | 55,585 | 5,078 | |
Total comprehensive income | 9,160 | (24) | 8,306 | 8,282 | 878 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (188) | (182) | $ (6) | (188) | |||||
Employee share awards exercised net of employee contributions net of tax | 155 | 6 | (100) | (61) | |||||
Vested employee share awards that have lapsed, been cancelled or forfeited | (18) | 18 | |||||||
Accrued employee entitlement for unexercised awards net of tax | 138 | 138 | 138 | ||||||
Dividends | (12,507) | (11,302) | (11,302) | (1,205) | |||||
BHP Group Limited shares bought back and cancelled | (5,274) | (75) | (5,199) | (5,274) | |||||
Divestment of subsidiaries, operations and joint operations | (168) | (168) | |||||||
Transfer to non-controlling interests | (1) | (1) | 1 | ||||||
Balance (Restated balance [member]) at Jun. 30, 2019 | 51,753 | 1,111 | 1,057 | (32) | 2,285 | 42,748 | 47,169 | 4,584 | |
Balance at Jun. 30, 2019 | 51,753 | 1,111 | 1,057 | (32) | 2,285 | 42,748 | 47,169 | 4,584 | |
Total comprehensive income | 8,667 | (12) | 7,910 | 7,898 | 769 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (143) | (139) | (4) | (143) | |||||
Employee share awards exercised net of employee contributions net of tax | 166 | 4 | (132) | (38) | |||||
Vested employee share awards that have lapsed, been cancelled or forfeited | (10) | 10 | |||||||
Accrued employee entitlement for unexercised awards net of tax | 175 | 175 | 175 | ||||||
Dividends | (8,277) | (7,234) | (7,234) | (1,043) | |||||
Balance (Restated balance [member]) at Jun. 30, 2020 | 52,175 | 1,111 | 1,057 | (5) | 2,306 | 43,396 | 47,865 | 4,310 | |
Balance at Jun. 30, 2020 | 52,175 | 1,111 | 1,057 | (5) | 2,306 | 43,396 | 47,865 | 4,310 | |
Total comprehensive income | 13,510 | 22 | 11,330 | 11,352 | 2,158 | ||||
Transactions with owners: | |||||||||
Purchase of shares by ESOP Trusts | (234) | (229) | (5) | (234) | |||||
Employee share awards exercised net of employee contributions net of tax | 202 | 4 | (149) | (57) | |||||
Vested employee share awards that have lapsed, been cancelled or forfeited | (4) | 4 | |||||||
Accrued employee entitlement for unexercised awards net of tax | 175 | 175 | 175 | ||||||
Dividends | (10,021) | (7,894) | (7,894) | (2,127) | |||||
Balance at Jun. 30, 2021 | $ 55,605 | $ 1,111 | $ 1,057 | $ (32) | $ (1) | $ 2,350 | $ 46,779 | $ 51,264 | $ 4,341 |
Segment reporting
Segment reporting | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Segment reporting | 1 Segment reporting Reportable segments The Group operated four reportable segments during FY2021, 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 Petroleum Exploration, development and production of oil and gas Copper Mining of copper, silver, zinc, molybdenum, uranium and gold Iron Ore Mining of iron ore Coal Mining of metallurgical coal and energy coal Unless otherwise noted, the segment reporting information for the year ended 30 June 2019 excludes Discontinued operations, being the Petroleum Onshore US operations comprising the Eagle Ford, Haynesville, Permian and Fayetteville oil and gas assets. Group and unallocated items includes functions, other unallocated operations including Potash, Nickel West and 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. Total assets and total liabilities for FY2020 and FY2019 have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12/AASB 112 ‘Income Taxes’ (IAS 12), resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam (included in the Copper Segment) and an offsetting US$1,021 million increase in Deferred tax liabilities (included in Group and unallocated). Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. Year ended 30 June 2021 US$M Petroleum Copper Iron Ore Coal Group and Group Revenue 3,895 15,726 34,475 5,154 1,567 60,817 Inter-segment revenue 51 – – – (51 ) – Total revenue 3,946 15,726 34,475 5,154 1,516 60,817 Underlying EBITDA 2,300 8,489 26,278 288 24 37,379 Depreciation and amortisation (1,739 ) (1,608 ) (1,971 ) (845 ) (661 ) (6,824 ) Impairment losses (1) (128 ) (72 ) (13 ) (20 ) (31 ) (264 ) Underlying EBIT 433 6,809 24,294 (577 ) (668 ) 30,291 Exceptional items (2) (47 ) (144 ) (1,319 ) (1,567 ) (1,308 ) (4,385 ) Net finance costs (1,305 ) Profit before taxation 24,601 Capital expenditure (cash basis) 994 2,180 2,188 579 665 6,606 (Loss)/profit from equity accounted investments, related impairments and expenses (6 ) 692 (1,126 ) (480 ) (1 ) (921 ) Investments accounted for using the equity method 253 1,482 – – 7 1,742 Total assets 13,775 31,517 26,171 11,030 26,434 108,927 Total liabilities 5,811 4,589 7,508 3,518 31,896 53,322 Year ended 30 June 2020 US$M Restated Petroleum Copper Iron Ore Coal Group and Group Revenue 4,008 10,666 20,797 6,241 1,219 42,931 Inter-segment revenue 62 – – 1 (63 ) – Total revenue 4,070 10,666 20,797 6,242 1,156 42,931 Underlying EBITDA 2,207 4,347 14,554 1,632 (669 ) 22,071 Depreciation and amortisation (1,445 ) (1,740 ) (1,608 ) (807 ) (512 ) (6,112 ) Impairment losses (1) (12 ) (17 ) (22 ) (14 ) (20 ) (85 ) Underlying EBIT 750 2,590 12,924 811 (1,201 ) 15,874 Exceptional items (2) (6 ) (1,228 ) (614 ) (18 ) 413 (1,453 ) Net finance costs (911 ) Profit before taxation 13,510 Capital expenditure (cash basis) 909 2,434 2,328 603 626 6,900 (Loss)/profit from equity accounted investments, related impairments and expenses (4 ) 67 (508 ) (68 ) 1 (512 ) Investments accounted for using the equity method 245 1,558 – 776 6 2,585 Total assets (3) 13,071 28,892 23,841 12,110 27,819 105,733 Total liabilities (3) 4,824 3,535 5,441 2,601 37,157 53,558 Year ended 30 June 2019 US$M Restated Petroleum Copper Iron Ore Coal Group and Group Revenue 5,853 10,838 17,251 9,121 1,225 44,288 Inter-segment revenue 77 – 4 – (81 ) – Total revenue 5,930 10,838 17,255 9,121 1,144 44,288 Underlying EBITDA 4,061 4,550 11,129 4,067 (649 ) 23,158 Depreciation and amortisatio n (1,560 ) (1,835 ) (1,653 ) (632 ) (149 ) (5,829 ) Impairment losses (1) (21 ) (128 ) (79 ) (35 ) (1 ) (264 ) Underlying EBIT 2,480 2,587 9,397 3,400 (799 ) 17,065 Exceptional items (2) – – (971 ) – 19 (952 ) Net finance costs (1,064 ) Profit before taxation 15,049 Capital expenditure (cash basis) 645 2,735 1,611 655 604 6,250 (Loss)/profit from equity accounted investments, related impairments and expenses (2 ) 303 (945 ) 103 (5 ) (546 ) Investments accounted for using the equity method 239 1,472 – 853 5 2,569 Total assets (3) 12,434 28,378 22,592 12,124 26,283 101,811 Total liabilities (3) 4,102 3,340 5,106 2,450 35,060 50,058 (1) Impairment losses exclude exceptional items of US$2,371 million (2020: US$409 million; 2019: US$ nil). (2) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(14) million (2020: US$(32) million; 2019: US$(31) million) and Samarco related other income of US$34 million (2020: US$489 million; 2019: US$50 million). Refer to note 3 ‘Exceptional items’ for further information. (3) Total assets and total liabilities of FY2020 and FY2019 have been restated to reflect changes to the Group’s accounting policy. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. Geographical information Revenue by location of customer 2021 2020 2019 US$M US$M US$M Australia 2,951 2,232 2,568 Europe 1,050 1,156 1,875 China 39,727 26,576 24,274 Japan 4,808 3,904 4,193 India 2,189 1,475 2,479 South Korea 3,436 2,666 2,550 Rest of Asia 3,603 2,583 2,940 North America 2,432 1,827 2,442 South America 426 315 662 Rest of world 195 197 305 60,817 42,931 44,288 Non-current assets by location of assets (1) 2021 2020 2019 US$M US$M US$M Restated Restated Australia 48,612 48,236 45,963 North America 9,701 9,682 8,633 South America 18,548 18,179 18,404 Rest of world 1,851 1,955 371 Unallocated assets (2) 3,522 6,210 5,067 82,234 84,262 78,438 (1) FY2020 and FY2019 have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Unallocated assets comprise deferred tax assets and other financial assets. Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment. |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Revenue | 2 Revenue Revenue by segment and asset 2021 2020 2019 US$M US$M US$M Australia Production Unit 327 361 507 Bass Strait 1,066 1,102 1,237 North West Shelf 893 1,076 1,657 Atlantis 560 561 979 Shenzi 417 277 540 Mad Dog 231 216 319 Trinidad/Tobago 204 191 287 Algeria 164 159 258 Third-party products 11 39 10 Other 73 88 136 Total Petroleum (1) 3,946 4,070 5,930 Escondida 9,470 6,719 6,876 Pampa Norte 1,801 1,395 1,502 Olympic Dam 2,211 1,463 1,351 Third-party products 2,244 1,089 1,109 Total Copper (2) 15,726 10,666 10,838 Western Australia Iron Ore 34,337 20,663 17,066 Third-party products 18 15 32 Other 120 119 157 Total Iron Ore 34,475 20,797 17,255 Queensland Coal 4,315 5,357 7,679 New South Wales Energy Coal 839 885 1,421 Third-party products – – 19 Other – – 2 Total Coal (3) 5,154 6,242 9,121 Group and unallocated items (4) 1,567 1,219 1,225 Inter-segment adjustment (51 ) (63 ) (81 ) Total revenue 60,817 42,931 44,288 (1) Total Petroleum revenue includes: crude oil US$2,013 million (2020: US$2,033 million; 2019: US$3,171 million), natural gas US$977 million (2020: US$980 million; 2019: US$1,259 million), LNG US$682 million (2020: US$774 million; 2019: US$1,179 million), NGL US$212 million (2020: US$198 million; 2019: US$263 million) and other US$62 million (2020: US$85 million; 2019: US$58 million). (2) Total Copper revenue includes: copper US$14,812 million (2020: US$10,044 million; 2019: US$10,215 million) and other US$914 million (2020: US$622 million; 2019: US$623 million). Other consists of silver, zinc, molybdenum, uranium and gold. (3) Total Coal revenue includes: metallurgical coal US$4,260 million (2020: US$5,311 million; 2019: US$7,568 million) and energy coal US$894 million (2020: US$931 million; 2019: US$1,553 million). (4) Group and unallocated items revenue includes: Nickel West US$1,545 million (2020: US$1,189 million; 2019: US$1,193 million) and other revenue US$22 million (2020: US$30 million; 2019: US$32 million). Revenue consists of revenue from contracts with customers of US$59,302 million (2020: US$43,087 million; 2019: US$44,361 million) and other revenue of US$1,515 million (2020: US$(156) million; 2019: US$(73) million). Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer’s appointed vessel. Revenue from the provision of services is recognised over time, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for the goods or services. Where the Group’s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 ‘Financial Instruments’ (IFRS 9) and separately recorded as other revenue. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from concentrate is net of treatment costs and refining charges. Revenue from the sale of significant by-products by-product The Group applies the practical expedient to not adjust the expected consideration for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less. For commodity sales contracts, each individual metric unit is a separate performance obligation. Where the Group has contracts with unfulfilled performance obligations at period-end, it is required to disclose the transaction price allocated to these performance obligations. The Group applies the practical expedient to not disclose this information for contracts with an expected duration of one year or less. The Group has a number of long-term contracts which are primarily priced on variable terms, based on quoted index prices near the time of delivery, and at times include fixed pricing components. Fixed pricing components, such as premiums and other charges, do not represent a significant proportion of the total price. Any estimate of the future transaction price would exclude estimated amounts of variable consideration. The amount of future consideration from fixed pricing components has not been disclosed, as the Group does not consider this relevant or useful information. |
Exceptional items
Exceptional items | 12 Months Ended |
Jun. 30, 2021 | |
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Exceptional items | 3 Exceptional items Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Year ended 30 June 2021 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (1,087 ) (71 ) (1,158 ) COVID-19 (546 ) 146 (400 ) Impairment of Energy coal assets (1,523 ) (651 ) (2,174 ) Impairment of Potash assets (1,314 ) (751 ) (2,065 ) Total (4,470 ) (1,327 ) (5,797 ) Attributable to non-controlling s (34 ) 10 (24 ) Attributable to BHP shareholders (4,436 ) (1,337 ) (5,773 ) Samarco Mineração S.A. (Samarco) dam failure The FY2021 exceptional loss of US$1,158 million (after tax) related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2021 US$M Other income 34 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (46 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (111 ) Samarco Germano dam decommissioning (15 ) Samarco dam failure provision (1,000 ) Fair value change on forward exchange derivative s 136 Net finance costs (85 ) Income tax expense (71 ) Total (1) (1,158 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. COVID-19 COVID-19 COVID-19 COVID-19. Impairment of Energy coal assets The Group recognised an impairment charge of US$1,704 million (after tax) in relation to New South Wales Energy Coal (NSWEC) reflecting the status of the divestment process and current market conditions for thermal coal, the strengthening Australian dollar and changes to the mine plan. In addition, the Group recognised an impairment charge of US$470 million (after tax) for Cerrejón, reflecting the expected net sales proceeds. Refer to note 13 ‘Impairment of non-current assets’ for further information on the pre-tax impairment. Impairment of Potash assets The Group recognised an impairment charge of US$2,065 million (after tax) in relation to Potash. The impairment charge reflects an analysis of recent market perspectives and the value that we would now expect a market participant to attribute to our investments to date. Refer to note 13 ‘Impairment of non-current assets’ for further information on the pre-tax impairment. The exceptional items relating to the year ended 30 June 2020 and the year ended 30 June 2019 are detailed below. 30 June 2020 Year ended 30 June 2020 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (176 ) – (176 ) Cancellation of power contracts (778 ) 271 (507 ) COVID-19 (183 ) 53 (130 ) Cerro Colorado impairment (409 ) (83 ) (492 ) Total (1,546 ) 241 (1,305 ) Attributable to non-controlling s (291 ) 90 (201 ) Attributable to BHP shareholders (1,255 ) 151 (1,104 ) Samarco Mineração S.A. (Samarco) dam failure The FY2020 exceptional loss of US$176 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2020 US$M Other income 489 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (64 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (95 ) Samarco Germano dam decommissioning 46 Samarco dam failure provision (459 ) Net finance costs (93 ) Total (1) (176 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Cancellation of power contracts Reflects an onerous contract provision in relation to the cancellation of power contracts at the Group’s Escondida and Spence operations, as part of the shift towards 100 per cent renewable energy supply contracts. COVID-19 COVID-19 COVID-19 Cerro Colorado impairment The Group recognised an impairment charge of US$492 million (after tax) in relation to Cerro Colorado. This reflects the decision taken by the Group to reduce Cerro Colorado’s throughput for the remaining period of its current environmental licence, which expires at the end of CY2023. 30 June 2019 Year ended 30 June 2019 Gross Tax Net US$M US$M US$M Exceptional items by categor y Samarco dam failure (1,060 ) – (1,060 ) Global taxation matters – 242 242 Total (1,060 ) 242 (818 ) Attributable to non-controlling – – – Attributable to BHP shareholders (1,060 ) 242 (818 ) Samarco Mineração S.A. (Samarco) dam failure The FY2019 exceptional loss of US$1,060 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2019 US$M Other income 50 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (96 ) Samarco Germano dam decommissionin g (263 ) Samarco dam failure provision (586 ) Net finance costs (108 ) Total (1) (1,060 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Global taxation matters Global taxation matters includes amounts released from provisions for tax matters and other claims resolved during the period. |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2021 | |
Samarco dam failure [member] | |
Statement [Line Items] | |
Provisions | 4 Significant events – Samarco dam failure On 5 November 2015, the Samarco Mineração S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the Samarco dam failure). Refer to section 1.15 ‘Samarco’. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). BHP Brasil’s 50 per cent interest is accounted for as an equity accounted joint venture investment. BHP Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead records the investment as one line on the balance sheet. Each period, BHP Brasil recognises its 50 per cent share of Samarco’s profit or loss and adjusts the carrying value of the investment in Samarco accordingly. Such adjustment continues until the investment carrying value is reduced to US$ nil, with any additional share of Samarco losses only recognised to the extent that BHP Brasil has an obligation to fund the losses. After applying equity accounting, any remaining carrying value of the investment is tested for impairment. Any charges relating to the Samarco dam failure incurred directly by BHP Brasil or other BHP entities are recognised 100 per cent in the Group’s results. The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2021 are shown in the tables below and have been treated as an exceptional item. Financial impacts of Samarco dam failure 2021 2020 2019 US$M US$M US$M Income statement Other income (1) 34 489 50 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (2) (46 ) (64 ) (57 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (3) (111 ) (95 ) (96 ) Samarco Germano dam decommissioning (4) (15 ) 46 (263 ) Samarco dam failure provision (5) (1,000 ) (459 ) (586 ) Fair value change on forward exchange derivatives (6) 136 – – Loss from operation s (1,002 ) (83 ) (952 ) Net finance costs (7) (85 ) (93 ) (108 ) Loss before taxation (1,087 ) (176 ) (1,060 ) Income tax expense (8) (71 ) – – Loss after taxation (1,158 ) (176 ) (1,060 ) Balance sheet movement Trade and other payables (5 ) (5 ) 4 Derivatives 136 – – Tax liabilities (71 ) – – Provisions (741 ) (137 ) (629 ) Net liabilities (681 ) (142 ) (625 ) 2021 2020 2019 US$M US$M US$M Cash flow statement Loss before taxatio n (1,087 ) (176 ) (1,060 ) Adjustments for: Samarco impairment expense (3) 111 95 96 Samarco Germano dam decommissioning (4) 15 (46 ) 263 Samarco dam failure provision (5) 1,000 459 586 Fair value change on forward exchange derivatives (6) (136 ) – – Net finance costs (7) 85 93 108 Changes in assets and liabilities: Trade and other payables 5 5 (4 ) Net operating cash flows (7 ) 430 (11 ) Net investment and funding of equity accounted investments (9) (470 ) (464 ) (424 ) Net investing cash flows (470 ) (464 ) (424 ) Net decrease in cash and cash equivalents (477 ) (34 ) (435 ) (1) Proceeds from insurance settlements. (2) Includes legal and advisor costs incurred. (3) Impairment expense from working capital funding provided during the period. (4) US$(6) million (2020: US$37 million; 2019: US$263 million) change in estimate and US$21 million (2020: US$(83) million; 2019: US$ nil) exchange translation. (5) US$842 million (2020: US$916 million; 2019: US$579 million) change in estimate and US$158 million (2020: US$(457) million; 2019: US$7 million) exchange translation. (6) During the period the Group entered into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provisions. While not applying hedge accounting, the fair value changes in the forward exchange instruments are recorded within Loss from equity accounted investments, related impairments and expenses in the Income Statement. (7) Amortisation of discounting of provision. (8) Includes tax on forward exchange derivatives and other taxes incurred during the period. (9) Includes US$(111) million (2020: US$(95) million; 2019: US$(96) million) funding provided during the period, US$(351) million (2020: US$(365) million; 2019: US$(328) million) utilisation of the Samarco dam failure provision, and US$(8) million (2020: US$(4) million; 2019: US$ nil) utilisation of the Samarco Germano decommissioning provision. Equity accounted investment in Samarco BHP Brasil’s investment in Samarco remains at US$ nil. BHP Brasil provided US$111 million funding under a working capital facility during the period and recognised impairment losses of US$111 million. No dividends have been received by BHP Brasil from Samarco during the period and Samarco currently does not have profits available for distribution. Provisions related to the Samarco dam failure 2021 2020 US$M US$M At the beginning of the financial year 2,051 1,914 Movement in provisions 741 137 Comprising: Utilised (359 ) (369 ) Adjustments charged to the income statement: Change in estimate - Samarco dam failure provision 842 916 Change in estimate - Samarco Germano dam decommissionin g (6 ) 37 Amortisation of discounting impacting net finance costs 85 93 Exchange translation 179 (540 ) At the end of the financial year 2,792 2,051 Comprising: Current 1,206 896 Non-current 1,586 1,155 At the end of the financial year 2,792 2,051 Comprising: Samarco dam failure provision 2,560 1,824 Samarco Germano dam decommissioning provision 232 227 Samarco dam failure provisions and contingencies As at 30 June 2021, BHP Brasil has identified provisions and contingent liabilities arising as a consequence of the Samarco dam failure as follows: Provisions Provision for Samarco dam failure On 2 March 2016, BHP Brasil, Samarco and Vale, entered into a Framework Agreement with the Federal Government of Brazil, the states of EspÃrito Santo and Minas Gerais and certain other public authorities to establish a foundation (Fundação Renova) that is developing and executing environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure. Key Programs include those for financial assistance and compensation of impacted persons, including fisherfolk impacted by the dam failure, and those for remediation of impacted areas and resettlement of impacted communities. A committee (Interfederative Committee) comprising representatives from the Brazilian Federal and State Governments, local municipalities, environmental agencies, impacted communities and Public Defence Office oversees the activities of the Fundação Renova in order to monitor, guide and assess the progress of actions agreed in the Framework Agreement. In addition, the 12th Federal Court is supervising the work of the Fundação Renova and the Court’s decisions have been considered in the Samarco dam failure provision change in estimate. Any future decisions will be analysed for impacts on the provision at the time of any decision. The term of the Framework Agreement is 15 years, renewable for periods of one year successively until all obligations under the Framework Agreement have been performed. Under the Framework Agreement, Samarco has primary responsibility for funding Fundação Renova’s annual calendar year budget for the duration of the Framework Agreement. The funding amounts for each calendar year will be dependent on the remediation and compensation projects to be undertaken in a particular year. Annual contributions may be reviewed under the Framework Agreement. To the extent that Samarco does not meet its funding obligations, each of BHP Brasil and Vale have secondary funding obligations under the Framework Agreement in proportion to its 50 per cent shareholding in Samarco. Samarco began to gradually recommence operations in December 2020, however, there remains significant uncertainty regarding Samarco’s long-term cash flow generation. In light of these uncertainties and based on currently available information, BHP Brasil’s provision for its obligations under the Framework Agreement Programs is US$2.6 billion before tax and after discounting at 30 June 2021 (30 June 2020: US$1.8 billion). Under a Governance Agreement ratified on 8 August 2018, BHP Brasil, Samarco and Vale were to establish a process to renegotiate the Programs over two years to progress settlement of the R$155 billion (approximately US$30 billion) Federal Public Prosecution Office claim (described below). Pre-requisites established in the Governance Agreement, for re-negotiation of the Framework Agreement were not implemented during the two year period and on 30 September 2020, Brazilian Federal and State prosecutors and public defenders filed a request for the immediate resumption of the R$155 billion (approximately US$30 billion) claim, which has been suspended from the date of ratification of the Governance Agreement. The claim remains suspended after the parties to the claim agreed to continue the suspension on 19 March 2021. BHP Brasil, Samarco, Vale and Federal and State prosecutors have been engaging in negotiations to seek a definitive and substantive settlement of the obligations under the Framework Agreement and the R$155 billion (approximately US$30 billion) Federal Public Prosecution Office claim. It is not possible to provide a range of outcomes or a reliable estimate of potential settlement outcomes and there is a risk that a negotiated outcome may be materially higher than amounts currently reflected in the Samarco dam failure provision. Until any revisions to the Programs are agreed, Fundação Renova will continue to implement the Programs in accordance with the terms of the Framework Agreement and the Governance Agreement. BHP Brasil, Samarco and Vale are required to maintain security of an amount equal to the Fundação Renova’s annual budget up to a limit of R$2.2 billion (approximately US$440 million). The security currently comprises R$1.3 billion (approximately US$260 million) in insurance bonds and a charge of R$800 million (approximately US$160 million) over Samarco’s assets. A further R$100 million (approximately US$20 million) in liquid assets previously maintained as security was released for COVID-19 Samarco Germano dam decommissioning Samarco is currently progressing plans for the accelerated decommissioning of its upstream tailings dams (the Germano dam complex). Given the significant uncertainties surrounding Samarco’s long-term cash flow generation, BHP Brasil’s provision for a 50 per cent share of the expected Germano decommissioning costs is US$232 million (30 June 2020: US$227 million). The decommissioning is at an early stage and as a result, further engineering work and required validation by Brazilian authorities could lead to changes to estimates in future reporting periods. Key judgements and estimates Judgements The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management has determined that a provision can only be recognised for obligations under the Framework Agreement and Samarco Germano dam decommissioning as at 30 June 2021. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted below, given their status. Estimates The provisions for Samarco dam failure and Samarco Germano dam decommissioning currently reflect the estimated remaining costs to complete Programs under the Framework Agreement and estimated costs to complete the Germano dam decommissioning and require the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 85 per cent of remaining costs for Programs under the Framework Agreement will be incurred by December 2023. While the provisions have been measured based on latest information available, likely changes in facts and circumstances in future reporting periods may lead to material revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore revisions in future reporting periods due to the key estimates and factors outlined below cannot be reliably measured. The key estimates that may have a material impact upon the provisions in the next and future reporting periods include: • number of people eligible for financial assistance and compensation and the corresponding amount of expected compensation • costs to complete key infrastructure programs, including resettlement of the Bento Rodrigues, Gesteira and Paracatu communities The provisions may also be affected by factors including but not limited to: • resolution of existing and potential legal claims in Brazil and other jurisdictions, including the impact of ongoing settlement negotiations and outcome of the United Kingdom group action complaint • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis, community participation required under the Governance Agreement and rulings made by the 12 th • the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Fundação Renova’s Programs as provided in the Governance Agreement • actual costs incurred • resolution of uncertainty in respect of the nature and extent of Samarco’s long-term cash generation • costs to complete the Germano dam decommissioning • updates to discount and foreign exchange rates • the outcomes of Samarco’s judicial reorganisation (defined below). Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in the next and future reporting periods. Contingent liabilities The following matters are disclosed as contingent liabilities and given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of potential future exposures for BHP, unless otherwise stated. Ultimately, all the legal matters disclosed as contingent liabilities could have a material adverse impact on BHP’s business, competitive position, cash flows, prospects, liquidity and shareholder returns. Federal Public Prosecution Office claim BHP Brasil is among the defendants named in a claim brought by the Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$30 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. The 12th Federal Court previously suspended the Federal Public Prosecution Office claim, including a R$7.7 billion (approximately US$1.5 billion) injunction request. On 30 September 2020, Brazilian Federal and State prosecutors and public defenders filed a request for the immediate resumption of the R$155 billion (approximately US$30 billion) claim, which has been suspended since the date of ratification of the Governance Agreement. The claim remains suspended after the parties to the claim agreed to continue the suspension on 19 March 2021. BHP Brasil, Samarco, Vale and Federal and State prosecutors have been engaging in negotiations to seek a definitive and substantive settlement of the obligations under the Framework Agreement and the R$155 billion (approximately US$30 billion) Federal Public Prosecution Office claim. It is not possible to provide a range of outcomes or a reliable estimate of potential settlement outcomes and there is a risk that a negotiated outcome may be materially higher than amounts currently reflected in the Samarco dam failure provision. United States class action complaint – Samarco bond holders On 14 November 2016, a putative class action complaint (Bondholder Complaint) was filed in the U.S. District Court for the Southern District of New York on behalf of purchasers of Samarco’s ten-year The Bondholder Complaint was subsequently amended to include BHP Group Ltd, BHP Group Plc, BHP Brasil, Vale and officers of Samarco, including four of Vale and BHP Brasil’s nominees to the Samarco Board. On 5 April 2017, the plaintiff discontinued its claims against the individual defendants. The complaint, along with a second amended complaint, had previously been dismissed by the court. The plaintiff filed a motion for reconsideration, or leave to file a third amended complaint, which was denied by the court on 30 October 2019. The plaintiff appealed this decision, which was affirmed by the court of appeals in March 2021. Australian class action complaint BHP Group Ltd is named as a defendant in a shareholder class action filed in the Federal Court of Australia on behalf of persons who acquired shares in BHP Group Ltd on the Australian Securities Exchange or shares in BHP Group Plc on the London Stock Exchange and Johannesburg Stock Exchange in periods prior to the Samarco dam failure. The amount of damages sought is unspecified. United Kingdom group action complaint BHP Group Plc and BHP Group Ltd were named as defendants in group action claims for damages filed in the courts of England. These claims were filed on behalf of certain individuals, governments, businesses and communities in Brazil allegedly impacted by the Samarco dam failure. The amount of damages sought in these claims is unspecified. The complaint and a subsequent application for permission to appeal have been dismissed by the court, however an application by the claimants to reopen the proceedings was granted in July 2021, allowing the claimants to appeal previous dismissals of the claim. Criminal charges The Federal Prosecutors’ Office has filed criminal charges against BHP Brasil, Samarco and Vale and certain employees and former employees of BHP Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. On 3 March 2017, BHP Brasil filed its preliminary defences. The Federal Court terminated the charges against eight of the Affected Individuals. The Federal Prosecutors’ Office has appealed seven of those decisions with hearings of the appeals still pending. BHP Brasil rejects outright the charges against the company and the Affected Individuals and will defend the charges and fully support each of the Affected Individuals in their defence of the charges. Other claims Civil public actions filed by State Prosecutors in Minas Gerais (claiming damages of approximately R$7.5 billion, US$1.5 billion), State Prosecutors in EspÃrito Santo (claiming damages of approximately R$2 billion, US$400 million), and public defenders in Minas Gerais (claiming damages of approximately R$10 billion, US$2 billion), have been consolidated before the 12th Federal Court and suspended. The Governance Agreement provides for a process to review whether these civil public claims should be terminated or suspended. BHP Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Brasil and possibly other BHP entities in Brazil or other jurisdictions. BHP insurance BHP has various third party general liability and directors and officers insurances for claims related to the Samarco dam failure made directly against BHP Brasil or other BHP entities, their directors and officers, including class actions. External insurers have been notified of the Samarco dam failure along with the third party claims and class actions referred to above. In the period since the dam failure to 30 June 2021, the Group has recognised US$573 million other income from general liability insurance proceeds relating to the dam failure. Recoveries related to general liability insurance are now considered complete. As at 30 June 2021, an insurance receivable has not been recognised for any potential recoveries in respect of ongoing matters. Commitments Under the terms of the Samarco joint venture agreement, BHP Brasil does not have an existing obligation to fund Samarco. BHP has agreed to fund a total of up to US$765 million for the Fundação Renova programs and Samarco’s working capital during calendar year 2021. This comprises up to US$725 million relating to Fundação Renova programs until 31 December 2021, which will be offset against the Group’s provision for the Samarco dam failure, and a short-term working capital facility of up to US$40 million to be made available to Samarco until 31 December 2021. Amounts related to Fundação Renova and Samarco working capital incurred in the six months to 30 June 2021 have been reflected in the utilisation of the provision and impairment expense respectively disclosed above. Any additional requests for funding or future investment provided would be subject to a future decision by BHP, accounted for at that time. Samarco judicial reorganisation Samarco filed for judicial reorganisation (JR) in April 2021, with the Commercial Courts of Belo Horizonte, State of Minas Gerais, Brazil (JR Court), after multiple enforcement actions taken by certain creditors of Samarco. Samarco’s JR filing followed unsuccessful attempts to negotiate a debt restructure with certain financial creditors and multiple legal actions filed by those creditors which threatened Samarco’s operations. The JR is an insolvency proceeding with a means for Samarco to seek to restructure its financial debts and establish a sustainable financial position that allows Samarco to continue to rebuild its operations and strengthen its ability to meet its Fundação Renova funding obligations. Samarco’s operations are expected to continue during the JR and restructure process. The JR is not expected to affect Samarco’s obligation or commitment to make full redress for the 2015 Fundão dam failure, and is not expected to impact Fundação Renova’s ability to undertake that remediation and compensation. It is not possible to determine the outcomes of the JR or estimate any impact that the reorganisation may have for BHP Brasil, including its share of the Samarco dam failure provisions. The following section includes disclosure required by IFRS of Samarco’s provisions, contingencies and other matters arising from the dam failure for matters in addition to the above-mentioned claims to which Samarco is a party. Samarco Dam failure related provisions and contingencies In addition to its obligations under the Framework Agreement as at 30 June 2021, Samarco has recognised provisions of US$0.2 billion (30 June 2020: US$0.2 billion), based on currently available information. The magnitude, scope and timing of these additional costs are subject to a high degree of uncertainty and Samarco has indicated that it anticipates that it will incur future costs beyond those provided. These uncertainties are likely to continue for a significant period and changes to key assumptions could result in a material change to the amount of the provision in future reporting periods. Any such unrecognised obligations are therefore contingent liabilities and, at present, it is not practicable to estimate their magnitude or possible timing of payment. Accordingly, it is also not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures at this time. Samarco is also named as a defendant in a number of other legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The lawsuits include claims for compensation, environmental rehabilitation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including rehabilitation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. In addition, government inquiries and investigations relating to the Samarco dam failure have been commenced by numerous agencies of the Brazilian government and are ongoing. Given the status of proceedings it is not possible to provide a range of possible outcomes or a reliable estimate of total potential future exposures to Samarco. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against Samarco. Samarco insurance Samarco has standalone insurance policies in place with Brazilian and global insurers. Insurers’ loss adjusters or claims representatives continue to investigate and assist with the claims process for matters not yet settled. As at 30 June 2021, an insurance receivable has not been recognised by Samarco in respect of ongoing matters. Samarco commitments At 30 June 2021, Samarco has commitments of US$0.7 billion (30 June 2020: US$0.4 billion). Following the dam failure Samarco invoked force majeure clauses in a number of long-term contracts with suppliers and service providers to suspend contractual obligations. Samarco non-dam failure related contingent liabilities The following non-dam failure related contingent liabilities pre-date and are unrelated to the Samarco dam failure. Samarco is currently contesting both of these matters in the Brazilian courts. Given the status of these tax matters, the timing of resolution and potential economic outflow for Samarco is uncertain. Brazilian Social Contribution Levy Samarco has received tax assessments for the alleged non-payment of Brazilian Social Contribution Levy for the calendar years 2007-2014 totalling approximately R$5.9 billion (approximately US$1.2 billion). Brazilian corporate income tax rate Samarco has received tax assessments for alleged incorrect calculation of Corporate Income Tax (IRPJ) in respect of the 2000-2003 |
Provision for dividends and other liabilities [member] | |
Statement [Line Items] | |
Provisions | 19 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 15 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 26 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and provisions related to the Samarco dam failure (refer to note 4 ‘Significant events – Samarco dam failure’). 2021 2020 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 1,240 501 Dividends determined 7,894 7,234 Charge/(credit) for the year: Underlying 260 1,027 Discounting 2 3 Exchange variation s 20 (356 ) Released during the year (43 ) (94 ) Utilisation (267 ) (99 ) Dividends paid (7,901 ) (6,876 ) Transfers and other movements (624 ) (100 ) At the end of the financial year 581 1,240 Comprising: Current 293 258 Non-current 288 982 |
Expenses and other income
Expenses and other income | 12 Months Ended |
Jun. 30, 2021 | |
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Expenses and other income | 5 Expenses and other income 2021 2020 2019 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 4,399 3,706 3,683 Employee share awards 124 129 138 Social security costs 3 2 4 Pension and other post-retirement obligations 316 283 292 Less employee benefits expense classified as exploration and evaluation expenditure (119 ) (65 ) (85 ) Changes in inventories of finished goods and work in progress (334 ) (326 ) 496 Raw materials and consumables used 4,940 5,509 4,591 Freight and transportation 2,037 1,981 2,378 External services 5,260 4,404 4,745 Third-party commodity purchase s 2,230 1,139 1,069 Net foreign exchange losses/(gains) 310 (603 ) (147 ) Fair value change on derivatives (1) 145 422 8 Government royalties paid and payable 3,217 2,362 2,538 Exploration and evaluation expenditure incurred and expensed in the current period 430 517 516 Depreciation and amortisation expense 6,824 6,112 5,829 Net impairments: Property, plant and equipment 2,583 494 250 Goodwill and other intangible assets 52 – 14 All other operating expenses 2,083 2,709 1,703 Total expenses 34,500 28,775 28,022 Insurance recoveries (2) (46 ) (489 ) (57 ) Other income (3) (464 ) (288 ) (336 ) Total other income (510 ) (777 ) (393 ) (1) Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. (2) Insurance recoveries is principally related to claims received from Samarco dam failure. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. (3) Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling Recognition and measurement Income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividends are recognised upon declaration. |
Income tax expense
Income tax expense | 12 Months Ended |
Jun. 30, 2021 | |
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Income tax expense | 6 Income tax expense 2021 2020 2019 US$M US$M US$M Total taxation expense comprises: Current tax expense 9,825 5,109 5,408 Deferred tax expense/(benefit) 1,325 (335 ) 121 11,150 4,774 5,529 2021 2020 2019 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 24,601 13,510 15,049 Tax on profit at Australian prima facie tax rate of 30 per cent 7,380 4,053 4,515 Non-tax (1) 3,112 707 742 Tax on remitted and unremitted foreign earnings 485 225 283 Tax effect of loss from equity accounted investments, related impairments and expenses (2) 317 154 164 Investment and development allowance – (99 ) (94 ) Tax rate changes (1 ) (8 ) 6 Amounts (over)/under provided in prior years (11 ) 64 (21 ) Recognition of previously unrecognised tax assets (28 ) (30 ) (10 ) Foreign exchange adjustments (95 ) 20 (25 ) Impact of tax rates applicable outside of Australia (603 ) (167 ) (312 ) Other 365 (211 ) 87 Income tax expense 10,921 4,708 5,335 Royalty-related taxation (net of income tax benefit) 229 66 194 Total taxation expense 11,150 4,774 5,529 (1) Includes the tax impacts related to the exceptional impairments of NSWEC and Potash in the year ended 30 June 2021 and Cerro Colorado in the year ended 30 June 2020, as presented in note 3 ‘Exceptional items’. There were no exceptional impairments in the year ended 30 June 2019. ( 2) The loss from equity accounted investments, related impairments and expenses is net of income tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’. This item removes the prima facie tax effect on such loss, related impairments and expenses, excluding the impact of the Samarco forward exchange derivatives which are taxable. Income tax recognised in other comprehensive income is as follows: 2021 2020 2019 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Hedges: Gains/(losses) taken to equity (259 ) 94 98 (Gains)/losses transferred to the income statement 252 (89 ) (90 ) Others (1 ) – – Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement (8 ) 5 8 Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes (21 ) 25 7 Others 1 1 12 Income tax (charge)/credit relating to items that will not be reclassified to the income statement (20 ) 26 19 Total income tax (charge)/credit relating to components of other comprehensive income (1) (28 ) 31 27 (1) Included within total income tax relating to components of other comprehensive income is US$(28) million relating to deferred taxes and US$ nil relating to current taxes (2020: US$31 million and US$ nil; 2019: US$15 million and US$12 million). Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the expected tax on the taxable income for the year, using tax rates and laws enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Deferred tax is provided in full, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax is not recognised for temporary differences relating to: •   initial recognition of goodwill •   initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit •   investment in subsidiaries, associates and jointly controlled entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. Royalties and resource rent taxes are treated as taxation arrangements (impacting income tax expense/(benefit)) when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for temporary differences. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as current liabilities and included in expenses. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes, particularly in relation to the Group’s cross-border operations and transactions. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. The Group has unresolved tax and royalty matters for which the timing of resolution and potential economic outflow are uncertain. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2021. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 ‘Contingent liabilities’. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 ‘Significant events – Samarco dam failure’. Key judgements and estimates Income tax classification Judgements: Deferred tax Judgements: Estimates: Uncertain tax matters Judgements: Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 34 ‘Contingent liabilities’). |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2021 | |
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Earnings per share | 7 Earnings per share 2021 2020 2019 Earnings attributable to BHP shareholders (US$M) - Continuing operations 11,304 7,956 8,648 - Total 11,304 7,956 8,306 Weighted average number of shares (Million) - Basic 5,057 5,057 5,180 - Diluted 5,068 5,069 5,193 Basic earnings per ordinary share (US cents) - Continuing operations 223 157 166 - Total 223 157 160 Diluted earnings per ordinary share (US cents) - Continuing operations 223 157 166 - Total 223 157 159 Headline earnings per ordinary share (US cents) - Basic 284 171 164 - Diluted 284 170 164 Refer to note 29 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations. Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited or BHP Group Plc ordinary shares. Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows: 2021 2020 2019 US$M US$M US$M Earnings attributable to BHP shareholders 11,304 7,956 8,306 Adjusted for: (Gain)/loss on sales of PP&E, Investments and Operations (1) (50 ) 4 (52 ) Impairments of property, plant and equipment, financial assets and intangibles 2,633 494 264 Samarco impairment expense 111 95 96 Cerrejón impairment expense 466 – – Other (2) – 48 – Recycling of re-measurements – – (6 ) Tax effect of above adjustments (60 ) 54 (64 ) Subtotal of adjustments 3,100 695 238 Headline earnings 14,404 8,651 8,544 Diluted headline earnings 14,404 8,651 8,544 (1) Included in other income. (2) Mainly represent BHP share of impairment embedded in the statutory income statement of the Group’s equity accounted investments. Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. The calculation of the number of ordinary shares used in the computation of basic earnings per share is the aggregate of the weighted average number of ordinary shares of BHP Group Limited and BHP Group Plc outstanding during the period after deduction of the number of shares held by the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. During December 2018, 266 million BHP Group Limited shares were bought back and then cancelled during the period following an off-market buy-back For the purposes of calculating diluted earnings per share, the effect of 11 million dilutive shares has been taken into account for the year ended 30 June 2021 (2020: 12 million shares; 2019: 13 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 25 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2021, there are no instruments which are considered antidilutive (2020: nil; 2019: nil). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2021 | |
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Trade and other receivables | 8 Trade and other receivables 2021 2020 US$M US$M Trade receivables 4,450 1,974 Loans to equity accounted investments – 40 Other receivables 1,946 1,617 Total 6,396 3,631 Comprising: Current 6,059 3,364 Non-current 337 267 Recognition and measurement Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value. Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through the income statement under IFRS 9. The collectability of trade receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance The 10 largest customers represented 31 per cent (2020: 32 per cent) of total credit risk exposures managed by the Group. Receivables are deemed to be past due or impaired in accordance with the Group’s terms and conditions. These terms and conditions are determined on a case-by-case The assessment of recoverability of trade receivables at 30 June 2021 has considered the impacts of COVID-19 COVID-19 At 30 June 2021, trade receivables are stated net of provisions for expected credit losses of US$3 million (2020: US$2 million). The Group may accelerate trade receivables through Letters of Credit programs to collect receipts from debtors earlier than contractual sales terms but elected not to do so as at 30 June 2021. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2021 | |
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Trade and other payables | 9 Trade and other payables 2021 2020 US$M US$M Trade payables 5,079 4,396 Other payables 1,948 1,372 Total 7,027 5,768 Comprising: Current 7,027 5,767 Non-current – 1 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2021 | |
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Inventories | 10 Inventories 2021 2020 Definitions US$M US$M Raw materials and consumables 1,904 1,797 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 3,046 2,814 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 834 711 Commodities ready-for-sale Total (1) 5,784 5,322 Comprising: Current 4,426 4,101 Non-current 1,358 1,221 Inventories classified as non-current (1) Inventory write-downs of US$58 million were recognised during the year (2020: US$37 million; 2019: US$16 million). Inventory write-downs of US$27 million made in previous periods were reversed during the year (2020: US$13 million; 2019: US$21 million). Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Minerals inventory quantities are assessed primarily through surveys and assays, while petroleum inventory quantities are derived through flow rate or tank volume measurement and the composition is derived via sample analysis. Key estimates Accounting for inventory involves the use of estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Key estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2021 | |
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Property, plant and equipment | 11 Property, plant and equipment Land and buildings Plant and equipment Other mineral assets Assets under construction Exploration and evaluation Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2021 At the beginning of the financial year 8,387 39,429 8,652 13,774 2,120 72,362 Additions (1) 25 3,841 797 5,961 93 10,717 Acquisition of subsidiaries & operations (2) – 151 491 – – 642 Remeasurements of index-linked freight contracts (3) – (59 ) – – – (59 ) Depreciation for the year (694 ) (5,748 ) (310 ) – – (6,752 ) Impairments for the year (4) (208 ) (877 ) (687 ) (745 ) (66 ) (2,583 ) Disposals (18 ) (9 ) – – – (27 ) Divestment and demerger of subsidiaries and operations (5) – (14 ) – (2 ) – (16 ) Transfers and other movements 580 7,968 (2 ) (8,556 ) (461 ) (471 ) At the end of the financial year (6) 8,072 44,682 8,941 10,432 1,686 73,813 – Cost 14,545 108,049 15,059 11,177 2,531 151,361 – Accumulated depreciation and impairments (6,473 ) (63,367 ) (6,118 ) (745 ) (845 ) (77,548 ) Net book value – 30 June 2020 At the beginning of the financial year 7,885 38,174 9,211 11,149 1,622 68,041 Impact of adopting IFRS 16 754 1,400 – – – 2,154 Additions (1) 115 1,719 684 6,100 218 8,836 Remeasurements of index-linked freight contracts (3) – 733 – – – 733 Depreciation for the year (630 ) (5,104 ) (294 ) – – (6,028 ) Impairments for the year (4) (17 ) (189 ) (288 ) – – (494 ) Disposals (12 ) (22 ) – – (65 ) (99 ) Transfers and other movements 292 2,718 (661 ) (3,475 ) 345 (781 ) At the end of the financial year (6) 8,387 39,429 8,652 13,774 2,120 72,362 – Cost 13,932 97,230 13,736 13,774 2,899 141,571 – Accumulated depreciation and impairments (5,545 ) (57,801 ) (5,084 ) – (779 ) (69,209 ) (1) Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 ‘Closure and rehabilitation provisions’. (2) Relates to the acquisition of an additional 28 per cent working interest in Shenzi. (3) Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 21 ‘Leases’. (4) Refer to note 13 ‘Impairment of non-current assets’ for information on impairments. (5) Relates to the sale of the Neptune asset in Gulf of Mexico. (6) Includes the carrying value of the Group’s right-of-use right-of-use Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Right-of-use Exploration and evaluation Exploration costs are incurred to discover mineral a n Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: In respect of minerals activities: • the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or • the existence of a commercially viable mineral deposit has been established In respect of petroleum activities: • the exploration and evaluation activity is within an area of interest for which it is expected that the expenditure will be recouped by future exploitation or sale or • exploration and evaluation activity has not reached a stage that permits a reasonable assessment of the existence of commercially recoverable reserves A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Key judgements and estimates Judgements: Estimates: Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. Development expenditure is net of proceeds from the saleable material extracted during the development phase. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Key judgements and estimates Judgements: Estimates: Other mineral assets Other mineral assets comprise: • capitalised exploration, evaluation and development expenditure for assets in production • mineral rights and petroleum interests acquired • capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and measurement criteria When the benefits of stripping activities are realised in the form of inventory produced; the associated costs are recorded in accordance with the Group’s inventory accounting policy. When the benefits of stripping activities are improved access to future ore; production costs are capitalised when all the following criteria are met: •   the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised •   the component of the ore body for which access has been improved can be identified •   costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of-component waste-to-ore life-of-component Asset recognised from stripping activity Inventory Other mineral assets within property, plant and equipment. Depreciation basis Not applicable On a component-by-component Key judgements and estimates Judgements: Estimates: life-of-component waste-to-ore Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset’s benefits are expected to be used by the Group. The Group’s proved reserves for petroleum assets and proven and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset’s useful life. Where this occurs, alternative approaches to determining reserves are applied, such as using management’s expectations of future oil and gas prices rather than yearly average prices, to provide a phasing of periodic depreciation charges that better reflects the asset’s expected useful life. Where assets are dedicated to a mine or petroleum lease, the useful lives below are subject to the lesser of the asset category’s useful life and the life of the mine or petroleum lease, unless those assets are readily transferable to another productive mine or lease. Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves Commitments The Group’s commitments for capital expenditure were US$2,469 million as at 30 June 2021 (2020: US$2,585 million). The Group’s commitments related to leases are included in note 21 ‘Leases’. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Intangible assets | 12 Intangible assets 2021 2020 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial y ear 1,197 377 1,574 247 428 675 Impact of change in accounting policies (1) – – – 950 – 950 At the beginning of the financial year (restated) 1,197 377 1,574 1,197 428 1,625 Additions – 23 23 – 98 98 Amortisation for the year – (93 ) (93 ) – (118 ) (118 ) Impairments for the year (2) – (52 ) (52 ) – – – Transfers and other movements – (15 ) (15 ) – (31 ) (31 ) At the end of the financial year 1,197 240 1,437 1,197 377 1,574 – Cost 1,197 1,506 2,703 1,197 1,580 2,777 – Accumulated amortisation and impairment s – (1,266 ) (1,266 ) – (1,203 ) (1,203 ) (1) Intangible assets has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Refer to note 13 ‘Impairment of non-current Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Where consideration is less than the fair value of acquired net assets, the difference is recognised immediately in the income statement. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. |
Impairment of Non-current Asset
Impairment of Non-current Assets | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Impairment of non-current assets | 13 Impairment of non-current 2021 Cash generating unit Segment Property, Goodwill and Equity- Total US$M US$M US$M US$M New South Wales Energy Coal Coal 1,025 32 – 1,057 Cerrejón Coal – – 466 466 Potash G&U 1,314 – – 1,314 Other Various 244 20 – 264 Total impairment of non-current 2,583 52 466 3,101 Reversal of impairment – – – – Net impairment of non-current 2,583 52 466 3,101 2020 Cash generating unit Segment Property, Goodwill and Equity- Total US$M US$M US$M US$M Cerro Colorado Copper 409 – – 409 Other Various 85 – – 85 Total impairment of non-current 494 – – 494 Reversal of impairment – – – – Net impairment of non-current 494 – – 494 Recognition and measurement Impairment tests for all assets are performed when there is an indication of impairment, although goodwill is tested at least annually. If the carrying amount of the asset exceeds its recoverable amount, the asset is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or cash generating units (CGUs). There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s or CGUs fair value less cost of disposal (FVLCD) and its value in use (VIU). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows. Valuation methods Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral and petroleum assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax post-tax Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Impairment of non-current The Group recognised the following impairments to non-current Year ended 30 June 2021 NSWEC Cerrejón Potash What has been recognised? At 30 June 2021, the Group determined the overall recoverable amount of the CGU to be negative US$300 million, resulting in an aggregate impairment to property, plant and equipment and intangibles of US$1,057 million for FY2021. At 30 June 2021, the Group determined the recoverable amount to be US$284 million, being the agreed sale proceeds of US$294 million adjusted for transaction costs, resulting in an aggregate impairment of US$466 million for FY2021. At 30 June 2021, the Group determined the recoverable amount to be US$3.3 billion, resulting in an impairment charge of US$1.3 billion against property, plant and equipment. What were the drivers of impairment? The impairment charges reflect the status of the divestment process and the forecast market conditions for Australian thermal coal, the strengthening Australian dollar and changes to the mine plan. On 28 June 2021, the Group announced that it had signed a Sale and Purchase Agreement with Glencore to divest its interest in Cerrejón. The impairment charge against the Group’s Potash assets reflects an analysis of recent market perspectives and the value that the Group would now expect a market participant to attribute to the Group’s investments to date. How were the valuations calculated? The 30 June 2021 valuation represents VIU, applying discounted cash flow (DCF) techniques (1) The 30 June 2021 valuation represents a FVLCD based on the expected net sale proceeds of US$284 million (1) The 30 June 2021 valuation was determined using FVLCD methodology, applying DCF techniques (1) What were the significant assumptions and estimates used in the valuations? The valuation for NSWEC is most sensitive to changes in energy coal prices, estimated future production volumes and discount rates. The valuation applied a post-tax The valuation for Potash is most sensitive to changes in the long-term potash price outlook and the risking applied to the future development phases of the potash resource. The valuation applied a post-tax Key judgements and estimates that have been applied in the valuations using DCF techniques are disclosed further below. (1) Valuations are based primarily on Level 3 inputs as defined in note 23 ‘Financial risk management’. Impairment test for goodwill The carrying amount of goodwill has been allocated to the CGUs, or groups of CGUs, as follows: 2021 2020 Cash generating unit US$M US$M Olympic Dam (1) 1,010 1,010 Other 187 187 Total goodwill 1,197 1,197 (1) Goodwill has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. For the purpose of impairment testing, goodwill has been allocated to CGUs or groups of CGUs, that are expected to benefit from the synergies of previous business combinations, which represent the level at which management will monitor and manage goodwill. Olympic Dam goodwill is the most significant goodwill balance. Olympic Dam goodwill Impairment test conclusion The Group’s decision during HY2021 to change the expansion strategy for Olympic Dam was identified as an indicator of impairment as at 31 December 2020. The Group performed an impairment test of the Olympic Dam CGU, including goodwill, as at 31 December 2020 and an impairment charge was not required. A goodwill impairment test was not required at 30 June 2021 as there were no indicators of impairment. How did the goodwill arise? Goodwill arose on the acquisition of WMC Resources Ltd in June 2005. Segment Olympic Dam is part of the Copper reportable segment. How were the valuations calculated? FVLCD methodology using DCF techniques has been applied in determining the recoverable amount of Olympic Dam. The calculation is based primarily on Level 3 inputs as defined in note 23 ‘Financial risk management’ Significant assumptions and sensitivities The current valuation of Olympic Dam exceeds its carrying amount by approximately US$1.8 billion and is most sensitive to changes in copper and gold commodity prices, production volumes, operating costs and discount rates. The valuation applied a post-tax Management consider that there are no reasonably possible changes in copper and gold price forecasts, operating cost estimates or the discount rate that would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. A production volume decrease of 4.8 per cent across all commodities (copper, gold, silver and uranium) would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. Typically, changes in any one of the aforementioned assumptions (including operating performance) would be accompanied by a change in another assumption which may have an offsetting impact. Action is usually taken to respond to adverse changes in assumptions to mitigate the impact of any such change. Key judgements and estimates that have been applied in the FVLCD valuation are disclosed further below. Other goodwill Goodwill held by other CGUs is US$187 million (2020: US$187 million). This represents less than one per cent of net assets at 30 June 2021 (2020: less than one per cent). There was no impairment of other goodwill in the year to 30 June 2021 (2020: US$ nil). Key judgements and estimates Judgements: Indicators of impairment may include changes in the Group’s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group’s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks such as those related to climate change and the transition to a low carbon economy and pandemics similar to COVID -19. Climate change Impacts related to climate change and the transition to a lower carbon economy may include: •   demand for the Group’s commodities decreasing, due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change, resulting in a proportion of a CGU’s reserves becoming incapable of extraction in an economically viable fashion •   physical impacts related to acute risks resulting from increased severity of extreme weather events, and those related to chronic risks resulting from longer-term changes in climate patterns The Group continues to develop its assessment of the potential impacts of climate change and the transition to a low carbon economy. As outlined in the Basis of Preparation, where sufficiently developed, the potential financial impacts on the Group of climate change and the transition to a low carbon economy have been considered in the assessment of indicators of impairment, including: •   the Group’s current assumptions relating to demand for commodities and carbon pricing, including their impact on the Group’s long-term price forecasts •   the Group’s operational emissions reduction strategy COVID-19 The macro economic disruptions relating to COVID-19 However, given the long-lived nature of the majority of the Group’s assets, COVID-19 Due to ongoing uncertainty as to the extent and duration of COVID-19 Estimates: When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. All estimates require management judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of assets/CGUs at each reporting date. The most significant estimates impacting the Group’s recoverable amount determinations: Commodity prices Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group’s assessment of long-term price. These price forecasts reflect management’s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers based on the location, nature and quality produced, or to take into account contracted prices. Future production volumes Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group’s long-term planning process. When estimating FVLCD, assumptions reflect all reserves that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves which do not meet the criteria to be treated as proved. Operating costs and capital expenditure Operating costs and capital expenditure were based on internal budgets and forecasts and life of asset plans. Cost assumptions reflect management experience and expectations. In the case of FVLCD, cash flow projections include the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost where a market participant may take a consistent view. VIU does not take into account future development. Discount rates The Group uses real post-tax post-tax |
Deferred tax balances
Deferred tax balances | 12 Months Ended |
Jun. 30, 2021 | |
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Deferred tax balances | 14 Deferred tax balances The movement for the year in the Group’s net deferred tax position is as follows: 2021 2020 2019 US$M US$M Restated US$M Restated Net deferred tax (liability)/asset At the beginning of the financial year (91 ) (491 ) 569 Impact of change in accounting policies (1) – – (1,021 ) Income tax (charge)/credit recorded in the income statement (2) (1,325 ) 335 (81 ) Income tax credit recorded directly in equit y 42 34 15 Other movements (28 ) 31 27 At the end of the financial year (1,402 ) (91 ) (491 ) (1) Deferred tax has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$1,021 million of Deferred tax. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Includes Discontinued operations income tax credit to the income statement of US$ nil (2020: US$ nil; 2019: US$40 million). For recognition and measurement refer to note 6 ‘Income tax expense’. Th e Deferred tax assets Deferred tax Charged/(credited) to 2021 2020 2021 2020 2021 2020 2019 US$M US$M US$M US$M Restated US$M US$M US$M Type of temporary difference Depreciation (1)(2) (1,349 ) (2,749 ) 4,716 2,828 488 1,394 (951 ) Exploration expenditur e 51 398 – – 347 51 43 Employee benefits 94 353 (333 ) (26 ) (68 ) (38 ) 14 Closure and rehabilitation 638 2,100 (2,086 ) (109 ) (515 ) (334 ) (53 ) Resource rent tax 122 359 368 921 (309 ) (119 ) (179 ) Other provisions 108 173 (227 ) (239 ) 77 (268 ) (2 ) Deferred income 11 (4 ) (16 ) – (31 ) 33 (9 ) Deferred charges (36 ) (383 ) 602 187 68 (132 ) 56 Investments, including foreign tax credits 147 348 671 458 414 (77 ) 70 Foreign exchange gains and losses (3 ) (134 ) 133 (61 ) 63 (18 ) (45 ) Tax losses 1,999 2,759 (82 ) – 678 (148 ) 1,147 Lease liability (1) 68 548 (658 ) (245 ) 67 (793 ) – Other 62 (80 ) 226 65 46 114 (10 ) Total 1,912 3,688 3,314 3,779 1,325 (335 ) 81 (1) Includes deferred tax associated with the recognition of right-of-use (2) FY2020 has been restated to reflect the impact of the change to the Group’s The amount of deferred tax assets dependent on future taxable profits not arising from the reversal of existing deferred tax liabilities, and which relate to tax jurisdictions where the taxable entity has suffered a loss in the current or preceding year, was US$1,675 million at 30 June 2021 (2020: US$2,865 million). For operating assets, the group assesses the recoverability of these deferred tax assets using estimates and assumptions relating to projected earnings and cash flows as applied in the Group impairment process for associated operations. Further information on the key judgements and estimates relating to the recognition of deferred tax assets is provided in note 6 ‘Income tax expense’. T 2021 2020 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 5,944 4,088 Investments in subsidiaries (2) 1,712 1,575 Deductible temporary differences relating to PRRT (3) 2,402 2,079 Mineral rights (4) 3,359 3,265 Other deductible temporary differences (5) 1,630 673 Total unrecognised deferred tax assets 15,047 11,680 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,203 2,375 Future taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 720 624 Total unrecognised deferred tax liabilities 2,923 2,999 (1) At 30 June 2021, the Group had income and capital tax losses with a tax benefit of US$3,569 million (2020: US$2,405 million) and tax credits of US$2,375 million (2020: US$1,683 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry 2021 2020 US$M US$M Income tax losses Not later than one year 13 474 Later than one year and not later than two years 5 240 Later than two years and not later than five years 105 2,525 Later than five years and not later than 10 years 1,449 679 Later than 10 years and not later than 20 years 3,347 2,379 Unlimited 4,799 2,262 9,718 8,559 Capital tax losses Not later than one year – – Later than two years and not later than five years – – Unlimited 4,238 4,150 Gross amount of tax losses not recognised 13,956 12,709 Tax effect of total losses not recognised 3,569 2,405 Of the US$2,375 million of tax credits, US$1,805 million expires not later than 10 years and US$570 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions. (3) The Group had unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities . (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets had not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had other deductible temporary differences for which deferred tax assets had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Closure and rehabilitation prov
Closure and rehabilitation provisions | 12 Months Ended |
Jun. 30, 2021 | |
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Closure and rehabilitation provisions | 15 Closure and rehabilitation provisions 2021 2020 US$M US$M At the beginning of the financial year 8,810 6,977 Capitalised amounts for operating sites: Change in estimate 1,974 1,255 Exchange translation 483 (188 ) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 564 731 Exchange translation 76 (19 ) Released during the year (157 ) (43 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 380 356 Acquisition of subsidiaries and operations 179 – Divestment and demerger of subsidiaries and operations (81 ) – Expenditure on closure and rehabilitation activities (321 ) (258 ) Exchange variations impacting foreign currency translation reserve 3 (1 ) At the end of the financial year 11,910 8,810 Comprising: Current 591 373 Non-current 11,319 8,437 Operating sites 9,279 6,636 Closed sites 2,631 2,174 The Group is required to rehabilitate sites and associated facilities at the end of or, in some cases, during the course of production to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group’s environmental performance requirements as set out within Our Charter. The key components of closure and rehabilitation activities are: • the removal of all unwanted infrastructure associated with an operation • the return of disturbed areas to a safe, stable, productive and self-sustaining condition, consistent with the agreed end land use Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: • it has a present legal or constructive obligation as a result of past events • it is more likely than not that an outflow of resources will be required to settle the obligation • the amount can be reliably estimated Initial recognition Subsequent remeasurement Closure and rehabilitation provisions are initially recognised when an environmental disturbance first occurs. The individual site provisions are an estimate of the expected value of future cash flows required to rehabilitate the relevant site using current restoration standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using currency specific discount rates aligned to the estimated timing of cash outflows. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting in an expense recognised in net finance costs. The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect the best estimate of the obligation. If necessary, the provision is remeasured to account for factors, including: •   revisions to estimated reserves •   developments in technology •   regulatory requirements and environmental management strategies •   changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in foreign exchange rates •   movements in interest rates affecting the discount rate applied Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset and amortised on a prospective basis accordingly over the remaining life of the operation, generally applying the units of production method. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are charged to the income statement in the period identified. This amounted to US$483 million in the year ended 30 June 2021 (2020: US$669 million; 2019: US$251 million). Key estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: •   the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities •   costs associated with future rehabilitation activities •   applicable discount rates •   the timing of cash flows and ultimate closure of operations The extent and cost of future rehabilitation activities may also be impacted by the potential physical impacts of climate change. In estimating the potential cost of closure activities, the Group considers factors such as long-term weather outlooks, for example forecast changes in rainfall patterns, and the impact of the Group’s energy transition strategy on the costs of performing rehabilitation activities. While progressive closure is performed across a number of operations, significant rehabilitation activities are generally undertaken at the end of the production life at the individual sites, the estimated timing of which is informed by the Group’s current assumptions relating to demand for commodities and carbon pricing, and their impact on the Group’s long-term price forecasts. Remaining production lives range from 3-91 While the closure and rehabilitation provisions reflect management’s best estimates based on current knowledge and information, further studies and detailed analysis of the closure activities for individual assets will be performed as the assets near the end of their operational life and/or detailed closure plans are required to be submitted to relevant regulatory authorities. Such studies and analysis can impact the estimated costs of closure activities. Estimates can also be impacted by the emergence of new restoration techniques, changes in regulatory requirements for rehabilitation, risks relating to climate change and the transition to a low carbon economy, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Sensitivity A further 0.5 per cent decrease in the discount rates applied at 30 June 2021 would result in an increase to the closure and rehabilitation provision of approximately US$1,075 million, an increase in property, plant and equipment of approximately US$820 million in relation to operating sites and an income statement charge of approximately US$255 million in respect of closed sites. In addition, the change would result in an increase of approximately US$115 million to depreciation expense and a US$25 million reduction in net finance costs for the year ending 30 June 2022. Given the long-lived nature of the majority of the Group’s assets, closure activities are generally not expected to occur for a significant period of time. A one-year |
Share capital
Share capital | 12 Months Ended |
Jun. 30, 2021 | |
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Share capital | 16 Share capital BHP Group Limited BHP Group Plc 2021 shares 2020 2019 2021 shares 2020 2019 Share capital issued Opening number of shares 2,945,851,394 2,945,851,394 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (7,587,353 ) (5,975,189 ) (6,854,057 ) (185,054 ) (185,297 ) (274,069 ) Employee share awards exercised following vesting 6,948,683 6,893,113 5,902,588 173,644 222,245 275,984 Movement in treasury shares under Employee Share Plans 638,670 (917,924 ) 951,469 11,410 (36,948 ) (1,915 ) Shares bought back and cancelled (1) – – (265,839,711 ) – – – Closing number of shares (2) 2,945,851,394 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 2,944,982,333 2,945,621,003 2,944,703,079 2,112,057,615 2,112,069,025 2,112,032,077 Treasury shares 869,061 230,391 1,148,315 14,181 2,771 39,719 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) During December 2018, BHP completed an off-market buy-back (2) 4,400,000 fully paid ordinary shares in BHP Group Limited were issued in order to satisfy the exercise of employee share awards during the period 1 July 2021 to 2 September 2021. Recognition and measurement Share capital of BHP Group Limited and BHP Group Plc is composed of the following classes of shares: Ordinary shares fully paid Special Voting shares Preference shares BHP Group Limited ordinary shares fully paid and BHP Group Plc ordinary shares fully paid of US$0.50 par value, represent 99.99 per cent of the total number of shares. Any profit remaining after payment of preferred distributions is available for distribution to the holders of BHP Group Limited and BHP Group Plc ordinary shares in equal amounts per share. Each of BHP Group Limited and BHP Group Plc issued one Special Voting share to facilitate joint voting by shareholders of BHP Group Limited and BHP Group Plc on Joint Electorate Actions. There has been no movement in these shares. Preference shares have the right to repayment of the amount paid up on the nominal value and any unpaid dividends in priority to the holders of any other class of shares in BHP Group Plc on a return of capital or winding up. The holders of preference shares have limited voting rights if payment of the preference dividends are six months or more in arrears or a resolution is passed changing the rights of the preference shareholders. There has been no movement in these shares, all of which are held by JP Morgan Limited. DLC Dividend share Treasury shares The DLC Dividend share supports the Dual Listed Company (DLC) equalisation principles in place since the merger in 2001, including the requirement that ordinary shareholders of BHP Group Plc and BHP Group Limited are paid equal cash dividends per share. This share enables efficient and flexible capital management across the DLC and was issued on 23 February 2016 at par value of US$10. On 16 September 2020 and on 17 March 2021, BHP Group Limited paid dividends of US$1,915 million and US$1,610 million respectively to BHP (AUS) DDS Pty Ltd under the DLC dividend share arrangements. These dividends are eliminated on consolidation. Treasury shares are shares of BHP Group Limited and BHP Group Plc and are held by the ESOP Trusts for the purpose of issuing shares to employees under the Group’s Employee Share Plans. Treasury shares are recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. |
Other equity
Other equity | 12 Months Ended |
Jun. 30, 2021 | |
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Other equity | 17 Other equity 2021 2020 2019 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 43 39 37 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 268 246 213 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Cash flow hedge reserve 100 50 114 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Cost of hedging reserve (54 ) (23 ) (74 ) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Equity investments reserve 15 16 17 The equity investments reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Capital redemption reserve 177 177 177 The capital redemption reserve represents the par value of BHP Group Plc shares that were purchased and subsequently cancelled. The cancellation of the shares creates a non-distributable Non-controlling 1,283 1,283 1,283 The non-controlling non-controlling Total reserves 2,350 2,306 2,285 Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2021 2020 US$M Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra -group eliminations) Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,996 2,432 Non-current 11,867 12,121 Current liabilities (1,912 ) (1,614 ) Non-current (4,733 ) (4,613 ) Net assets 8,218 8,326 Net assets attributable to NCI 3,493 848 4,341 3,539 771 4,310 Revenue 9,470 6,719 Profit after taxation 3,605 1,088 Other comprehensive income 27 (27 ) Total comprehensive income 3,632 1,061 Profit after taxation attributable to NCI 1,532 615 2,147 462 318 780 Other comprehensive income attributable to NCI 11 – 11 (11 ) – (11 ) Net operating cash flow 5,007 2,637 Net investing cash flow (655 ) (919 ) Net financing cash flow (4,001 ) (1,920 ) Dividends paid to NCI 1,590 537 2,127 757 286 1,043 While the Group controls Minera Escondida Limitada, the non-controlling non-controlling |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Dividends | 18 Dividends Year ended 30 June 2021 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 55 2,779 78 3,946 63 3,356 Interim dividend 101 5,115 65 3,288 55 2,788 Special dividend – – – – 102 5,158 156 7,894 143 7,234 220 11,302 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2020: 5.5 per cent; 2019: 5.5 per cent). Dividends paid during the period differs from the amount of dividends paid in the Cash Flow Statement as a result of foreign exchange gains and losses relating to the timing of equity distributions between the record date and the payment date. Additional derivative proceeds of US$8 million were received as part of the funding of the interim dividend and is disclosed in (Settlements)/proceeds of cash management related instruments in the Cash Flow Statement. The Dual Listed Company merger terms require that ordinary shareholders of BHP Group Limited and BHP Group Plc are paid equal cash dividends on a per share basis. Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited or BHP Group Plc. Dividends determined on each ADS represent twice the dividend determined on BHP Group Limited or BHP Group Plc ordinary shares. Dividends are determined after period-end year-end, 200 55 78 BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2021 2020 2019 US$M US$M US$M Franking credits as at 30 June 14,302 10,980 8,681 Franking credits arising from the payment of current tax 1,799 471 1,194 Total franking credits available (1) 16,101 11,451 9,875 (1) The payment of the final 2021 dividend determined after 30 June 2021 will reduce the franking account balance by US$2,525 million. |
Net debt
Net debt | 12 Months Ended |
Jun. 30, 2021 | |
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Net debt | 20 Net debt The Group seeks to maintain a strong balance sheet and deploys its capital with reference to the Capital Allocation Framework. The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. The net debt definition includes the fair value of derivative financial instruments used to hedge cash and borrowings which reflects the Group’s risk management strategy of reducing the volatility of net debt caused by fluctuations in foreign exchange and interest rates. Vessel lease contracts, under IFRS 16 are required to be remeasured at each reporting date to the prevailing freight index. While these liabilities are included in the Group interest bearing liabilities, they are excluded from the net debt calculation as they do not align with how the Group assesses net debt for decision making in relation to the Capital Allocation Framework. In addition, the freight index has historically been volatile which creates significant short-term fluctuation in these liabilities. 2021 2020 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 437 1,823 737 1,755 Notes and debentures 1,244 13,525 3,354 17,691 Lease liabilities 889 3,007 853 2,590 Bank overdraft and short-term borrowings – – – – Other 58 – 68 – Total interest bearing liabilities 2,628 18,355 5,012 22,036 Less: Lease liability associated with index-linked freight contracts 346 679 379 781 Less: Cash and cash equivalents Cash 4,408 – 3,493 – Short-term deposits 10,838 – 9,933 – Less: Total cash and cash equivalents 15,246 – 13,426 – Less: Derivatives included in net debt Net debt management related instruments (1) 20 537 (162 ) 595 Net cash management related instruments (2) 34 – (15 ) – Less: Total derivatives included in net debt 54 537 (177 ) 595 Net debt 4,121 12,044 Net assets (3) 55,605 52,175 Gearing 6.9 % 18.8 % (1) Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current (2) Represents the net forward exchange contracts included within current and non-current (3) 30 June 2020 net assets have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’ resulting in a retrospective decrease of US$71 million. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’. Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2021 2020 2019 US$M US$M US$M Total cash and cash equivalents 15,246 13,426 15,613 Bank overdrafts and short-term borrowings – – (20 ) Total cash and cash equivalents, net of overdrafts 15,246 13,426 15,593 Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short term to maturity. Cash and cash equivalents includes US$159 million (2020: US$96 million) restricted by legal or contractual arrangements. Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2021 2020 2021 2020 US$M US$M US$M US$M USD 11,146 14,625 12,003 9,555 EUR 4,505 7,323 4 4 GBP 3,415 3,272 32 519 AUD 1,053 1,055 573 1,011 CAD 635 597 2,455 2,131 Other 229 176 179 206 Total 20,983 27,048 15,246 13,426 The Group enters into derivative transactions to convert the majority of its exposures above into US dollars. Further information on the Group’s risk management activities relating to these balances is provided in note 23 ‘Financial risk management’. Liquidity risk The Group’s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group’s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. The Group’s Moody’s credit rating has remained at A2/P-1 outlook stable (long-term/short-term) throughout FY2021. Moody’s affirmed its credit rating on 31 May 2021. The Group’s Standard & Poor’s rating changed from A/A-1 outlook stable (long-term/short-term) to A/A-1 CreditWatch negative (long-term/short-term) on 23 August 2021. There were no defaults on the Group’s liabilities during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group’s risk of default. Standby arrangements and unused credit facilities The Group’s committed revolving credit facility operates as a back-stop to the Group’s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2021, US$ nil commercial paper was drawn (2020: US$ nil). During the year, the Group completed a one-year extension to the facility which is now due to mature on 10 October 2025 Maturity profile of financial liabilities The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2021 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease Trade and other payables (1) Total Due for payment: In one year or less or on demand 1,722 729 61 149 980 6,851 10,492 In more than one year but not more than two years 2,278 661 267 80 680 – 3,966 In more than two years but not more than five years 4,062 1,492 256 240 1,397 – 7,447 In more than five year s 7,801 4,136 585 317 1,842 – 14,681 Total 15,863 7,018 1,169 786 4,899 6,851 36,586 Carrying amount 17,087 – 586 690 3,896 6,851 29,110 2020 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 4,138 813 260 60 927 5,622 11,820 In more than one year but not more than two years 1,665 702 81 – 630 1 3,079 In more than two years but not more than five years 5,727 1,713 819 – 1,335 – 9,594 In more than five years 10,101 4,368 974 – 1,043 – 16,486 Total 21,631 7,596 2,134 60 3,935 5,623 40,979 Carrying amount 23,605 – 1,579 60 3,443 5,623 34,310 (1) Excludes input taxes of US$176 million (2020: US$145 million) included in other payables. Refer to note 9 ‘Trade and other payables’. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2021 | |
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Leases | 21 Leases Movements in the Group’s lease liabilities during the year are as follows: 2021 2020 US$M US$M At the beginning of the financial year (1) 3,443 715 IFRS 16 transition – 2,301 Additions 1,223 436 Remeasurements of index-linked freight contracts (59 ) 733 Lease payments (879 ) (761 ) Foreign exchange movement 115 (43 ) Amortisation of discounting 109 90 Transfers and other movements (56 ) (28 ) At the end of the financial year 3,896 3,443 Comprising: Current liabilities 889 853 Non-current 3,007 2,590 (1) Lease liability at the beginning of FY2020 relates to existing finance leases under IAS 17/AASB 117 ‘Leases’ (IAS 17) at 1 July 2019. A significant proportion by value of the Group’s lease contracts relate to plant facilities, office buildings and vessels. Lease terms for plant facilities and office buildings typically run for over 10 years and vessels for four The Group’s lease obligations are included in the Group’s Interest bearing liabilities and, with the exception of vessel lease contracts that are priced with reference to a freight index, form part of the Group’s net debt. The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows: Lease liability 2021 2020 US$M US$M Due for payment: In one year or less or on demand 980 927 In more than one year but not more than two years 680 630 In more than two years but not more than five years 1,397 1,335 In more than five years (1) 1,842 1,043 Total 4,899 3,935 Carrying amount 3,896 3,443 (1) Include US$878 million (2020: US$302 million) due for payment in more than ten years. At 30 June 2021, commitments for leases not yet commenced based on undiscounted contractual amounts were US$457 million (2020: US$1,458 million); and commitments relating to short-term leases were US$171 million (2020: US$103 million). Movements in the Group’s right-of-use 2021 2020 Land and buildings Plant and equipment Total Land and Plant and Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year (1) 689 2,358 3,047 – 492 492 Assets recognised on adoption of IFRS 16 – – – 754 1,400 2,154 Additions 25 1,227 1,252 104 332 436 Remeasurements of index-linked freight contract s – (59 ) (59 ) – 733 733 Depreciation expensed during the period (111 ) (670 ) (781 ) (113 ) (543 ) (656 ) Depreciation classified as exploration – (19 ) (19 ) – (34 ) (34 ) Impairments (30 ) (2 ) (32 ) (2 ) (22 ) (24 ) Transfers and other movements 65 (123 ) (58 ) (54 ) – (54 ) At the end of the financial year 638 2,712 3,350 689 2,358 3,047 – Cost 897 4,393 5,290 804 3,349 4,153 – Accumulated depreciation and impairments (259 ) (1,681 ) (1,940 ) (115 ) (991 ) (1,106 ) (1) Right-of-use assets at the beginning of FY2020 relates to assets previously held under finance leases under IAS 17 at 1 July 2019. Right-of-use Amounts recorded in the income statement and the cash flow statement for the year were: 2021 2020 US$M US$M Included within Income statement Depreciation of right-of-use 781 656 Profit from operations Short-term, low-value (1) 895 675 Profit from operations Interest on lease liabilities 109 90 Financial expenses Cash flow statement Principal lease payments 770 671 Cash flows from financing activities Lease interest payments 109 90 Cash flows from operating activities (1) Relates to US$546 million of variable lease costs (2020: US$438 million), US$316 million of short-term lease costs (2020: US$211 million) and US$33 million of low-value Recognition and measurement All leases with the exception of short-term (under 12 months) and low-value right-of-use In addition to containing a lease, the Group’s contractual arrangements may include non-lease non-lease Low-value Right-of-use The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each reporting date based on the prevailing freight index (generally the Baltic C5 index). Lease costs are recognised in the income statement over the lease term in the form of depreciation on the right-of-use Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share of the lease liability and associated right-of-use right-of-use sub-leased sub-lease) right-of-use sub-leases right-of-use right-of-use Key judgements and estimates Judgements: Where a contract includes the provision of non-lease non-lease Estimates: right-of-use The Group estimates stand-alone prices, where such prices are not readily observable, in order to allocate the contractual payments between lease and non-lease |
Net finance costs
Net finance costs | 12 Months Ended |
Jun. 30, 2021 | |
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Net finance costs | 22 Net finance costs 2021 2020 2019 US$M US$M US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 610 1,099 1,296 Interest capitalised at 2.83% (2020: 4.14%; 2019: 4.96%) (1) (248 ) (308 ) (248 ) Interest on lease liabilities 109 90 47 Discounting on provisions and other liabilities 467 452 470 Other gains and losses: Fair value change on hedged loans (779 ) 721 729 Fair value change on hedging derivatives 704 (788 ) (809 ) Loss on bond repurchase (2) 395 – – Exchange variations on net debt 99 (18 ) 6 Other 21 14 19 Total financial expenses 1,378 1,262 1,510 Financial income Interest income (73 ) (351 ) (446 ) Net finance costs 1,305 911 1,064 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$74 million (2020: US$92 million; 2019: US$74 million). (2) Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. |
Financial risk management
Financial risk management | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Financial risk management | 23 Financial risk management 23.1 Financial risks Financial and capital risk management strategy The financial risks arising from the Group’s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and the Group manages its exposure to them in accordance with the Group’s portfolio risk management strategy. The objective of the strategy is to support the delivery of the Group’s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification provided by the scale, diversity and flexibility of the Group’s operations and activities. As part of the risk management strategy, the Group monitors target gearing levels and credit rating metrics under a range of different stress test scenarios incorporating operational and macroeconomic factors (refer to 1.16 ‘Robust risk assessment and viability statement’). Market risk management The Group’s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is measured under the Cash Flow at Risk (CFaR) framework. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1   Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure on investments or capital projects, will be executed if necessary to support the Group’s strategic objectives. Execution of transactions within approved mandates. 2   Economic hedging of commodity sales, operating costs, short-term cash deposits, other monetary items and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the revenue price exposure with the index target and US dollars. Measuring and reporting the exposure in customer commodity contracts and issued debt instruments. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges may be executed to align the debt exposure with the Group’s functional currency of US dollars and/or to swap to a floating interest rate. Executing hedging derivatives to align the total group exposure to the index target. Where short-term cash deposits and other monetary items are denominated in a currency other than US dollars, derivative financial instruments may be executed to align the foreign exchange exposure to the Group’s functional currency of US dollars. Execution of transactions within approved mandates. 3   Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market over/under valuations. Execution of transactions within approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer. Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group’s debt is issued at fixed interest rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2021, 82 per cent of the Group’s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2020: 87 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy of this note. Based on the net debt position as at 30 June 2021, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a on Interest Rate Benchmark Reform The London Interbank Offered Rate (LIBOR) and other benchmark interest rates are expected to be replaced by alternative risk-free rates (ARR) by the end of CY2021 as part of inter-bank offer rate (IBOR) reform. The Group has established a project to assess the implications of IBOR reform across the Group, and to manage and execute the transition from current discontinuing IBORs rates to ARR, including updating policies, systems and processes. A detailed due diligence review has identified a range of contracts that reference IBORs, including derivative instruments, money market deposits, lease agreements, supply contracts and joint venture agreements. The Group is in the process of developing action plans for each of these arrangements to ensure a smooth transition to ARR. The Group has early adopted amendments to IFRS 9 ‘Financial Instruments’, IFRS 7 ‘Financial Instruments: Disclosures’ and IFRS 16 ‘Leases’ in relation to IBOR reform (refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’). In particular, the IBOR reform impacts the Group’s interest rate swaps, which reference US LIBOR, and the associated hedge accounting. Refer to section 23.4 ‘Derivatives and hedge accounting’ for further information. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group’s potential currency exposures comprise: • translational exposure in respect of non-functional • transactional exposure in respect of non-functional The Group’s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are periodically restated to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax. The following table shows the foreign currency risk arising from financial assets and liabilities, which are denominated in currencies other than the US dollar: Net financial (liabilities)/assets - by currency of denomination 2021 2020 US$M US$M Australian dollar s (4,421 ) (3,788 ) Chilean peso (649 ) (369 ) British pound sterling 535 587 Euro 366 619 Other 128 (17 ) Total (4,041 ) (2,968 ) The principal non-functional one cent one penny one cent Transactional exposure in respect of non-functional Certain operating and capital expenditure is incurred in currencies other than an operation’s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. Commodity price risk The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group’s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with a net assets fair value of US$138 million (2020: US$159 million). Significant commodity price risk instruments within other derivative balances include derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with a net assets fair value of US$121 million (2020: US$180 million). These are included within other derivatives and fair value measurement related to these resulted in an expense of US$59 million (2020: expense of US$22 million). The potential effect on these derivatives’ fair values of using reasonably possible alternative assumptions in the valuation models, based on a change in the most significant input, such as commodity prices, by 10 per cent with all other factors held constant (including the pricing on underlying physical exposures), would increase or decrease profit after taxation by US$26 million (2020: US$8 million). Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit and loss using a method categorised as Level 2 based on forecast selling prices in the quotation period. The Group’s exposure at 30 June 2021 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 254 thousand tonnes of copper exposure as at 30 June 2021 (2020: 301 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2022. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$166 million (2020: US$134 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. Liquidity risk Refer to note 20 ‘Net debt’ for details on the Group’s liquidity risk. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 ‘Trade and other receivables’ and note 20 ‘Net debt’ for details on the Group credit risk. 23.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: • the Group’s purpose, or business model, for holding the financial asset • whether the financial asset’s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through the income statement under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as ‘hold in order to sell’, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables, the Group’s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at their fair value. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation method Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities. Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling. 23.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level (1) IFRS 9 Classification 2021 US$M 2020 Current cross currency and interest rate swaps ( 2) 2 Fair value through profit or loss 20 3 Current other derivative contracts (3) 2,3 Fair value through profit or loss 207 45 Current other investments (4) 1,2 Fair value through profit or loss 3 36 Non-current (2) 2 Fair value through profit or loss 1,123 2,009 Non-current (3) 2,3 Fair value through profit or loss 152 159 Non-current s 3 Fair value through other comprehensive income 31 32 Non-current (4)(5) 1,2,3 Fair value through profit or loss 304 322 Total other financial assets 1,840 2,606 Cash and cash equivalents Amortised cost 15,246 13,426 Trade and other receivables (6) Amortised cost 2,363 1,633 Provisionally priced trade receivables 2 Fair value through profit or loss 3,547 1,480 Loans to equity accounted investments Amortised cost – 40 Total financial assets 22,996 19,185 Non-financial 85,931 86,548 Total assets 108,927 105,733 Current cross currency and interest rate swaps (2) 2 Fair value through profit or loss – 165 Current other derivative contracts (3) 2,3 Fair value through profit or loss 52 60 Current other financial liabilities (7) Amortised cost 78 – Non-current (2) 2 Fair value through profit or loss 586 1,414 Non-current (7) Amortised cost 560 – Total other financial liabilities 1,276 1,639 Trade and other payables (8) Amortised cost 6,277 5,354 Provisionally priced trade payables 2 Fair value through profit or loss 574 269 Bank loans (9) Amortised cost 2,260 2,492 Notes and debentures (9) Amortised cost 14,769 21,045 Lease liabilities 3,896 3,443 Other (9) Amortised cost 58 68 Total financial liabilities 29,110 34,310 Non-financial 24,212 19,248 Total liabilities 53,322 53,558 (1) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (2) Cross currency and interest rate swaps are valued using market data including interest rate curves (which include the base LIBOR rate and swap rates) and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. (3 ) Includes other derivative contracts of US$121 million (2020: US$179 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$121 million (2020: US$180 million). (4) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$260 million (2020: US$296 million) of which other investment (US Treasury Notes) of US$72 million categorised as Level 1 (2020: US$87 million). (5) Includes other investments of US$46 million (2020: US$47 million) categorised as Level 3. (6) Excludes input taxes of US$486 million (2020: US$478 million) included in other receivables. (7) Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations. (8) Excludes input taxes of US$176 million (2020: US$145 million) included in other payables. (9) All interest bearing liabilities, excluding lease liabilities, are unsecured. The carrying amounts in the table above generally approximate to fair value. In the case of US$3,018 million (2020: US$3,019 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2021 was US$4,052 million (2020: US$4,114 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off 23.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Financial instruments in this category are classified as current if they are expected to be settled within 12 months otherwise they are classified as non-current. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks in its notes and debentures: • Fair value hedges – the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. • Cash flow hedges – changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item’s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them: • The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. • The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. • The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Fair value of derivatives 2021 US$M Carrying Foreign Interest Recognised Recognised Recognised (1) Accrued Total Hedged (2) A B C D E F G B to G A + B + C USD 6,270 – (318 ) – – 11 77 (230 ) 5,952 GBP 3,387 435 (544 ) (81 ) 25 (34 ) 53 (146 ) 3,278 EUR 4,486 73 (418 ) (33 ) 27 7 49 (295 ) 4,141 CA D 626 142 (21 ) (28 ) 25 (2 ) (2 ) 114 747 Total 14,769 650 (1,301 ) (142 ) 77 (18 ) 177 (557 ) 14,118 Fair value of derivatives 2020 US$M Carrying Foreign Interest Recognised Recognised Recognised (1) Accrued Total Hedged (2) A B C D E F G B to G A + B + C USD 9,926 – (742 ) – – 29 74 (639 ) 9,184 GBP 3,245 764 (730 ) (16 ) 13 (18 ) 47 60 3,279 EUR 7,294 500 (576 ) (55 ) 21 65 32 (13 ) 7,218 CAD 580 199 (32 ) – (2 ) (4 ) (2 ) 159 747 Total 21,045 1,463 (2,080 ) (71 ) 32 72 151 (433 ) 20,428 (1) Predominantly related to ineffectiveness. (2) Includes US$3,018 million (2020: US$3,019 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD LIBOR + 2.18 per cent (2020: USD LIBOR + 2.95 per cent). Refer to note 22 ‘Net finance costs’ for details of net finance costs for the year. Interest Rate Benchmark Reform IBOR reform impacts the Group’s interest rate swaps, which reference 3-month US LIBOR, and the associated hedge accounting. At 30 June 2021, the notional value of hedging instruments that reference 3-month US LIBOR is US$16.8 billion. It is anticipated that the Secured Overnight Financing Rate (SOFR) benchmark rate will be widely adopted by market participants and effectively replace US LIBOR in new contracts during FY2022. However, a number of US LIBOR settings, including 3-month US LIBOR, will continue to be published until 30 June 2023. Accordingly, absent of any agreement with counterparties to transition to an alternative risk-free rate before this date, the Group’s existing interest rate swaps with maturity dates beyond 30 June 2023 will only transition to ARR once US LIBOR publication ceases. As at 30 June 2021, the Group has not transitioned any of its existing interest rate swaps to alternative risk-free rates. Hedging instrument Notional Notional value US$M Notional value to mature before US$M Interest rate swaps USD 11,950 1,979 Cross-currency interest rate swaps EUR 3,187 404 GBP 1,673 923 Total 16,810 3,306 In addition, the Group has other arrangements which reference 3-month US LIBOR benchmarks and extend beyond 2021. These include USD bank loans of US$2.3 billion and an undrawn revolving credit facility (refer to note 20 ‘Net debt’). The Group has early adopted amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ in relation to IBOR Reform (refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’). These amendments provide reliefs from applying specific hedge accounting requirements to hedging arrangements directly impacted by these reforms. In particular, where changes to the Group’s instruments arise solely as a result of IBOR reform and do not change the economic substance of the Group’s arrangements, the Group is able to maintain its existing hedge relationships and accounting. The Group has applied these reliefs resulting in no impact on the Group’s hedge accounting. Upon transition to alternative risk-free rates, the Group will seek to apply further reliefs in IFRS 9 and continue to apply hedge accounting to its hedging arrangements. Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 17 ‘Other equity’. 2021 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial yea r 71 (21 ) 50 (32 ) 9 (23 ) 27 Add: Change in fair value of hedging instrument recognised in OCI 863 (259 ) 604 – – – 604 Less: Reclassified from reserves to financial expenses – recognised through OCI (792 ) 238 (554 ) (45 ) 14 (31 ) (585 ) At the end of the financial year 142 (42 ) 100 (77 ) 23 (54 ) 46 2020 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial year 163 (49 ) 114 (106 ) 32 (74 ) 40 Add: Change in fair value of hedging instrument recognised in OCI (315 ) 94 (221 ) – – – (221 ) Less: Reclassified from reserves to financial expenses – recognised through OCI 223 (66 ) 157 74 (23 ) 51 208 At the end of the financial year 71 (21 ) 50 (32 ) 9 (23 ) 27 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows: Interest bearing liabilities Derivatives liabilities 2021 US$M Bank Notes and Lease Bank Other Cross Total At the beginning of the financial year 2,492 21,045 3,443 – 68 (433 ) Proceeds from interest bearing liabilities 504 – – – 64 – 568 Settlements of debt related instruments – – – – – 167 167 Repayment of interest bearing liabilities (737 ) (6,888 ) (770 ) – – – (8,395 ) Change from Net financing cash flows (233 ) (6,888 ) (770 ) – 64 167 (7,660 ) Other movements: Loss on bond repurchase – 579 – – – (184 ) Interest rate impacts – (764 ) – – – 704 Foreign exchange impacts (1 ) 798 115 – (14 ) (796 ) Lease additions – – 1,223 – – – Remeasurement of index-linked freight contracts – – (59 ) – – – Other interest bearing liabilities/derivative related changes 2 (1 ) (56 ) – (60 ) (15 ) At the end of the financial year 2,260 14,769 3,896 – 58 (557 ) Interest bearing liabilities Derivatives 2020 US$M Bank Notes and Lease Bank Other Cross Total At the beginning of the financial year 2,498 21,529 715 20 66 204 Proceeds from interest bearing liabilitie s 514 – – – – – 514 Settlements of debt related instruments – – – – – (157 ) (157 ) Repayment of interest bearing liabilities (522 ) (859 ) (671 ) – 5 – (2,047 ) Change from Net financing cash flows (8 ) (859 ) (671 ) – 5 (157 ) (1,690 ) Other movements: Interest rate impacts – 720 – – – (788 ) Foreign exchange impacts – (354 ) (43 ) – (4 ) 316 Leases recognised on IFRS 16 transition – – 2,301 – – – Lease additions – – 436 – – – Remeasurement of index-linked freight contracts – – 733 – – – Other interest bearing liabilities/derivative related changes 2 9 (28 ) (20 ) 1 (8 ) At the end of the financial year 2,492 21,045 3,443 – 68 (433 ) |
Key management personnel
Key management personnel | 12 Months Ended |
Jun. 30, 2021 | |
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Key management personnel | 24 Key management personnel Key management personnel compensation comprises: 2021 2020 2019 US$ US$ US$ Short-term employee benefits 14,081,625 12,564,637 11,557,506 Post-employment benefits 744,951 1,172,727 1,490,716 Share-based payments 11,601,866 13,514,588 15,821,972 Total 26,428,442 27,251,952 28,870,194 Key Management Personnel (KMP) includes the roles which have the authority and responsibility for planning, directing and controlling the activities of BHP. These are Non-executive Transactions and outstanding loans/amounts with key management personnel There were no purchases by key management personnel from the Group during FY2021 (2020: US$ nil; 2019: US$ nil). There were no amounts payable by key management personnel at 30 June 2021 (2020: US$ nil; 2019: US$ nil). There were no loans receivable from or payable to key management personnel at 30 June 2021 (2020: US$ nil; 2019: US$ nil). Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2021 (2020: US$ nil; 2019: US$ nil). For more information on remuneration and transactions with key management personnel, refer to section 2.2. |
Employee share ownership plans
Employee share ownership plans | 12 Months Ended |
Jun. 30, 2021 | |
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Employee share ownership plans | 25 Employee share ownership plans Awards, in the form of the right to receive ordinary shares in either BHP Group Limited or BHP Group Plc, have been granted under the following employee share ownership plans: Cash and Deferred Plan (CDP), Short-Term Incentive Plan (STIP), Long-Term Incentive Plan (LTIP), Management Award Plan (MAP), Transitional and Commencement KMP awards and the all-employee Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion under each of the plans to adjust the awards in response to a variation in the share capital of BHP Group Limited or BHP Group Plc. The table below provides a description of each of the plans. Plan CDP and STIP LTIP and MAP Transitional and Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee share purchase plan Overview The CDP was implemented in FY2020 as a replacement for the STIP, both of which are generally plans for Executive KMP and members of the Executive Leadership Team who are not Executive KMP. Under the CDP, two thirds of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period (and the remaining one third is delivered in cash). Two awards of deferred shares are granted, each of the equivalent value to the cash award, vesting in two and five years respectively. Under STIP, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the two-year The LTIP is a plan for Executive KMP and members of the Executive Leadership Team who are not Executive KMP, and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited into or within the Group to bridge the time-based gap between the vesting of awards either granted in their non-KMP roles or to replace awards foregone from a previous company. Employees may contribute up US$5,000 to acqui r e s hares in any plan year. On the third anniversary of the start of a plan year , the Group will match the number of acquired shares. Vesting conditions CDP: Service conditions only for the two-year award. Vesting of the five-year award is subject to service conditions and also to holistic review of performance at the end of the five-year vesting period, including a five-year view on HSEC performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. STIP: Service conditions only. LTIP: Service and performance conditions. BHP’s Total Shareholder Return (TSR)(1) performance relative to the Peer Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the Index TSR (being the index value where the comparator group is a market index) determines the vesting of 33 per cent of the awards. For the awards to vest in full, BHP’s TSR must exceed the Peer Group TSR and Index TSR (if applicable) by a specified percentage per year, determined for each grant by the Remuneration Committee. From the establishment of the LTIP in 2004 until the awards granted in December 2016, this percentage was set at 5.5 per cent per year. For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to personal performance and the underlying financial performance of the Group during the performance period. To the extent the performance condition is not achieved, awards will lapse. There is no retesting of the performance condition. Vested awards may be subject to a holding lock. Service conditions only. Vesting period CDP – 2 and 5 years STIP – 2 years LTIP – 5 years MAP – 1 to 5 years 2 years 3 years Dividend Equivalent Payment CDP – Yes STIP – Yes LTIP – Yes MAP – Varies Yes No Exercise period None None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Group Limited and BHP Group Plc. Employee share awards 2021 Number of at the Number of Number of Number of Number of at the end Number of Weighted Weighted BHP Group Limited CDP awards – 276,944 – 60,604 216,340 – 2.2 – STIP awards 377,140 74,796 251,148 3 200,785 – 0.5 A$39.06 GSTIP awards (1) 12,041 – 12,041 – – – – A$39.06 LTIP awards 4,937,506 654,790 653,170 1,395,906 3,543,220 – 1.6 A$39.06 MAP awards 11,159,990 3,502,112 4,161,573 547,012 9,953,517 51,247 1.2 A$39.16 Transitional and Commencement KMP awards – 77,000 – – 77,000 – 1.2 – Shareplus 4,057,382 2,536,374 1,694,880 359,682 4,539,194 – 1.3 A$45.49 BHP Group Plc MAP awards 218,403 82,404 70,569 54,189 176,049 – 1.1 £17.89 Shareplus 229,462 125,493 103,128 19,060 232,767 – 1.3 £20.57 (1) Short-term incentive awards that were granted to BHP senior management who were not KMP. Awards were last granted in FY2018. All awards had vested or lapsed at 30 June 2021. Employee share awards pre-tax Fair value and assumptions in the calculation of fair value for awards issued 2021 Weighted Risk-free Estimated Share price at grant date Estimated Dividend BHP Group Limited CDP awards 25.28 n/a 2 and 5 A$35.90 n/a n/a STIP awards 25.28 n/a 2 years A$35.90 n/a n/a LTIP awards (1) 14.68 0.25% 5 years A$35.90/A$33.81/A$38.56 28.0 % n/a MAP awards (2) 22.88 n/a 1-5 years A$38.36/A$36.91/A$35.90/A$45.88 n/a 4.90 % Transitional and Commencement KMP awards 28.35 n/a 2 years A$38.56 n/a n/a Shareplus 24.96 0.21% 3 years A$30.19 n/a 5.59 % BHP Group Plc MAP awards 18.66 n/a 3 years £17.13 n/a 5.70 % Shareplus 15.32 0.12% 3 years £12.11 n/a 6.40 % (1) Includes LTIP awards granted on 20 October 2020, 2 November 2020 and 1 December 2020. (2) Includes MAP awards granted on 21 August 2020, 24 September 2020, 20 October 2020 and 7 April 2021. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: • exercise price • expected life of the award • current market price of the underlying shares • expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World index • expected dividends • risk-free interest rate, which is an applicable government bond rate • market-based performance hurdles • non-vesting Where awards are forfeited because non-market-based The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the Billiton Employee Share Ownership Trust and the BHP Billiton Limited Employee Equity Trust. The trustees of these trusts are independent companies, resident in Jersey. The trusts use funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value. |
Employee benefits, restructurin
Employee benefits, restructuring and post-retirement employee benefits provisions | 12 Months Ended |
Jun. 30, 2021 | |
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Employee benefits, restructuring and post-retirement employee benefits provisions | 26 Employee benefits, restructuring and post-retirement employee benefits provisions 2021 2020 US$M US$M Employee benefits (1) 1,624 1,313 Restructuring (2) 54 34 Post-retirement employee benefits (3) 534 547 Total provisions 2,212 1,894 Comprising: Current 1,606 1,283 Non-current 606 611 2021 US$M Employee Restructuring Post- (3) Total At the beginning of the financial year 1,313 34 547 1,894 Charge/(credit) for the year: Underlying 1,402 45 62 1,509 Discounting – – 31 31 Net interest expense – – (10 ) (10 ) Exchange variations 104 1 30 135 Released during the year (82 ) – (46 ) (128 ) Remeasurement gains taken to retained earning s – – (58 ) (58 ) Utilisation (1,119 ) (26 ) (59 ) (1,204 ) Transfers and other movements 6 – 37 43 At the end of the financial year 1,624 54 534 2,212 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. (3) Refer to note 27 ‘Pension and other post-retirement obligations’. Recognition and measurement Provisions are recognised by the Group when: • there is a present legal or constructive obligation as a result of past events • it is more likely than not that a permanent outflow of resources will be required to settle the obligation • the amount can be reliably estimated and measured at the present value of management’s best estimate of the cash outflow required to settle the obligation at reporting date Provision Description Employee benefits Liabilities for annual leave and any accumulating sick leave accrued up until the reporting date that are expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for long service leave are measured as the present value of estimated future payments for the services provided by employees up to the reporting date and disclosed within employee benefits. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group’s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for unpaid wages and salaries are recognised in other creditors. Restructuring Restructuring provisions are recognised when: •   the Group has a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline •   the restructuring has either commenced or been publicly announced and can no longer be withdrawn Payments falling due greater than 12 months after the reporting date are discounted to present value. |
Pension and other post-retireme
Pension and other post-retirement obligations | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Pension and other post-retirement obligations | 27 Pension and other post-retirement obligations The Group operates or participates in a number of pension (including superannuation) schemes throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. Schemes/Obligations Description Defined contribution pension schemes and multi-employer pension schemes For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group’s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$334 million during the financial year (2020: US$260 million; 2019: US$274 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension schemes For defined benefit pension schemes, the cost of providing pensions is charged to the income statement so as to recognise current and past service costs, net interest cost on the net defined benefit obligations/plan assets and the effect of any curtailments or settlements. Remeasurement gains and losses are recognised directly in equity. An asset or liability is consequently recognised in the balance sheet based on the present value of defined benefit obligations less the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Defined benefit obligations are estimated by discounting expected future payments using market yields at the reporting date on high-quality corporate bonds in countries that have developed corporate bond markets. However, where developed corporate bond markets do not exist, the discount rates are selected by reference to national government bonds. In both instances, the bonds are selected with terms to maturity and currency that match, as closely as possible, the estimated future cash flows. The Group has closed all defined benefit pension schemes to new entrants. Defined benefit pension schemes remain operating in Australia, the United States, Canada and Europe for existing members. Full actuarial valuations are prepared and updated annually to 30 June by local actuaries for all schemes. The Group operates final salary schemes (that provide final salary benefits only), non-salary Defined benefit post-retirement medical schemes The Group operates a number of post-retirement medical schemes in the United States, Canada and Europe and certain Group companies provide post-retirement medical benefits to qualifying retirees. In some cases, the benefits are provided through medical care schemes to which the Group, the employees, the retirees and covered family members contribute. Full actuarial valuations are prepared by local actuaries for all schemes. These schemes are recognised on the same basis as described for defined benefit pension schemes. All of the post-retirement medical schemes in the Group are unfunded. Defined benefit post-employment obligations The Group has a legal obligation to provide post-employment benefits to employees in Chile. The benefit is a function of an employee’s final salary and years of service. Full actuarial valuations are prepared by local actuaries. These post-employment obligations are unfunded. Risk The Group’s defined benefit schemes/obligations expose the Group to a number of risks, including asset value volatility, interest rate variations, inflation, longevity and medical expense inflation risk. Recognising this, the Group has adopted an approach of moving away from providing defined benefit pensions. The majority of Group-sponsored defined benefit pension schemes have been closed to new entrants for many years. Existing benefit schemes and the terms of employee participation in these schemes are reviewed on a regular basis. Fund assets The Group follows a coordinated strategy for the funding and investment of its defined benefit pension schemes (subject to meeting all local requirements). The Group’s aim is for the value of defined benefit pension scheme assets to be maintained at close to the value of the corresponding benefit obligations, allowing for some short-term volatility. Scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. The Group’s aim is to progressively shift defined benefit pension scheme assets towards investments that match the anticipated profile of the benefit obligations, as funding levels improve and benefit obligations mature. Over time, this is expected to result in a further reduction in the total exposure of pension scheme assets to equity markets. For pension schemes that pay lifetime benefits, the Group may consider and support the purchase of annuities to back these benefit obligations if it is commercially sensible to do so. Net liability recognised in the Consolidated Balance Sheet The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension schemes / post- employment obligations Post-retirement medical 2021 2020 2021 2020 US$M US$M US$M US$M Present value of funded defined benefit obligation 377 613 – – Present value of unfunded defined benefit obligation 358 354 197 214 Fair value of defined benefit scheme assets (398 ) (634 ) – – Scheme deficit 337 333 197 214 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 337 333 197 214 The Group has no legal obligation to settle these liabilities with any immediate contributions or additional one-off |
Employees
Employees | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Employees | 28 Employees 2021 2020 2019 Number Number Number Average number of employees (1) Australia 23,828 20,967 18,146 South America 7,390 7,330 6,979 North America 1,299 1,296 1,999 Asia 1,907 1,939 1,743 Europe 54 57 59 Total average number of employees 34,478 31,589 28,926 (1) Average employee numbers include the Executive Director and 100 per cent of employees of subsidiary companies. Employees of equity accounted investments and joint operations are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Jun. 30, 2021 | |
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Discontinued operations | 29 Discontinued operations On 28 September 2018, BHP completed the sale of 100 per cent of the issued share capital of BHP Billiton Petroleum (Arkansas) Inc. and 100 per cent of the membership interests in BHP Billiton Petroleum (Fayetteville) LLC, which held the Fayetteville assets, for a gross cash consideration of US$0.3 billion. On 31 October 2018, BHP completed the sale of 100 per cent of the issued share capital of Petrohawk Energy Corporation, the BHP subsidiary which held the Eagle Ford (being Black Hawk and Hawkville), Haynesville and Permian assets, for a gross cash consideration of US$10.3 billion (net of customary completion adjustments of US$0.2 billion). While the effective date at which the right to economic profits transferred to the purchasers was 1 July 2018, the Group continued to control the Onshore US assets until the completion dates of their respective transactions. As such the Group continued to recognise its share of revenue, expenses, net finance costs and associated income tax expense related to the operation until the completion date. In addition, the Group provided transitional services to the buyer, which ceased in July 2019. The completion adjustments included a reduction in sale proceeds, based on the operating cash generated and retained by the Group in the period prior to completion, in order to transfer the economic profits from 1 July 2018 to completion date to the buyers. Therefore, the pre-tax pre-tax There was no contribution of Discontinued operations for the year ended 30 June 2021 and the year ended 30 June 2020. The contribution of Discontinued operations included within the Group’s profit and cash flows for the year ended 30 June 2019 are detailed below: Income statement – Discontinued operations 2019 US$M Profit after taxation from operating activities 175 Net loss on disposal (510 ) Loss after taxation (335 ) Attributable to non-controlling 7 Attributable to BHP shareholders (342 ) Basic loss per ordinary share (cents) (6.6 ) Diluted loss per ordinary share (cents) (6.6 ) The total comprehensive income attributable to BHP shareholders from Discontinued operations was a loss of US$342 million in FY2019. The conversion of options and share rights would decrease the loss per share for the year ended 30 June 2019 and therefore its impact has been excluded from the diluted earnings per share calculation. Cash flows from Discontinued operations 2019 US$M Net operating cash flows 474 Net investing cash flows (1) (443 ) Net financing cash flows (2) (13 ) Net increase in cash and cash equivalents from Discontinued operations 18 Net proceeds received from the sale of Onshore US 10,531 Less Cash and cash equivalents (104 ) Proceeds from divestment of Onshore US, net of its cash 10,427 Total cash impact 10,445 (1) Includes purchases of property, plant and equipment of US$443 million. (2) Includes net repayment of interest bearing liabilities of US$6 million and dividends paid to non-controlling Net loss on disposal of Discontinued operations Details of the net loss on disposal for the year ended 30 June 2019 is presented in the table below: 2019 US$M Net assets 11,111 Less non-controlling (168 ) BHP Share of net assets disposed 10,943 Gross consideration 10,555 Less transaction costs (54 ) Income tax expense (68 ) Net loss on disposal (510 ) |
Subsidiaries
Subsidiaries | 12 Months Ended |
Jun. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Subsidiaries | 30 Subsidiaries S Group’s interest Significant subsidiaries Country of Principal activity 2021 % 2020 Coal BHP Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Ltda (1) Chile Copper mining 57.5 57.5 Minera Spence SA Chile Copper mining 100 100 Iron Ore BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP Iron Ore Pty Ltd Australia Service company 100 100 BHP Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Finance B.V. The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Limited Australia Finance 100 100 BHP Canada Inc. Canada Potash development 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Jun. 30, 2021 | |
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Investments accounted for using the equity method | 31 Investments accounted for using the equity method S Significant associates and joint ventures Country of incorporation/ principal place of business Associate or joint venture Principal activity Reporting date Ownership interest 2021 % 2020 Cerrejón Anguilla/ Colombia/Ireland Associate Coal mining in Colombia 31 33.33 33.33 CompañÃa Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint venture Iron ore mining 31 50.00 50.00 Voting in relation to relevant activities in Antamina and Cerrejón, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, these investments are accounted for as associates. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group’s and the associates’ or joint ventures’ reporting dates are the same. When the annual financial reporting date is different to the Group’s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group’s reporting date. The movement for the year in the Group’s investments accounted for using the equity method is as follows: 2021 US$M Investment in Investment in Total equity At the beginning of the financial year 2,585 – 2,585 Profit/(loss) from equity accounted investments, related impairments and (1) 69 (990 ) (921 ) Investment in equity accounted investments 108 111 219 Dividends received from equity accounted investments (737 ) – (737 ) Transfer to assets held for sale (2) (284 ) – (284 ) Other 1 879 880 At the end of the financial year 1,742 – 1,742 (1) US$(990) million represents US$(111) million impairment relating to US$(111) million funding provided during the period, US$(1,000) million movement in the Samarco dam failure provision including US$(842) million change in estimate and US$(158) million exchange translation, US$(15) million movement in provisions related to the Samarco Germano dam decommissioning provision including US$6 million change in estimate and US$(21) million exchange translation and US$136 million fair value change on forward exchange derivatives. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. (2) On 28 June 2021, the Group announced the divestment of its 33.3 per cent interest in Cerrejón to Glencore, for US$294 million cash consideration. The transaction has an effective economic date of 31 December 2020. The purchase price is subject to adjustments at transaction completion which may include an adjustment for the dividends paid by Cerrejón to the Group during the period from signing to completion. An impairment charge of US$466 million (before tax) was recognised in the year ended 30 June 2021 reducing the carrying value of the Group’s investment in Cerrejón at 30 June 2021 to US$284 million, being the agreed sale proceeds of US$ 294 At 30 June 2021, the Group’s investment of US$284 million in Cerrejón along with a loan due from Cerrejón of US$40 million, has been classified as ‘Assets held for sale’. Payables owed to Cerrejón of US$17 million have been classified as ‘Liabilities directly associated with the assets held for sale’. Subject to the satisfaction of customary competition and regulatory requirements, the transaction is expected to be completed within 12 months from the balance sheet date. The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. Information of the Group’s investment in Cerrejón has not been included for FY2021 following its classification as ‘Assets held for sale’. BHP Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Brasil has no funding obligation, is US$350 million (2020: US$200 million). Associates Joint ventures 2021 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,499 – 509 (3) Non-current 4,885 – 4,380 Current liabilities (1,285 ) – (9,222 ) (4) Non-current (1,062 ) – (7,627 ) Net assets/(liabilities) – 100% 4,037 – (11,960 ) Net assets/(liabilities) – Group share 1,362 – (5,980 ) Adjustments to net assets related to accounting policy adjustments – – 280 (5) Investment in Samarco – – 516 (6) Impairment of the carrying value of the investment in Samarco – – (1,041 ) (7) Additional share of Samarco losses – – 4,442 (8) Unrecognised losses – – 1,783 (9) Carrying amount of investments accounted for using the equity method 1,362 – 380 – – 1,742 Revenue – 100% 4,822 844 814 Profit/(loss) from Continuing operations – 100% 1,847 (43 ) (2,202 ) (10) Share of profit/(loss) of equity accounted investments 623 (14 ) (1,076 ) (11) Impairment of the carrying value of the investment in Cerrejón – (466 ) – Impairment of the carrying value of the investment in Samarco – – (111 ) (7) Additional share of Samarco losses – – 85 Fair value change on forward exchange – – 136 Unrecognised losses – – (24 ) (9) Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480 ) (74 ) (990 ) – (921 ) Comprehensive income – 100% 1,847 (43 ) (2,202 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 623 (480 ) (74 ) (990 ) – (921 ) Dividends received from equity accounted investments 714 13 10 – – 737 Associates Joint ventures 2020 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 974 712 49 (3) Non-current 4,743 2,462 3,601 Current liabilities (239 ) (170 ) (7,961 ) (4) Non-current (1,173 ) (854 ) (5,447 ) Net assets/(liabilities) – 100% 4,305 2,150 (9,758 ) Net assets/(liabilities) – Group share 1,453 717 (4,879 ) Adjustments to net assets related to accounting policy adjustments – 59 256 (5) Investment in Samarco – – 405 (6) Impairment of the carrying value of the investment in Samarco – – (930 ) (7) Additional share of Samarco losses – – 3,341 (8) Unrecognised losses – – 1,807 (9) Carrying amount of investments accounted for using the equity method 1,453 776 356 – – 2,585 Revenue – 100% 2,464 1,091 26 Profit/(loss) from Continuing operations – 100% 629 (182 ) (3,617 ) (10) Share of profit/(loss) of equity accounted investments 212 (68 ) (1,918 ) (11) Impairment of the carrying value of the investment in Samarco – – (95 ) (7) Additional share of Samarco losses – – 93 Unrecognised losses – – 1,412 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 212 (68 ) (148 ) (508 ) – (512 ) Comprehensive income/(loss) – 100% 629 (182 ) (3,617 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 212 (68 ) (148 ) (508 ) – (512 ) Dividends received from equity accounted investments 105 9 12 – – 126 Associates Joint ventures 2019 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 3,203 2,094 24 Profit/(loss) from Continuing operations – 100% 1,168 309 (2,166 ) (10) Share of profit/(loss) of equity accounted investments 394 103 (1,075 ) (11) Impairment of the carrying value of the investment in Samarco – – (96 ) (7) Additional share of Samarco losses – – 108 Unrecognised losses – – 118 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 394 103 (98 ) (945 ) – (546 ) Comprehensive income/(loss) – 100% 1,168 309 (2,166 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 394 103 (98 ) (945 ) – (546 ) Dividends received from equity accounted investments 361 134 15 – – 510 (1) The unrecognised share of loss for the period was US$40 million (2020: unrecognised share of loss for the period was US$12 million), which increased the cumulative losses to US$233 million (2020: increase to US$193 million). (2) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Brasil’s share of Samarco’s losses. (3 ) Includes cash and cash equivalents of US$134 million (2020: US$15 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$6,567 million (2020: US$6,023 million). (5) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (6) Working capital funding provided to Samarco during the period is capitalised as part of the Group’s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. (7) In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. (8) BHP Brasil has recognised accumulated additional share of Samarco losses of US$(4,442) million resulting from US$(3,945) million provisions relating to the Samarco dam failure, including US$(497) million recognised as net finance costs. (9) Share of Samarco’s losses for which BHP Brasil does not have an obligation to fund. (10) Includes depreciation and amortisation of US$154 million (2020: US$84 million; 2019: US$85 million), interest income of US$1 million (expense)/ (11) Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. |
Interests in joint operations
Interests in joint operations | 12 Months Ended |
Jun. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Interests in joint operations | 32 Interests in joint operations S Group’s interest Significant joint operations Country of operation Principal activity 2021 % 2020 Atlantis US Hydrocarbons production 44 44 Bass Strait Australia Hydrocarbons production 50 50 Macedon (1) Australia Hydrocarbons production 71.43 71.43 Mad Dog US Hydrocarbons production 23.9 23.9 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons production 28.85 29.50 Shenzi (3) US Hydrocarbons production 72 44 Trinidad/Tobago (1)(4) Trinidad and Tobago Hydrocarbons production 45–68.46 45–68.46 Mt Goldsworthy (5) Australia Iron ore mining 85 85 Mt Newman (5) Australia Iron ore mining 85 85 Yandi (5) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group may hold a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) Increase in Group interest reflects the acquisition of an additional 28 per cent working interest in Shenzi. The transaction was completed on 6 November 2020 for a purchase price of US$480 million after customary post-closing adjustments. Shenzi continues to be accounted for as a joint operation because BHP continues to have joint decision-making rights with the other joint venture partner (Repsol). The assets and liabilities related to the acquired interests have been accounted for in line with the principles of IFRS 3/AASB 3 ‘Business Combinations’ with no remeasurement of the Group’s previous interest. The acquisition resulted in increases to property plant and equipment of US$642 million, inventory of US$17 million and closure and rehabilitation liabilities of US$179 million. Fair value of the identifiable assets and liabilities approximate the consideration paid and therefore no goodwill or bargain purchase gain has been recognised for the acquisition. (4) Trinidad/Tobago joint operations include Greater Angostura and Ruby. (5) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. Assets held in joint operations subject to significant restrictions are as follows: Group’s share 2021 2020 US$M US$M Current assets 2,260 2,059 Non-current 38,725 37,193 Total assets (1) 40,985 39,252 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Related party transactions | 33 Related party transactions The Group’s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 24 ‘Key management personnel’. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. • All transactions to/ from related parties are made at arm’s length, i.e. at normal market prices and rates and on normal commercial terms. • Outstanding balances at year-end co-funding • No guarantees are provided or received for any related party receivables or payables. • No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. • There were no other related party transactions in the year ended 30 June 2021 (2020: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 ‘Pension and other post-retirement obligations’. • Related party transactions with Samarco are described in note 4 ‘Significant events – Samarco dam failure’. Further disclosures related to related party transactions are as follows: Transactions with related parties Joint ventures Associates 2021 2020 2021 2020 US$M US$M US$M US$M Sales of goods/services – – – – Purchases of goods/services – – 1,564.073 967.276 Interest income – – 2.241 2.370 Interest expense – – – – Dividends received – – 737.250 126.187 Net loans (repayments from)/made to related parties – – (12.108 ) 12.273 Outstanding balances with related parties Joint ventures Associates 2021 2020 2021 2020 US$M US$M US$M US$M Trade amounts owing to related parties – – 316.269 69.490 Loan amounts owing to related parties – – 17.097 5.097 Trade amounts owing from related parties – – 0.004 0.473 Loan amounts owing from related parties – – 40.651 40.759 |
Contingent liabilities
Contingent liabilities | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Contingent liabilities | 34 Contingent liabilities 2021 2020 US$M US$M Associates and joint ventures (1) 1,532 1,314 Subsidiaries and joint operations (1) 1,615 1,534 Total 3,147 2,848 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. Uncertain tax and royalty matters The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain in some regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to the Group’s business. Areas of uncertainty at reporting date include the application of taxes and royalties to the Group’s cross-border operations and transactions. To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is included within the table above, where it is capable of reliable measurement. Samarco contingent liabilities The table above includes contingent liabilities related to the Group’s equity account ed Demerger of South32 As part of the demerger of South32 Limited (South32) in May 2015, certain indemnities were agreed under the Separation Deed. Subject to certain exceptions, BHP Group Limited indemnifies South32 against claims and liabilities relating to the Group Businesses and former Group Businesses prior to the demerger and South32 indemnifies the Group against all claims and liabilities relating to the South32 Businesses and former South32 Businesses. No material claims have been made pursuant to the Separation Deed as at 30 June 2021. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Subsequent events | 35 Subsequent events On 27 July 2021, the Group entered into a definitive Support Agreement with Noront Resources (Noront) to make an all-cash takeover offer for Noront. On 17 August 2021, the Group announced a major growth investment of US$5.7 billion (C$7.5 billion) in the Jansen Stage 1 potash project, which is aligned with its strategy of growing its exposure to future facing commodities in world class assets. On 17 August 2021, the Group announced the proposed merger of our Petroleum assets with Woodside. On completion of the proposed transaction, BHP’s oil and gas business would merge with Woodside, and Woodside would issue new shares to be distributed to BHP shareholders, at which time it is expected that Woodside would be owned 52 per cent and 48 per cent by existing Woodside and BHP shareholders, respectively. The merger, which has a proposed effective date of 1 July 2021, is subject to confirmatory due diligence, negotiation and execution of full form transaction documents, and satisfaction of conditions precedent including shareholder, regulatory and other approvals. The Group continues to assess the full financial reporting impacts of the proposed merger. However, the preliminary terms of the merger did not provide an indicator of impairment for our Petroleum assets at 30 June 2021. The merger is expected to be completed during the first half of CY2022, at which time, we would derecognise the carrying value of our Petroleum assets, which at 30 June 2021 included, but was not limited to, property plant and equipment and closure and rehabilitation provisions of approximately US$11.9 billion and US$3.9 billion, respectively. On 17 August 2021, the Group announced its intention to realise simplification and enhanced strategic flexibility benefits through unifying its corporate structure under its existing Australian parent company. Other than the matters outlined above, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent accounting periods. |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Auditor's remuneration | 36 Auditor’s remuneration 2021 2020 2019 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 10.642 11.196 6.764 Audit of the accounts of subsidiaries, joint ventures and associates 1.234 1.262 5.127 Audit-related assurance services required by legislation to be provided by the auditor 1.770 1.815 1.358 Other assurance and agreed-upon procedures under legislation or contractual arrangements 1.867 2.003 1.266 Total assurance services 15.513 16.276 14.515 Fees payable to the Group’s auditors for non-assurance Other services – 0.400 0.013 Total other services – 0.400 0.013 Total fees 15.513 16.676 14.528 In each of FY2021 and FY2020, all amounts were paid to EY or EY affiliated firms. Fees are determined, and predominantly billed, in US dollars. In FY2019, all amounts were paid to KPMG or KPMG affiliated firms, being the Group’s auditors for the financial year. Fees were determined in local currencies and predominantly billed in US dollars based on the exchange rate at the beginning of the financial year. Fees payable to the Group’s auditors for assurance services For all periods disclosed, no fees are payable in respect of the audit of pension funds. Audit of the Group’s Annual Report comprises fees for auditing the statutory financial report of the Group and includes audit work in relation to compliance with section 404 of the US Sarbanes-Oxley Act. Audit-related assurance services required by legislation to be provided by the auditors mainly comprises review of half-year reports. Other assurance services comprise assurance in respect of the Group’s sustainability reporting, economic contribution reporting, and comfort letters. Fees payable to the Group’s auditors for other services No amounts were payable for other services in FY2021. In prior years, amounts for other services comprised tax compliance services (2020: US$0.269 million; 2019: US$0.013 million) and tax advisory services of (2020: US$0.131 million; 2019: US$ nil). |
Not required for US Reporting
Not required for US Reporting | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Not required for US Reporting | 37 Not required for US Reporting 38 Not required for US Reporting |
New and amended accounting stan
New and amended accounting standards and interpretations and changes to accounting policies | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
New and amended accounting standards and interpretations and changes to accounting policies | 39 New and amended accounting standards and interpretations and changes to accounting policies Amended accounting standards The adoption of amendments and revisions to accounting pronouncements applicable from 1 July 2020, including the change in definition of a business under the amendments to IFRS 3/AASB 3 ‘Business Combinations’ and revisions to the Conceptual Framework for Financial Reporting did not have a significant impact on the Group’s Financial Statements. The Group has early adopted ‘Interest Rate Benchmark (IBOR) Reform – Phase 2 (Amendments to IFRS 9/AASB 9 ‘Financial Instruments’, IAS 39/AASB139 ‘Financial Instruments: Recognition and Measurement’; IFRS 7/AASB 7 ‘Financial Instruments: Disclosures’; IFRS 4/AASB 4 ‘Insurance Contracts’ and IFRS 16/AASB 16 ‘Leases’). These amendments address the financial reporting impacts from IBOR reform and supplement the IBOR Reform Phase 1 amendments to IFRS 7 and IFRS 9 which were early adopted by the Group in the financial year ended 30 June 2020. Refer to note 23 ‘Financial risk management’ for information on IBOR reform. Issued not yet effective A number of other accounting standards and interpretations, have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These standards have not been applied in the preparation of these Financial Statements. Changes in accounting policies On 29 April 2020, the IFRS Interpretations Committee issued a decision on the application of IAS 12 ‘Income Taxes’ when the recovery of the carrying amount of an asset gives rise to multiple tax consequences, concluding that an entity must account for distinct tax consequences separately. As a result, the Group has changed its accounting policy for assets that have no deductible or depreciable amount for income tax purposes, but do have a deductible amount for capital gains tax (CGT) when determining deferred tax. The Group’s policy had been to use only the amount deductible for CGT purposes whereas the Group will now account for the distinct income tax and CGT consequences arising from the expected manner of recovery. The assets impacted by the change predominately relate to mineral rights. Retrospective application of the accounting policy change has resulted in the following adjustments: Consolidated Balance Sheet The consolidated balance sheet as at 1 July 2019 has been updated for the following: US$M Increase in Deferred tax liabilities 1,021 Increase in Goodwill (included within Intangible assets) 950 Decrease in Retained earnings (71 ) The goodwill recognised as a result of the change in accounting policy relates to Olympic Dam and has been tested for impairment in the period, with no impairment charge being required. Refer to note 13 ‘Impairment of non-current assets’ for information on impairments. The comparative balance sheet as at 30 June 2020 has been restated to reflect these amounts. Consolidated Statement of Changes in Equity The consolidated statement of changes in equity as at 1 July 2018 and 1 July 2019 has been updated to reflect the reduction in retained earnings of US$71 million. Consolidated Income Statement, Consolidated Statement of Comprehensive Income The impact of the accounting policy change on the consolidated income statement and consolidated statement of comprehensive income is de minimus and therefore the comparative information has not been restated. Consolidated Cash Flow Statement The change in accounting policy has no impact on the consolidated cash flow statement. Further impacts of the accounting policy change are disclosed in notes 1 ‘Segment reporting’, 12 ‘Intangible assets’ and 14 ‘Deferred tax balances’. |
Supplementary oil and gas infor
Supplementary oil and gas information | 12 Months Ended |
Jun. 30, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Supplementary oil and gas information | 3.7 Supplementary oil and gas information – unaudited In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification ‘Extractive Activities-Oil S-K, The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on the Financial Statements, refer to section 3.6 ‘Independent Auditors’ reports’. Reserves and production Proved oil and gas reserves and net crude oil and condensate, natural gas, LNG and NGL production information is included in section 4.5.2 ‘Production – Petroleum’ and section 4.6.1 ‘Petroleum reserves’. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States Other (1) Total US$M US$M US$M US$M Capitalised cost 2021 Unproved propertie s – 754 580 1,334 Proved properties 17,882 13,210 1,972 33,064 Total costs 17,882 13,964 2,552 34,398 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (12,720 ) (8,329 ) (1,483 ) (22,532 ) Net capitalised cost s 5,162 5,635 1,069 11,866 2020 Unproved properties 10 808 576 1,394 Proved properties 17,079 12,538 1,743 31,360 Total costs 17,089 13,346 2,319 32,754 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (11,423 ) (8,726 ) (1,370 ) (21,519 ) Net capitalised costs 5,666 4,620 949 11,235 2019 Unproved properties 10 875 458 1,343 Proved properties 16,514 11,751 1,625 29,890 Total costs 16,524 12,626 2,083 31,233 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (10,867 ) (8,339 ) (1,302 ) (20,508 ) Net capitalised costs 5,657 4,287 781 10,725 (1) Other is primarily comprised of Algeria, Mexico, and Trinidad and Tobago. Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3) Other (4) Total US$M US$M US$M US$M 2021 Acquisitions of proved property – 642 – 642 Acquisitions of unproved property – 19 – 19 Exploration (1) 23 166 310 499 Development 201 749 184 1,134 Total costs (2) 224 1,576 494 2,294 2020 Acquisitions of proved property – – – – Acquisitions of unproved property – 38 6 44 Exploration (1) 38 278 370 686 Development 232 676 100 1,008 Total costs (2) 270 992 476 1,738 2019 Acquisitions of proved property – – – – Acquisitions of unproved property – 5 – 5 Exploration (1) 44 190 492 726 Development 132 792 54 978 Total costs (2) 176 987 546 1,709 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,160 million (2020: US$1,178 million; 2019: US$1,275 million) capitalised during the year. (3) Total costs include Onshore US assets of US$ nil (2020: US$ nil; 2019: US$331 million). (4) Other is primarily comprised of Algeria, Canada, Mexico and Trinidad and Tobago. Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 3.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Further, the amounts shown below include Onshore US however the disclosures in note 1 ‘Segment reporting’ in Section 3.1 do not. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2021 Oil and gas revenue (1) 2,272 1,244 368 3,884 Production costs (487 ) (267 ) (93 ) (847 ) Exploration expenses (23 ) (164 ) (305 ) (492 ) Depreciation, depletion, amortisation and valuation provision (2) (1,210 ) (489 ) (113 ) (1,812 ) Production taxes (3) (125 ) – (11 ) (136 ) 427 324 (154 ) 597 Accretion expense (4) (89 ) (22 ) (7 ) (118 ) Income taxes (46 ) (78 ) (115 ) (239 ) Royalty-related taxes (5) 11 – – 11 Results of oil and gas producing activities (6) 303 224 (276 ) 251 2020 Oil and gas revenue (1) 2,535 1,101 350 3,986 Production costs (575 ) (161 ) (80 ) (816 ) Exploration expenses (37 ) (271 ) (252 ) (560 ) Depreciation, depletion, amortisation and valuation provision (2) (906 ) (476 ) (75 ) (1,457 ) Production taxes (3) (177 ) (1 ) (13 ) (191 ) 840 192 (70 ) 962 Accretion expense (4) (78 ) (24 ) (10 ) (112 ) Income taxes (275 ) (35 ) (157 ) (467 ) Royalty-related taxes (5) (85 ) – – (85 ) Results of oil and gas producing activities (6) 402 133 (237 ) 298 2019 Oil and gas revenue (1) 3,404 2,675 610 6,689 Production costs (752 ) (568 ) (118 ) (1,438 ) Exploration expenses (44 ) (162 ) (229 ) (435 ) Depreciation, depletion, amortisation and valuation provision (2) (917 ) (621 ) (103 ) (1,641 ) Production taxes (3) (198 ) – (25 ) (223 ) 1,493 1,324 135 2,952 Accretion expense (4) (80 ) (34 ) (13 ) (127 ) Income taxes (530 ) (193 ) (267 ) (990 ) Royalty-related taxes (5) (164 ) – – (164 ) Results of oil and gas producing activities (6) 719 1,097 (145 ) 1,671 (1) Includes sales to affiliated companies of US$51 million (2020: US$62 million; 2019: US$75 million). (2) Includes valuation provision of US$101 million (2020: US$12 million; 2019: US$21 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 3.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$ nil (2020: US$ nil; 2019: US$431 million). (8) Other is primarily comprised of Algeria, Canada, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (Standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in section 4.6.1 Petroleum reserves, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of unweighted average first-day-of-the-month 12-months, year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Australia United States Other (1) Total US$M US$M US$M US$M Standardised measure 2021 Future cash inflows 8,948 13,437 1,561 23,946 Future production costs (3,783 ) (5,122 ) (418 ) (9,323 ) Future development costs (4,118 ) (2,996 ) (261 ) (7,375 ) Future income taxes (2) 706 (944 ) (438 ) (676 ) Future net cash flows 1,753 4,375 444 6,572 Discount at 10 per cent per annum (160 ) (1,468 ) (93 ) (1,721 ) Standardised measure 1,593 2,907 351 4,851 2020 Future cash inflows 11,526 12,997 1,660 26,183 Future production costs (4,027 ) (4,943 ) (494 ) (9,464 ) Future development costs (4,124 ) (3,242 ) (433 ) (7,799 ) Future income taxes (2) (187 ) (880 ) (473 ) (1,540 ) Future net cash flows 3,188 3,932 260 7,380 Discount at 10 per cent per annum (642 ) (1,586 ) (94 ) (2,322 ) Standardised measure 2,546 2,346 166 5,058 2019 Future cash inflows 18,292 18,076 1,807 38,175 Future production costs (4,710 ) (4,917 ) (459 ) (10,086 ) Future development costs (3,860 ) (4,516 ) (226 ) (8,602 ) Future income taxes (2) (2,551 ) (1,657 ) (711 ) (4,919 ) Future net cash flows 7,171 6,986 411 14,568 Discount at 10 per cent per annum (1,926 ) (3,396 ) (94 ) (5,416 ) Standardised measure 5,245 3,590 317 9,152 (1) Other is primarily comprised of Algeria and Trinidad and Tobago. (2) Future income taxes include credits to be received as a result of oil and gas operations and the utilisation of future tax losses by the Group. Changes in the Standardised measure are presented in the following table. 2021 2020 2019 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 5,058 9,152 10,240 Revisions: Prices, net of production costs (175 ) (5,633 ) 3,821 Changes in future development costs (238 ) 330 (228 ) Revisions of reserves quantity estimates (1) (107 ) (229 ) 1,268 Accretion of discount 678 1,313 1,178 Changes in production timing and other 360 (310 ) (618 ) 5,576 4,623 15,661 Sales of oil and gas, net of production costs (2,901 ) (2,980 ) (5,029 ) Acquisitions of reserves-in-place 462 – – Sales of reserves-in-place (2) 44 – (1,489 ) Previously estimated development costs incurred 1,075 1,005 545 Extensions, discoveries, and improved recoveries, net of future costs 17 145 (33 ) Changes in future income taxes 578 2,265 (503 ) Standardised measure at the end of the year 4,851 5,058 9,152 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 4.6.1. (2) Onshore US assets disposal in 2019. Accounting for suspended exploratory well costs Refer to note 11 ‘Property, plant and equipment’ in section 3.1 for a discussion of the accounting policy applied to the cost of exploratory wells. Suspended wells are also reviewed in this context. The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2021, 30 June 2020 and 30 June 2019. 2021 2020 2019 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 1,089 1,040 794 Additions to capitalised exploratory well costs pending the determination of proved reserves 7 120 297 Capitalised exploratory well costs charged to expense (66 ) – (9 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves – (6 ) (42 ) Sale of suspended wells – (65 ) – At the end of the year 1,030 1,089 1,040 The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term ‘project’ as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2021 2020 2019 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 7 120 210 Exploratory well costs capitalised for a period greater than one year 1,023 969 830 At the end of the year 1,030 1,089 1,040 2021 2020 2019 Number of projects that have been capitalised for a period greater than one year 15 14 13 Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2021 Australia – – – 1 – 1 1 United States (1) – – – 1 – 1 1 Other (2) – 1 1 1 – 1 2 Total – 1 1 3 – 3 4 Year ended 30 June 2020 Australia – – – – – – – United States (1) – – – – 1 1 1 Other (2) 1 1 2 1 – 1 3 Total 1 1 2 1 1 2 4 Year ended 30 June 2019 Australia – – – 1 – 1 1 United States (1) 1 – 1 33 – 33 34 Other (2) 4 2 6 – – – 6 Total 5 2 7 34 – 34 41 (1) Includes Onshore US assets net productive development wells of nil (2020: nil; 2019: 33). Includes Onshore US assets net exploratory wells of nil for 2021, 2020 and 2019. (2) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. The number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. An exploratory well is a well drilled to find oil or gas in a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. A development well is a well drilled within the limits of a known oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. A productive well is an exploratory, development or extension well that is not a dry well. Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well (hole) is an exploratory, development, or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. Oil and gas properties, wells, operations, and acreage The following tables show the number of gross and net productive crude oil and natural gas wells and total gross and net developed and undeveloped oil and natural gas acreage as at 30 June 2021. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage is comprised of leased acres that are within an area by or assignable to a productive well. Undeveloped acreage is comprised of leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which the Group held an interest at 30 June 2021 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 334 166 176 66 510 232 United States 55 27 – – 55 27 Other (1) 61 23 8 4 69 27 Total 450 216 184 70 634 286 (1) Other is primarily comprised of Algeria and Trinidad and Tobago. Of the productive crude oil and natural gas wells, 131 (net: 60) operated wells had multiple completions. Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2021 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,423 897 391 148 United States 92 41 403 339 Other (1)(2) 160 67 3,394 3,104 Total 2,675 1,005 4,188 3,591 (1 ) Developed acreage in Other primarily consists of Algeria and Trinidad and Tobago. (2) Undeveloped acreage in Other primarily consists of Barbados, Canada, Mexico and Trinidad and Tobago. Approximately 139 thousand gross acres (22 thousand net acres), 386 thousand gross acres (241 thousand net acres) and 121 thousand gross acres (103 thousand net acres) of undeveloped acreage will expire in the years ending 30 June 2022, 2023 and 2024 respectively, if the Group does not establish production or take any other action to extend the terms of the licences and concessions. |
Provisions (Policies)
Provisions (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Significant events | Key judgements and estimates Judgements The outcomes of litigation are inherently difficult to predict and significant judgement has been applied in assessing the likely outcome of legal claims and determining which legal claims require recognition of a provision or disclosure of a contingent liability. The facts and circumstances relating to these cases are regularly evaluated in determining whether a provision for any specific claim is required. Management has determined that a provision can only be recognised for obligations under the Framework Agreement and Samarco Germano dam decommissioning as at 30 June 2021. It is not yet possible to provide a range of possible outcomes or a reliable estimate of potential future exposures to BHP in connection to the contingent liabilities noted below, given their status. Estimates The provisions for Samarco dam failure and Samarco Germano dam decommissioning currently reflect the estimated remaining costs to complete Programs under the Framework Agreement and estimated costs to complete the Germano dam decommissioning and require the use of significant judgements, estimates and assumptions. Based on current estimates, it is expected that approximately 85 per cent of remaining costs for Programs under the Framework Agreement will be incurred by December 2023. While the provisions have been measured based on latest information available, likely changes in facts and circumstances in future reporting periods may lead to material revisions to these estimates. However, it is currently not possible to determine what facts and circumstances may change, therefore revisions in future reporting periods due to the key estimates and factors outlined below cannot be reliably measured. The key estimates that may have a material impact upon the provisions in the next and future reporting periods include: • number of people eligible for financial assistance and compensation and the corresponding amount of expected compensation • costs to complete key infrastructure programs, including resettlement of the Bento Rodrigues, Gesteira and Paracatu communities The provisions may also be affected by factors including but not limited to: • resolution of existing and potential legal claims in Brazil and other jurisdictions, including the impact of ongoing settlement negotiations and outcome of the United Kingdom group action complaint • potential changes in scope of work and funding amounts required under the Framework Agreement including the impact of the decisions of the Interfederative Committee along with further technical analysis, community participation required under the Governance Agreement and rulings made by the 12 th • the outcome of ongoing negotiations with State and Federal Prosecutors, including review of Fundação Renova’s Programs as provided in the Governance Agreement • actual costs incurred • resolution of uncertainty in respect of the nature and extent of Samarco’s long-term cash generation • costs to complete the Germano dam decommissioning • updates to discount and foreign exchange rates • the outcomes of Samarco’s judicial reorganisation (defined below). Given these factors, future actual expenditures may differ from the amounts currently provided and changes to key assumptions and estimates could result in a material impact to the provision in the next and future reporting periods. |
Income tax expense | Key judgements and estimates Income tax classification Judgements: Deferred tax Judgements: Estimates: Uncertain tax matters Judgements: Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities (refer to note 34 ‘Contingent liabilities’). |
Inventories | Key estimates Accounting for inventory involves the use of estimates, particularly related to the measurement and valuation of inventory on hand within the production process. Key estimates, including expected metal recoveries and work in progress volumes, are calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account technical analysis and historical performance. Changes in estimates are adjusted for on a prospective basis. |
Property, plant and equipment | Key judgements and estimates Judgements: Estimates: Key judgements and estimates Judgements: Estimates: Key judgements and estimates Judgements: Estimates: life-of-component waste-to-ore Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves |
Impairment of non-current assets | Key judgements and estimates Judgements: Indicators of impairment may include changes in the Group’s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group’s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks such as those related to climate change and the transition to a low carbon economy and pandemics similar to COVID -19. Climate change Impacts related to climate change and the transition to a lower carbon economy may include: •   demand for the Group’s commodities decreasing, due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change, resulting in a proportion of a CGU’s reserves becoming incapable of extraction in an economically viable fashion •   physical impacts related to acute risks resulting from increased severity of extreme weather events, and those related to chronic risks resulting from longer-term changes in climate patterns The Group continues to develop its assessment of the potential impacts of climate change and the transition to a low carbon economy. As outlined in the Basis of Preparation, where sufficiently developed, the potential financial impacts on the Group of climate change and the transition to a low carbon economy have been considered in the assessment of indicators of impairment, including: •   the Group’s current assumptions relating to demand for commodities and carbon pricing, including their impact on the Group’s long-term price forecasts •   the Group’s operational emissions reduction strategy COVID-19 The macro economic disruptions relating to COVID-19 However, given the long-lived nature of the majority of the Group’s assets, COVID-19 Due to ongoing uncertainty as to the extent and duration of COVID-19 Estimates: When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. All estimates require management judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of assets/CGUs at each reporting date. The most significant estimates impacting the Group’s recoverable amount determinations: Commodity prices Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group’s assessment of long-term price. These price forecasts reflect management’s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers based on the location, nature and quality produced, or to take into account contracted prices. Future production volumes Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group’s long-term planning process. When estimating FVLCD, assumptions reflect all reserves that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves which do not meet the criteria to be treated as proved. Operating costs and capital expenditure Operating costs and capital expenditure were based on internal budgets and forecasts and life of asset plans. Cost assumptions reflect management experience and expectations. In the case of FVLCD, cash flow projections include the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost where a market participant may take a consistent view. VIU does not take into account future development. Discount rates The Group uses real post-tax post-tax |
Closure and rehabilitation provisions | Key estimates The recognition and measurement of closure and rehabilitation provisions requires the use of significant estimates and assumptions, including, but not limited to: •   the extent (due to legal or constructive obligations) of potential activities required for the removal of infrastructure and rehabilitation activities •   costs associated with future rehabilitation activities •   applicable discount rates •   the timing of cash flows and ultimate closure of operations The extent and cost of future rehabilitation activities may also be impacted by the potential physical impacts of climate change. In estimating the potential cost of closure activities, the Group considers factors such as long-term weather outlooks, for example forecast changes in rainfall patterns, and the impact of the Group’s energy transition strategy on the costs of performing rehabilitation activities. While progressive closure is performed across a number of operations, significant rehabilitation activities are generally undertaken at the end of the production life at the individual sites, the estimated timing of which is informed by the Group’s current assumptions relating to demand for commodities and carbon pricing, and their impact on the Group’s long-term price forecasts. Remaining production lives range from 3-91 While the closure and rehabilitation provisions reflect management’s best estimates based on current knowledge and information, further studies and detailed analysis of the closure activities for individual assets will be performed as the assets near the end of their operational life and/or detailed closure plans are required to be submitted to relevant regulatory authorities. Such studies and analysis can impact the estimated costs of closure activities. Estimates can also be impacted by the emergence of new restoration techniques, changes in regulatory requirements for rehabilitation, risks relating to climate change and the transition to a low carbon economy, and experience at other operations. These uncertainties may result in future actual expenditure differing from the amounts currently provided for in the balance sheet. Sensitivity A further 0.5 per cent decrease in the discount rates applied at 30 June 2021 would result in an increase to the closure and rehabilitation provision of approximately US$1,075 million, an increase in property, plant and equipment of approximately US$820 million in relation to operating sites and an income statement charge of approximately US$255 million in respect of closed sites. In addition, the change would result in an increase of approximately US$115 million to depreciation expense and a US$25 million reduction in net finance costs for the year ending 30 June 2022. Given the long-lived nature of the majority of the Group’s assets, closure activities are generally not expected to occur for a significant period of time. A one-year |
Leases | Key judgements and estimates Judgements: Where a contract includes the provision of non-lease non-lease Estimates: right-of-use The Group estimates stand-alone prices, where such prices are not readily observable, in order to allocate the contractual payments between lease and non-lease |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Reportable Segments | Year ended 30 June 2021 US$M Petroleum Copper Iron Ore Coal Group and Group Revenue 3,895 15,726 34,475 5,154 1,567 60,817 Inter-segment revenue 51 – – – (51 ) – Total revenue 3,946 15,726 34,475 5,154 1,516 60,817 Underlying EBITDA 2,300 8,489 26,278 288 24 37,379 Depreciation and amortisation (1,739 ) (1,608 ) (1,971 ) (845 ) (661 ) (6,824 ) Impairment losses (1) (128 ) (72 ) (13 ) (20 ) (31 ) (264 ) Underlying EBIT 433 6,809 24,294 (577 ) (668 ) 30,291 Exceptional items (2) (47 ) (144 ) (1,319 ) (1,567 ) (1,308 ) (4,385 ) Net finance costs (1,305 ) Profit before taxation 24,601 Capital expenditure (cash basis) 994 2,180 2,188 579 665 6,606 (Loss)/profit from equity accounted investments, related impairments and expenses (6 ) 692 (1,126 ) (480 ) (1 ) (921 ) Investments accounted for using the equity method 253 1,482 – – 7 1,742 Total assets 13,775 31,517 26,171 11,030 26,434 108,927 Total liabilities 5,811 4,589 7,508 3,518 31,896 53,322 Year ended 30 June 2020 US$M Restated Petroleum Copper Iron Ore Coal Group and Group Revenue 4,008 10,666 20,797 6,241 1,219 42,931 Inter-segment revenue 62 – – 1 (63 ) – Total revenue 4,070 10,666 20,797 6,242 1,156 42,931 Underlying EBITDA 2,207 4,347 14,554 1,632 (669 ) 22,071 Depreciation and amortisation (1,445 ) (1,740 ) (1,608 ) (807 ) (512 ) (6,112 ) Impairment losses (1) (12 ) (17 ) (22 ) (14 ) (20 ) (85 ) Underlying EBIT 750 2,590 12,924 811 (1,201 ) 15,874 Exceptional items (2) (6 ) (1,228 ) (614 ) (18 ) 413 (1,453 ) Net finance costs (911 ) Profit before taxation 13,510 Capital expenditure (cash basis) 909 2,434 2,328 603 626 6,900 (Loss)/profit from equity accounted investments, related impairments and expenses (4 ) 67 (508 ) (68 ) 1 (512 ) Investments accounted for using the equity method 245 1,558 – 776 6 2,585 Total assets (3) 13,071 28,892 23,841 12,110 27,819 105,733 Total liabilities (3) 4,824 3,535 5,441 2,601 37,157 53,558 Year ended 30 June 2019 US$M Restated Petroleum Copper Iron Ore Coal Group and Group Revenue 5,853 10,838 17,251 9,121 1,225 44,288 Inter-segment revenue 77 – 4 – (81 ) – Total revenue 5,930 10,838 17,255 9,121 1,144 44,288 Underlying EBITDA 4,061 4,550 11,129 4,067 (649 ) 23,158 Depreciation and amortisatio n (1,560 ) (1,835 ) (1,653 ) (632 ) (149 ) (5,829 ) Impairment losses (1) (21 ) (128 ) (79 ) (35 ) (1 ) (264 ) Underlying EBIT 2,480 2,587 9,397 3,400 (799 ) 17,065 Exceptional items (2) – – (971 ) – 19 (952 ) Net finance costs (1,064 ) Profit before taxation 15,049 Capital expenditure (cash basis) 645 2,735 1,611 655 604 6,250 (Loss)/profit from equity accounted investments, related impairments and expenses (2 ) 303 (945 ) 103 (5 ) (546 ) Investments accounted for using the equity method 239 1,472 – 853 5 2,569 Total assets (3) 12,434 28,378 22,592 12,124 26,283 101,811 Total liabilities (3) 4,102 3,340 5,106 2,450 35,060 50,058 (1) Impairment losses exclude exceptional items of US$2,371 million (2020: US$409 million; 2019: US$ nil). (2) Exceptional items reported in Group and unallocated include Samarco dam failure costs of US$(14) million (2020: US$(32) million; 2019: US$(31) million) and Samarco related other income of US$34 million (2020: US$489 million; 2019: US$50 million). Refer to note 3 ‘Exceptional items’ for further information. (3) Total assets and total liabilities of FY2020 and FY2019 have been restated to reflect changes to the Group’s accounting policy. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. |
Summary of Geographical Information | Geographical information Revenue by location of customer 2021 2020 2019 US$M US$M US$M Australia 2,951 2,232 2,568 Europe 1,050 1,156 1,875 China 39,727 26,576 24,274 Japan 4,808 3,904 4,193 India 2,189 1,475 2,479 South Korea 3,436 2,666 2,550 Rest of Asia 3,603 2,583 2,940 North America 2,432 1,827 2,442 South America 426 315 662 Rest of world 195 197 305 60,817 42,931 44,288 Non-current assets by location of assets (1) 2021 2020 2019 US$M US$M US$M Restated Restated Australia 48,612 48,236 45,963 North America 9,701 9,682 8,633 South America 18,548 18,179 18,404 Rest of world 1,851 1,955 371 Unallocated assets (2) 3,522 6,210 5,067 82,234 84,262 78,438 (1) FY2020 and FY2019 have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Unallocated assets comprise deferred tax assets and other financial assets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Revenue by Segment and Asset | Revenue by segment and asset 2021 2020 2019 US$M US$M US$M Australia Production Unit 327 361 507 Bass Strait 1,066 1,102 1,237 North West Shelf 893 1,076 1,657 Atlantis 560 561 979 Shenzi 417 277 540 Mad Dog 231 216 319 Trinidad/Tobago 204 191 287 Algeria 164 159 258 Third-party products 11 39 10 Other 73 88 136 Total Petroleum (1) 3,946 4,070 5,930 Escondida 9,470 6,719 6,876 Pampa Norte 1,801 1,395 1,502 Olympic Dam 2,211 1,463 1,351 Third-party products 2,244 1,089 1,109 Total Copper (2) 15,726 10,666 10,838 Western Australia Iron Ore 34,337 20,663 17,066 Third-party products 18 15 32 Other 120 119 157 Total Iron Ore 34,475 20,797 17,255 Queensland Coal 4,315 5,357 7,679 New South Wales Energy Coal 839 885 1,421 Third-party products – – 19 Other – – 2 Total Coal (3) 5,154 6,242 9,121 Group and unallocated items (4) 1,567 1,219 1,225 Inter-segment adjustment (51 ) (63 ) (81 ) Total revenue 60,817 42,931 44,288 (1) Total Petroleum revenue includes: crude oil US$2,013 million (2020: US$2,033 million; 2019: US$3,171 million), natural gas US$977 million (2020: US$980 million; 2019: US$1,259 million), LNG US$682 million (2020: US$774 million; 2019: US$1,179 million), NGL US$212 million (2020: US$198 million; 2019: US$263 million) and other US$62 million (2020: US$85 million; 2019: US$58 million). (2) Total Copper revenue includes: copper US$14,812 million (2020: US$10,044 million; 2019: US$10,215 million) and other US$914 million (2020: US$622 million; 2019: US$623 million). Other consists of silver, zinc, molybdenum, uranium and gold. (3) Total Coal revenue includes: metallurgical coal US$4,260 million (2020: US$5,311 million; 2019: US$7,568 million) and energy coal US$894 million (2020: US$931 million; 2019: US$1,553 million). (4) Group and unallocated items revenue includes: Nickel West US$1,545 million (2020: US$1,189 million; 2019: US$1,193 million) and other revenue US$22 million (2020: US$30 million; 2019: US$32 million). |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Summary of Exceptional Items | Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Year ended 30 June 2021 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (1,087 ) (71 ) (1,158 ) COVID-19 (546 ) 146 (400 ) Impairment of Energy coal assets (1,523 ) (651 ) (2,174 ) Impairment of Potash assets (1,314 ) (751 ) (2,065 ) Total (4,470 ) (1,327 ) (5,797 ) Attributable to non-controlling s (34 ) 10 (24 ) Attributable to BHP shareholders (4,436 ) (1,337 ) (5,773 ) Year ended 30 June 2020 Gross Tax Net US$M US$M US$M Exceptional items by category Samarco dam failure (176 ) – (176 ) Cancellation of power contracts (778 ) 271 (507 ) COVID-19 (183 ) 53 (130 ) Cerro Colorado impairment (409 ) (83 ) (492 ) Total (1,546 ) 241 (1,305 ) Attributable to non-controlling s (291 ) 90 (201 ) Attributable to BHP shareholders (1,255 ) 151 (1,104 ) Year ended 30 June 2019 Gross Tax Net US$M US$M US$M Exceptional items by categor y Samarco dam failure (1,060 ) – (1,060 ) Global taxation matters – 242 242 Total (1,060 ) 242 (818 ) Attributable to non-controlling – – – Attributable to BHP shareholders (1,060 ) 242 (818 ) |
Samarco dam failure [member] | |
Statement [Line Items] | |
Summary of Exceptional Items | The FY2021 exceptional loss of US$1,158 million (after tax) related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2021 US$M Other income 34 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (46 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (111 ) Samarco Germano dam decommissioning (15 ) Samarco dam failure provision (1,000 ) Fair value change on forward exchange derivative s 136 Net finance costs (85 ) Income tax expense (71 ) Total (1) (1,158 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The FY2020 exceptional loss of US$176 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2020 US$M Other income 489 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (64 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (95 ) Samarco Germano dam decommissioning 46 Samarco dam failure provision (459 ) Net finance costs (93 ) Total (1) (176 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The FY2019 exceptional loss of US$1,060 million related to the Samarco dam failure in November 2015 comprises the following: Year ended 30 June 2019 US$M Other income 50 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (57 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (96 ) Samarco Germano dam decommissionin g (263 ) Samarco dam failure provision (586 ) Net finance costs (108 ) Total (1) (1,060 ) (1) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Provision for dividends and other liabilities [member] | |
Statement [Line Items] | |
Summary of Provisions | The disclosure below excludes closure and rehabilitation provisions (refer to note 15 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 26 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and provisions related to the Samarco dam failure (refer to note 4 ‘Significant events – Samarco dam failure’). 2021 2020 US$M US$M Movement in provision for dividends and other liabilities At the beginning of the financial year 1,240 501 Dividends determined 7,894 7,234 Charge/(credit) for the year: Underlying 260 1,027 Discounting 2 3 Exchange variation s 20 (356 ) Released during the year (43 ) (94 ) Utilisation (267 ) (99 ) Dividends paid (7,901 ) (6,876 ) Transfers and other movements (624 ) (100 ) At the end of the financial year 581 1,240 Comprising: Current 293 258 Non-current 288 982 |
Samarco dam failure [member] | |
Statement [Line Items] | |
Summary of Financial Impacts of Samarco Dam Failure | The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2021 are shown in the tables below and have been treated as an exceptional item. Financial impacts of Samarco dam failure 2021 2020 2019 US$M US$M US$M Income statement Other income (1) 34 489 50 Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (2) (46 ) (64 ) (57 ) Loss from equity accounted investments, related impairments and expenses: Samarco impairment expense (3) (111 ) (95 ) (96 ) Samarco Germano dam decommissioning (4) (15 ) 46 (263 ) Samarco dam failure provision (5) (1,000 ) (459 ) (586 ) Fair value change on forward exchange derivatives (6) 136 – – Loss from operation s (1,002 ) (83 ) (952 ) Net finance costs (7) (85 ) (93 ) (108 ) Loss before taxation (1,087 ) (176 ) (1,060 ) Income tax expense (8) (71 ) – – Loss after taxation (1,158 ) (176 ) (1,060 ) Balance sheet movement Trade and other payables (5 ) (5 ) 4 Derivatives 136 – – Tax liabilities (71 ) – – Provisions (741 ) (137 ) (629 ) Net liabilities (681 ) (142 ) (625 ) 2021 2020 2019 US$M US$M US$M Cash flow statement Loss before taxatio n (1,087 ) (176 ) (1,060 ) Adjustments for: Samarco impairment expense (3) 111 95 96 Samarco Germano dam decommissioning (4) 15 (46 ) 263 Samarco dam failure provision (5) 1,000 459 586 Fair value change on forward exchange derivatives (6) (136 ) – – Net finance costs (7) 85 93 108 Changes in assets and liabilities: Trade and other payables 5 5 (4 ) Net operating cash flows (7 ) 430 (11 ) Net investment and funding of equity accounted investments (9) (470 ) (464 ) (424 ) Net investing cash flows (470 ) (464 ) (424 ) Net decrease in cash and cash equivalents (477 ) (34 ) (435 ) (1) Proceeds from insurance settlements. (2) Includes legal and advisor costs incurred. (3) Impairment expense from working capital funding provided during the period. (4) US$(6) million (2020: US$37 million; 2019: US$263 million) change in estimate and US$21 million (2020: US$(83) million; 2019: US$ nil) exchange translation. (5) US$842 million (2020: US$916 million; 2019: US$579 million) change in estimate and US$158 million (2020: US$(457) million; 2019: US$7 million) exchange translation. (6) During the period the Group entered into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provisions. While not applying hedge accounting, the fair value changes in the forward exchange instruments are recorded within Loss from equity accounted investments, related impairments and expenses in the Income Statement. (7) Amortisation of discounting of provision. (8) Includes tax on forward exchange derivatives and other taxes incurred during the period. (9) Includes US$(111) million (2020: US$(95) million; 2019: US$(96) million) funding provided during the period, US$(351) million (2020: US$(365) million; 2019: US$(328) million) utilisation of the Samarco dam failure provision, and US$(8) million (2020: US$(4) million; 2019: US$ nil) utilisation of the Samarco Germano decommissioning provision. |
Summary of Provisions | Provisions related to the Samarco dam failure 2021 2020 US$M US$M At the beginning of the financial year 2,051 1,914 Movement in provisions 741 137 Comprising: Utilised (359 ) (369 ) Adjustments charged to the income statement: Change in estimate - Samarco dam failure provision 842 916 Change in estimate - Samarco Germano dam decommissionin g (6 ) 37 Amortisation of discounting impacting net finance costs 85 93 Exchange translation 179 (540 ) At the end of the financial year 2,792 2,051 Comprising: Current 1,206 896 Non-current 1,586 1,155 At the end of the financial year 2,792 2,051 Comprising: Samarco dam failure provision 2,560 1,824 Samarco Germano dam decommissioning provision 232 227 |
Expenses and other income (Tabl
Expenses and other income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Expenses and Other Income | 2021 2020 2019 US$M US$M US$M Employee benefits expense: Wages, salaries and redundancies 4,399 3,706 3,683 Employee share awards 124 129 138 Social security costs 3 2 4 Pension and other post-retirement obligations 316 283 292 Less employee benefits expense classified as exploration and evaluation expenditure (119 ) (65 ) (85 ) Changes in inventories of finished goods and work in progress (334 ) (326 ) 496 Raw materials and consumables used 4,940 5,509 4,591 Freight and transportation 2,037 1,981 2,378 External services 5,260 4,404 4,745 Third-party commodity purchase s 2,230 1,139 1,069 Net foreign exchange losses/(gains) 310 (603 ) (147 ) Fair value change on derivatives (1) 145 422 8 Government royalties paid and payable 3,217 2,362 2,538 Exploration and evaluation expenditure incurred and expensed in the current period 430 517 516 Depreciation and amortisation expense 6,824 6,112 5,829 Net impairments: Property, plant and equipment 2,583 494 250 Goodwill and other intangible assets 52 – 14 All other operating expenses 2,083 2,709 1,703 Total expenses 34,500 28,775 28,022 Insurance recoveries (2) (46 ) (489 ) (57 ) Other income (3) (464 ) (288 ) (336 ) Total other income (510 ) (777 ) (393 ) (1) Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. (2) Insurance recoveries is principally related to claims received from Samarco dam failure. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. (3) Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Income Tax Expense | 2021 2020 2019 US$M US$M US$M Total taxation expense comprises: Current tax expense 9,825 5,109 5,408 Deferred tax expense/(benefit) 1,325 (335 ) 121 11,150 4,774 5,529 |
Summary of Factors Affecting Income Tax Expense | 2021 2020 2019 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 24,601 13,510 15,049 Tax on profit at Australian prima facie tax rate of 30 per cent 7,380 4,053 4,515 Non-tax (1) 3,112 707 742 Tax on remitted and unremitted foreign earnings 485 225 283 Tax effect of loss from equity accounted investments, related impairments and expenses (2) 317 154 164 Investment and development allowance – (99 ) (94 ) Tax rate changes (1 ) (8 ) 6 Amounts (over)/under provided in prior years (11 ) 64 (21 ) Recognition of previously unrecognised tax assets (28 ) (30 ) (10 ) Foreign exchange adjustments (95 ) 20 (25 ) Impact of tax rates applicable outside of Australia (603 ) (167 ) (312 ) Other 365 (211 ) 87 Income tax expense 10,921 4,708 5,335 Royalty-related taxation (net of income tax benefit) 229 66 194 Total taxation expense 11,150 4,774 5,529 (1) Includes the tax impacts related to the exceptional impairments of NSWEC and Potash in the year ended 30 June 2021 and Cerro Colorado in the year ended 30 June 2020, as presented in note 3 ‘Exceptional items’. There were no exceptional impairments in the year ended 30 June 2019. ( 2) The loss from equity accounted investments, related impairments and expenses is net of income tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’. This item removes the prima facie tax effect on such loss, related impairments and expenses, excluding the impact of the Samarco forward exchange derivatives which are taxable. |
Summary of Income Tax Recognised in Other Comprehensive Income | Income tax recognised in other comprehensive income is as follows: 2021 2020 2019 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Hedges: Gains/(losses) taken to equity (259 ) 94 98 (Gains)/losses transferred to the income statement 252 (89 ) (90 ) Others (1 ) – – Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement (8 ) 5 8 Items that will not be reclassified to the income statement: Remeasurement gains/(losses) on pension and medical schemes (21 ) 25 7 Others 1 1 12 Income tax (charge)/credit relating to items that will not be reclassified to the income statement (20 ) 26 19 Total income tax (charge)/credit relating to components of other comprehensive income (1) (28 ) 31 27 (1) Included within total income tax relating to components of other comprehensive income is US$(28) million relating to deferred taxes and US$ nil relating to current taxes (2020: US$31 million and US$ nil; 2019: US$15 million and US$12 million). |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Earnings Per Share | 2021 2020 2019 Earnings attributable to BHP shareholders (US$M) - Continuing operations 11,304 7,956 8,648 - Total 11,304 7,956 8,306 Weighted average number of shares (Million) - Basic 5,057 5,057 5,180 - Diluted 5,068 5,069 5,193 Basic earnings per ordinary share (US cents) - Continuing operations 223 157 166 - Total 223 157 160 Diluted earnings per ordinary share (US cents) - Continuing operations 223 157 166 - Total 223 157 159 Headline earnings per ordinary share (US cents) - Basic 284 171 164 - Diluted 284 170 164 |
Summary of Reconciliation of Earnings Attributable to Ordinary Shareholders | Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows: 2021 2020 2019 US$M US$M US$M Earnings attributable to BHP shareholders 11,304 7,956 8,306 Adjusted for: (Gain)/loss on sales of PP&E, Investments and Operations (1) (50 ) 4 (52 ) Impairments of property, plant and equipment, financial assets and intangibles 2,633 494 264 Samarco impairment expense 111 95 96 Cerrejón impairment expense 466 – – Other (2) – 48 – Recycling of re-measurements – – (6 ) Tax effect of above adjustments (60 ) 54 (64 ) Subtotal of adjustments 3,100 695 238 Headline earnings 14,404 8,651 8,544 Diluted headline earnings 14,404 8,651 8,544 (1) Included in other income. (2) Mainly represent BHP share of impairment embedded in the statutory income statement of the Group’s equity accounted investments. |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Trade and Other Receivables | 2021 2020 US$M US$M Trade receivables 4,450 1,974 Loans to equity accounted investments – 40 Other receivables 1,946 1,617 Total 6,396 3,631 Comprising: Current 6,059 3,364 Non-current 337 267 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Trade and Other Payables | 2021 2020 US$M US$M Trade payables 5,079 4,396 Other payables 1,948 1,372 Total 7,027 5,768 Comprising: Current 7,027 5,767 Non-current – 1 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Inventories | 2021 2020 Definitions US$M US$M Raw materials and consumables 1,904 1,797 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 3,046 2,814 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 834 711 Commodities ready-for-sale Total (1) 5,784 5,322 Comprising: Current 4,426 4,101 Non-current 1,358 1,221 Inventories classified as non-current (1) Inventory write-downs of US$58 million were recognised during the year (2020: US$37 million; 2019: US$16 million). Inventory write-downs of US$27 million made in previous periods were reversed during the year (2020: US$13 million; 2019: US$21 million). |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Land and buildings Plant and equipment Other mineral assets Assets under construction Exploration and evaluation Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2021 At the beginning of the financial year 8,387 39,429 8,652 13,774 2,120 72,362 Additions (1) 25 3,841 797 5,961 93 10,717 Acquisition of subsidiaries & operations (2) – 151 491 – – 642 Remeasurements of index-linked freight contracts (3) – (59 ) – – – (59 ) Depreciation for the year (694 ) (5,748 ) (310 ) – – (6,752 ) Impairments for the year (4) (208 ) (877 ) (687 ) (745 ) (66 ) (2,583 ) Disposals (18 ) (9 ) – – – (27 ) Divestment and demerger of subsidiaries and operations (5) – (14 ) – (2 ) – (16 ) Transfers and other movements 580 7,968 (2 ) (8,556 ) (461 ) (471 ) At the end of the financial year (6) 8,072 44,682 8,941 10,432 1,686 73,813 – Cost 14,545 108,049 15,059 11,177 2,531 151,361 – Accumulated depreciation and impairments (6,473 ) (63,367 ) (6,118 ) (745 ) (845 ) (77,548 ) Net book value – 30 June 2020 At the beginning of the financial year 7,885 38,174 9,211 11,149 1,622 68,041 Impact of adopting IFRS 16 754 1,400 – – – 2,154 Additions (1) 115 1,719 684 6,100 218 8,836 Remeasurements of index-linked freight contracts (3) – 733 – – – 733 Depreciation for the year (630 ) (5,104 ) (294 ) – – (6,028 ) Impairments for the year (4) (17 ) (189 ) (288 ) – – (494 ) Disposals (12 ) (22 ) – – (65 ) (99 ) Transfers and other movements 292 2,718 (661 ) (3,475 ) 345 (781 ) At the end of the financial year (6) 8,387 39,429 8,652 13,774 2,120 72,362 – Cost 13,932 97,230 13,736 13,774 2,899 141,571 – Accumulated depreciation and impairments (5,545 ) (57,801 ) (5,084 ) – (779 ) (69,209 ) (1) Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 ‘Closure and rehabilitation provisions’. (2) Relates to the acquisition of an additional 28 per cent working interest in Shenzi. (3) Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 21 ‘Leases’. (4) Refer to note 13 ‘Impairment of non-current assets’ for information on impairments. (5) Relates to the sale of the Neptune asset in Gulf of Mexico. (6) Includes the carrying value of the Group’s right-of-use right-of-use |
Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories | The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Category Buildings Plant and Mineral rights and Capitalised exploration, Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 3-30 Based on the rate of depletion of reserves Based on the rate of depletion of reserves |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Intangible Assets | 2021 2020 Goodwill Other Total Goodwill Other Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial y ear 1,197 377 1,574 247 428 675 Impact of change in accounting policies (1) – – – 950 – 950 At the beginning of the financial year (restated) 1,197 377 1,574 1,197 428 1,625 Additions – 23 23 – 98 98 Amortisation for the year – (93 ) (93 ) – (118 ) (118 ) Impairments for the year (2) – (52 ) (52 ) – – – Transfers and other movements – (15 ) (15 ) – (31 ) (31 ) At the end of the financial year 1,197 240 1,437 1,197 377 1,574 – Cost 1,197 1,506 2,703 1,197 1,580 2,777 – Accumulated amortisation and impairment s – (1,266 ) (1,266 ) – (1,203 ) (1,203 ) (1) Intangible assets has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Refer to note 13 ‘Impairment of non-current |
Impairment of non-current ass_2
Impairment of non-current assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Schedule of Impairment of Non-current Assets for Cash Generating Unit by Class of Assets and by Reportable Segment | 2021 Cash generating unit Segment Property, Goodwill and Equity- Total US$M US$M US$M US$M New South Wales Energy Coal Coal 1,025 32 – 1,057 Cerrejón Coal – – 466 466 Potash G&U 1,314 – – 1,314 Other Various 244 20 – 264 Total impairment of non-current 2,583 52 466 3,101 Reversal of impairment – – – – Net impairment of non-current 2,583 52 466 3,101 2020 Cash generating unit Segment Property, Goodwill and Equity- Total US$M US$M US$M US$M Cerro Colorado Copper 409 – – 409 Other Various 85 – – 85 Total impairment of non-current 494 – – 494 Reversal of impairment – – – – Net impairment of non-current 494 – – 494 |
Summary of Impairment of Non-current Assets Excluding Goodwill | The Group recognised the following impairments to non-current Year ended 30 June 2021 NSWEC Cerrejón Potash What has been recognised? At 30 June 2021, the Group determined the overall recoverable amount of the CGU to be negative US$300 million, resulting in an aggregate impairment to property, plant and equipment and intangibles of US$1,057 million for FY2021. At 30 June 2021, the Group determined the recoverable amount to be US$284 million, being the agreed sale proceeds of US$294 million adjusted for transaction costs, resulting in an aggregate impairment of US$466 million for FY2021. At 30 June 2021, the Group determined the recoverable amount to be US$3.3 billion, resulting in an impairment charge of US$1.3 billion against property, plant and equipment. What were the drivers of impairment? The impairment charges reflect the status of the divestment process and the forecast market conditions for Australian thermal coal, the strengthening Australian dollar and changes to the mine plan. On 28 June 2021, the Group announced that it had signed a Sale and Purchase Agreement with Glencore to divest its interest in Cerrejón. The impairment charge against the Group’s Potash assets reflects an analysis of recent market perspectives and the value that the Group would now expect a market participant to attribute to the Group’s investments to date. How were the valuations calculated? The 30 June 2021 valuation represents VIU, applying discounted cash flow (DCF) techniques (1) The 30 June 2021 valuation represents a FVLCD based on the expected net sale proceeds of US$284 million (1) The 30 June 2021 valuation was determined using FVLCD methodology, applying DCF techniques (1) What were the significant assumptions and estimates used in the valuations? The valuation for NSWEC is most sensitive to changes in energy coal prices, estimated future production volumes and discount rates. The valuation applied a post-tax The valuation for Potash is most sensitive to changes in the long-term potash price outlook and the risking applied to the future development phases of the potash resource. The valuation applied a post-tax Key judgements and estimates that have been applied in the valuations using DCF techniques are disclosed further below. (1) Valuations are based primarily on Level 3 inputs as defined in note 23 ‘Financial risk management’. |
Summary of Goodwill Allocated to Cash Generating Units | The carrying amount of goodwill has been allocated to the CGUs, or groups of CGUs, as follows: 2021 2020 Cash generating unit US$M US$M Olympic Dam (1) 1,010 1,010 Other 187 187 Total goodwill 1,197 1,197 (1) Goodwill has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$950 million of Goodwill at Olympic Dam. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. |
Deferred tax balances (Tables)
Deferred tax balances (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Movement in Net Deferred Tax Position | The movement for the year in the Group’s net deferred tax position is as follows: 2021 2020 2019 US$M US$M Restated US$M Restated Net deferred tax (liability)/asset At the beginning of the financial year (91 ) (491 ) 569 Impact of change in accounting policies (1) – – (1,021 ) Income tax (charge)/credit recorded in the income statement (2) (1,325 ) 335 (81 ) Income tax credit recorded directly in equit y 42 34 15 Other movements (28 ) 31 27 At the end of the financial year (1,402 ) (91 ) (491 ) (1) Deferred tax has been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’, resulting in the retrospective recognition of US$1,021 million of Deferred tax. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’ for further information. (2) Includes Discontinued operations income tax credit to the income statement of US$ nil (2020: US$ nil; 2019: US$40 million). |
Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement | Th e Deferred tax assets Deferred tax Charged/(credited) to 2021 2020 2021 2020 2021 2020 2019 US$M US$M US$M US$M Restated US$M US$M US$M Type of temporary difference Depreciation (1)(2) (1,349 ) (2,749 ) 4,716 2,828 488 1,394 (951 ) Exploration expenditur e 51 398 – – 347 51 43 Employee benefits 94 353 (333 ) (26 ) (68 ) (38 ) 14 Closure and rehabilitation 638 2,100 (2,086 ) (109 ) (515 ) (334 ) (53 ) Resource rent tax 122 359 368 921 (309 ) (119 ) (179 ) Other provisions 108 173 (227 ) (239 ) 77 (268 ) (2 ) Deferred income 11 (4 ) (16 ) – (31 ) 33 (9 ) Deferred charges (36 ) (383 ) 602 187 68 (132 ) 56 Investments, including foreign tax credits 147 348 671 458 414 (77 ) 70 Foreign exchange gains and losses (3 ) (134 ) 133 (61 ) 63 (18 ) (45 ) Tax losses 1,999 2,759 (82 ) – 678 (148 ) 1,147 Lease liability (1) 68 548 (658 ) (245 ) 67 (793 ) – Other 62 (80 ) 226 65 46 114 (10 ) Total 1,912 3,688 3,314 3,779 1,325 (335 ) 81 (1) Includes deferred tax associated with the recognition of right-of-use (2) FY2020 has been restated to reflect the impact of the change to the Group’s |
Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities | T 2021 2020 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits (1) 5,944 4,088 Investments in subsidiaries (2) 1,712 1,575 Deductible temporary differences relating to PRRT (3) 2,402 2,079 Mineral rights (4) 3,359 3,265 Other deductible temporary differences (5) 1,630 673 Total unrecognised deferred tax assets 15,047 11,680 Unrecognised deferred tax liabilities Investments in subsidiaries (2) 2,203 2,375 Future taxable temporary differences relating to unrecognised deferred tax asset for PRRT (3) 720 624 Total unrecognised deferred tax liabilities 2,923 2,999 (1) At 30 June 2021, the Group had income and capital tax losses with a tax benefit of US$3,569 million (2020: US$2,405 million) and tax credits of US$2,375 million (2020: US$1,683 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: Year of expiry 2021 2020 US$M US$M Income tax losses Not later than one year 13 474 Later than one year and not later than two years 5 240 Later than two years and not later than five years 105 2,525 Later than five years and not later than 10 years 1,449 679 Later than 10 years and not later than 20 years 3,347 2,379 Unlimited 4,799 2,262 9,718 8,559 Capital tax losses Not later than one year – – Later than two years and not later than five years – – Unlimited 4,238 4,150 Gross amount of tax losses not recognised 13,956 12,709 Tax effect of total losses not recognised 3,569 2,405 Of the US$2,375 million of tax credits, US$1,805 million expires not later than 10 years and US$570 million expires later than 10 years and not later than 20 years. (2) The Group had deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions. (3) The Group had unrecognised deferred tax assets relating to Australian Petroleum Resource Rent Tax (PRRT). Recognition of a deferred tax asset for PRRT depends on benefits expected to be obtained from the deduction against PRRT liabilities . (4) The Group had deductible temporary differences relating to mineral rights for which deferred tax assets had not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. (5) The Group had other deductible temporary differences for which deferred tax assets had not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. |
Closure and rehabilitation pr_2
Closure and rehabilitation provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Closure and Rehabilitation Provisions | 2021 2020 US$M US$M At the beginning of the financial year 8,810 6,977 Capitalised amounts for operating sites: Change in estimate 1,974 1,255 Exchange translation 483 (188 ) Adjustments charged/(credited) to the income statement: Increases to existing and new provisions 564 731 Exchange translation 76 (19 ) Released during the year (157 ) (43 ) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 380 356 Acquisition of subsidiaries and operations 179 – Divestment and demerger of subsidiaries and operations (81 ) – Expenditure on closure and rehabilitation activities (321 ) (258 ) Exchange variations impacting foreign currency translation reserve 3 (1 ) At the end of the financial year 11,910 8,810 Comprising: Current 591 373 Non-current 11,319 8,437 Operating sites 9,279 6,636 Closed sites 2,631 2,174 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Share Capital | BHP Group Limited BHP Group Plc 2021 shares 2020 2019 2021 shares 2020 2019 Share capital issued Opening number of shares 2,945,851,394 2,945,851,394 3,211,691,105 2,112,071,796 2,112,071,796 2,112,071,796 Purchase of shares by ESOP Trusts (7,587,353 ) (5,975,189 ) (6,854,057 ) (185,054 ) (185,297 ) (274,069 ) Employee share awards exercised following vesting 6,948,683 6,893,113 5,902,588 173,644 222,245 275,984 Movement in treasury shares under Employee Share Plans 638,670 (917,924 ) 951,469 11,410 (36,948 ) (1,915 ) Shares bought back and cancelled (1) – – (265,839,711 ) – – – Closing number of shares (2) 2,945,851,394 2,945,851,394 2,945,851,394 2,112,071,796 2,112,071,796 2,112,071,796 Comprising: Shares held by the public 2,944,982,333 2,945,621,003 2,944,703,079 2,112,057,615 2,112,069,025 2,112,032,077 Treasury shares 869,061 230,391 1,148,315 14,181 2,771 39,719 Other share classes Special Voting share of no par value 1 1 1 – – – Special Voting share of US$0.50 par value – – – 1 1 1 5.5% Preference shares of £1 each – – – 50,000 50,000 50,000 DLC Dividend share 1 1 1 – – – (1) During December 2018, BHP completed an off-market buy-back (2) 4,400,000 fully paid ordinary shares in BHP Group Limited were issued in order to satisfy the exercise of employee share awards during the period 1 July 2021 to 2 September 2021. |
Other equity (Tables)
Other equity (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Reserves | 2021 2020 2019 Recognition and measurement US$M US$M US$M Share premium account 518 518 518 The share premium account represents the premium paid on the issue of BHP Group Plc shares recognised in accordance with the UK Companies Act 2006. Foreign currency translation reserve 43 39 37 The foreign currency translation reserve represents exchange differences arising from the translation of non-US Employee share awards reserve 268 246 213 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market Cash flow hedge reserve 100 50 114 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial Cost of hedging reserve (54 ) (23 ) (74 ) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Equity investments reserve 15 16 17 The equity investments reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Capital redemption reserve 177 177 177 The capital redemption reserve represents the par value of BHP Group Plc shares that were purchased and subsequently cancelled. The cancellation of the shares creates a non-distributable Non-controlling 1,283 1,283 1,283 The non-controlling non-controlling Total reserves 2,350 2,306 2,285 |
Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests | Summarised financial information relating to each of the Group’s subsidiaries with non-controlling 2021 2020 US$M Minera Escondida Limitada Other individually immaterial subsidiaries (incl. intra -group eliminations) Total Minera Other Total Group share (per cent) 57.5 57.5 Current assets 2,996 2,432 Non-current 11,867 12,121 Current liabilities (1,912 ) (1,614 ) Non-current (4,733 ) (4,613 ) Net assets 8,218 8,326 Net assets attributable to NCI 3,493 848 4,341 3,539 771 4,310 Revenue 9,470 6,719 Profit after taxation 3,605 1,088 Other comprehensive income 27 (27 ) Total comprehensive income 3,632 1,061 Profit after taxation attributable to NCI 1,532 615 2,147 462 318 780 Other comprehensive income attributable to NCI 11 – 11 (11 ) – (11 ) Net operating cash flow 5,007 2,637 Net investing cash flow (655 ) (919 ) Net financing cash flow (4,001 ) (1,920 ) Dividends paid to NCI 1,590 537 2,127 757 286 1,043 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Dividends Paid | Year ended 30 June 2021 Year ended Year ended Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period (1) Prior year final dividend 55 2,779 78 3,946 63 3,356 Interim dividend 101 5,115 65 3,288 55 2,788 Special dividend – – – – 102 5,158 156 7,894 143 7,234 220 11,302 (1) 5.5 per cent dividend on 50,000 preference shares of £1 each determined and paid annually (2020: 5.5 per cent; 2019: 5.5 per cent). |
Summary of Franking Credits | BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2021 2020 2019 US$M US$M US$M Franking credits as at 30 June 14,302 10,980 8,681 Franking credits arising from the payment of current tax 1,799 471 1,194 Total franking credits available (1) 16,101 11,451 9,875 (1) The payment of the final 2021 dividend determined after 30 June 2021 will reduce the franking account balance by US$2,525 million. |
Net debt (Tables)
Net debt (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Summary of Net Debt Balance and Gearing Ratio | 2021 2020 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 437 1,823 737 1,755 Notes and debentures 1,244 13,525 3,354 17,691 Lease liabilities 889 3,007 853 2,590 Bank overdraft and short-term borrowings – – – – Other 58 – 68 – Total interest bearing liabilities 2,628 18,355 5,012 22,036 Less: Lease liability associated with index-linked freight contracts 346 679 379 781 Less: Cash and cash equivalents Cash 4,408 – 3,493 – Short-term deposits 10,838 – 9,933 – Less: Total cash and cash equivalents 15,246 – 13,426 – Less: Derivatives included in net debt Net debt management related instruments (1) 20 537 (162 ) 595 Net cash management related instruments (2) 34 – (15 ) – Less: Total derivatives included in net debt 54 537 (177 ) 595 Net debt 4,121 12,044 Net assets (3) 55,605 52,175 Gearing 6.9 % 18.8 % (1) Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current (2) Represents the net forward exchange contracts included within current and non-current (3) 30 June 2020 net assets have been restated to reflect changes to the Group’s accounting policy following a decision by the IFRS Interpretations Committee on IAS 12 ‘Income Taxes’ resulting in a retrospective decrease of US$71 million. Refer to note 39 ‘New and amended accounting standards and interpretations and changes to accounting policies’. |
Summary of Cash and Cash Equivalents, Net of Overdrafts | Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2021 2020 2019 US$M US$M US$M Total cash and cash equivalents 15,246 13,426 15,613 Bank overdrafts and short-term borrowings – – (20 ) Total cash and cash equivalents, net of overdrafts 15,246 13,426 15,593 |
Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts | The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: 2021 US$M Bank loans, debentures and other loans Expected future interest payments Derivatives related to debentures Other derivatives Obligations under lease Trade and other payables (1) Total Due for payment: In one year or less or on demand 1,722 729 61 149 980 6,851 10,492 In more than one year but not more than two years 2,278 661 267 80 680 – 3,966 In more than two years but not more than five years 4,062 1,492 256 240 1,397 – 7,447 In more than five year s 7,801 4,136 585 317 1,842 – 14,681 Total 15,863 7,018 1,169 786 4,899 6,851 36,586 Carrying amount 17,087 – 586 690 3,896 6,851 29,110 2020 US$M Bank loans, Expected Derivatives Other Obligations Trade and (1) Total Due for payment: In one year or less or on demand 4,138 813 260 60 927 5,622 11,820 In more than one year but not more than two years 1,665 702 81 – 630 1 3,079 In more than two years but not more than five years 5,727 1,713 819 – 1,335 – 9,594 In more than five years 10,101 4,368 974 – 1,043 – 16,486 Total 21,631 7,596 2,134 60 3,935 5,623 40,979 Carrying amount 23,605 – 1,579 60 3,443 5,623 34,310 (1) Excludes input taxes of US$176 million (2020: US$145 million) included in other payables. Refer to note 9 ‘Trade and other payables’. |
Currency risk [member] | |
Statement [Line Items] | |
Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency | Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2021 2020 2021 2020 US$M US$M US$M US$M USD 11,146 14,625 12,003 9,555 EUR 4,505 7,323 4 4 GBP 3,415 3,272 32 519 AUD 1,053 1,055 573 1,011 CAD 635 597 2,455 2,131 Other 229 176 179 206 Total 20,983 27,048 15,246 13,426 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Movements in Lease Liabilities | Movements in the Group’s lease liabilities during the year are as follows: 2021 2020 US$M US$M At the beginning of the financial year (1) 3,443 715 IFRS 16 transition – 2,301 Additions 1,223 436 Remeasurements of index-linked freight contracts (59 ) 733 Lease payments (879 ) (761 ) Foreign exchange movement 115 (43 ) Amortisation of discounting 109 90 Transfers and other movements (56 ) (28 ) At the end of the financial year 3,896 3,443 Comprising: Current liabilities 889 853 Non-current 3,007 2,590 (1) Lease liability at the beginning of FY2020 relates to existing finance leases under IAS 17/AASB 117 ‘Leases’ (IAS 17) at 1 July 2019. |
Summary of Maturity Profile of Lease Liabilities | The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows: Lease liability 2021 2020 US$M US$M Due for payment: In one year or less or on demand 980 927 In more than one year but not more than two years 680 630 In more than two years but not more than five years 1,397 1,335 In more than five years (1) 1,842 1,043 Total 4,899 3,935 Carrying amount 3,896 3,443 (1) Include US$878 million (2020: US$302 million) due for payment in more than ten years. |
Summary of Movements in Right of Use Assets | Movements in the Group’s right-of-use 2021 2020 Land and buildings Plant and equipment Total Land and Plant and Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year (1) 689 2,358 3,047 – 492 492 Assets recognised on adoption of IFRS 16 – – – 754 1,400 2,154 Additions 25 1,227 1,252 104 332 436 Remeasurements of index-linked freight contract s – (59 ) (59 ) – 733 733 Depreciation expensed during the period (111 ) (670 ) (781 ) (113 ) (543 ) (656 ) Depreciation classified as exploration – (19 ) (19 ) – (34 ) (34 ) Impairments (30 ) (2 ) (32 ) (2 ) (22 ) (24 ) Transfers and other movements 65 (123 ) (58 ) (54 ) – (54 ) At the end of the financial year 638 2,712 3,350 689 2,358 3,047 – Cost 897 4,393 5,290 804 3,349 4,153 – Accumulated depreciation and impairments (259 ) (1,681 ) (1,940 ) (115 ) (991 ) (1,106 ) (1) Right-of-use assets at the beginning of FY2020 relates to assets previously held under finance leases under IAS 17 at 1 July 2019. |
Summary of Amounts Recorded in Income Statement and Cash Flow Statements | Amounts recorded in the income statement and the cash flow statement for the year were: 2021 2020 US$M US$M Included within Income statement Depreciation of right-of-use 781 656 Profit from operations Short-term, low-value (1) 895 675 Profit from operations Interest on lease liabilities 109 90 Financial expenses Cash flow statement Principal lease payments 770 671 Cash flows from financing activities Lease interest payments 109 90 Cash flows from operating activities (1) Relates to US$546 million of variable lease costs (2020: US$438 million), US$316 million of short-term lease costs (2020: US$211 million) and US$33 million of low-value |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Net Finance Costs | 2021 2020 2019 US$M US$M US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 610 1,099 1,296 Interest capitalised at 2.83% (2020: 4.14%; 2019: 4.96%) (1) (248 ) (308 ) (248 ) Interest on lease liabilities 109 90 47 Discounting on provisions and other liabilities 467 452 470 Other gains and losses: Fair value change on hedged loans (779 ) 721 729 Fair value change on hedging derivatives 704 (788 ) (809 ) Loss on bond repurchase (2) 395 – – Exchange variations on net debt 99 (18 ) 6 Other 21 14 19 Total financial expenses 1,378 1,262 1,510 Financial income Interest income (73 ) (351 ) (446 ) Net finance costs 1,305 911 1,064 (1) Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$74 million (2020: US$92 million; 2019: US$74 million). (2) Relates to the additional cost on settlement of two multi-currency hybrid debt repurchase programs and the unwind of the associated hedges, included in a total cash payment of US$3,402 million disclosed in repayment of interest bearing liabilities in the Consolidated Cash Flow Statement. |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of foreign currency risk arising from financial assets and liabilities, which are denominated in currencies other than the USÂ dollar | The following table shows the foreign currency risk arising from financial assets and liabilities, which are denominated in currencies other than the US dollar: Net financial (liabilities)/assets - by currency of denomination 2021 2020 US$M US$M Australian dollar s (4,421 ) (3,788 ) Chilean peso (649 ) (369 ) British pound sterling 535 587 Euro 366 619 Other 128 (17 ) Total (4,041 ) (2,968 ) |
Summary of Financial Assets and Liabilities by Class | The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy Level (1) IFRS 9 Classification 2021 US$M 2020 Current cross currency and interest rate swaps ( 2) 2 Fair value through profit or loss 20 3 Current other derivative contracts (3) 2,3 Fair value through profit or loss 207 45 Current other investments (4) 1,2 Fair value through profit or loss 3 36 Non-current (2) 2 Fair value through profit or loss 1,123 2,009 Non-current (3) 2,3 Fair value through profit or loss 152 159 Non-current s 3 Fair value through other comprehensive income 31 32 Non-current (4)(5) 1,2,3 Fair value through profit or loss 304 322 Total other financial assets 1,840 2,606 Cash and cash equivalents Amortised cost 15,246 13,426 Trade and other receivables (6) Amortised cost 2,363 1,633 Provisionally priced trade receivables 2 Fair value through profit or loss 3,547 1,480 Loans to equity accounted investments Amortised cost – 40 Total financial assets 22,996 19,185 Non-financial 85,931 86,548 Total assets 108,927 105,733 Current cross currency and interest rate swaps (2) 2 Fair value through profit or loss – 165 Current other derivative contracts (3) 2,3 Fair value through profit or loss 52 60 Current other financial liabilities (7) Amortised cost 78 – Non-current (2) 2 Fair value through profit or loss 586 1,414 Non-current (7) Amortised cost 560 – Total other financial liabilities 1,276 1,639 Trade and other payables (8) Amortised cost 6,277 5,354 Provisionally priced trade payables 2 Fair value through profit or loss 574 269 Bank loans (9) Amortised cost 2,260 2,492 Notes and debentures (9) Amortised cost 14,769 21,045 Lease liabilities 3,896 3,443 Other (9) Amortised cost 58 68 Total financial liabilities 29,110 34,310 Non-financial 24,212 19,248 Total liabilities 53,322 53,558 (1) All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 with the exception of the specified items in the following footnotes. (2) Cross currency and interest rate swaps are valued using market data including interest rate curves (which include the base LIBOR rate and swap rates) and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. (3 ) Includes other derivative contracts of US$121 million (2020: US$179 million) categorised as Level 3. Significant items are derivatives embedded in physical commodity purchase and sales contracts of gas in Trinidad and Tobago with net assets fair value of US$121 million (2020: US$180 million). (4) Includes investments held by BHP Billiton Foundation which are restricted and not available for general use by the Group of US$260 million (2020: US$296 million) of which other investment (US Treasury Notes) of US$72 million categorised as Level 1 (2020: US$87 million). (5) Includes other investments of US$46 million (2020: US$47 million) categorised as Level 3. (6) Excludes input taxes of US$486 million (2020: US$478 million) included in other receivables. (7) Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations. (8) Excludes input taxes of US$176 million (2020: US$145 million) included in other payables. (9) All interest bearing liabilities, excluding lease liabilities, are unsecured. |
Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge | The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them: • The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. • The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. • The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Fair value of derivatives 2021 US$M Carrying Foreign Interest Recognised Recognised Recognised (1) Accrued Total Hedged (2) A B C D E F G B to G A + B + C USD 6,270 – (318 ) – – 11 77 (230 ) 5,952 GBP 3,387 435 (544 ) (81 ) 25 (34 ) 53 (146 ) 3,278 EUR 4,486 73 (418 ) (33 ) 27 7 49 (295 ) 4,141 CA D 626 142 (21 ) (28 ) 25 (2 ) (2 ) 114 747 Total 14,769 650 (1,301 ) (142 ) 77 (18 ) 177 (557 ) 14,118 Fair value of derivatives 2020 US$M Carrying Foreign Interest Recognised Recognised Recognised (1) Accrued Total Hedged (2) A B C D E F G B to G A + B + C USD 9,926 – (742 ) – – 29 74 (639 ) 9,184 GBP 3,245 764 (730 ) (16 ) 13 (18 ) 47 60 3,279 EUR 7,294 500 (576 ) (55 ) 21 65 32 (13 ) 7,218 CAD 580 199 (32 ) – (2 ) (4 ) (2 ) 159 747 Total 21,045 1,463 (2,080 ) (71 ) 32 72 151 (433 ) 20,428 (1) Predominantly related to ineffectiveness. (2) Includes US$3,018 million (2020: US$3,019 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. |
Summary of Hedging instruments | As at 30 June 2021, the Group has not transitioned any of its existing interest rate swaps to alternative risk-free rates. Hedging instrument Notional Notional value US$M Notional value to mature before US$M Interest rate swaps USD 11,950 1,979 Cross-currency interest rate swaps EUR 3,187 404 GBP 1,673 923 Total 16,810 3,306 |
Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges | The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 17 ‘Other equity’. 2021 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial yea r 71 (21 ) 50 (32 ) 9 (23 ) 27 Add: Change in fair value of hedging instrument recognised in OCI 863 (259 ) 604 – – – 604 Less: Reclassified from reserves to financial expenses – recognised through OCI (792 ) 238 (554 ) (45 ) 14 (31 ) (585 ) At the end of the financial year 142 (42 ) 100 (77 ) 23 (54 ) 46 2020 US$M Cash flow hedging Cost of hedging Total Gross Tax Net Gross Tax Net At the beginning of the financial year 163 (49 ) 114 (106 ) 32 (74 ) 40 Add: Change in fair value of hedging instrument recognised in OCI (315 ) 94 (221 ) – – – (221 ) Less: Reclassified from reserves to financial expenses – recognised through OCI 223 (66 ) 157 74 (23 ) 51 208 At the end of the financial year 71 (21 ) 50 (32 ) 9 (23 ) 27 |
Summary of Movement of Interest Bearing Liabilities and Related Derivatives | The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows: Interest bearing liabilities Derivatives liabilities 2021 US$M Bank Notes and Lease Bank Other Cross Total At the beginning of the financial year 2,492 21,045 3,443 – 68 (433 ) Proceeds from interest bearing liabilities 504 – – – 64 – 568 Settlements of debt related instruments – – – – – 167 167 Repayment of interest bearing liabilities (737 ) (6,888 ) (770 ) – – – (8,395 ) Change from Net financing cash flows (233 ) (6,888 ) (770 ) – 64 167 (7,660 ) Other movements: Loss on bond repurchase – 579 – – – (184 ) Interest rate impacts – (764 ) – – – 704 Foreign exchange impacts (1 ) 798 115 – (14 ) (796 ) Lease additions – – 1,223 – – – Remeasurement of index-linked freight contracts – – (59 ) – – – Other interest bearing liabilities/derivative related changes 2 (1 ) (56 ) – (60 ) (15 ) At the end of the financial year 2,260 14,769 3,896 – 58 (557 ) Interest bearing liabilities Derivatives 2020 US$M Bank Notes and Lease Bank Other Cross Total At the beginning of the financial year 2,498 21,529 715 20 66 204 Proceeds from interest bearing liabilitie s 514 – – – – – 514 Settlements of debt related instruments – – – – – (157 ) (157 ) Repayment of interest bearing liabilities (522 ) (859 ) (671 ) – 5 – (2,047 ) Change from Net financing cash flows (8 ) (859 ) (671 ) – 5 (157 ) (1,690 ) Other movements: Interest rate impacts – 720 – – – (788 ) Foreign exchange impacts – (354 ) (43 ) – (4 ) 316 Leases recognised on IFRS 16 transition – – 2,301 – – – Lease additions – – 436 – – – Remeasurement of index-linked freight contracts – – 733 – – – Other interest bearing liabilities/derivative related changes 2 9 (28 ) (20 ) 1 (8 ) At the end of the financial year 2,492 21,045 3,443 – 68 (433 ) |
Key management personnel (Table
Key management personnel (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Key Management Personnel | Key management personnel compensation comprises: 2021 2020 2019 US$ US$ US$ Short-term employee benefits 14,081,625 12,564,637 11,557,506 Post-employment benefits 744,951 1,172,727 1,490,716 Share-based payments 11,601,866 13,514,588 15,821,972 Total 26,428,442 27,251,952 28,870,194 |
Employee share ownership plans
Employee share ownership plans (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Description of Plans | The table below provides a description of each of the plans. Plan CDP and STIP LTIP and MAP Transitional and Shareplus Type Short-term incentive Long-term incentive Long-term incentive All-employee share purchase plan Overview The CDP was implemented in FY2020 as a replacement for the STIP, both of which are generally plans for Executive KMP and members of the Executive Leadership Team who are not Executive KMP. Under the CDP, two thirds of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period (and the remaining one third is delivered in cash). Two awards of deferred shares are granted, each of the equivalent value to the cash award, vesting in two and five years respectively. Under STIP, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the two-year The LTIP is a plan for Executive KMP and members of the Executive Leadership Team who are not Executive KMP, and awards are granted annually. The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. Awards may be granted to new Executive KMP recruited into or within the Group to bridge the time-based gap between the vesting of awards either granted in their non-KMP roles or to replace awards foregone from a previous company. Employees may contribute up US$5,000 to acqui r e s hares in any plan year. On the third anniversary of the start of a plan year , the Group will match the number of acquired shares. Vesting conditions CDP: Service conditions only for the two-year award. Vesting of the five-year award is subject to service conditions and also to holistic review of performance at the end of the five-year vesting period, including a five-year view on HSEC performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. STIP: Service conditions only. LTIP: Service and performance conditions. BHP’s Total Shareholder Return (TSR)(1) performance relative to the Peer Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the Index TSR (being the index value where the comparator group is a market index) determines the vesting of 33 per cent of the awards. For the awards to vest in full, BHP’s TSR must exceed the Peer Group TSR and Index TSR (if applicable) by a specified percentage per year, determined for each grant by the Remuneration Committee. From the establishment of the LTIP in 2004 until the awards granted in December 2016, this percentage was set at 5.5 per cent per year. For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Service and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to personal performance and the underlying financial performance of the Group during the performance period. To the extent the performance condition is not achieved, awards will lapse. There is no retesting of the performance condition. Vested awards may be subject to a holding lock. Service conditions only. Vesting period CDP – 2 and 5 years STIP – 2 years LTIP – 5 years MAP – 1 to 5 years 2 years 3 years Dividend Equivalent Payment CDP – Yes STIP – Yes LTIP – Yes MAP – Varies Yes No Exercise period None None None None (1) BHP’s TSR is the weighted average of the TSRs of BHP Group Limited and BHP Group Plc. |
Summary of Employee Share Awards | Employee share awards 2021 Number of at the Number of Number of Number of Number of at the end Number of Weighted Weighted BHP Group Limited CDP awards – 276,944 – 60,604 216,340 – 2.2 – STIP awards 377,140 74,796 251,148 3 200,785 – 0.5 A$39.06 GSTIP awards (1) 12,041 – 12,041 – – – – A$39.06 LTIP awards 4,937,506 654,790 653,170 1,395,906 3,543,220 – 1.6 A$39.06 MAP awards 11,159,990 3,502,112 4,161,573 547,012 9,953,517 51,247 1.2 A$39.16 Transitional and Commencement KMP awards – 77,000 – – 77,000 – 1.2 – Shareplus 4,057,382 2,536,374 1,694,880 359,682 4,539,194 – 1.3 A$45.49 BHP Group Plc MAP awards 218,403 82,404 70,569 54,189 176,049 – 1.1 £17.89 Shareplus 229,462 125,493 103,128 19,060 232,767 – 1.3 £20.57 (1) Short-term incentive awards that were granted to BHP senior management who were not KMP. Awards were last granted in FY2018. All awards had vested or lapsed at 30 June 2021. |
Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued | Fair value and assumptions in the calculation of fair value for awards issued 2021 Weighted Risk-free Estimated Share price at grant date Estimated Dividend BHP Group Limited CDP awards 25.28 n/a 2 and 5 A$35.90 n/a n/a STIP awards 25.28 n/a 2 years A$35.90 n/a n/a LTIP awards (1) 14.68 0.25% 5 years A$35.90/A$33.81/A$38.56 28.0 % n/a MAP awards (2) 22.88 n/a 1-5 years A$38.36/A$36.91/A$35.90/A$45.88 n/a 4.90 % Transitional and Commencement KMP awards 28.35 n/a 2 years A$38.56 n/a n/a Shareplus 24.96 0.21% 3 years A$30.19 n/a 5.59 % BHP Group Plc MAP awards 18.66 n/a 3 years £17.13 n/a 5.70 % Shareplus 15.32 0.12% 3 years £12.11 n/a 6.40 % (1) Includes LTIP awards granted on 20 October 2020, 2 November 2020 and 1 December 2020. (2) Includes MAP awards granted on 21 August 2020, 24 September 2020, 20 October 2020 and 7 April 2021. |
Employee benefits, restructur_2
Employee benefits, restructuring and post-retirement employee benefits provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions | 2021 2020 US$M US$M Employee benefits (1) 1,624 1,313 Restructuring (2) 54 34 Post-retirement employee benefits (3) 534 547 Total provisions 2,212 1,894 Comprising: Current 1,606 1,283 Non-current 606 611 |
Summary of Reconciliation of Employee Benefits Restructuring and Postretirement Employee Benefits | 2021 US$M Employee Restructuring Post- (3) Total At the beginning of the financial year 1,313 34 547 1,894 Charge/(credit) for the year: Underlying 1,402 45 62 1,509 Discounting – – 31 31 Net interest expense – – (10 ) (10 ) Exchange variations 104 1 30 135 Released during the year (82 ) – (46 ) (128 ) Remeasurement gains taken to retained earning s – – (58 ) (58 ) Utilisation (1,119 ) (26 ) (59 ) (1,204 ) Transfers and other movements 6 – 37 43 At the end of the financial year 1,624 54 534 2,212 (1) The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. (2) Total restructuring provisions include provisions for terminations and office closures. (3) Refer to note 27 ‘Pension and other post-retirement obligations’. |
Pension and other post-retire_2
Pension and other post-retirement obligations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Net Liability Recognised in Consolidated Balance Sheet | Net liability recognised in the Consolidated Balance Sheet The net liability recognised in the Consolidated Balance Sheet is as follows: Defined benefit pension schemes / post- employment obligations Post-retirement medical 2021 2020 2021 2020 US$M US$M US$M US$M Present value of funded defined benefit obligation 377 613 – – Present value of unfunded defined benefit obligation 358 354 197 214 Fair value of defined benefit scheme assets (398 ) (634 ) – – Scheme deficit 337 333 197 214 Unrecognised surplus – – – – Unrecognised past service credits – – – – Adjustment for employer contributions tax – – – – Net liability recognised in the Consolidated Balance Sheet 337 333 197 214 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Employees | 2021 2020 2019 Number Number Number Average number of employees (1) Australia 23,828 20,967 18,146 South America 7,390 7,330 6,979 North America 1,299 1,296 1,999 Asia 1,907 1,939 1,743 Europe 54 57 59 Total average number of employees 34,478 31,589 28,926 (1) Average employee numbers include the Executive Director and 100 per cent of employees of subsidiary companies. Employees of equity accounted investments and joint operations are not included. Part-time employees are included on a full-time equivalent basis. Employees of businesses disposed of during the year are included for the period of ownership. Contractors are not included. |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Summary of Income Statement - Discontinued Operations | Income statement – Discontinued operations 2019 US$M Profit after taxation from operating activities 175 Net loss on disposal (510 ) Loss after taxation (335 ) Attributable to non-controlling 7 Attributable to BHP shareholders (342 ) Basic loss per ordinary share (cents) (6.6 ) Diluted loss per ordinary share (cents) (6.6 ) |
Summary of Cash Flows from Discontinued Operations | Cash flows from Discontinued operations 2019 US$M Net operating cash flows 474 Net investing cash flows (1) (443 ) Net financing cash flows (2) (13 ) Net increase in cash and cash equivalents from Discontinued operations 18 Net proceeds received from the sale of Onshore US 10,531 Less Cash and cash equivalents (104 ) Proceeds from divestment of Onshore US, net of its cash 10,427 Total cash impact 10,445 (1) Includes purchases of property, plant and equipment of US$443 million. (2) Includes net repayment of interest bearing liabilities of US$6 million and dividends paid to non-controlling |
Summary of Net Loss on Disposal of Discontinued Operations | Net loss on disposal of Discontinued operations Details of the net loss on disposal for the year ended 30 June 2019 is presented in the table below: 2019 US$M Net assets 11,111 Less non-controlling (168 ) BHP Share of net assets disposed 10,943 Gross consideration 10,555 Less transaction costs (54 ) Income tax expense (68 ) Net loss on disposal (510 ) |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Summary of Significant Subsidiaries | Group’s interest Significant subsidiaries Country of Principal activity 2021 % 2020 Coal BHP Mitsui Coal Pty Ltd Australia Coal mining 80 80 Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Olympic Dam Corporation Pty Ltd Australia Copper and uranium mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Ltda (1) Chile Copper mining 57.5 57.5 Minera Spence SA Chile Copper mining 100 100 Iron Ore BHP Iron Ore (Jimblebar) Pty Ltd (2) Australia Iron ore mining 85 85 BHP Iron Ore Pty Ltd Australia Service company 100 100 BHP Minerals Pty Ltd Australia Iron ore and coal mining 100 100 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Finance B.V. The Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Limited Australia Finance 100 100 BHP Canada Inc. Canada Potash development 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Nickel West Pty Ltd Australia Nickel mining, smelting, refining and administrative services 100 100 WMC Finance (USA) Limited Australia Finance 100 100 (1) As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda. (2) The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Ownership Interest in Equity Accounted Investments | S Significant associates and joint ventures Country of incorporation/ principal place of business Associate or joint venture Principal activity Reporting date Ownership interest 2021 % 2020 Cerrejón Anguilla/ Colombia/Ireland Associate Coal mining in Colombia 31 33.33 33.33 CompañÃa Minera Antamina S.A. (Antamina) Peru Associate Copper and zinc mining 31 33.75 33.75 Samarco Mineração S.A. (Samarco) Brazil Joint venture Iron ore mining 31 50.00 50.00 |
Summary of Movements of Investments Accounted for using the Equity Method | The movement for the year in the Group’s investments accounted for using the equity method is as follows: 2021 US$M Investment in Investment in Total equity At the beginning of the financial year 2,585 – 2,585 Profit/(loss) from equity accounted investments, related impairments and (1) 69 (990 ) (921 ) Investment in equity accounted investments 108 111 219 Dividends received from equity accounted investments (737 ) – (737 ) Transfer to assets held for sale (2) (284 ) – (284 ) Other 1 879 880 At the end of the financial year 1,742 – 1,742 (1) US$(990) million represents US$(111) million impairment relating to US$(111) million funding provided during the period, US$(1,000) million movement in the Samarco dam failure provision including US$(842) million change in estimate and US$(158) million exchange translation, US$(15) million movement in provisions related to the Samarco Germano dam decommissioning provision including US$6 million change in estimate and US$(21) million exchange translation and US$136 million fair value change on forward exchange derivatives. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. (2) On 28 June 2021, the Group announced the divestment of its 33.3 per cent interest in Cerrejón to Glencore, for US$294 million cash consideration. The transaction has an effective economic date of 31 December 2020. The purchase price is subject to adjustments at transaction completion which may include an adjustment for the dividends paid by Cerrejón to the Group during the period from signing to completion. An impairment charge of US$466 million (before tax) was recognised in the year ended 30 June 2021 reducing the carrying value of the Group’s investment in Cerrejón at 30 June 2021 to US$284 million, being the agreed sale proceeds of US$ 294 |
Summary of Financial Information of Significant Equity Accounted Investments | The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. Information of the Group’s investment in Cerrejón has not been included for FY2021 following its classification as ‘Assets held for sale’. BHP Brasil’s 50 per cent portion of Samarco’s commitments, for which BHP Brasil has no funding obligation, is US$350 million (2020: US$200 million). Associates Joint ventures 2021 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 1,499 – 509 (3) Non-current 4,885 – 4,380 Current liabilities (1,285 ) – (9,222 ) (4) Non-current (1,062 ) – (7,627 ) Net assets/(liabilities) – 100% 4,037 – (11,960 ) Net assets/(liabilities) – Group share 1,362 – (5,980 ) Adjustments to net assets related to accounting policy adjustments – – 280 (5) Investment in Samarco – – 516 (6) Impairment of the carrying value of the investment in Samarco – – (1,041 ) (7) Additional share of Samarco losses – – 4,442 (8) Unrecognised losses – – 1,783 (9) Carrying amount of investments accounted for using the equity method 1,362 – 380 – – 1,742 Revenue – 100% 4,822 844 814 Profit/(loss) from Continuing operations – 100% 1,847 (43 ) (2,202 ) (10) Share of profit/(loss) of equity accounted investments 623 (14 ) (1,076 ) (11) Impairment of the carrying value of the investment in Cerrejón – (466 ) – Impairment of the carrying value of the investment in Samarco – – (111 ) (7) Additional share of Samarco losses – – 85 Fair value change on forward exchange – – 136 Unrecognised losses – – (24 ) (9) Profit/(loss) from equity accounted investments, related impairments and expenses 623 (480 ) (74 ) (990 ) – (921 ) Comprehensive income – 100% 1,847 (43 ) (2,202 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 623 (480 ) (74 ) (990 ) – (921 ) Dividends received from equity accounted investments 714 13 10 – – 737 Associates Joint ventures 2020 US$M Antamina Cerrejón Individually (1) Samarco (2) Individually Total Current assets 974 712 49 (3) Non-current 4,743 2,462 3,601 Current liabilities (239 ) (170 ) (7,961 ) (4) Non-current (1,173 ) (854 ) (5,447 ) Net assets/(liabilities) – 100% 4,305 2,150 (9,758 ) Net assets/(liabilities) – Group share 1,453 717 (4,879 ) Adjustments to net assets related to accounting policy adjustments – 59 256 (5) Investment in Samarco – – 405 (6) Impairment of the carrying value of the investment in Samarco – – (930 ) (7) Additional share of Samarco losses – – 3,341 (8) Unrecognised losses – – 1,807 (9) Carrying amount of investments accounted for using the equity method 1,453 776 356 – – 2,585 Revenue – 100% 2,464 1,091 26 Profit/(loss) from Continuing operations – 100% 629 (182 ) (3,617 ) (10) Share of profit/(loss) of equity accounted investments 212 (68 ) (1,918 ) (11) Impairment of the carrying value of the investment in Samarco – – (95 ) (7) Additional share of Samarco losses – – 93 Unrecognised losses – – 1,412 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 212 (68 ) (148 ) (508 ) – (512 ) Comprehensive income/(loss) – 100% 629 (182 ) (3,617 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 212 (68 ) (148 ) (508 ) – (512 ) Dividends received from equity accounted investments 105 9 12 – – 126 Associates Joint ventures 2019 US$M Antamina Cerrejón Individually Samarco (2) Individually Total Revenue – 100% 3,203 2,094 24 Profit/(loss) from Continuing operations – 100% 1,168 309 (2,166 ) (10) Share of profit/(loss) of equity accounted investments 394 103 (1,075 ) (11) Impairment of the carrying value of the investment in Samarco – – (96 ) (7) Additional share of Samarco losses – – 108 Unrecognised losses – – 118 (9) Profit/(loss) from equity accounted investments, related impairments and expenses 394 103 (98 ) (945 ) – (546 ) Comprehensive income/(loss) – 100% 1,168 309 (2,166 ) Share of comprehensive income/(loss) – Group share in equity accounted investments 394 103 (98 ) (945 ) – (546 ) Dividends received from equity accounted investments 361 134 15 – – 510 (1) The unrecognised share of loss for the period was US$40 million (2020: unrecognised share of loss for the period was US$12 million), which increased the cumulative losses to US$233 million (2020: increase to US$193 million). (2) Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure in November 2015 on BHP Brasil’s share of Samarco’s losses. (3 ) Includes cash and cash equivalents of US$134 million (2020: US$15 million). (4) Includes current financial liabilities (excluding trade and other payables and provisions) of US$6,567 million (2020: US$6,023 million). (5) Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. (6) Working capital funding provided to Samarco during the period is capitalised as part of the Group’s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. (7) In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. (8) BHP Brasil has recognised accumulated additional share of Samarco losses of US$(4,442) million resulting from US$(3,945) million provisions relating to the Samarco dam failure, including US$(497) million recognised as net finance costs. (9) Share of Samarco’s losses for which BHP Brasil does not have an obligation to fund. (10) Includes depreciation and amortisation of US$154 million (2020: US$84 million; 2019: US$85 million), interest income of US$1 million (expense)/ (11) Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable. |
Interests in joint operations (
Interests in joint operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Summary of Significant Interests in Joint Operations | S Group’s interest Significant joint operations Country of operation Principal activity 2021 % 2020 Atlantis US Hydrocarbons production 44 44 Bass Strait Australia Hydrocarbons production 50 50 Macedon (1) Australia Hydrocarbons production 71.43 71.43 Mad Dog US Hydrocarbons production 23.9 23.9 North West Shelf Australia Hydrocarbons production 12.5–16.67 12.5–16.67 Pyrenees (1) Australia Hydrocarbons production 40–71.43 40–71.43 ROD Integrated Development (2) Algeria Hydrocarbons production 28.85 29.50 Shenzi (3) US Hydrocarbons production 72 44 Trinidad/Tobago (1)(4) Trinidad and Tobago Hydrocarbons production 45–68.46 45–68.46 Mt Goldsworthy (5) Australia Iron ore mining 85 85 Mt Newman (5) Australia Iron ore mining 85 85 Yandi (5) Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 (1) While the Group may hold a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements. (2) Group interest reflects the working interest and may vary year-on-year (3) Increase in Group interest reflects the acquisition of an additional 28 per cent working interest in Shenzi. The transaction was completed on 6 November 2020 for a purchase price of US$480 million after customary post-closing adjustments. Shenzi continues to be accounted for as a joint operation because BHP continues to have joint decision-making rights with the other joint venture partner (Repsol). The assets and liabilities related to the acquired interests have been accounted for in line with the principles of IFRS 3/AASB 3 ‘Business Combinations’ with no remeasurement of the Group’s previous interest. The acquisition resulted in increases to property plant and equipment of US$642 million, inventory of US$17 million and closure and rehabilitation liabilities of US$179 million. Fair value of the identifiable assets and liabilities approximate the consideration paid and therefore no goodwill or bargain purchase gain has been recognised for the acquisition. (4) Trinidad/Tobago joint operations include Greater Angostura and Ruby. (5) These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. |
Summary of Assets Held in Joint Operations | Assets held in joint operations subject to significant restrictions are as follows: Group’s share 2021 2020 US$M US$M Current assets 2,260 2,059 Non-current 38,725 37,193 Total assets (1) 40,985 39,252 (1) While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Transactions with Related Parties | Further disclosures related to related party transactions are as follows: Transactions with related parties Joint ventures Associates 2021 2020 2021 2020 US$M US$M US$M US$M Sales of goods/services – – – – Purchases of goods/services – – 1,564.073 967.276 Interest income – – 2.241 2.370 Interest expense – – – – Dividends received – – 737.250 126.187 Net loans (repayments from)/made to related parties – – (12.108 ) 12.273 |
Summary of Outstanding Balances with Related Parties | Outstanding balances with related parties Joint ventures Associates 2021 2020 2021 2020 US$M US$M US$M US$M Trade amounts owing to related parties – – 316.269 69.490 Loan amounts owing to related parties – – 17.097 5.097 Trade amounts owing from related parties – – 0.004 0.473 Loan amounts owing from related parties – – 40.651 40.759 |
Contingent liabilities (Tables)
Contingent liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Contingent Liabilities | 2021 2020 US$M US$M Associates and joint ventures (1) 1,532 1,314 Subsidiaries and joint operations (1) 1,615 1,534 Total 3,147 2,848 (1) There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Auditors' Remuneration | 2021 2020 2019 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 10.642 11.196 6.764 Audit of the accounts of subsidiaries, joint ventures and associates 1.234 1.262 5.127 Audit-related assurance services required by legislation to be provided by the auditor 1.770 1.815 1.358 Other assurance and agreed-upon procedures under legislation or contractual arrangements 1.867 2.003 1.266 Total assurance services 15.513 16.276 14.515 Fees payable to the Group’s auditors for non-assurance Other services – 0.400 0.013 Total other services – 0.400 0.013 Total fees 15.513 16.676 14.528 |
New and amended accounting st_2
New and amended accounting standards and interpretations and changes to accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Text block [abstract] | |
Summary of Retrospective Application of The Accounting Policy Change Has Resulted In The Adjustments in Consolidated Balance sheet | The consolidated balance sheet as at 1 July 2019 has been updated for the following: US$M Increase in Deferred tax liabilities 1,021 Increase in Goodwill (included within Intangible assets) 950 Decrease in Retained earnings (71 ) |
Supplementary oil and gas inf_2
Supplementary oil and gas information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Capitalised costs relating to oil and gas production activities | Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs relating to oil and gas exploration and production activities and related accumulated depreciation, depletion, amortisation and valuation provisions. Australia United States Other (1) Total US$M US$M US$M US$M Capitalised cost 2021 Unproved propertie s – 754 580 1,334 Proved properties 17,882 13,210 1,972 33,064 Total costs 17,882 13,964 2,552 34,398 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (12,720 ) (8,329 ) (1,483 ) (22,532 ) Net capitalised cost s 5,162 5,635 1,069 11,866 2020 Unproved properties 10 808 576 1,394 Proved properties 17,079 12,538 1,743 31,360 Total costs 17,089 13,346 2,319 32,754 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (11,423 ) (8,726 ) (1,370 ) (21,519 ) Net capitalised costs 5,666 4,620 949 11,235 2019 Unproved properties 10 875 458 1,343 Proved properties 16,514 11,751 1,625 29,890 Total costs 16,524 12,626 2,083 31,233 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (10,867 ) (8,339 ) (1,302 ) (20,508 ) Net capitalised costs 5,657 4,287 781 10,725 (1) Other is primarily comprised of Algeria, Mexico, and Trinidad and Tobago. |
Costs incurred relating to oil and gas property acquisition, exploration and development activities | Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows costs incurred relating to oil and gas property acquisition, exploration and development activities (whether charged to expense or capitalised). Amounts shown include interest capitalised. Australia United States (3) Other (4) Total US$M US$M US$M US$M 2021 Acquisitions of proved property – 642 – 642 Acquisitions of unproved property – 19 – 19 Exploration (1) 23 166 310 499 Development 201 749 184 1,134 Total costs (2) 224 1,576 494 2,294 2020 Acquisitions of proved property – – – – Acquisitions of unproved property – 38 6 44 Exploration (1) 38 278 370 686 Development 232 676 100 1,008 Total costs (2) 270 992 476 1,738 2019 Acquisitions of proved property – – – – Acquisitions of unproved property – 5 – 5 Exploration (1) 44 190 492 726 Development 132 792 54 978 Total costs (2) 176 987 546 1,709 (1) Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. (2) Total costs include US$1,160 million (2020: US$1,178 million; 2019: US$1,275 million) capitalised during the year. (3) Total costs include Onshore US assets of US$ nil (2020: US$ nil; 2019: US$331 million). (4) Other is primarily comprised of Algeria, Canada, Mexico and Trinidad and Tobago. |
Results of operations from oil and gas producing activities | Results of operations from oil and gas producing activities The following information is similar to the disclosures in note 1 ‘Segment reporting’ in section 3.1, but differs in several respects as to the level of detail and geographic information. Amounts shown in the following table exclude financial income, financial expenses, and general corporate overheads. Further, the amounts shown below include Onshore US however the disclosures in note 1 ‘Segment reporting’ in Section 3.1 do not. Income taxes were determined by applying the applicable statutory rates to pre-tax Australia United States (7) Other (8) Total US$M US$M US$M US$M 2021 Oil and gas revenue (1) 2,272 1,244 368 3,884 Production costs (487 ) (267 ) (93 ) (847 ) Exploration expenses (23 ) (164 ) (305 ) (492 ) Depreciation, depletion, amortisation and valuation provision (2) (1,210 ) (489 ) (113 ) (1,812 ) Production taxes (3) (125 ) – (11 ) (136 ) 427 324 (154 ) 597 Accretion expense (4) (89 ) (22 ) (7 ) (118 ) Income taxes (46 ) (78 ) (115 ) (239 ) Royalty-related taxes (5) 11 – – 11 Results of oil and gas producing activities (6) 303 224 (276 ) 251 2020 Oil and gas revenue (1) 2,535 1,101 350 3,986 Production costs (575 ) (161 ) (80 ) (816 ) Exploration expenses (37 ) (271 ) (252 ) (560 ) Depreciation, depletion, amortisation and valuation provision (2) (906 ) (476 ) (75 ) (1,457 ) Production taxes (3) (177 ) (1 ) (13 ) (191 ) 840 192 (70 ) 962 Accretion expense (4) (78 ) (24 ) (10 ) (112 ) Income taxes (275 ) (35 ) (157 ) (467 ) Royalty-related taxes (5) (85 ) – – (85 ) Results of oil and gas producing activities (6) 402 133 (237 ) 298 2019 Oil and gas revenue (1) 3,404 2,675 610 6,689 Production costs (752 ) (568 ) (118 ) (1,438 ) Exploration expenses (44 ) (162 ) (229 ) (435 ) Depreciation, depletion, amortisation and valuation provision (2) (917 ) (621 ) (103 ) (1,641 ) Production taxes (3) (198 ) – (25 ) (223 ) 1,493 1,324 135 2,952 Accretion expense (4) (80 ) (34 ) (13 ) (127 ) Income taxes (530 ) (193 ) (267 ) (990 ) Royalty-related taxes (5) (164 ) – – (164 ) Results of oil and gas producing activities (6) 719 1,097 (145 ) 1,671 (1) Includes sales to affiliated companies of US$51 million (2020: US$62 million; 2019: US$75 million). (2) Includes valuation provision of US$101 million (2020: US$12 million; 2019: US$21 million). (3) Includes royalties and excise duty. (4) Represents the unwinding of the discount on the closure and rehabilitation provision. (5) Includes petroleum resource rent tax and petroleum revenue tax where applicable. (6) Amounts shown exclude financial income, financial expenses and general corporate overheads and, accordingly, do not represent all of the operations attributable to the Petroleum segment presented in note 1 ‘Segment reporting’ in section 3.1. (7) Results of oil and gas producing activities includes Onshore US assets of US$ nil (2020: US$ nil; 2019: US$431 million). (8) Other is primarily comprised of Algeria, Canada, Mexico, Trinidad and Tobago and the United Kingdom (divested 30 November 2018). |
Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) | The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in section 4.6.1 Petroleum reserves, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of unweighted average first-day-of-the-month 12-months, year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Australia United States Other (1) Total US$M US$M US$M US$M Standardised measure 2021 Future cash inflows 8,948 13,437 1,561 23,946 Future production costs (3,783 ) (5,122 ) (418 ) (9,323 ) Future development costs (4,118 ) (2,996 ) (261 ) (7,375 ) Future income taxes (2) 706 (944 ) (438 ) (676 ) Future net cash flows 1,753 4,375 444 6,572 Discount at 10 per cent per annum (160 ) (1,468 ) (93 ) (1,721 ) Standardised measure 1,593 2,907 351 4,851 2020 Future cash inflows 11,526 12,997 1,660 26,183 Future production costs (4,027 ) (4,943 ) (494 ) (9,464 ) Future development costs (4,124 ) (3,242 ) (433 ) (7,799 ) Future income taxes (2) (187 ) (880 ) (473 ) (1,540 ) Future net cash flows 3,188 3,932 260 7,380 Discount at 10 per cent per annum (642 ) (1,586 ) (94 ) (2,322 ) Standardised measure 2,546 2,346 166 5,058 2019 Future cash inflows 18,292 18,076 1,807 38,175 Future production costs (4,710 ) (4,917 ) (459 ) (10,086 ) Future development costs (3,860 ) (4,516 ) (226 ) (8,602 ) Future income taxes (2) (2,551 ) (1,657 ) (711 ) (4,919 ) Future net cash flows 7,171 6,986 411 14,568 Discount at 10 per cent per annum (1,926 ) (3,396 ) (94 ) (5,416 ) Standardised measure 5,245 3,590 317 9,152 (1) Other is primarily comprised of Algeria and Trinidad and Tobago. (2) Future income taxes include credits to be received as a result of oil and gas operations and the utilisation of future tax losses by the Group. |
Changes in the Standardised measure | Changes in the Standardised measure are presented in the following table. 2021 2020 2019 US$M US$M US$M Changes in the Standardised measure Standardised measure at the beginning of the year 5,058 9,152 10,240 Revisions: Prices, net of production costs (175 ) (5,633 ) 3,821 Changes in future development costs (238 ) 330 (228 ) Revisions of reserves quantity estimates (1) (107 ) (229 ) 1,268 Accretion of discount 678 1,313 1,178 Changes in production timing and other 360 (310 ) (618 ) 5,576 4,623 15,661 Sales of oil and gas, net of production costs (2,901 ) (2,980 ) (5,029 ) Acquisitions of reserves-in-place 462 – – Sales of reserves-in-place (2) 44 – (1,489 ) Previously estimated development costs incurred 1,075 1,005 545 Extensions, discoveries, and improved recoveries, net of future costs 17 145 (33 ) Changes in future income taxes 578 2,265 (503 ) Standardised measure at the end of the year 4,851 5,058 9,152 (1) Changes in reserves quantities are shown in the Petroleum reserves tables in section 4.6.1. (2) Onshore US assets disposal in 2019. |
Capitalised exploratory well costs | The following table provides the changes to capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 30 June 2021, 30 June 2020 and 30 June 2019. 2021 2020 2019 US$M US$M US$M Movement in capitalised exploratory well costs At the beginning of the year 1,089 1,040 794 Additions to capitalised exploratory well costs pending the determination of proved reserves 7 120 297 Capitalised exploratory well costs charged to expense (66 ) – (9 ) Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves – (6 ) (42 ) Sale of suspended wells – (65 ) – At the end of the year 1,030 1,089 1,040 |
Ageing of capitalised exploratory well costs | The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term ‘project’ as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2021 2020 2019 US$M US$M US$M Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 7 120 210 Exploratory well costs capitalised for a period greater than one year 1,023 969 830 At the end of the year 1,030 1,089 1,040 2021 2020 2019 Number of projects that have been capitalised for a period greater than one year 15 14 13 |
Number of crude oil and natural gas wells drilled and completed | Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 30 June 2021 Australia – – – 1 – 1 1 United States (1) – – – 1 – 1 1 Other (2) – 1 1 1 – 1 2 Total – 1 1 3 – 3 4 Year ended 30 June 2020 Australia – – – – – – – United States (1) – – – – 1 1 1 Other (2) 1 1 2 1 – 1 3 Total 1 1 2 1 1 2 4 Year ended 30 June 2019 Australia – – – 1 – 1 1 United States (1) 1 – 1 33 – 33 34 Other (2) 4 2 6 – – – 6 Total 5 2 7 34 – 34 41 (1) Includes Onshore US assets net productive development wells of nil (2020: nil; 2019: 33). Includes Onshore US assets net exploratory wells of nil for 2021, 2020 and 2019. (2) Other is primarily comprised of Algeria, Mexico and Trinidad and Tobago. |
Number of productive crude oil and natural gas wells in which we held an interest | The number of productive crude oil and natural gas wells in which the Group held an interest at 30 June 2021 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 334 166 176 66 510 232 United States 55 27 – – 55 27 Other (1) 61 23 8 4 69 27 Total 450 216 184 70 634 286 (1) Other is primarily comprised of Algeria and Trinidad and Tobago. |
Developed and undeveloped acreage (including both leases and concessions) held | Developed and undeveloped acreage (including both leases and concessions) held at 30 June 2021 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,423 897 391 148 United States 92 41 403 339 Other (1)(2) 160 67 3,394 3,104 Total 2,675 1,005 4,188 3,591 (1 ) Developed acreage in Other primarily consists of Algeria and Trinidad and Tobago. (2) Undeveloped acreage in Other primarily consists of Barbados, Canada, Mexico and Trinidad and Tobago. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Disclosure of operating segments [line items] | |||
Number of reportable segment | Segment | 4 | ||
Goodwill | $ 1,197 | $ 1,197 | |
Operating segments [member] | Copper [Member] | Restated balance [member] | Olympic Dam [member] | |||
Disclosure of operating segments [line items] | |||
Goodwill | 950 | $ 950 | |
Material reconciling items [member] | Restated balance [member] | |||
Disclosure of operating segments [line items] | |||
Deferred tax liabilities | $ 1,021 | $ 1,021 |
Segment Reporting - Summary of
Segment Reporting - Summary of Reportable Segments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 60,817 | $ 42,931 | $ 44,288 |
Underlying EBITDA | 37,379 | 22,071 | 23,158 |
Depreciation and amortisation | (6,824) | (6,112) | (5,829) |
Impairment losses | (264) | (85) | (264) |
Underlying EBIT | 30,291 | 15,874 | 17,065 |
Exceptional items | (4,385) | (1,453) | (952) |
Net finance costs | (1,305) | (911) | (1,064) |
Profit before taxation | 24,601 | 13,510 | 15,049 |
Capital expenditure (cash basis) | 6,606 | 6,900 | 6,250 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (921) | (512) | (546) |
Investments accounted for using the equity method | 1,742 | 2,585 | 2,569 |
Total assets | 108,927 | 105,733 | 101,811 |
Total liabilities | 53,322 | 53,558 | 50,058 |
Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 60,817 | 42,931 | 44,288 |
Operating segments [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 3,946 | 4,070 | 5,930 |
Underlying EBITDA | 2,300 | 2,207 | 4,061 |
Depreciation and amortisation | (1,739) | (1,445) | (1,560) |
Impairment losses | (128) | (12) | (21) |
Underlying EBIT | 433 | 750 | 2,480 |
Exceptional items | (47) | (6) | |
Capital expenditure (cash basis) | 994 | 909 | 645 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (6) | (4) | (2) |
Investments accounted for using the equity method | 253 | 245 | 239 |
Total assets | 13,775 | 13,071 | 12,434 |
Total liabilities | 5,811 | 4,824 | 4,102 |
Operating segments [member] | Petroleum [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 3,895 | 4,008 | 5,853 |
Operating segments [member] | Petroleum [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 51 | 62 | 77 |
Operating segments [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 15,726 | 10,666 | 10,838 |
Underlying EBITDA | 8,489 | 4,347 | 4,550 |
Depreciation and amortisation | (1,608) | (1,740) | (1,835) |
Impairment losses | (72) | (17) | (128) |
Underlying EBIT | 6,809 | 2,590 | 2,587 |
Exceptional items | (144) | (1,228) | |
Capital expenditure (cash basis) | 2,180 | 2,434 | 2,735 |
(Loss)/profit from equity accounted investments, related impairments and expenses | 692 | 67 | 303 |
Investments accounted for using the equity method | 1,482 | 1,558 | 1,472 |
Total assets | 31,517 | 28,892 | 28,378 |
Total liabilities | 4,589 | 3,535 | 3,340 |
Operating segments [member] | Copper [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 15,726 | 10,666 | 10,838 |
Operating segments [member] | Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 34,475 | 20,797 | 17,255 |
Underlying EBITDA | 26,278 | 14,554 | 11,129 |
Depreciation and amortisation | (1,971) | (1,608) | (1,653) |
Impairment losses | (13) | (22) | (79) |
Underlying EBIT | 24,294 | 12,924 | 9,397 |
Exceptional items | (1,319) | (614) | (971) |
Capital expenditure (cash basis) | 2,188 | 2,328 | 1,611 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (1,126) | (508) | (945) |
Total assets | 26,171 | 23,841 | 22,592 |
Total liabilities | 7,508 | 5,441 | 5,106 |
Operating segments [member] | Iron Ore [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 34,475 | 20,797 | 17,251 |
Operating segments [member] | Iron Ore [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4 | ||
Operating segments [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,154 | 6,242 | 9,121 |
Underlying EBITDA | 288 | 1,632 | 4,067 |
Depreciation and amortisation | (845) | (807) | (632) |
Impairment losses | (20) | (14) | (35) |
Underlying EBIT | (577) | 811 | 3,400 |
Exceptional items | (1,567) | (18) | |
Capital expenditure (cash basis) | 579 | 603 | 655 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (480) | (68) | 103 |
Investments accounted for using the equity method | 776 | 853 | |
Total assets | 11,030 | 12,110 | 12,124 |
Total liabilities | 3,518 | 2,601 | 2,450 |
Operating segments [member] | Coal [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,154 | 6,241 | 9,121 |
Operating segments [member] | Coal [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1 | ||
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,516 | 1,156 | 1,144 |
Underlying EBITDA | 24 | (669) | (649) |
Depreciation and amortisation | (661) | (512) | (149) |
Impairment losses | (31) | (20) | (1) |
Underlying EBIT | (668) | (1,201) | (799) |
Exceptional items | (1,308) | 413 | 19 |
Capital expenditure (cash basis) | 665 | 626 | 604 |
(Loss)/profit from equity accounted investments, related impairments and expenses | (1) | 1 | (5) |
Investments accounted for using the equity method | 7 | 6 | 5 |
Total assets | 26,434 | 27,819 | 26,283 |
Total liabilities | 31,896 | 37,157 | 35,060 |
Group and unallocated items/eliminations [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,567 | 1,219 | 1,225 |
Group and unallocated items/eliminations [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ (51) | $ (63) | $ (81) |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reportable segments [line items] | |||
Exceptional impairment losses | $ 2,371 | $ 409 | $ 0 |
Exceptional items | (4,385) | (1,453) | (952) |
Other income | 510 | 777 | 393 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Exceptional items | (1,308) | 413 | 19 |
Group and unallocated items/eliminations [member] | Samarco dam failure [member] | |||
Disclosure of reportable segments [line items] | |||
Exceptional items | (14) | (32) | (31) |
Other income | $ 34 | $ 489 | $ 50 |
Segment Reporting - Summary o_3
Segment Reporting - Summary of Geographical Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 60,817 | $ 42,931 | $ 44,288 |
Non-current assets | 82,234 | 84,262 | |
Restated balance [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 78,438 | ||
Unallocated assets [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 3,522 | 6,210 | 5,067 |
Australia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,951 | 2,232 | 2,568 |
Non-current assets | 48,612 | 48,236 | |
Australia [member] | Restated balance [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 45,963 | ||
Europe [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,050 | 1,156 | 1,875 |
China [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 39,727 | 26,576 | 24,274 |
Japan [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 4,808 | 3,904 | 4,193 |
India [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,189 | 1,475 | 2,479 |
South Korea [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,436 | 2,666 | 2,550 |
Rest of Asia [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,603 | 2,583 | 2,940 |
North America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,432 | 1,827 | 2,442 |
Non-current assets | 9,701 | 9,682 | 8,633 |
South America [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 426 | 315 | 662 |
Non-current assets | 18,548 | 18,179 | 18,404 |
Rest of world [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 195 | 197 | 305 |
Non-current assets | $ 1,851 | $ 1,955 | $ 371 |
Segment Reporting - Summary o_4
Segment Reporting - Summary of Geographical Information (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Goodwill | $ 1,197 | $ 1,197 | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Olympic Dam [member] | |||
Statement [Line Items] | |||
Goodwill | $ 950 | $ 950 |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Segment and Asset (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 60,817 | $ 42,931 | $ 44,288 |
Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 60,817 | 42,931 | 44,288 |
Operating segments [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 3,946 | 4,070 | 5,930 |
Operating segments [member] | Petroleum [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 3,895 | 4,008 | 5,853 |
Operating segments [member] | Petroleum [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 51 | 62 | 77 |
Operating segments [member] | Petroleum [member] | Australia Production Unit [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 327 | 361 | 507 |
Operating segments [member] | Petroleum [member] | Bass Strait Australia [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,066 | 1,102 | 1,237 |
Operating segments [member] | Petroleum [member] | North West Shelf Australia [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 893 | 1,076 | 1,657 |
Operating segments [member] | Petroleum [member] | Atlantis [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 560 | 561 | 979 |
Operating segments [member] | Petroleum [member] | Shenzi [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 417 | 277 | 540 |
Operating segments [member] | Petroleum [member] | Mad Dog [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 231 | 216 | 319 |
Operating segments [member] | Petroleum [member] | Trinidad/Tobago [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 204 | 191 | 287 |
Operating segments [member] | Petroleum [member] | Algeria [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 164 | 159 | 258 |
Operating segments [member] | Petroleum [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 11 | 39 | 10 |
Operating segments [member] | Petroleum [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 73 | 88 | 136 |
Operating segments [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 15,726 | 10,666 | 10,838 |
Operating segments [member] | Copper [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 15,726 | 10,666 | 10,838 |
Operating segments [member] | Copper [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 2,244 | 1,089 | 1,109 |
Operating segments [member] | Copper [member] | Escondida [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 9,470 | 6,719 | 6,876 |
Operating segments [member] | Copper [member] | Pampa Norte [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,801 | 1,395 | 1,502 |
Operating segments [member] | Copper [member] | Olympic Dam [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 2,211 | 1,463 | 1,351 |
Operating segments [member] | Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 34,475 | 20,797 | 17,255 |
Operating segments [member] | Iron Ore [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 34,475 | 20,797 | 17,251 |
Operating segments [member] | Iron Ore [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4 | ||
Operating segments [member] | Iron Ore [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 18 | 15 | 32 |
Operating segments [member] | Iron Ore [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 120 | 119 | 157 |
Operating segments [member] | Iron Ore [member] | Western Australia Iron Ore [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 34,337 | 20,663 | 17,066 |
Operating segments [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,154 | 6,242 | 9,121 |
Operating segments [member] | Coal [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 5,154 | 6,241 | 9,121 |
Operating segments [member] | Coal [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1 | ||
Operating segments [member] | Coal [member] | Third party products [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 19 | ||
Operating segments [member] | Coal [member] | Other [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 2 | ||
Operating segments [member] | Coal [member] | Queensland Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4,315 | 5,357 | 7,679 |
Operating segments [member] | Coal [member] | New South Wales Energy Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 839 | 885 | 1,421 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,516 | 1,156 | 1,144 |
Group and unallocated items/eliminations [member] | Revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,567 | 1,219 | 1,225 |
Group and unallocated items/eliminations [member] | Inter-segment revenue [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ (51) | $ (63) | $ (81) |
Revenue - Summary of Revenue _2
Revenue - Summary of Revenue by Segment and Asset (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reportable segments [line items] | |||
Revenue | $ 60,817 | $ 42,931 | $ 44,288 |
Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,516 | 1,156 | 1,144 |
Crude oil [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 2,013 | 2,033 | 3,171 |
Natural gas [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 977 | 980 | 1,259 |
LNG [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 682 | 774 | 1,179 |
NGL [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 212 | 198 | 263 |
Other petroleum [member] | Petroleum [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 62 | 85 | 58 |
Only copper [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 14,812 | 10,044 | 10,215 |
Other metals [member] | Copper [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 914 | 622 | 623 |
Metallurgical coal [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 4,260 | 5,311 | 7,568 |
Thermal coal [member] | Coal [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 894 | 931 | 1,553 |
Nickel West [member] | Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | 1,545 | 1,189 | 1,193 |
Other revenue [member] | Group and unallocated items/eliminations [member] | |||
Disclosure of reportable segments [line items] | |||
Revenue | $ 22 | $ 30 | $ 32 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reportable segments [line items] | |||
Revenue from contracts with customers | $ 59,302 | $ 43,087 | $ 44,361 |
Other revenue adjustments | $ 1,515 | $ (156) | $ (73) |
Bottom of range [member] | |||
Disclosure of reportable segments [line items] | |||
Provisional pricing period | 60 days | ||
Top of range [member] | |||
Disclosure of reportable segments [line items] | |||
Provisional pricing period | 120 days |
Exceptional Items - Summary of
Exceptional Items - Summary of Exceptional Items by Category (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of exceptional items [line items] | |||
Exceptional items gross | $ (4,470) | $ (1,546) | $ (1,060) |
Exceptional items tax | (1,327) | 241 | 242 |
Exceptional items net | (5,797) | (1,305) | (818) |
Samarco dam failure [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (1,087) | (176) | (1,060) |
Exceptional items tax | (71) | ||
Exceptional items net | (1,158) | (176) | (1,060) |
Impairment of Energy coal assets [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (1,523) | ||
Exceptional items tax | (651) | ||
Exceptional items net | (2,174) | ||
Cancellation Of Power Contracts [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (778) | ||
Exceptional items tax | 271 | ||
Exceptional items net | (507) | ||
Global taxation matters [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items tax | 242 | ||
Exceptional items net | 242 | ||
Non-controlling interests [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (34) | (291) | |
Exceptional items tax | 10 | 90 | |
Exceptional items net | (24) | (201) | |
Attributable to BHP shareholders [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (4,436) | (1,255) | (1,060) |
Exceptional items tax | (1,337) | 151 | 242 |
Exceptional items net | (5,773) | (1,104) | $ (818) |
COVID-19 related costs [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (546) | (183) | |
Exceptional items tax | 146 | 53 | |
Exceptional items net | (400) | (130) | |
Cerro Colorado impairment [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (409) | ||
Exceptional items tax | (83) | ||
Exceptional items net | $ (492) | ||
Impairment of Potash assets [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items gross | (1,314) | ||
Exceptional items tax | (751) | ||
Exceptional items net | $ (2,065) |
Exceptional Items - Additional
Exceptional Items - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of exceptional items [line items] | |||
Exceptional items net | $ 5,797 | $ 1,305 | $ 818 |
Samarco dam failure [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items net | 1,158 | 176 | $ 1,060 |
Cerro Colorado impairment [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items net | $ 492 | ||
Current environmental licence, Expiry date | CY2023 | ||
New South Wales Energy Coal [member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items net | 1,704 | ||
Cerrejón [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items net | 470 | ||
Impairment of Potash assets [Member] | |||
Disclosure of exceptional items [line items] | |||
Exceptional items net | $ 2,065 |
Exceptional Items - Summary o_2
Exceptional Items - Summary of Exceptional Items Related to the Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of exceptional items [line items] | |||
Other income | $ 510 | $ 777 | $ 393 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure | (34,500) | (28,775) | (28,022) |
Loss from equity accounted investments, related impairments and expenses: | |||
Samarco impairment expense | (2,635) | (494) | (264) |
Fair value change on forward exchange derivatives | (145) | (422) | (8) |
Net finance costs | (1,305) | (911) | (1,064) |
Income tax expense | (11,150) | (4,774) | (5,529) |
Total | (5,797) | (1,305) | (818) |
Samarco dam failure [member] | |||
Disclosure of exceptional items [line items] | |||
Other income | 34 | 489 | 50 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure | (46) | (64) | (57) |
Loss from equity accounted investments, related impairments and expenses: | |||
Samarco impairment expense | (111) | (95) | (96) |
Samarco Germano dam decommissioning | (15) | 46 | (263) |
Samarco dam failure provision | (1,000) | (459) | (586) |
Fair value change on forward exchange derivatives | 136 | ||
Net finance costs | (85) | (93) | (108) |
Income tax expense | (71) | ||
Total | $ (1,158) | $ (176) | $ (1,060) |
Significant Events - Additional
Significant Events - Additional Information (Detail) R$ in Millions, $ in Millions | Aug. 08, 2018USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2021BRL (R$) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Aug. 08, 2018BRL (R$) |
Disclosure of significant events [line items] | |||||||||
Funding provided during the period | $ 219 | ||||||||
Impairment losses | 2,635 | $ 494 | $ 264 | ||||||
Settlement claim | $ 2,848 | 3,147 | 2,848 | ||||||
Income recognised from insurance settlements | $ 573 | ||||||||
Termination of criminal charges against affected individuals by the federal court | 8 | ||||||||
Appeal against termination of criminal charges still pending in federal court | 7 | ||||||||
Samarco dam failure [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Percentage of charges recognised in Group's results | 100.00% | ||||||||
Impairment losses | $ 111 | 95 | 96 | ||||||
Provision in addition to obligations under the Framework Agreement | 2,051 | 2,792 | 2,051 | $ 1,914 | |||||
Samarco dam failure [member] | State Prosecutors in Minas Gerais [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | 1,500 | R$ 7500.0 | |||||||
Samarco dam failure [member] | State Prosecutors in Esprito Santo [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | $ 400 | 2,000 | |||||||
Samarco dam failure [member] | Public defenders in Minas Gerais [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | 2,000 | $ 2,000 | 10,000 | ||||||
Samarco dam failure [member] | Framework agreement [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Term of agreement | 15 years | ||||||||
Term of agreement renewable | 1 year | ||||||||
Samarco dam failure [member] | Governance Agreement [member] | Federal public prosecution office claim [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Term of agreement | 2 years | ||||||||
Settlement claim | $ 30,000 | 155,000 | |||||||
Preliminary agreement suspended amount | $ 1,500 | R$ 7700.0 | |||||||
Samarco dam failure [member] | Governance Agreement [member] | Federal public prosecution office claim [member] | Definitive And Substantive Settlement Obligation Member [Member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | $ 30,000 | 155,000 | |||||||
Samarco Mineracao S.A. [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Percentage of interest in joint venture investment | 50.00% | 50.00% | |||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Commitments | 400 | $ 700 | $ 400 | ||||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian Social Contribution Levy [Member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | 1,200 | 1,200 | 1,200 | 5,900 | |||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Brazilian Corporate Income Tax Rate [Member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Settlement claim | 900 | 900 | 900 | 4,600 | |||||
Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Framework agreement [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Provision in addition to obligations under the Framework Agreement | 200 | 200 | 200 | ||||||
BHP Brasil Ltda [member] | Samarco Germano dam decommissioning [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Provision | $ 232 | 227 | |||||||
Percentage of decommissioning cost | 50.00% | ||||||||
BHP Brasil Ltda [member] | Framework agreement [member] | Insurance bonds [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Interim security amount preliminary agreement | $ 260 | 1.3 | |||||||
BHP Brasil Ltda [member] | Samarco dam failure [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Funding provided during the period | 111 | ||||||||
Impairment losses | 111 | ||||||||
BHP Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Provision in addition to obligations under the Framework Agreement | 1,800 | $ 2,600 | 1,800 | ||||||
Percentage of remaining costs expected to be incurred by December 2021 | 85.00% | ||||||||
BHP Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | Insurance bonds [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Interim security amount preliminary agreement | $ 440 | 2,200 | |||||||
BHP Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | Charge over assets [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Interim security amount preliminary agreement | 160 | 800 | |||||||
BHP Brasil Ltda [member] | Samarco dam failure [member] | Framework agreement [member] | Liquid assets [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Interim security amount preliminary agreement | 20 | R$ 100.0 | |||||||
BHP Brasil Ltda [member] | Samarco Mineracao S.A. [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Investment in Samarco | 0 | ||||||||
Dividends received | 0 | ||||||||
Profits available for distribution | $ 0 | ||||||||
Percentage of interest in joint venture investment | 50.00% | ||||||||
Commitments | 200 | $ 350 | $ 200 | ||||||
Payment of approved amount to jointventure | $ 40 | ||||||||
BHP Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Commitments amount | $ 765 | ||||||||
BHP Brasil Ltda [member] | Samarco Mineracao S.A. [member] | Samarco dam failure [member] | Dam Stabilisation And Expert Costs [Member] | |||||||||
Disclosure of significant events [line items] | |||||||||
Commitments amount | $ 725 |
Significant Events - Summary of
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income statement | |||
Other income | $ 510 | $ 777 | $ 393 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure | (34,500) | (28,775) | (28,022) |
Loss from equity accounted investments, related impairments and expenses: | |||
Samarco impairment expense | (2,635) | (494) | (264) |
Fair value change on forward exchange derivatives | (145) | (422) | (8) |
Loss from operations | (4,385) | (1,453) | (952) |
Net finance costs | (1,305) | (911) | (1,064) |
Loss before taxation | (4,470) | (1,546) | (1,060) |
Income tax expense | (11,150) | (4,774) | (5,529) |
Loss after taxation | (5,797) | (1,305) | (818) |
Balance sheet movement | |||
Trade and other payables | (1,201) | 755 | (406) |
Cash flow statement | |||
Loss before taxation | (4,470) | (1,546) | (1,060) |
Adjustments for: | |||
Samarco impairment expense | 2,635 | 494 | 264 |
Fair value change on forward exchange derivatives | 145 | 422 | 8 |
Net finance costs | 1,305 | 911 | 1,064 |
Changes in assets and liabilities: | |||
Trade and other payables | 1,201 | (755) | 406 |
Net operating cash flows | 27,234 | 15,706 | 17,871 |
Net investing cash flows | (7,845) | (7,616) | 2,607 |
Samarco dam failure [member] | |||
Income statement | |||
Other income | 34 | 489 | 50 |
Expenses excluding net finance costs: | |||
Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure | (46) | (64) | (57) |
Loss from equity accounted investments, related impairments and expenses: | |||
Samarco impairment expense | (111) | (95) | (96) |
Samarco Germano dam decommissioning | (15) | 46 | (263) |
Samarco dam failure provision | (1,000) | (459) | (586) |
Fair value change on forward exchange derivatives | 136 | ||
Loss from operations | (1,002) | (83) | (952) |
Net finance costs | (85) | (93) | (108) |
Loss before taxation | (1,087) | (176) | (1,060) |
Income tax expense | (71) | ||
Loss after taxation | (1,158) | (176) | (1,060) |
Balance sheet movement | |||
Trade and other payables | (5) | (5) | 4 |
Derivatives | 136 | ||
Tax liabilities | (71) | ||
Provisions | (741) | (137) | (629) |
Net liabilities | (681) | (142) | (625) |
Cash flow statement | |||
Loss before taxation | (1,087) | (176) | (1,060) |
Adjustments for: | |||
Samarco impairment expense | 111 | 95 | 96 |
Samarco Germano dam decommissioning | 15 | (46) | 263 |
Samarco dam failure provision | 1,000 | 459 | 586 |
Fair value change on forward exchange derivatives | (136) | ||
Net finance costs | 85 | 93 | 108 |
Changes in assets and liabilities: | |||
Trade and other payables | 5 | 5 | (4) |
Net operating cash flows | (7) | 430 | (11) |
Net investment and funding of equity accounted investments | (470) | (464) | (424) |
Net investing cash flows | (470) | (464) | (424) |
Net decrease in cash and cash equivalents | $ (477) | $ (34) | $ (435) |
Significant Events - Summary _2
Significant Events - Summary of Financial Impacts of Samarco Dam Failure (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of exceptional items [line items] | |||
Funding provided during the period | $ (219) | ||
Samarco Germano Dam Decommissioning one [Member] | |||
Disclosure of exceptional items [line items] | |||
Change in estimate | (6) | $ 37 | $ 263 |
Exchange translation | 21 | (83) | 0 |
Utilisation | (8) | (4) | 0 |
Samarco dam failure one [Member] | |||
Disclosure of exceptional items [line items] | |||
Change in estimate | 842 | 916 | 579 |
Exchange translation | 158 | (457) | 7 |
Funding provided during the period | (111) | (95) | (96) |
Utilisation | $ (351) | $ (365) | $ (328) |
Significant Events - Summary _3
Significant Events - Summary of Provision for Samarco Dam Failure (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of other provisions [line items] | ||
Current | $ 3,696 | $ 2,810 |
Non-current | 13,799 | 11,185 |
Samarco dam failure [member] | ||
Disclosure of other provisions [line items] | ||
At the beginning of the financial year | 2,051 | 1,914 |
Movement in provisions | 741 | 137 |
Utilised | (359) | (369) |
Change in estimate - Samarco dam failure provision | 842 | 916 |
Change in estimate - Samarco Germano dam decommissioning | (6) | 37 |
Amortisation of discounting impacting net finance costs | 85 | 93 |
Exchange translation | 179 | (540) |
Current | 1,206 | 896 |
Non-current | 1,586 | 1,155 |
At the end of the financial year | 2,792 | 2,051 |
Samarco dam failure provision | 2,560 | 1,824 |
Samarco Germano dam decommissioning provision | $ 232 | $ 227 |
Expenses and Other Income - Sum
Expenses and Other Income - Summary of Expenses and Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee benefits expense: | |||
Wages, salaries and redundancies | $ 4,399,000 | $ 3,706,000 | $ 3,683,000 |
Employee share awards | 123,525 | 128,999 | 138,275 |
Social security costs | 3,000 | 2,000 | 4,000 |
Pension and other post-retirement obligations | 316,000 | 283,000 | 292,000 |
Less employee benefits expense classified as exploration and evaluation expenditure | (119,000) | (65,000) | (85,000) |
Changes in inventories of finished goods and work in progress | (334,000) | (326,000) | 496,000 |
Raw materials and consumables used | 4,940,000 | 5,509,000 | 4,591,000 |
Freight and transportation | 2,037,000 | 1,981,000 | 2,378,000 |
External services | 5,260,000 | 4,404,000 | 4,745,000 |
Third party commodity purchases | 2,230,000 | 1,139,000 | 1,069,000 |
Net foreign exchange losses/(gains) | 310,000 | (603,000) | (147,000) |
Fair value change on derivatives | 145,000 | 422,000 | 8,000 |
Government royalties paid and payable | 3,217,000 | 2,362,000 | 2,538,000 |
Exploration and evaluation expenditure incurred and expensed in the current period | 430,000 | 517,000 | 516,000 |
Depreciation and amortisation expense | 6,824,000 | 6,112,000 | 5,829,000 |
Net impairments: | |||
Property, plant and equipment | 2,583,000 | 494,000 | 250,000 |
Goodwill and other intangible assets | 52,000 | 14,000 | |
All other operating expenses | 2,083,000 | 2,709,000 | 1,703,000 |
Total expenses | 34,500,000 | 28,775,000 | 28,022,000 |
Insurance recoveries | (46,000) | (489,000) | (57,000) |
Other income | (464,000) | (288,000) | (336,000) |
Total other income | $ (510,000) | $ (777,000) | $ (393,000) |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 9,825 | $ 5,109 | $ 5,408 |
Deferred tax expense/(benefit) | 1,325 | (335) | 121 |
Total taxation expense | $ 11,150 | $ 4,774 | $ 5,529 |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax expense differs to the standard rate of corporation tax as follows: | |||
Profit before taxation | $ 24,601 | $ 13,510 | $ 15,049 |
Tax on profit at Australian prima facie tax rate of 30 per cent | 7,380 | 4,053 | 4,515 |
Non-tax effected operating losses and capital gains | 3,112 | 707 | 742 |
Tax on remitted and unremitted foreign earnings | 485 | 225 | 283 |
Tax effect of loss from equity accounted investments, related impairments and expenses | 317 | 154 | 164 |
Investment and development allowance | (99) | (94) | |
Tax rate changes | (1) | (8) | 6 |
Amounts (over)/under provided in prior years | (11) | 64 | (21) |
Recognition of previously unrecognised tax assets | (28) | (30) | (10) |
Foreign exchange adjustments | (95) | 20 | (25) |
Impact of tax rates applicable outside of Australia | (603) | (167) | (312) |
Other | 365 | (211) | 87 |
Income tax expense | 10,921 | 4,708 | 5,335 |
Royalty-related taxation (net of income tax benefit) | 229 | 66 | 194 |
Total taxation expense | $ 11,150 | $ 4,774 | $ 5,529 |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Factors Affecting Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax expense benefits [line items] | |||
Australian prima facie tax rate | 30.00% | 30.00% | 30.00% |
Income Tax Expense - Summary _4
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flow hedges: | |||
Gains/(losses) taken to equity | $ (259) | $ 94 | $ 98 |
(Gains)/losses transferred to the income statement | 252 | (89) | (90) |
Others | (1) | ||
Income tax credit/(charge) relating to items that may be reclassified subsequently to the income statement | (8) | 5 | 8 |
Items that will not be reclassified to the income statement: | |||
Remeasurement gains/(losses) on pension and medical schemes | (21) | 25 | 7 |
Others | 1 | 1 | 12 |
Income tax (charge)/credit relating to items that will not be reclassified to the income statement | (20) | 26 | 19 |
Total income tax (charge)/credit relating to components of other comprehensive income | $ (28) | $ 31 | $ 27 |
Income Tax Expense - Summary _5
Income Tax Expense - Summary of Income Tax Recognised in Other Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Major components of tax expense (income) [abstract] | |||
Income tax relating to components of other comprehensive income, deferred taxes | $ (28) | $ 31 | $ 15 |
Income tax relating to components of other comprehensive income, current taxes | $ 0 | $ 0 | $ 12 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings attributable to BHP shareholders | |||
Continuing operations | $ 11,304 | $ 7,956 | $ 8,648 |
Total | $ 11,304 | $ 7,956 | $ 8,306 |
Weighted average number of shares | |||
Basic | 5,057 | 5,057 | 5,180 |
Diluted | 5,068 | 5,069 | 5,193 |
Basic earnings per ordinary share | |||
Continuing operations | $ 2.235 | $ 1.573 | $ 1.669 |
Total | 2.235 | 1.573 | 1.603 |
Diluted earnings per ordinary share | |||
Continuing operations | 2.230 | 1.570 | 1.665 |
Total | 2.230 | 1.570 | 1.599 |
Headline earnings per ordinary share (US cents) | |||
Basic | 2.848 | 1.711 | 1.649 |
Diluted | $ 2.842 | $ 1.707 | $ 1.645 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Reconciliation of Earnings Attributable to Ordinary Shareholders (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per share [line items] | |||
Earnings attributable to BHP shareholders | $ 11,304 | $ 7,956 | $ 8,306 |
(Gain)/loss on sales of PP&E, Investments and Operations | (50) | 4 | (52) |
Impairments of property, plant and equipment, financial assets and intangibles | 2,633 | 494 | 264 |
Impairment expense | 2,635 | 494 | 264 |
Other | 48 | ||
Recycling of re-measurements from equity to the income statement | (6) | ||
Tax effect of above adjustments | (60) | 54 | (64) |
Subtotal of adjustments | 3,100 | 695 | 238 |
Headline earnings | 14,404 | 8,651 | 8,544 |
Diluted headline earnings | 14,404 | 8,651 | 8,544 |
Samarco dam failure [member] | |||
Earnings per share [line items] | |||
Impairment expense | 111 | $ 95 | $ 96 |
Cerrejón [Member] | |||
Earnings per share [line items] | |||
Impairment expense | $ 466 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per share [abstract] | ||||
Effect of dilutive shares | 11,000,000 | 12,000,000 | 13,000,000 | |
Antidilutive shares | 0 | 0 | 0 | |
Number | shares | 266,000,000 | |||
Off-market buy-back program | $ 5,200 | $ 5,220 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 4,450 | $ 1,974 |
Loans to equity accounted investments | 40 | |
Other receivables | 1,946 | 1,617 |
Total | 6,396 | 3,631 |
Current | 6,059 | 3,364 |
Non-current | $ 337 | $ 267 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jun. 30, 2021USD ($)Customer | Jun. 30, 2020USD ($) | |
Disclosure of financial assets [line items] | ||
Term receivables terms | 30 days | |
Trade receivables | $ 4,450 | $ 1,974 |
Trade receivables [member] | ||
Disclosure of financial assets [line items] | ||
Provisions for doubtful debts | 3 | 2 |
Past due but not impaired [member] | ||
Disclosure of financial assets [line items] | ||
Trade receivables | $ 68 | $ 23 |
Credit risk [member] | ||
Disclosure of financial assets [line items] | ||
Percentage of trade receivables owed from the customers | 31.00% | 32.00% |
Number of customers sample risk exposure | Customer | 10 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Trade and other payables [abstract] | ||
Trade payables | $ 5,079 | $ 4,396 |
Other payables | 1,948 | 1,372 |
Total | 7,027 | 5,768 |
Current | $ 7,027 | 5,767 |
Non-current | $ 1 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Classes of current inventories [abstract] | ||
Raw materials and consumables | $ 1,904 | $ 1,797 |
Work in progress | 3,046 | 2,814 |
Finished goods | 834 | 711 |
Total | 5,784 | 5,322 |
Current | 4,426 | 4,101 |
Non-current | $ 1,358 | $ 1,221 |
Inventories - Summary of Inve_2
Inventories - Summary of Inventories (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Classes of current inventories [abstract] | |||
Inventory write-downs | $ 58 | $ 37 | $ 16 |
Inventory write-downs, made in previous periods that were reversed | $ 27 | $ 13 | $ 21 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | $ 72,362 | $ 68,041 | |
Impact of adopting IFRS 16 | 2,154 | ||
Additions | 10,717 | 8,836 | |
Acquisition of subsidiaries & operations | 642 | ||
Remeasurements of index-linked freight contracts | (59) | 733 | |
Depreciation for the year | (6,752) | (6,028) | |
Impairments for the year | (2,583) | (494) | $ (250) |
Disposals | (27) | (99) | |
Divestment and demerger of subsidiaries and operations | (16) | ||
Transfers and other movements | (471) | (781) | |
At the end of the financial year | 73,813 | 72,362 | 68,041 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 141,571 | ||
At the end of the financial year | 151,361 | 141,571 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | (69,209) | ||
At the end of the financial year | (77,548) | (69,209) | |
Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 8,387 | 7,885 | |
Impact of adopting IFRS 16 | 754 | ||
Additions | 25 | 115 | |
Depreciation for the year | (694) | (630) | |
Impairments for the year | (208) | (17) | |
Disposals | (18) | (12) | |
Transfers and other movements | 580 | 292 | |
At the end of the financial year | 8,072 | 8,387 | 7,885 |
Land and buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 13,932 | ||
At the end of the financial year | 14,545 | 13,932 | |
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | (5,545) | ||
At the end of the financial year | (6,473) | (5,545) | |
Plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 39,429 | 38,174 | |
Impact of adopting IFRS 16 | 1,400 | ||
Additions | 3,841 | 1,719 | |
Acquisition of subsidiaries & operations | 151 | ||
Remeasurements of index-linked freight contracts | (59) | 733 | |
Depreciation for the year | (5,748) | (5,104) | |
Impairments for the year | (877) | (189) | |
Disposals | (9) | (22) | |
Divestment and demerger of subsidiaries and operations | (14) | ||
Transfers and other movements | 7,968 | 2,718 | |
At the end of the financial year | 44,682 | 39,429 | 38,174 |
Plant and equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 97,230 | ||
At the end of the financial year | 108,049 | 97,230 | |
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | (57,801) | ||
At the end of the financial year | (63,367) | (57,801) | |
Other mineral assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 8,652 | 9,211 | |
Additions | 797 | 684 | |
Acquisition of subsidiaries & operations | 491 | ||
Depreciation for the year | (310) | (294) | |
Impairments for the year | (687) | (288) | |
Transfers and other movements | (2) | (661) | |
At the end of the financial year | 8,941 | 8,652 | 9,211 |
Other mineral assets [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 13,736 | ||
At the end of the financial year | 15,059 | 13,736 | |
Other mineral assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | (5,084) | ||
At the end of the financial year | (6,118) | (5,084) | |
Assets under construction [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 13,774 | 11,149 | |
Additions | 5,961 | 6,100 | |
Impairments for the year | (745) | ||
Divestment and demerger of subsidiaries and operations | (2) | ||
Transfers and other movements | (8,556) | (3,475) | |
At the end of the financial year | 10,432 | 13,774 | 11,149 |
Assets under construction [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 13,774 | ||
At the end of the financial year | 11,177 | 13,774 | |
Assets under construction [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the end of the financial year | (745) | ||
Exploration and evaluation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 2,120 | 1,622 | |
Additions | 93 | 218 | |
Impairments for the year | (66) | ||
Disposals | (65) | ||
Transfers and other movements | (461) | 345 | |
At the end of the financial year | 1,686 | 2,120 | $ 1,622 |
Exploration and evaluation [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | 2,899 | ||
At the end of the financial year | 2,531 | 2,899 | |
Exploration and evaluation [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
At the beginning of the financial year | (779) | ||
At the end of the financial year | $ (845) | $ (779) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Nov. 06, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Acquisition Of additional proportion Of ownership interest In joint operation | 28.00% | |||
Right-of-use assets | $ 3,350 | $ 3,047 | $ 492 | |
Shenzi [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Acquisition Of additional proportion Of ownership interest In joint operation | 28.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Principal Depreciation Methods and Rates Applied to Major Asset Categories (Detail) | 12 Months Ended |
Jun. 30, 2021 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | SL |
Buildings [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25 years |
Buildings [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 50 years |
Plant and equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | SL |
Plant and equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 3 years |
Plant and equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 30 years |
Mineral rights and petroleum interests [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Capitalised exploration, evaluation and development expenditure [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Typical depreciation methodology | UoP |
Depreciation rate | Based on the rate of depletion of reserves |
Property, Plant and Equipment_4
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Commitments for capital expenditure | $ 2,469 | $ 2,585 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | $ 1,574 | $ 1,625 | |
Additions | 23 | 98 | |
Amortisation for the year | (93) | (118) | |
Impairments for the year | (52) | $ (14) | |
Transfers and other movements | (15) | (31) | |
At the end of the financial year | 1,437 | 1,574 | 1,625 |
Previously stated [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 1,574 | 675 | |
At the end of the financial year | 1,574 | 675 | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 950 | ||
At the end of the financial year | 950 | ||
Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 2,777 | ||
At the end of the financial year | 2,703 | 2,777 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | (1,203) | ||
At the end of the financial year | (1,266) | (1,203) | |
Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 1,197 | 1,197 | |
At the end of the financial year | 1,197 | 1,197 | 1,197 |
Goodwill [member] | Previously stated [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 1,197 | 247 | |
At the end of the financial year | 1,197 | 247 | |
Goodwill [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 950 | ||
At the end of the financial year | 950 | ||
Goodwill [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 1,197 | ||
At the end of the financial year | 1,197 | 1,197 | |
Other intangibles [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 377 | 428 | |
Additions | 23 | 98 | |
Amortisation for the year | (93) | (118) | |
Impairments for the year | (52) | ||
Transfers and other movements | (15) | (31) | |
At the end of the financial year | 240 | 377 | 428 |
Other intangibles [member] | Previously stated [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 377 | 428 | |
At the end of the financial year | 377 | $ 428 | |
Other intangibles [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | 1,580 | ||
At the end of the financial year | 1,506 | 1,580 | |
Other intangibles [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
At the beginning of the financial year | (1,203) | ||
At the end of the financial year | $ (1,266) | $ (1,203) |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 01, 2019 | Jun. 30, 2019 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Goodwill | $ 1,197 | $ 1,197 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Olympic Dam [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Goodwill | $ 950 | $ 950 | ||
IAS 12 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Goodwill | $ 950 | |||
IAS 12 [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Olympic Dam [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Goodwill | $ 950 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2021 | |
Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 8 years |
Impairment of Non-current Ass_3
Impairment of Non-current Assets - Schedule of Impairment of Non-current Assets for Cash Generating Unit by Class of Assets and by Reportable Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | $ 3,101 | $ 494 | |
Total impairment of non-current assets | 2,583 | 494 | $ 250 |
Total impairment of non-current assets | 52 | $ 14 | |
Net impairment of non-current assets | 3,101 | 494 | |
Property, plant and equipment [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 2,583 | 494 | |
Goodwill and other intangible assets [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 52 | ||
Equity- accounted investment [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 466 | ||
Total impairment of non-current assets | 466 | ||
New South Wales Energy Coal [Member] | Coal [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 1,057 | ||
Total impairment of non-current assets | 1,025 | ||
Total impairment of non-current assets | 32 | ||
Cerrejon [Member] | Coal [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 466 | ||
Total impairment of non-current assets | 466 | ||
Potash [Member] | G&U [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 1,314 | ||
Total impairment of non-current assets | 1,314 | ||
Cerro Colorado [Member] | Copper [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 409 | ||
Total impairment of non-current assets | 409 | ||
Other [Member] | |||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | |||
Total impairment of non-current assets | 264 | 85 | |
Total impairment of non-current assets | 244 | $ 85 | |
Total impairment of non-current assets | $ 20 |
Impairment of Non-current Ass_4
Impairment of Non-current Assets - Summary of Impairment of Non-current Assets Excluding Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of detailed information about impairment of non-current assets excluding goodwill [line items] | |||
Total impairment of non-current assets | $ 2,635 | $ 494 | $ 264 |
New South Wales Energy Coal [Member] | |||
Disclosure of detailed information about impairment of non-current assets excluding goodwill [line items] | |||
Negative recoverable​ amount​ of asset​ or cash generating​ unit | (300) | ||
Total impairment of non-current assets | $ 1,057 | ||
Discount rate applied | 6.50% | ||
Cerrejon [Member] | |||
Disclosure of detailed information about impairment of non-current assets excluding goodwill [line items] | |||
Recoverable amount of asset or cash-generating unit | $ 284 | ||
Total impairment of non-current assets | 466 | ||
Consideration on sale of investments accounted for using equity method | 294 | ||
Expected Net Proceeds From Sale Of Investments Accounted For Using Equity Method | 284 | ||
Potash [Member] | |||
Disclosure of detailed information about impairment of non-current assets excluding goodwill [line items] | |||
Recoverable amount of asset or cash-generating unit | 3,300 | ||
Total impairment of non-current assets | $ 1,300 | ||
Discount rate applied | 6.50% |
Impairment of Non-current Ass_5
Impairment of Non-current Assets - Summary of Goodwill Allocated to Cash Generating Units (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about goodwill allocated to cash generating unit explanatory [line items] | ||
Goodwill | $ 1,197 | $ 1,197 |
Olympic Dam [member] | ||
Disclosure of detailed information about goodwill allocated to cash generating unit explanatory [line items] | ||
Goodwill | 1,010 | 1,010 |
Other | ||
Disclosure of detailed information about goodwill allocated to cash generating unit explanatory [line items] | ||
Goodwill | $ 187 | $ 187 |
Impairment of Non-current Ass_6
Impairment of Non-current Assets - Summary of Goodwill Alloctaed to Cash Generating Units (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about goodwill allocated to cash generating unit explanatory [line items] | ||
Goodwill | $ 1,197 | $ 1,197 |
Increase (Decrease) Due To Changes in Accounting Policy Required By IFRS [Member] | IAS 12 [Member] | ||
Disclosure of detailed information about goodwill allocated to cash generating unit explanatory [line items] | ||
Goodwill | $ 950 |
Impairment of Non-current Ass_7
Impairment of Non-current Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of detailed information about impairment of noncurrent assets [Line items] | ||
Goodwill | $ 1,197 | $ 1,197 |
Olympic Dam [member] | ||
Disclosure of detailed information about impairment of noncurrent assets [Line items] | ||
Discount rate applied | 6.00% | |
Amount by which unit's recoverable amount exceeds its carrying amount | $ 1,800 | |
Goodwill | $ 1,010 | 1,010 |
Production volume decrease | 4.80% | |
Other Cash Generating Units [Member] | ||
Disclosure of detailed information about impairment of noncurrent assets [Line items] | ||
Goodwill | $ 187 | 187 |
Goodwill impairment loss | $ 0 | $ 0 |
Other Cash Generating Units [Member] | Top of range [member] | ||
Disclosure of detailed information about impairment of noncurrent assets [Line items] | ||
Percentage of goodwill included in net assets | 1.00% | 1.00% |
Deferred Tax Balances - Summary
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net deferred tax asset | |||
At the beginning of the period | $ (91) | $ (491) | $ 569 |
Impact of change in accounting policies | (1,021) | ||
Income tax (charge)/credit recorded in the income statement | (1,325) | 335 | (81) |
Income tax credit recorded directly in equity | 42 | 34 | 15 |
Other movements | (28) | 31 | 27 |
At the end of the period | $ (1,402) | $ (91) | $ (491) |
Deferred Tax Balances - Summa_2
Deferred Tax Balances - Summary of Movement in Net Deferred Tax Position (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Income tax (charge)/credit recorded in the income statement | $ (1,325) | $ 335 | $ (81) | |
Deferred tax liability (asset) | 1,402 | 91 | 491 | $ (569) |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax liability (asset) | 1,021 | |||
Discontinued operations [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Income tax (charge)/credit recorded in the income statement | $ 0 | $ 0 | $ 40 |
Deferred Tax Balances - Summa_3
Deferred Tax Balances - Summary of Composition of Net Deferred Tax Assets and Liabilities and Deferred Tax Expense Charged/(Credited) to Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 1,912 | $ 3,688 | |
Deferred tax liabilities | 3,314 | 3,779 | |
Charged/(credited) to the income statement | 1,325 | (335) | $ 81 |
Depreciation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (1,349) | (2,749) | |
Deferred tax liabilities | 4,716 | 2,828 | |
Charged/(credited) to the income statement | 488 | 1,394 | (951) |
Exploration expenditure [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 51 | 398 | |
Charged/(credited) to the income statement | 347 | 51 | 43 |
Employee benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 94 | 353 | |
Deferred tax liabilities | (333) | (26) | |
Charged/(credited) to the income statement | (68) | (38) | 14 |
Closure and rehabilitation provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 638 | 2,100 | |
Deferred tax liabilities | (2,086) | (109) | |
Charged/(credited) to the income statement | (515) | (334) | (53) |
Resource rent tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 122 | 359 | |
Deferred tax liabilities | 368 | 921 | |
Charged/(credited) to the income statement | (309) | (119) | (179) |
Other provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 108 | 173 | |
Deferred tax liabilities | (227) | (239) | |
Charged/(credited) to the income statement | 77 | (268) | (2) |
Deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 11 | (4) | |
Deferred tax liabilities | (16) | ||
Charged/(credited) to the income statement | (31) | 33 | (9) |
Deferred charges [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (36) | (383) | |
Deferred tax liabilities | 602 | 187 | |
Charged/(credited) to the income statement | 68 | (132) | 56 |
Investments, including foreign tax credits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 147 | 348 | |
Deferred tax liabilities | 671 | 458 | |
Charged/(credited) to the income statement | 414 | (77) | 70 |
Foreign exchange gains and losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | (3) | (134) | |
Deferred tax liabilities | 133 | (61) | |
Charged/(credited) to the income statement | 63 | (18) | (45) |
Tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,999 | 2,759 | |
Deferred tax liabilities | (82) | ||
Charged/(credited) to the income statement | 678 | (148) | 1,147 |
Lease liability [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 68 | 548 | |
Deferred tax liabilities | (658) | (245) | |
Charged/(credited) to the income statement | 67 | (793) | |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 62 | (80) | |
Deferred tax liabilities | 226 | 65 | |
Charged/(credited) to the income statement | $ 46 | $ 114 | $ (10) |
Deferred Tax Balances - Additio
Deferred Tax Balances - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Unrecognized deferred tax assets and liabilities [line items] | ||
Deferred tax assets not arising from the reversal of existing deferred tax liabilities | $ 1,912 | $ 3,688 |
Tax losses [member] | ||
Unrecognized deferred tax assets and liabilities [line items] | ||
Deferred tax assets not arising from the reversal of existing deferred tax liabilities | $ 1,675 | $ 2,865 |
Deferred Tax Balances - Summa_4
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Unrecognised deferred tax assets | ||
Tax losses and tax credits | $ 5,944 | $ 4,088 |
Total unrecognised deferred tax assets | 15,047 | 11,680 |
Unrecognised deferred tax liabilities | ||
Investments in subsidiaries | 2,203 | 2,375 |
Future taxable temporary differences relating to unrecognised deferred tax asset for PRRT | 720 | 624 |
Total unrecognised deferred tax liabilities | 2,923 | 2,999 |
Investments in subsidiaries [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 1,712 | 1,575 |
Deductible temporary differences relating to PRRT [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 2,402 | 2,079 |
Mineral rights [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | 3,359 | 3,265 |
Other deductible temporary differences [member] | ||
Unrecognised deferred tax assets | ||
Temporary differences | $ 1,630 | $ 673 |
Deferred Tax Balances - Summa_5
Deferred Tax Balances - Summary of Composition of Unrecognised Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Income and capital tax losses with a tax benefit, which are not recognised as deferred tax assets | $ 3,569 | $ 2,405 |
Tax credits, which are not recognised as deferred tax assets | 2,375 | 1,683 |
Gross amount of income tax losses not recognised | 9,718 | 8,559 |
Gross amount of tax losses not recognized | 13,956 | 12,709 |
Tax effect of total losses not recognised | 3,569 | 2,405 |
Due not later than one year [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses not recognised | 13 | 474 |
Gross amount of capital tax losses not recognised | 0 | 0 |
Later than one year and not later than two years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses not recognised | 5 | 240 |
Later than two years and not later than five years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses not recognised | 105 | 2,525 |
Gross amount of capital tax losses not recognised | 0 | 0 |
Later than five years and not later than 10 years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses not recognised | 1,449 | 679 |
Later than 10 years and not later than 20 years [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credits, which are not recognised as deferred tax assets | 570 | |
Gross amount of income tax losses not recognised | 3,347 | 2,379 |
Unlimited [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount of income tax losses not recognised | 4,799 | 2,262 |
Gross amount of capital tax losses not recognised | 4,238 | $ 4,150 |
Not Later than 10 year[member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax credits, which are not recognised as deferred tax assets | $ 1,805 |
Closure and Rehabilitation Pr_3
Closure and Rehabilitation Provisions - Summary of Closure and Rehabilitation Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of other provisions [line items] | ||
Current | $ 3,696 | $ 2,810 |
Non-current | 13,799 | 11,185 |
Closure and rehabilitation provisions [member] | ||
Disclosure of other provisions [line items] | ||
At the beginning of the financial year | 8,810 | 6,977 |
Increases to existing and new provisions | 564 | 731 |
Exchange translation | 76 | (19) |
Released during the year | (157) | (43) |
Amortisation of discounting impacting net finance costs | 380 | 356 |
Utilisation | (321) | (258) |
Exchange variations impacting foreign currency translation reserve | 3 | (1) |
Acquisition of subsidiaries and operations | 179 | |
Divestment and demerger of subsidiaries and operations | (81) | |
At the end of the financial year | 11,910 | 8,810 |
Current | 591 | 373 |
Non-current | 11,319 | 8,437 |
Closure and rehabilitation provisions [member] | Operating sites [member] | ||
Disclosure of other provisions [line items] | ||
At the beginning of the financial year | 6,636 | |
Change in estimate | 1,974 | 1,255 |
Exchange translation | 483 | (188) |
At the end of the financial year | 9,279 | 6,636 |
Closure and rehabilitation provisions [member] | Closed sites [member] | ||
Disclosure of other provisions [line items] | ||
At the beginning of the financial year | 2,174 | |
At the end of the financial year | $ 2,631 | $ 2,174 |
Closure and Rehabilitation Pr_4
Closure and Rehabilitation Provisions - Additional Information (Detail) - Closure and rehabilitation provisions [member] - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of other provisions [line items] | ||||
Percentage of reasonably possible decrease in real discount rates | 0.50% | |||
Reasonably possible acceleration in forecast cash flows | 1 year | |||
Increase decrease in provision due to change in discount rate | $ 1,085 | |||
Increase in closure and rehabilitation provision due to reasonably possible decrease in real discount rates | 1,075 | |||
Increase in depreciation expense due to reasonably possible decrease in real discount rates | $ 115 | |||
Decrease in net finance costs due to reasonably possible decrease in real discount rates | $ 25 | |||
Increase in Provision due to reasonably possible acceleration in forecast cash flows | $ 230 | |||
Bottom of range [member] | ||||
Disclosure of other provisions [line items] | ||||
Remaining production life | 3 years | |||
Top of range [member] | ||||
Disclosure of other provisions [line items] | ||||
Remaining production life | 91 years | |||
Weighted average [member] | ||||
Disclosure of other provisions [line items] | ||||
Remaining production life | 27 years | |||
Closed sites [member] | ||||
Disclosure of other provisions [line items] | ||||
Increases to existing and new provisions associated closure and remediation costs charged to the income statement | $ 483 | $ 669 | $ 251 | |
Increase decrease in provision due to change in discount rate | 210 | |||
Increase in income statement charge due to reasonably possible decrease in real discount rates | 255 | |||
Decrease increase ​in income statement charge due​ to reasonable possible acceleration​ in forecast ​of cash​ flows | 50 | |||
Operating sites [member] | ||||
Disclosure of other provisions [line items] | ||||
Increase in property, plant and equipment due to reasonably possible decrease in real discount rates | 820 | |||
Increase in property, plant and equipment due to reasonably possible acceleration in forecast cash flows | $ 180 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
5.5% Preference shares [member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
BHP Group Limited [member] | |||
Share capital issued | |||
Opening number of shares | 2,945,851,394 | 2,945,851,394 | 3,211,691,105 |
Purchase of shares by ESOP Trusts | (7,587,353) | (5,975,189) | (6,854,057) |
Employee share awards exercised following vesting | 6,948,683 | 6,893,113 | 5,902,588 |
Movement in treasury shares under Employee Share Plans | 638,670 | (917,924) | 951,469 |
Share bought back and cancelled | (265,839,711) | ||
Closing number of shares | 2,945,851,394 | 2,945,851,394 | 2,945,851,394 |
BHP Group Limited [member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 2,945,621,003 | 2,944,703,079 | |
Closing number of shares | 2,944,982,333 | 2,945,621,003 | 2,944,703,079 |
BHP Group Limited [member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 230,391 | 1,148,315 | |
Closing number of shares | 869,061 | 230,391 | 1,148,315 |
BHP Group Limited [member] | Special Voting share of no par value [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Limited [member] | DLC Dividend share [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Plc [member] | |||
Share capital issued | |||
Opening number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
Purchase of shares by ESOP Trusts | (185,054) | (185,297) | (274,069) |
Employee share awards exercised following vesting | 173,644 | 222,245 | 275,984 |
Movement in treasury shares under Employee Share Plans | 11,410 | (36,948) | (1,915) |
Closing number of shares | 2,112,071,796 | 2,112,071,796 | 2,112,071,796 |
BHP Group Plc [member] | Shares held by the public [member] | |||
Share capital issued | |||
Opening number of shares | 2,112,069,025 | 2,112,032,077 | |
Closing number of shares | 2,112,057,615 | 2,112,069,025 | 2,112,032,077 |
BHP Group Plc [member] | Treasury shares [member] | |||
Share capital issued | |||
Opening number of shares | 2,771 | 39,719 | |
Closing number of shares | 14,181 | 2,771 | 39,719 |
BHP Group Plc [member] | Special Voting share of US$0.50 par value [member] | |||
Share capital issued | |||
Opening number of shares | 1 | 1 | |
Closing number of shares | 1 | 1 | 1 |
BHP Group Plc [member] | 5.5% Preference shares [member] | |||
Share capital issued | |||
Opening number of shares | 50,000 | 50,000 | |
Closing number of shares | 50,000 | 50,000 | 50,000 |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Capital (Parenthetical) (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Jun. 30, 2021$ / sharesshares | Jun. 30, 2020$ / shares | Jun. 30, 2019USD ($)$ / shares | Sep. 02, 2021shares | Jun. 30, 2021£ / sharesshares | Jun. 30, 2020£ / shares | Jun. 30, 2019£ / shares | |
Disclosure of classes of share capital [line items] | ||||||||
Off-market buy-back program | $ | $ 5,200 | $ 5,220 | ||||||
BHP Group Limited [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | $ 0.50 | |||||||
BHP Group Limited [member] | Major ordinary share transactions [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of ordinary shares issued on the exercise of awards | shares | 4,400,000 | |||||||
BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | 0.50 | |||||||
Special Voting share of US$0.50 par value [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | $ 0.50 | $ 0.50 | $ 0.50 | |||||
Number of ordinary shares issued on the exercise of awards | shares | 1 | 1 | ||||||
5.5% Preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% | |||||
5.5% Preference shares [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
Dividend rate percentage | 5.50% | 5.50% | 5.50% |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) $ / shares in Units, $ in Millions | Mar. 17, 2021USD ($) | Sep. 16, 2020USD ($) | Jun. 30, 2021$ / sharesshares | Jun. 30, 2021£ / sharesshares | Jun. 30, 2020$ / shares | Jun. 30, 2020£ / shares | Jun. 30, 2019$ / shares | Jun. 30, 2019£ / shares |
Disclosure of classes of share capital [line items] | ||||||||
Ordinary shares, per cent of total number of shares | 99.99% | 99.99% | ||||||
BHP Group Limited [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | $ / shares | $ 0.50 | |||||||
BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | $ / shares | $ 0.50 | |||||||
Special Voting share of no par value [member] | BHP Group Limited [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | 1 | 1 | ||||||
Movement in shares | 0 | |||||||
Special Voting share of US$0.50 par value [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | |||||
Number of shares issued | 1 | 1 | ||||||
Movement in shares | 0 | |||||||
5.5% Preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
5.5% Preference shares [member] | BHP Group Plc [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | £ / shares | £ 1 | £ 1 | £ 1 | |||||
Movement in shares | 0 | |||||||
DLC Dividend share [member] | BHP Group Limited [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares, par value | $ / shares | $ 10 | |||||||
Dividends paid under DLC dividend share arrangements | $ | $ 1,610 | $ 1,915 |
Other Equity - Summary of Reser
Other Equity - Summary of Reserves (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Other reserves [abstract] | |||
Share premium account | $ 518 | $ 518 | $ 518 |
Foreign currency translation reserve | 43 | 39 | 37 |
Employee share awards reserve | 268 | 246 | 213 |
Cash flow hedge reserve | 100 | 50 | 114 |
Cost of hedging reserve | (54) | (23) | (74) |
Equity investments reserve | 15 | 16 | 17 |
Capital redemption reserve | 177 | 177 | 177 |
Non-controlling interest contribution reserve | 1,283 | 1,283 | 1,283 |
Total reserves | $ 2,350 | $ 2,306 | $ 2,285 |
Other Equity - Summary of Finan
Other Equity - Summary of Financial Information Relating to Subsidiaries with Non-controlling Interests (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of significant subsidiaries [line items] | |||
Current assets | $ 26,693 | $ 21,471 | |
Non-current assets | 82,234 | 84,262 | |
Current liabilities | (16,403) | (14,824) | |
Non-current liabilities | (36,919) | (38,734) | |
Net assets | 55,605 | 52,175 | |
Net assets attributable to NCI | 4,341 | 4,310 | |
Revenue | 60,817 | 42,931 | $ 44,288 |
Profit after taxation | 13,451 | 8,736 | 9,185 |
Other comprehensive income | 59 | (69) | (25) |
Total comprehensive income | 13,510 | 8,667 | 9,160 |
Profit after taxation attributable to NCI | 2,147 | 780 | 879 |
Net operating cash flow | 27,234 | 15,706 | 17,871 |
Net investing cash flow | (7,845) | (7,616) | 2,607 |
Net financing cash flow | $ (17,922) | $ (9,752) | $ (20,528) |
Minera Escondida Limitada [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Group share (per cent) | 57.50% | 57.50% | |
Current assets | $ 2,996 | $ 2,432 | |
Non-current assets | 11,867 | 12,121 | |
Current liabilities | (1,912) | (1,614) | |
Non-current liabilities | (4,733) | (4,613) | |
Net assets | 8,218 | 8,326 | |
Net assets attributable to NCI | 3,493 | 3,539 | |
Revenue | 9,470 | 6,719 | |
Profit after taxation | 3,605 | 1,088 | |
Other comprehensive income | 27 | (27) | |
Total comprehensive income | 3,632 | 1,061 | |
Profit after taxation attributable to NCI | 1,532 | 462 | |
Other comprehensive income attributable to NCI | 11 | (11) | |
Net operating cash flow | 5,007 | 2,637 | |
Net investing cash flow | (655) | (919) | |
Net financing cash flow | (4,001) | (1,920) | |
Dividends paid to NCI | 1,590 | 757 | |
Other individually immaterial subsidiaries [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Net assets attributable to NCI | 848 | 771 | |
Profit after taxation attributable to NCI | 615 | 318 | |
Dividends paid to NCI | 537 | 286 | |
Subsidiaries with material non-controlling interests [member] | |||
Disclosure of significant subsidiaries [line items] | |||
Net assets attributable to NCI | 4,341 | 4,310 | |
Profit after taxation attributable to NCI | 2,147 | 780 | |
Other comprehensive income attributable to NCI | 11 | (11) | |
Dividends paid to NCI | $ 2,127 | $ 1,043 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of Dividends [abstract] | |||
Prior year final dividend, Per share | $ 0.55 | $ 0.78 | $ 0.63 |
Interim dividend, Per share | 1.01 | 0.65 | 0.55 |
Special dividend, Per share | 1.02 | ||
Dividends paid during the period, Per share | $ 1.56 | $ 1.43 | $ 2.20 |
Prior year final dividend, Total | $ 2,779 | $ 3,946 | $ 3,356 |
Interim dividend, Total | 5,115 | 3,288 | 2,788 |
Special dividend, Total | 5,158 | ||
Dividends paid during the period, Total | $ 7,894 | $ 7,234 | $ 11,302 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends Paid (Parenthetical) (Detail) - 5.5% Preference shares [member] - £ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of dividends [line items] | |||
Per cent dividend | 5.50% | 5.50% | 5.50% |
Preference shares | 50,000 | 50,000 | 50,000 |
Par value | £ 1 | £ 1 | £ 1 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Aug. 17, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of dividends [line items] | ||||
Tax rate | 30.00% | 30.00% | 30.00% | |
Proceeds/(settlements) of cash management related instruments | $ (401) | $ 85 | $ 296 | |
Major ordinary share transactions [member] | ||||
Disclosure of dividends [line items] | ||||
Dividend per share, after period-end | $ 2 | $ 0.55 | $ 0.78 | |
Dividend amount, after period-end | $ 10,114 | $ 2,782 | $ 3,944 | |
Proceeds/(settlements) of cash management related instruments | $ 8 | |||
BHP Group Limited [member] | ||||
Disclosure of dividends [line items] | ||||
Number of ordinary shares represented by each American Depositary Share | 2 | |||
Tax rate | 30.00% | |||
BHP Group Plc [member] | ||||
Disclosure of dividends [line items] | ||||
Number of ordinary shares represented by each American Depositary Share | 2 |
Dividends - Summary of Franking
Dividends - Summary of Franking Credits (Detail) - BHP Group Limited [member] - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of dividends [line items] | |||
Franking credits | $ 14,302 | $ 10,980 | $ 8,681 |
Franking credits arising from the payment of current tax | 1,799 | 471 | 1,194 |
Total franking credits available | $ 16,101 | $ 11,451 | $ 9,875 |
Dividends - Summary of Franki_2
Dividends - Summary of Franking Credits (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2021USD ($) | |
BHP Group Limited [member] | |
Disclosure of dividends [line items] | |
Decrease in franking account balance due to payment of final dividend | $ 2,525 |
Provisions for Dividends and Ot
Provisions for Dividends and Other Liabilities - Summary of Provisions for Dividends and Other Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Charge/(credit) for the year: | |||
Dividends paid | $ (7,901) | $ (6,876) | $ (11,395) |
Current | 3,696 | 2,810 | |
Non-current | 13,799 | 11,185 | |
Provision for dividends and other liabilities [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the financial year | 1,240 | 501 | |
Dividends determined | 7,894 | 7,234 | |
Charge/(credit) for the year: | |||
Underlying | 260 | 1,027 | |
Discounting | 2 | 3 | |
Exchange variations | 20 | (356) | |
Released during the year | (43) | (94) | |
Utilisation | (267) | (99) | |
Dividends paid | (7,901) | (6,876) | |
Transfers and other movements | (624) | (100) | |
At the end of the financial year | 581 | 1,240 | $ 501 |
Current | 293 | 258 | |
Non-current | $ 288 | $ 982 |
Net Debt - Summary of Net Debt
Net Debt - Summary of Net Debt Balance and Gearing Ratio (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Interest bearing liabilities, Current | |||
Bank loans | $ 437 | $ 737 | |
Notes and debentures | 1,244 | 3,354 | |
Lease liabilities | 889 | 853 | |
Other | 58 | 68 | |
Total interest bearing liabilities | 2,628 | 5,012 | |
Less: Lease liability associated with index-linked freight contracts current | 346 | 379 | |
Less: Cash and cash equivalents | |||
Cash | 4,408 | 3,493 | |
Short-term deposits | 10,838 | 9,933 | |
Less: Total cash and cash equivalents | 15,246 | 13,426 | $ 15,613 |
Net debt management related instruments | 20 | (162) | |
Net cash management related instruments | 34 | (15) | |
Less: Total derivatives included in net debt | 54 | (177) | |
Interest bearing liabilities, Non-current | |||
Bank loans | 1,823 | 1,755 | |
Notes and debentures | 13,525 | 17,691 | |
Lease liabilities | 3,007 | 2,590 | |
Less: Net debt management related instruments | 537 | 595 | |
Less: Total derivatives included in net debt | 537 | 595 | |
Total interest bearing liabilities | 18,355 | 22,036 | |
Less: Lease liability associated with index-linked freight contracts non current | 679 | 781 | |
Net debt | 4,121 | 12,044 | |
Net assets | $ 55,605 | $ 52,175 | |
Gearing | 6.90% | 18.80% |
Net Debt - Summary of Net Deb_2
Net Debt - Summary of Net Debt Balance and Gearing Ratio (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Net assets | $ 55,605 | $ 52,175 |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||
Statement [Line Items] | ||
Net assets | $ 71 |
Net Debt - Summary of Cash and
Net Debt - Summary of Cash and Cash Equivalents, Net of Overdrafts (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Cash and cash equivalents if different from statement of financial position [abstract] | ||||
Total cash and cash equivalents | $ 15,246 | $ 13,426 | $ 15,613 | |
Bank overdrafts and short-term borrowings | (20) | |||
Total cash and cash equivalents, net of overdrafts | $ 15,246 | $ 13,426 | $ 15,593 | $ 15,813 |
Net Debt - Additional Informati
Net Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of net debt [line items] | ||
Cash and cash equivalents restricted by legal or contractual arrangements | $ 159,000,000 | $ 96,000,000 |
Defaults on loans payable | 0 | |
Revolving credit facility [member] | ||
Disclosure of net debt [line items] | ||
Revolving credit facility, maximum amount | 5,500,000,000 | |
Commercial paper, amount drawn | $ 0 | $ 0 |
Revolving credit facility, maturity period | 5 year |
Net Debt - Summary of Interest
Net Debt - Summary of Interest Bearing Liabilities and Cash and Cash Equivalents Denominated by Currency (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | $ 20,983 | $ 27,048 | |
Cash and cash equivalents | 15,246 | 13,426 | $ 15,613 |
USD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 11,146 | 14,625 | |
Cash and cash equivalents | 12,003 | 9,555 | |
EUR [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 4,505 | 7,323 | |
Cash and cash equivalents | 4 | 4 | |
GBP [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 3,415 | 3,272 | |
Cash and cash equivalents | 32 | 519 | |
AUD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 1,053 | 1,055 | |
Cash and cash equivalents | 573 | 1,011 | |
CAD [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 635 | 597 | |
Cash and cash equivalents | 2,455 | 2,131 | |
Other [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Interest bearing liabilities | 229 | 176 | |
Cash and cash equivalents | $ 179 | $ 206 |
Net Debt - Summary of Maturity
Net Debt - Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | $ 15,863 | $ 21,631 |
Expected future interest payments, contractual amount | 7,018 | 7,596 |
Derivatives related to debentures, contractual amount | 1,169 | 2,134 |
Other derivatives, contractual amount | 786 | 60 |
Obligations under lease liabilities, contractual amount | 4,899 | 3,935 |
Total, contractual amount | 36,586 | 40,979 |
Bank loans, debentures and other loans, carrying amount | 17,087 | 23,605 |
Derivatives related to debentures, carrying amount | 586 | 1,579 |
Other derivatives, carrying amount | 690 | 60 |
Obligations under lease liabilities, carrying amount | 3,896 | 3,443 |
Trade and other payables, carrying amount | 6,851 | 5,623 |
Total financial liabilities | 29,110 | 34,310 |
Due not later than one year [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 1,722 | 4,138 |
Expected future interest payments, contractual amount | 729 | 813 |
Derivatives related to debentures, contractual amount | 61 | 260 |
Other derivatives, contractual amount | 149 | 60 |
Obligations under lease liabilities, contractual amount | 980 | 927 |
Total, contractual amount | 10,492 | 11,820 |
Trade and other payables, carrying amount | 6,851 | 5,622 |
Later than one year and not later than two years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 2,278 | 1,665 |
Expected future interest payments, contractual amount | 661 | 702 |
Derivatives related to debentures, contractual amount | 267 | 81 |
Other derivatives, contractual amount | 80 | |
Obligations under lease liabilities, contractual amount | 680 | 630 |
Total, contractual amount | 3,966 | 3,079 |
Trade and other payables, carrying amount | 1 | |
Later than two years and not later than five years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 4,062 | 5,727 |
Expected future interest payments, contractual amount | 1,492 | 1,713 |
Derivatives related to debentures, contractual amount | 256 | 819 |
Other derivatives, contractual amount | 240 | |
Obligations under lease liabilities, contractual amount | 1,397 | 1,335 |
Total, contractual amount | 7,447 | 9,594 |
Due later than five years [member] | ||
Disclosure of financial liabilities [line items] | ||
Bank loans, debentures and other loans, contractual amount | 7,801 | 10,101 |
Expected future interest payments, contractual amount | 4,136 | 4,368 |
Derivatives related to debentures, contractual amount | 585 | 974 |
Other derivatives, contractual amount | 317 | |
Obligations under lease liabilities, contractual amount | 1,842 | 1,043 |
Total, contractual amount | $ 14,681 | $ 16,486 |
Net Debt - Summary of Maturit_2
Net Debt - Summary of Maturity Profile of Financial Liabilities Based on the Contractual Amounts (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of financial liabilities [abstract] | ||
Input taxes | $ 176 | $ 145 |
Leases - Summary of Movements i
Leases - Summary of Movements in Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At the beginning of the financial year | $ 3,443 | |
At the end of the financial year | 3,896 | $ 3,443 |
Comprising: | ||
Current liabilities | 889 | 853 |
Non-current liabilities | 3,007 | 2,590 |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At the beginning of the financial year | 3,443 | 715 |
IFRS 16 transition | 2,301 | |
Additions | 1,223 | 436 |
Remeasurements of index-linked freight contracts | (59) | 733 |
Lease payments | (879) | (761) |
Foreign exchange movement | 115 | (43) |
Amortisation of discounting | 109 | 90 |
Transfers and other movements | (56) | (28) |
At the end of the financial year | 3,896 | 3,443 |
Comprising: | ||
Current liabilities | 889 | 853 |
Non-current liabilities | $ 3,007 | $ 2,590 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of leases [Line Items] | ||
Commitments for leases not yet commenced | $ 457 | $ 1,458 |
Short-term leases commitments | $ 171 | $ 103 |
Bottom of range [member] | Machinery [member] | ||
Disclosure of leases [Line Items] | ||
Lease term | 10 years | |
Bottom of range [member] | Buildings [member] | ||
Disclosure of leases [Line Items] | ||
Lease term | 10 years | |
Bottom of range [member] | Ships [member] | ||
Disclosure of leases [Line Items] | ||
Lease term | 4 years | |
Top of range [member] | Ships [member] | ||
Disclosure of leases [Line Items] | ||
Lease term | 10 years |
Leases - Summary of Maturity Pr
Leases - Summary of Maturity Profile of Lease Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | $ 4,899 | $ 3,935 |
Total carrying amount | 3,896 | 3,443 |
In one year or less or on demand | ||
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | 980 | 927 |
In more than one year but not more than two years | ||
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | 680 | 630 |
In more than two years but not more than five years | ||
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | 1,397 | 1,335 |
In more than five years | ||
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | 1,842 | 1,043 |
Later than ten years [member] | ||
Disclosure of Maturity Analysis of Lease Liabilities [Line Items] | ||
Obligations under lease liabilities, contractual amount | $ 878 | $ 302 |
Leases - Summary of Movements_2
Leases - Summary of Movements in Right of Use Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | $ 3,047 | $ 492 |
Assets recognised on adoption of IFRS 16 | 2,154 | |
Additions | 1,252 | 436 |
Remeasurements of index-linked freight contracts | (59) | 733 |
Depreciation expensed during the period | (781) | (656) |
Depreciation classified as exploration | (19) | (34) |
Impairments | (32) | (24) |
Transfers and other movements | (58) | (54) |
At the end of the financial year | 3,350 | 3,047 |
Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | 4,153 | |
At the end of the financial year | 5,290 | 4,153 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | (1,106) | |
At the end of the financial year | (1,940) | (1,106) |
Land and buildings [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | 689 | |
Assets recognised on adoption of IFRS 16 | 754 | |
Additions | 25 | 104 |
Depreciation expensed during the period | (111) | (113) |
Impairments | (30) | (2) |
Transfers and other movements | 65 | (54) |
At the end of the financial year | 638 | 689 |
Land and buildings [member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | 804 | |
At the end of the financial year | 897 | 804 |
Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | (115) | |
At the end of the financial year | (259) | (115) |
Plant and equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | 2,358 | 492 |
Assets recognised on adoption of IFRS 16 | 1,400 | |
Additions | 1,227 | 332 |
Remeasurements of index-linked freight contracts | (59) | 733 |
Depreciation expensed during the period | (670) | (543) |
Depreciation classified as exploration | (19) | (34) |
Impairments | (2) | (22) |
Transfers and other movements | (123) | |
At the end of the financial year | 2,712 | 2,358 |
Plant and equipment [member] | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | 3,349 | |
At the end of the financial year | 4,393 | 3,349 |
Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
At the beginning of the financial year | (991) | |
At the end of the financial year | $ (1,681) | $ (991) |
Leases - Summary of Amounts Rec
Leases - Summary of Amounts Recorded in Income Statement and Cash Flow Statements (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of quantitative information about leases for lessee [abstract] | |||
Depreciation of right of use assets | $ 781 | $ 656 | |
Short term, low-value and variable lease costs | 895 | 675 | |
Interest on lease liabilities | 109 | 90 | $ 47 |
Principal lease payments | 770 | 671 | |
Lease interest payments | $ 109 | $ 90 |
Leases - Summary of Amounts R_2
Leases - Summary of Amounts Recorded in Income Statement and Cash Flow Statements (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of quantitative information about leases for lessee [abstract] | ||
Variable lease costs | $ 546 | $ 438 |
Short-term lease costs | 316 | 211 |
Low-value lease costs | $ 33 | $ 26 |
Net Finance Costs - Summary of
Net Finance Costs - Summary of Net Finance Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest expense using the effective interest rate method: | |||
Interest on bank loans, overdrafts and all other borrowings | $ 610 | $ 1,099 | $ 1,296 |
Interest capitalised at 2.83% (2020: 4.14%; 2019: 4.96%) | (248) | (308) | (248) |
Interest on lease liabilities | 109 | 90 | 47 |
Discounting on provisions and other liabilities | 467 | 452 | 470 |
Other gains and losses: | |||
Fair value change on hedged loans | (779) | 721 | 729 |
Fair value change on hedging derivatives | 704 | (788) | (809) |
Loss on bond repurchase | 395 | ||
Exchange variations on net debt | 99 | (18) | 6 |
Other | 21 | 14 | 19 |
Total financial expenses | 1,378 | 1,262 | 1,510 |
Financial income | |||
Interest income | (73) | (351) | (446) |
Net finance costs | $ 1,305 | $ 911 | $ 1,064 |
Net Finance Costs - Summary o_2
Net Finance Costs - Summary of Net Finance Costs (Parenthetical) (Detail) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021USD ($)Programs | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Net Finance Costs [Line Items] | |||
Interest capitalised | 2.83% | 4.14% | 4.96% |
Tax relief for capitalised interest | $ 74 | $ 92 | $ 74 |
Repayments of hybrid debt instruments | $ 8,395 | $ 2,047 | $ 2,604 |
Number of repurchase programs | Programs | 2 | ||
Hybrid Debt Repurchase Program [Member] | |||
Net Finance Costs [Line Items] | |||
Repayments of hybrid debt instruments | $ 3,402 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) t in Thousands, $ in Millions | 12 Months Ended | |||||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($)t | Jun. 30, 2019USD ($) | Jun. 30, 2021AUD ($)t | Jun. 30, 2021GBP (£)t | Jun. 30, 2021EUR (€)t | Jun. 30, 2021USD ($)t | Jun. 30, 2021CLP ($)t | |
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 23,605 | $ 17,087 | ||||||
Transfer between fair value hierarchy categories | $ 0 | |||||||
Percentage of borrowings exposed to floating interest rate | 82.00% | 87.00% | ||||||
Weighted average interest rate payable | USD LIBOR + 2.18Â per cent | USD LIBOR + 2.95 per cent | ||||||
Debt instrument variable interest rate spread | 2.95% | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% | ||
Fair value change on derivatives | $ 145 | $ 422 | $ 8 | |||||
Loans received from bank | $ 2,300 | |||||||
Interest rate risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reasonable possible change in risk, percentage | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 47 | $ 7 | ||||||
Notional value | 16,810 | |||||||
Currency risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reasonable possible change in risk, amount | $ 0.01 | £ 0.01 | € 0.01 | $ 10 | ||||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 12 | $ 21 | ||||||
Commodity price risk [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 8 | $ 26 | ||||||
Commodity price risk [member] | Forward commodity and other derivative contracts [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Net asset fair value | 159 | 138 | ||||||
Commodity price risk [member] | Significant financial instruments [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Net asset fair value | 180 | $ 121 | ||||||
Fair value change on derivatives | $ 59 | $ 22 | ||||||
Commodity price risk [member] | Provisionally priced contract [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Reasonable possible change in risk, percentage | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||
Tonnes of copper exposure | t | 301 | 254 | 254 | 254 | 254 | 254 | ||
Effect on equity and profit after taxation, due to reasonable possible change in risk | $ 134 | $ 166 | ||||||
Fixed interest rate not swapped to floating rate [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | 3,019 | 3,018 | ||||||
Fixed interest rate not swapped to floating rate [member] | At fair value [member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Borrowings | $ 4,114 | $ 4,052 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Foreign Currency Risk Arising From Financial Assets and Liabilities, Which Are Denominated In Currencies Other Than The US Dollar (Detail) - Currency risk [member] - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | $ (4,041) | $ (2,968) |
Australian dollars | ||
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | (4,421) | (3,788) |
Chilean peso | ||
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | (649) | (369) |
British pond sterling | ||
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | 535 | 587 |
Euro | ||
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | 366 | 619 |
Other | ||
Disclosure of Detailed Information about Foreign Currency Risk Arising from Financial Assets and Liabilities which are Denominated in Currencies other than the US Dollar Explanatory [Line Items] | ||
Net Financial Assets Liabilities | $ 128 | $ (17) |
Financial Risk Management - S_2
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | $ 1,840 | $ 2,606 | |
Cash and cash equivalents | 15,246 | 13,426 | $ 15,613 |
Trade and other receivables | 6,396 | 3,631 | |
Loans to equity accounted investments | 40 | ||
Total financial assets | 22,996 | 19,185 | |
Non-financial assets | 85,931 | 86,548 | |
Total assets | 108,927 | 105,733 | 101,811 |
Other financial liabilities | 1,276 | 1,639 | |
Current other financial liabilities | 130 | 225 | |
Trade and other payables | 7,027 | 5,768 | |
Bank loans | 2,300 | ||
Notes and debentures | 14,769 | 21,045 | |
Lease liabilities | 3,896 | 3,443 | |
Total financial liabilities | 29,110 | 34,310 | |
Non-financial liabilities | 24,212 | 19,248 | |
Total liabilities | 53,322 | 53,558 | $ 50,058 |
Financial assets held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 15,246 | 13,426 | |
Loans to equity accounted investments | 40 | ||
Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Bank loans | 2,260 | 2,492 | |
Notes and debentures | 14,769 | 21,045 | |
Other | 58 | 68 | |
Current cross currency and interest rate swaps [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 165 | ||
Current other derivative contracts [member] | Financial liabilities held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 52 | 60 | |
Non-current cross currency and interest rate swaps [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 586 | 1,414 | |
Trades and other payables [member] | Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payables | 6,277 | 5,354 | |
Provisionally priced trade payables [member] | Financial liabilities held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payables | 574 | 269 | |
Current other financial liabilities [Member] | Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current other financial liabilities | 78 | ||
Non current other financial liabilities [Member] | Financial liabilities held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 560 | ||
Current cross currency and interest rate swaps [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 20 | 3 | |
Current other derivative contracts [member] | Financial assets held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 207 | 45 | |
Current other investments [member] | Financial assets held at fair value through profit or loss [member] | Level 1 and 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 3 | 36 | |
Non-current cross currency and interest rate swaps [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 1,123 | 2,009 | |
Non-current other derivative contracts [member] | Financial assets held at fair value through profit or loss [member] | Levels 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 152 | 159 | |
Non-current investment in shares [member] | Financial assets held at fair value through other comprehensive income [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 31 | 32 | |
Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | Level 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 46 | 47 | |
Non-current other investments [member] | Financial assets held at fair value through profit or loss [member] | Levels 1, 2 and 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial assets | 304 | 322 | |
Trade and other receivable [member] | Financial assets held at amortised cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other receivables | 2,363 | 1,633 | |
Provisionally priced trade receivables [member] | Financial assets held at fair value through profit or loss [member] | Level 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other receivables | $ 3,547 | $ 1,480 |
Financial Risk Management - S_3
Financial Risk Management - Summary of Financial Assets and Liabilities by Class (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | $ 1,840 | $ 2,606 |
Input taxes receivable | 486 | 478 |
Input taxes payable | 176 | 145 |
BHP Foundation [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Investments held which are restricted and not available for general use by the Group | 260 | 296 |
Significant financial instruments [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net assets fair value | 121 | 180 |
Financial assets held at fair value through profit or loss [member] | Other derivative contracts [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets and liabilities | 121 | 179 |
Financial assets held at fair value through profit or loss [member] | US Treasury Notes [member] | Level 1 [member] | BHP Foundation [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | 72 | 87 |
Financial assets held at fair value through profit or loss [member] | Non-current other investments [member] | Level 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other financial assets | $ 46 | $ 47 |
Financial Risk Management - S_4
Financial Risk Management - Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | $ 14,769 | $ 21,045 |
Recognised in cash flow hedging reserve | (142) | (71) |
Recognised in cost of hedging reserve | 77 | 32 |
Recognised in the income statement | (18) | 72 |
Accrued cash flows | 177 | 151 |
Total derivatives fair value | (557) | (433) |
Hedged value of notes and debentures | 14,118 | 20,428 |
Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 650 | 1,463 |
Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (1,301) | (2,080) |
USD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 6,270 | 9,926 |
Recognised in the income statement | 11 | 29 |
Accrued cash flows | 77 | 74 |
Total derivatives fair value | (230) | (639) |
Hedged value of notes and debentures | 5,952 | 9,184 |
USD [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (318) | (742) |
GBP [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 3,387 | 3,245 |
Recognised in cash flow hedging reserve | (81) | (16) |
Recognised in cost of hedging reserve | 25 | 13 |
Recognised in the income statement | (34) | (18) |
Accrued cash flows | 53 | 47 |
Total derivatives fair value | (146) | 60 |
Hedged value of notes and debentures | 3,278 | 3,279 |
GBP [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 435 | 764 |
GBP [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (544) | (730) |
EUR [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 4,486 | 7,294 |
Recognised in cash flow hedging reserve | (33) | (55) |
Recognised in cost of hedging reserve | 27 | 21 |
Recognised in the income statement | 7 | 65 |
Accrued cash flows | 49 | 32 |
Total derivatives fair value | (295) | (13) |
Hedged value of notes and debentures | 4,141 | 7,218 |
EUR [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 73 | 500 |
EUR [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | (418) | (576) |
CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of notes and debentures | 626 | 580 |
Recognised in cash flow hedging reserve | (28) | |
Recognised in cost of hedging reserve | 25 | (2) |
Recognised in the income statement | (2) | (4) |
Accrued cash flows | (2) | (2) |
Total derivatives fair value | 114 | 159 |
Hedged value of notes and debentures | 747 | 747 |
CAD [member] | Currency risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | 142 | 199 |
CAD [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Risk | $ (21) | $ (32) |
Financial Risk Management - S_5
Financial Risk Management - Summary of Carrying Amounts of Group's Notes and Debentures by Currency and Derivatives Which Hedge (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of detailed information about hedged items [line items] | ||
Borrowings | $ 17,087 | $ 23,605 |
Fixed interest rate not swapped to floating rate [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Borrowings | $ 3,018 | $ 3,019 |
Financial Risk Management - S_6
Financial Risk Management - Summary of Hedging instruments (Detail) - Interest rate risk [member] $ in Millions | Jun. 30, 2021USD ($) |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | $ 16,810 |
Interest rate swap contract [member] | USD [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 11,950 |
cross currency interest rate swaps [member] | EUR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 3,187 |
cross currency interest rate swaps [member] | GBP [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 1,673 |
Not​ later​ than​ two​ years​ [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 3,306 |
Not​ later​ than​ two​ years​ [member] | Interest rate swap contract [member] | USD [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 1,979 |
Not​ later​ than​ two​ years​ [member] | cross currency interest rate swaps [member] | EUR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | 404 |
Not​ later​ than​ two​ years​ [member] | cross currency interest rate swaps [member] | GBP [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional value | $ 923 |
Financial Risk Management - S_7
Financial Risk Management - Summary of Reconciliation of Components of Equity and Analysis of Movements in Reserves for all Hedges (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | $ 27 | $ 40 |
Add: Change in fair value of hedging instrument recognised in OCI | 604 | (221) |
Less: Reclassified from reserves to financial expenses - recognised through OCI | (585) | 208 |
At the end of the financial year | 46 | 27 |
Cash flow hedging reserve, gross [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | 71 | 163 |
Add: Change in fair value of hedging instrument recognised in OCI | 863 | (315) |
Less: Reclassified from reserves to financial expenses - recognised through OCI | (792) | 223 |
At the end of the financial year | 142 | 71 |
Cash flow hedging reserve, tax [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | (21) | (49) |
Add: Change in fair value of hedging instrument recognised in OCI | (259) | 94 |
Less: Reclassified from reserves to financial expenses - recognised through OCI | 238 | (66) |
At the end of the financial year | (42) | (21) |
Cash flow hedging reserve, net [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | 50 | 114 |
Add: Change in fair value of hedging instrument recognised in OCI | 604 | (221) |
Less: Reclassified from reserves to financial expenses - recognised through OCI | (554) | 157 |
At the end of the financial year | 100 | 50 |
Cost of hedging reserve, gross [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | (32) | (106) |
Less: Reclassified from reserves to financial expenses - recognised through OCI | (45) | 74 |
At the end of the financial year | (77) | (32) |
Cost of hedging reserve, tax [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | 9 | 32 |
Less: Reclassified from reserves to financial expenses - recognised through OCI | 14 | (23) |
At the end of the financial year | 23 | 9 |
Cost of hedging reserve, net [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
At the beginning of the financial year | (23) | (74) |
Less: Reclassified from reserves to financial expenses - recognised through OCI | (31) | 51 |
At the end of the financial year | $ (54) | $ (23) |
Financial Risk Management - S_8
Financial Risk Management - Summary of Movement of Interest Bearing Liabilities and Related Derivatives (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from interest bearing liabilities | $ 568 | $ 514 | $ 250 |
Settlements of debt related instruments | 167 | (157) | (160) |
Repayment of interest bearing liabilities | (8,395) | (2,047) | (2,604) |
Change from Net financing cash flows | (7,660) | (1,690) | |
Other movements: | |||
Loss on bond repurchase | 395 | ||
Bank loans [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 2,492 | 2,498 | |
Proceeds from interest bearing liabilities | 504 | 514 | |
Repayment of interest bearing liabilities | (737) | (522) | |
Change from Net financing cash flows | (233) | (8) | |
Other movements: | |||
Foreign exchange impacts | (1) | ||
Other interest bearing liabilities/derivative related changes | 2 | 2 | |
At the end of the financial year | 2,260 | 2,492 | 2,498 |
Notes and debentures [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 21,045 | 21,529 | |
Repayment of interest bearing liabilities | (6,888) | (859) | |
Change from Net financing cash flows | (6,888) | (859) | |
Other movements: | |||
Loss on bond repurchase | 579 | ||
Interest rate impacts | (764) | 720 | |
Foreign exchange impacts | 798 | (354) | |
Other interest bearing liabilities/derivative related changes | (1) | 9 | |
At the end of the financial year | 14,769 | 21,045 | 21,529 |
Lease Liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 3,443 | 715 | |
Repayment of interest bearing liabilities | (770) | (671) | |
Change from Net financing cash flows | (770) | (671) | |
Other movements: | |||
Foreign exchange impacts | 115 | (43) | |
Leases recognised on IFRS 16 transition | 2,301 | ||
Lease additions | 1,223 | 436 | |
Re-measurements of index-linked freight contracts | (59) | 733 | |
Other interest bearing liabilities/derivative related changes | (56) | (28) | |
At the end of the financial year | 3,896 | 3,443 | 715 |
Bank overdraft and short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 20 | ||
Other movements: | |||
Other interest bearing liabilities/derivative related changes | (20) | ||
At the end of the financial year | 20 | ||
Other interest bearing liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | 68 | 66 | |
Proceeds from interest bearing liabilities | 64 | ||
Repayment of interest bearing liabilities | 5 | ||
Change from Net financing cash flows | 64 | 5 | |
Other movements: | |||
Foreign exchange impacts | (14) | (4) | |
Other interest bearing liabilities/derivative related changes | (60) | 1 | |
At the end of the financial year | 58 | 68 | 66 |
Cross currency and interest rate swaps [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
At the beginning of the financial year | (433) | 204 | |
Settlements of debt related instruments | 167 | (157) | |
Change from Net financing cash flows | 167 | (157) | |
Other movements: | |||
Loss on bond repurchase | (184) | ||
Interest rate impacts | 704 | (788) | |
Foreign exchange impacts | (796) | 316 | |
Other interest bearing liabilities/derivative related changes | (15) | (8) | |
At the end of the financial year | $ (557) | $ (433) | $ 204 |
Key Management Personnel - Summ
Key Management Personnel - Summary of Key Management Personnel (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Short-term employee benefits | $ 14,081,625 | $ 12,564,637 | $ 11,557,506 |
Post-employment benefits | 744,951 | 1,172,727 | 1,490,716 |
Share-based payments | 11,601,866 | 13,514,588 | 15,821,972 |
Total | $ 26,428,442 | $ 27,251,952 | $ 28,870,194 |
Key Management Personnel - Addi
Key Management Personnel - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Key management personnel [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | $ 0 | $ 0 | $ 0 |
Amounts payable | 0 | 0 | 0 |
Key management personnel [member] | Loans [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable | 0 | 0 | 0 |
Amounts receivable | 0 | 0 | 0 |
Director related entities [member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 0 | 0 | 0 |
Amounts payable | $ 0 | $ 0 | $ 0 |
Employee Share Ownership Plan_2
Employee Share Ownership Plans - Summary of Description of Plans (Detail) | 12 Months Ended |
Jun. 30, 2021 | |
CDP and STIP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Short-term incentive |
Overview | The CDP was implemented in FY2020 as a replacement for the STIP, both of which are generally plans for Executive KMP and members of the Executive Leadership Team who are not Executive KMP.  Under the CDP, two thirds of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the vesting period (and the remaining one third is delivered in cash). Two awards of deferred shares are granted, each of the equivalent value to the cash award, vesting in two and five years respectively.  Under STIP, half of the value of a participant’s short-term incentive amount is awarded as rights to receive BHP Group Limited or BHP Group Plc shares at the end of the two-year vesting period. |
Vesting conditions | CDP: Service conditions only for the two-year award. Vesting of the five-year award is subject to service conditions and also to holistic review of performance at the end of the five-year vesting period, including a five-year view on HSEC performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. Â STIP: Service conditions only. |
Vesting period | CDP – 2 and 5 years  STIP – 2 years |
Dividend Equivalent Payment | CDP – Yes  STIP – Yes |
Exercise period | None |
LTIP and MAP [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Long-term incentive |
Overview | The LTIP is a plan for Executive KMP and members of the Executive Leadership Team who are not Executive KMP, and awards are granted annually.  The MAP is a plan for BHP senior management who are not KMP. The number of share rights awarded is determined by a participant’s role and grade. |
Vesting conditions | LTIP: Service and performance conditions.  BHP’s Total Shareholder Return (TSR)(1) performance relative to the Peer Group TSR over a five-year performance period determines the vesting of 67 per cent of the awards, while performance relative to the Index TSR (being the index value where the comparator group is a market index) determines the vesting of 33 per cent of the awards. For the awards to vest in full, BHP’s TSR must exceed the Peer Group TSR and Index TSR (if applicable) by a specified percentage per year, determined for each grant by the Remuneration Committee. From the establishment of the LTIP in 2004 until the awards granted in December 2016, this percentage was set at 5.5 per cent per year. For awards granted from December 2017 onwards, 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest.  MAP: Service conditions only. |
Vesting period | LTIP – 5 years  MAP – 1 to 5 years |
Dividend Equivalent Payment | LTIP – Yes  MAP – Varies |
Exercise period | None |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | All-employee share purchase plan |
Overview | Employees may contribute up to US$5,000 to acquire shares in any plan year. On the third anniversary of the start of a plan year, the Group will match the number of acquired shares. |
Vesting conditions | Service conditions only. |
Vesting period | 3 years |
Dividend Equivalent Payment | No |
Exercise period | None |
Transitional and Commencement KMP Awards | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Type | Long-term incentive |
Overview | Awards may be granted to new Executive KMP recruited into or within the Group to bridge the time-based gap between the vesting of awards either granted in their non-KMP roles or to replace awards foregone from a previous company. |
Vesting conditions | Service and performance conditions. The Remuneration Committee has absolute discretion to determine if the performance condition has been met and whether any, all or part of the award will vest (or otherwise lapse), having regard to personal performance and the underlying financial performance of the Group during the performance period. To the extent the performance condition is not achieved, awards will lapse. There is no retesting of the performance condition. Vested awards may be subject to a holding lock. |
Vesting period | 2 |
Dividend Equivalent Payment | Yes |
Exercise period | None |
Employee Share Ownership Plan_3
Employee Share Ownership Plans - Summary of Description of Plans (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Shareplus [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Maximum employee contributions to acquire shares | $ 5,000 |
Share Based Payments Vesting Period | 3 years |
Long-Term Incentive Plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage per year | 5.50% |
Vesting period | 5 years |
Vesting percentage | 100.00% |
Long-Term Incentive Plan [member] | Peer Group Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 67.00% |
Long-Term Incentive Plan [member] | Index Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 33.00% |
Long-Term Incentive Plan [member] | Median Total Shareholder Return [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting percentage | 25.00% |
Short term incentive plan [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 2 years |
Cash and deferred payment plan [member] | First tranche [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 2 years |
Cash and deferred payment plan [member] | Second tranche [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 5 years |
Bottom of range [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 1 year |
Top of range [member] | MAP awards [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting period | 5 years |
Employee Share Ownership Plan_4
Employee Share Ownership Plans - Summary of Employee Share Awards (Detail) - 12 months ended Jun. 30, 2021 | sharesayr$ / shares | sharesayr£ / shares |
BHP Group Limited [Member] | STIP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 377,140 | 377,140 |
Number of awards issued during the year | 74,796 | 74,796 |
Number of awards vested and exercised | 251,148 | 251,148 |
Number of awards lapsed | 3 | 3 |
Number of awards at the end of the financial year | 200,785 | 200,785 |
Weighted average remaining contractual life (years) | yr | 0.5 | 0.5 |
Weighted average share price at exercise date | $ / shares | $ 39.06 | |
BHP Group Limited [Member] | CDP awards [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards issued during the year | 276,944 | 276,944 |
Number of awards lapsed | 60,604 | 60,604 |
Number of awards at the end of the financial year | 216,340 | 216,340 |
Weighted average remaining contractual life (years) | yr | 2.2 | 2.2 |
BHP Group Limited [Member] | GSTIP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 12,041 | 12,041 |
Number of awards vested and exercised | 12,041 | 12,041 |
Weighted average share price at exercise date | $ / shares | $ 39.06 | |
BHP Group Limited [Member] | LTIP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 4,937,506 | 4,937,506 |
Number of awards issued during the year | 654,790 | 654,790 |
Number of awards vested and exercised | 653,170 | 653,170 |
Number of awards lapsed | 1,395,906 | 1,395,906 |
Number of awards at the end of the financial year | 3,543,220 | 3,543,220 |
Weighted average remaining contractual life (years) | yr | 1.6 | 1.6 |
Weighted average share price at exercise date | $ / shares | $ 39.06 | |
BHP Group Limited [Member] | MAP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 11,159,990 | 11,159,990 |
Number of awards issued during the year | 3,502,112 | 3,502,112 |
Number of awards vested and exercised | 4,161,573 | 4,161,573 |
Number of awards lapsed | 547,012 | 547,012 |
Number of awards at the end of the financial year | 9,953,517 | 9,953,517 |
Number of awards vested and exercisable at the end of the financial year | 51,247 | 51,247 |
Weighted average remaining contractual life (years) | yr | 1.2 | 1.2 |
Weighted average share price at exercise date | $ / shares | $ 39.16 | |
BHP Group Limited [Member] | Shareplus [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 4,057,382 | 4,057,382 |
Number of awards issued during the year | 2,536,374 | 2,536,374 |
Number of awards vested and exercised | 1,694,880 | 1,694,880 |
Number of awards lapsed | 359,682 | 359,682 |
Number of awards at the end of the financial year | 4,539,194 | 4,539,194 |
Weighted average remaining contractual life (years) | yr | 1.3 | 1.3 |
Weighted average share price at exercise date | $ / shares | $ 45.49 | |
BHP Group Limited [Member] | Transitional and Commencement KMP awards [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards issued during the year | a | 77,000 | 77,000 |
Number of awards at the end of the financial year | a | 77,000 | 77,000 |
Weighted average remaining contractual life (years) | yr | 1.2 | 1.2 |
BHP Group Plc [member] | MAP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 218,403 | 218,403 |
Number of awards issued during the year | 82,404 | 82,404 |
Number of awards vested and exercised | 70,569 | 70,569 |
Number of awards lapsed | 54,189 | 54,189 |
Number of awards at the end of the financial year | 176,049 | 176,049 |
Weighted average remaining contractual life (years) | yr | 1.1 | 1.1 |
Weighted average share price at exercise date | £ / shares | £ 17.89 | |
BHP Group Plc [member] | Shareplus [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of awards at the beginning of the financial year | 229,462 | 229,462 |
Number of awards issued during the year | 125,493 | 125,493 |
Number of awards vested and exercised | 103,128 | 103,128 |
Number of awards lapsed | 19,060 | 19,060 |
Number of awards at the end of the financial year | 232,767 | 232,767 |
Weighted average remaining contractual life (years) | yr | 1.3 | 1.3 |
Weighted average share price at exercise date | £ / shares | £ 20.57 |
Employee Share Ownership Plan_5
Employee Share Ownership Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Employee share awards expense | $ 123,525 | $ 128,999 | $ 138,275 |
Employee Share Ownership Plan_6
Employee Share Ownership Plans - Summary of Fair Value and Assumptions in the Calculation of Fair Value for Awards Issued (Detail) - 12 months ended Jun. 30, 2021 | USD ($)yr$ / shares | USD ($)yr£ / shares |
BHP Group Limited [member] | CDP awards [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 25.28 | $ 25.28 |
Share price at grant date | $ 35.90 | |
BHP Group Limited [member] | CDP awards [Member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Estimated life of awards | yr | 2 | 2 |
BHP Group Limited [member] | CDP awards [Member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Estimated life of awards | yr | 5 | 5 |
BHP Group Limited [member] | STIP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 25.28 | $ 25.28 |
Estimated life of awards | yr | 2 | 2 |
Share price at grant date | $ 35.90 | |
BHP Group Limited [member] | LTIP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 14.68 | $ 14.68 |
Risk-free interest rate | 0.25% | 0.25% |
Estimated life of awards | yr | 5 | 5 |
Estimated volatility of share price | 28.00% | 28.00% |
BHP Group Limited [member] | LTIP awards [member] | Range One [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | $ 35.90 | |
BHP Group Limited [member] | LTIP awards [member] | Range Two [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | 33.81 | |
BHP Group Limited [member] | LTIP awards [member] | Range Three [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | $ 38.56 | |
BHP Group Limited [member] | MAP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 22.88 | $ 22.88 |
Dividend yield | 4.90% | 4.90% |
BHP Group Limited [member] | MAP awards [member] | Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Estimated life of awards | yr | 1 | 1 |
BHP Group Limited [member] | MAP awards [member] | Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Estimated life of awards | yr | 5 | 5 |
BHP Group Limited [member] | MAP awards [member] | Range One [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | $ 38.36 | |
BHP Group Limited [member] | MAP awards [member] | Range Two [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | 36.91 | |
BHP Group Limited [member] | MAP awards [member] | Range Three [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | 35.90 | |
BHP Group Limited [member] | MAP awards [member] | Range Four [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price at grant date | $ 45.88 | |
BHP Group Limited [member] | Shareplus [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 24.96 | $ 24.96 |
Risk-free interest rate | 0.21% | 0.21% |
Estimated life of awards | yr | 3 | 3 |
Share price at grant date | $ 30.19 | |
Dividend yield | 5.59% | 5.59% |
BHP Group Limited [member] | Transitional and Commencement KMP awards [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 28.35 | $ 28.35 |
Estimated life of awards | yr | 2 | 2 |
Share price at grant date | $ 38.56 | |
BHP Group Plc [member] | MAP awards [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 18.66 | $ 18.66 |
Estimated life of awards | yr | 3 | 3 |
Share price at grant date | £ / shares | $ 17.13 | |
Dividend yield | 5.70% | 5.70% |
BHP Group Plc [member] | Shareplus [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Weighted average fair value of awards granted during the year | $ | $ 15.32 | $ 15.32 |
Risk-free interest rate | 0.12% | 0.12% |
Estimated life of awards | yr | 3 | 3 |
Share price at grant date | £ / shares | $ 12.11 | |
Dividend yield | 6.40% | 6.40% |
Employee Benefits, Restructur_3
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Provisions [abstract] | ||
Employee benefits | $ 1,624 | $ 1,313 |
Restructuring | 54 | 34 |
Post-retirement employee benefits | 534 | 547 |
Total provisions | 2,212 | 1,894 |
Current | 1,606 | 1,283 |
Non-current | $ 606 | $ 611 |
Employee Benefits, Restructur_4
Employee Benefits, Restructuring and Post-retirement Employee Benefits Provisions - Summary of Reconciliation of Employee Benefits, Restructuring and Post-retirement Employee Benefits (Detail) $ in Millions | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | $ 1,894 |
Charge/(credit) for the year: | |
Underlying | 1,509 |
Discounting | 31 |
Net interest expense | (10) |
Exchange variations | 135 |
Released during the year | (128) |
Remeasurement gains taken to retained earnings | (58) |
Utilisation | (1,204) |
Transfers and other movements | 43 |
At the end of the financial year | 2,212 |
Employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 1,313 |
Charge/(credit) for the year: | |
Underlying | 1,402 |
Exchange variations | 104 |
Released during the year | (82) |
Utilisation | (1,119) |
Transfers and other movements | 6 |
At the end of the financial year | 1,624 |
Restructuring [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 34 |
Charge/(credit) for the year: | |
Underlying | 45 |
Exchange variations | 1 |
Utilisation | (26) |
At the end of the financial year | 54 |
Post-retirement employee benefits [member] | |
Disclosure of employee benefits restructuring and post retirement employee benefits provisions [line items] | |
At the beginning of the financial year | 547 |
Charge/(credit) for the year: | |
Underlying | 62 |
Discounting | 31 |
Net interest expense | (10) |
Exchange variations | 30 |
Released during the year | (46) |
Remeasurement gains taken to retained earnings | (58) |
Utilisation | (59) |
Transfers and other movements | 37 |
At the end of the financial year | $ 534 |
Pension and Other Post-retire_3
Pension and Other Post-retirement Obligations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of defined contribution plans [abstract] | |||
Contributions paid | $ 334 | $ 260 | $ 274 |
Pension and Other Post-retire_4
Pension and Other Post-retirement Obligations - Summary of Net Liability Recognised in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Defined benefit pension schemes / post- employment obligations [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of defined benefit scheme assets | $ (398) | $ (634) |
Scheme deficit | 337 | 333 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 337 | 333 |
Defined benefit pension schemes / post- employment obligations [member] | Funded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | 377 | 613 |
Defined benefit pension schemes / post- employment obligations [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | 358 | 354 |
Post-retirement medical schemes [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of defined benefit scheme assets | 0 | 0 |
Scheme deficit | 197 | 214 |
Unrecognised surplus | 0 | 0 |
Unrecognised past service credits | 0 | 0 |
Adjustment for employer contributions tax | 0 | 0 |
Net liability recognised in the Consolidated Balance Sheet | 197 | 214 |
Post-retirement medical schemes [member] | Funded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | 0 | 0 |
Post-retirement medical schemes [member] | Unfunded defined benefit obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Present value of defined benefit obligation | $ 197 | $ 214 |
Employees - Summary of Employee
Employees - Summary of Employees (Detail) - Employees | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of average number of employees [line items] | |||
Average number of employees | 34,478 | 31,589 | 28,926 |
Australia [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 23,828 | 20,967 | 18,146 |
South America [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 7,390 | 7,330 | 6,979 |
North America [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 1,299 | 1,296 | 1,999 |
Asia [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 1,907 | 1,939 | 1,743 |
Europe [member] | |||
Disclosure of average number of employees [line items] | |||
Average number of employees | 54 | 57 | 59 |
Employees - Summary of Employ_2
Employees - Summary of Employees (Parenthetical) (Detail) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Average Number Of Employees [abstract] | |||
Percentage of employees of subsidiary companies | 100.00% | 100.00% | 100.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Millions | Oct. 31, 2018 | Sep. 28, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Total comprehensive income (loss) attributable to BHP shareholders | $ (11,352) | $ (7,898) | $ (8,282) | ||
Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Total comprehensive income (loss) attributable to BHP shareholders | $ 342 | ||||
BHP Billiton Petroleum (Arkansas) Inc. [member] | Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Percentage of issued share capital sold | 100.00% | ||||
BHP Billiton Petroleum (Fayetteville) LLC [member] | Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Percentage of issued share capital sold | 100.00% | ||||
BHP Billiton Petroleum Arkansas and BHP Billiton Petroleum Fayetteville LLC [member] | Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Agreement purchase price | $ 300 | ||||
Petrohawk Energy Corporation [member] | Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Percentage of issued share capital sold | 100.00% | ||||
Agreement purchase price | $ 10,300 | ||||
Customary completion adjustments | $ 200 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Income Statement - Discontinued Operations (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Jun. 30, 2019USD ($)$ / shares | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Profit after taxation from operating activities | $ 175 |
Net loss on disposal | (510) |
Loss after taxation | (335) |
Attributable to non-controlling interests | 7 |
Attributable to BHP shareholders | $ (342) |
Basic loss per ordinary share (cents) | $ / shares | $ (0.066) |
Diluted loss per ordinary share (cents) | $ / shares | $ (0.066) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net operating cash flows | $ 474 | ||
Net investing cash flows | (443) | ||
Net financing cash flows | (13) | ||
Net increase in cash and cash equivalents from Discontinued operations | 18 | ||
Less Cash and cash equivalents | (15,613) | $ (15,246) | $ (13,426) |
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net operating cash flows | 474 | ||
Net investing cash flows | (443) | ||
Net financing cash flows | (13) | ||
Net increase in cash and cash equivalents from Discontinued operations | 18 | ||
Net proceeds received from the sale of Onshore US | 10,531 | ||
Less Cash and cash equivalents | (104) | ||
Proceeds from divestment of Onshore US, net of its cash | 10,427 | ||
Total cash impact | $ 10,445 |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Purchases of property, plant and equipment | $ 6,606 | $ 6,900 | $ 6,250 |
Net repayment of interest bearing liabilities | 8,395 | 2,047 | 2,604 |
Dividends paid to non-controlling interests | $ 2,127 | $ 1,043 | 1,198 |
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Purchases of property, plant and equipment | 443 | ||
Net repayment of interest bearing liabilities | 6 | ||
Dividends paid to non-controlling interests | $ 7 |
Discontinued Operations - Sum_4
Discontinued Operations - Summary of Net Loss on Disposal of Discontinued Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net assets | $ 55,605 | $ 52,175 | |
Net loss on disposal | $ (510) | ||
Discontinued operations [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net assets | 11,111 | ||
Less non-controlling interest share of net assets disposed | (168) | ||
BHP Share of net assets disposed | 10,943 | ||
Gross consideration | 10,555 | ||
Less transaction costs | (54) | ||
Income tax expense | (68) | ||
Net loss on disposal | $ (510) |
Subsidiaries - Summary of Signi
Subsidiaries - Summary of Significant Subsidiaries (Detail) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
BHP Mitsui Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group's interest | 80.00% | 80.00% |
Hunter Valley Energy Coal Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Coal mining | |
Group's interest | 100.00% | 100.00% |
BHP Olympic Dam Corporation Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Copper and uranium mining | |
Group's interest | 100.00% | 100.00% |
Compania Minera Cerro Colorado Limitada [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 100.00% | 100.00% |
Minera Escondida Ltda [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 57.50% | 57.50% |
Minera Spence SA [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Chile | |
Principal activity | Copper mining | |
Group's interest | 100.00% | 100.00% |
Bhp Iron Ore Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Service company | |
Group's interest | 100.00% | 100.00% |
Bhp Minerals Pty Ltd [Member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore and coal mining | |
Group's interest | 100.00% | 100.00% |
BHP Iron Ore (Jimblebar) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
BHP (Towage Service) Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Towing services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Freight Singapore Pte Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Singapore | |
Principal activity | Freight services | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Marketing AG [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Switzerland | |
Principal activity | Marketing and trading | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Marketing Asia Pte Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Singapore | |
Principal activity | Marketing support and other services | |
Group's interest | 100.00% | 100.00% |
BHP Canada Inc. [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Canada | |
Principal activity | Potash development | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance BV [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | The Netherlands | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
BHP Billiton Finance (USA) Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
Bhp Nickel West Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Nickel mining, smelting, refining and administrative services | |
Group's interest | 100.00% | 100.00% |
BHP Group Operations Pty Ltd [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Administrative services | |
Group's interest | 100.00% | 100.00% |
WMC Finance (USA) Limited [member] | ||
Disclosure of significant subsidiaries [line items] | ||
Country of incorporation | Australia | |
Principal activity | Finance | |
Group's interest | 100.00% | 100.00% |
Subsidiaries - Summary of Sig_2
Subsidiaries - Summary of Significant Subsidiaries (Parenthetical) (Detail) - BHP Iron Ore (Jimblebar) Pty Ltd [member] | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of significant subsidiaries [line items] | ||
Effective Group interest | 92.50% | 92.50% |
Group's interest | 85.00% | 85.00% |
Investments Accounted for Usi_3
Investments Accounted for Using the Equity Method - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Carbonesdel Cerrejon Limited Liability Corporation [member] | Non-current assets held for sale [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Investments in associates accounted for using equity method | $ 284 | |
Loans receivable, related party transactions | 40 | |
Carbonesdel Cerrejon Limited Liability Corporation [member] | Liabilities Included In Disposal Groups Classified As Held For Sale [Member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Amounts payable, related party transactions | $ 17 | |
BHP Brasil Ltda [member] | Samarco Mineracao S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Commitment percentage | 50.00% | 50.00% |
Commitments in relation to joint ventures | $ 350 | $ 200 |
Investments Accounted for Usi_4
Investments Accounted for Using the Equity Method - Summary of Ownership Interest in Equity Accounted Investments (Detail) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of significant investments in associates and joint ventures [line items] | ||
Reporting date | --06-30 | |
Samarco Mineracao S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Brazil | |
Principal place of business | Brazil | |
Principal activity | Iron ore mining | |
Reporting date | --12-31 | |
Ownership interest | 50.00% | 50.00% |
Carbones del Cerrejon Limited Liability Corporation [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Anguilla | |
Principal place of business | Colombia/Ireland | |
Principal activity | Coal mining in Colombia | |
Reporting date | --12-31 | |
Ownership interest | 33.33% | 33.33% |
Compania Minera Antamina S.A. [member] | ||
Disclosure of significant investments in associates and joint ventures [line items] | ||
Country of incorporation | Peru | |
Principal place of business | Peru | |
Principal activity | Copper and zinc mining | |
Reporting date | --12-31 | |
Ownership interest | 33.75% | 33.75% |
Investments Accounted for Usi_5
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of significant investments in associates and joint ventures [line items] | |||
At the beginning of the financial year | $ 2,585 | $ 2,569 | |
Profit/(loss) from equity accounted investments, related impairments and expenses | (921) | (512) | $ (546) |
Investment in equity accounted investments | 219 | ||
Dividends received from equity accounted investments | (737) | ||
Transfer to assets held for sale | (284) | ||
Other | 880 | ||
At the end of the financial year | 1,742 | 2,585 | $ 2,569 |
Joint ventures [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Profit/(loss) from equity accounted investments, related impairments and expenses | (990) | ||
Investment in equity accounted investments | 111 | ||
Other | 879 | ||
Associates [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
At the beginning of the financial year | 2,585 | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | 69 | ||
Investment in equity accounted investments | 108 | ||
Dividends received from equity accounted investments | (737) | ||
Transfer to assets held for sale | (284) | ||
Other | 1 | ||
At the end of the financial year | $ 1,742 | $ 2,585 |
Investments Accounted for Usi_6
Investments Accounted for Using the Equity Method - Summary of Movements of Investments Accounted for using the Equity Method (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Impairment of the carrying value of the investment in Cerrejón | $ 2,635 | $ 494 | $ 264 | |
Profit/(loss) from equity accounted investments, related impairments and expenses | (921) | (512) | (546) | |
Funding provided during the period | (219) | |||
Fair value change on forward exchange derivatives | (145) | $ (422) | (8) | |
Consideration on sale of investments accounted for using equity method | $ 10,427 | |||
Carbonesdel Cerrejon Limited Liability Corporation [Member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Impairment of the carrying value of the investment in Cerrejón | 466 | |||
Percentage of divestiture of interest in associates accounted for using equity method | 33.30% | |||
Consideration on sale of investments accounted for using equity method | $ 294 | |||
Carbonesdel Cerrejon Limited Liability Corporation [Member] | Non-current assets held for sale [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Investments in associates accounted for using equity method | 284 | |||
Samarco dam failure [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Fair value change on forward exchange derivatives | 136 | |||
Samarco germano dam decommissioning [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Change in estimate | 6 | |||
Exchange translation | (21) | |||
Samarco Germano dam decommissioning | (15) | |||
Joint ventures [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Profit/(loss) from equity accounted investments, related impairments and expenses | (990) | |||
Funding provided during the period | (111) | |||
Joint ventures [member] | Samarco dam failure [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Profit/(loss) from equity accounted investments, related impairments and expenses | 990 | |||
Funding provided during the period | (111) | |||
Samarco dam failure provision | (1,000) | |||
Change in estimate | (842) | |||
Exchange translation | (158) | |||
Impairment funding provided | $ (111) |
Investments Accounted for Usi_7
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | $ 1,742 | $ 2,585 | $ 2,569 |
Impairment of the carrying value of the investment | (2,635) | (494) | (264) |
Fair value change on forward exchange derivatives | (145) | (422) | (8) |
Profit/(loss) from equity accounted investments, related impairments and expenses | (921) | (512) | (546) |
Dividends received from equity accounted investments | 737 | ||
Compania Minera Antamina S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 1,499 | 974 | |
Non-current assets | 4,885 | 4,743 | |
Current liabilities | (1,285) | (239) | |
Non-current liabilities | (1,062) | (1,173) | |
Net assets/(liabilities) - 100% | 4,037 | 4,305 | |
Net assets/(liabilities) - Group share | 1,362 | 1,453 | |
Carrying amount of investments accounted for using the equity method | 1,362 | 1,453 | |
Revenue - 100% | 4,822 | 2,464 | 3,203 |
Profit/(loss) from Continuing operations - 100% | 1,847 | 629 | 1,168 |
Share of profit/(loss) of equity accounted investments | 623 | 212 | 394 |
Profit/(loss) from equity accounted investments, related impairments and expenses | 623 | 212 | 394 |
Comprehensive income/(loss) - 100% | 1,847 | 629 | 1,168 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | 623 | 212 | 394 |
Dividends received from equity accounted investments | 714 | 105 | 361 |
Carbonesdel Cerrejon Limited Liability Corporation [Member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 712 | ||
Non-current assets | 2,462 | ||
Current liabilities | (170) | ||
Non-current liabilities | (854) | ||
Net assets/(liabilities) - 100% | 2,150 | ||
Net assets/(liabilities) - Group share | 717 | ||
Adjustments to net assets related to accounting policy adjustments | 59 | ||
Carrying amount of investments accounted for using the equity method | 776 | ||
Revenue - 100% | 844 | 1,091 | 2,094 |
Profit/(loss) from Continuing operations - 100% | (43) | (182) | 309 |
Share of profit/(loss) of equity accounted investments | (14) | (68) | 103 |
Impairment of the carrying value of the investment | (466) | ||
Profit/(loss) from equity accounted investments, related impairments and expenses | (480) | (68) | 103 |
Comprehensive income/(loss) - 100% | (43) | (182) | 309 |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (480) | (68) | 103 |
Dividends received from equity accounted investments | 13 | 9 | 134 |
Individually immaterial, associates [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | 380 | 356 | |
Profit/(loss) from equity accounted investments, related impairments and expenses | (74) | (148) | (98) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (74) | (148) | (98) |
Dividends received from equity accounted investments | 10 | 12 | 15 |
Samarco Mineracao S.A. [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Current assets | 509 | 49 | |
Non-current assets | 4,380 | 3,601 | |
Current liabilities | (9,222) | (7,961) | |
Non-current liabilities | (7,627) | (5,447) | |
Net assets/(liabilities) - 100% | (11,960) | (9,758) | |
Net assets/(liabilities) - Group share | (5,980) | (4,879) | |
Adjustments to net assets related to accounting policy adjustments | 280 | 256 | |
Investment in Samarco | 516 | 405 | |
Impairment of the carrying value of the investment in Samarco | (1,041) | (930) | |
Additional share of Samarco losses | 4,442 | 3,341 | |
Unrecognised losses | 1,783 | 1,807 | |
Revenue - 100% | 814 | 26 | 24 |
Profit/(loss) from Continuing operations - 100% | (2,202) | (3,617) | (2,166) |
Share of profit/(loss) of equity accounted investments | (1,076) | (1,918) | (1,075) |
Impairment of the carrying value of the investment | (111) | (95) | (96) |
Additional share of Samarco losses | 85 | 93 | 108 |
Fair value change on forward exchange derivatives | 136 | ||
Unrecognised losses | (24) | 1,412 | 118 |
Profit/(loss) from equity accounted investments, related impairments and expenses | (990) | (508) | (945) |
Comprehensive income/(loss) - 100% | (2,202) | (3,617) | (2,166) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (990) | (508) | (945) |
Investments accounted for using equity method [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Carrying amount of investments accounted for using the equity method | 1,742 | 2,585 | |
Profit/(loss) from equity accounted investments, related impairments and expenses | (921) | (512) | (546) |
Share of comprehensive income/(loss) - Group share in equity accounted investments | (921) | (512) | (546) |
Dividends received from equity accounted investments | $ 737 | $ 126 | $ 510 |
Investments Accounted for Usi_8
Investments Accounted for Using the Equity Method - Summary of Financial Information of Significant Equity Accounted Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2016 | |
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Cash and cash equivalents | $ 15,246 | $ 13,426 | $ 15,613 | |
Investment | 1,742 | 2,585 | 2,569 | |
Net finance costs | (1,305) | (911) | (1,064) | |
Depreciation and amortisation | 6,824 | 6,112 | 5,829 | |
Interest income | 73 | 351 | 446 | |
Interest expense | 1,378 | 1,262 | 1,510 | |
Income tax (expense)/benefit | (11,150) | (4,774) | (5,529) | |
Samarco Mineracao S.A. [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Cash and cash equivalents | 134 | 15 | ||
Current financial liabilities (excluding trade and other payables and provisions) | 6,567 | 6,023 | ||
Investment | $ 0 | |||
Share of loss | (655) | |||
Impairment | $ (525) | |||
Additional share of loss | (4,442) | |||
Loss from funding provided to Samarco | (3,945) | |||
Net finance costs | (497) | |||
Depreciation and amortisation | 154 | 84 | 85 | |
Interest income | 1 | 16 | 22 | |
Interest expense | 492 | 588 | 342 | |
Income tax (expense)/benefit | (303) | (256) | $ 52 | |
Samarco Mineracao S.A. [member] | Working Capital Funding [Member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Additional cumulative impairment losses | (516) | |||
Individually immaterial, associates [member] | ||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||
Unrecognised share of profits (losses) | 40 | 12 | ||
Cumulative losses | 233 | 193 | ||
Investment | $ 380 | $ 356 |
Interests in Joint Operations -
Interests in Joint Operations - Summary of Significant Interests in Joint Operations (Detail) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Atlantis [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons production | |
Group's interest | 44.00% | 44.00% |
Bass Strait [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
Group's interest | 50.00% | 50.00% |
Macedon [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
Group's interest | 71.43% | 71.43% |
Mad Dog [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons production | |
Group's interest | 23.90% | 23.90% |
North West Shelf [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
North West Shelf [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 12.50% | 12.50% |
North West Shelf [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 16.67% | 16.67% |
Pyrenees [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Hydrocarbons production | |
Pyrenees [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 40.00% | 40.00% |
Pyrenees [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 71.43% | 71.43% |
ROD Integrated Development [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Algeria | |
Principal activity | Hydrocarbons production | |
Group's interest | 28.85% | 29.50% |
Shenzi [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | US | |
Principal activity | Hydrocarbons production | |
Group's interest | 72.00% | 44.00% |
Trinidad/Tobago [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Trinidad and Tobago | |
Principal activity | Hydrocarbons production | |
Trinidad/Tobago [member] | Bottom of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 45.00% | 45.00% |
Trinidad/Tobago [member] | Top of range [member] | ||
Disclosure of significant joint operations [line items] | ||
Group's interest | 68.46% | 68.46% |
Mt Goldsworthy [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Mt Newman [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Yandi [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Iron ore mining | |
Group's interest | 85.00% | 85.00% |
Central Queensland Coal Associates [member] | ||
Disclosure of significant joint operations [line items] | ||
Country of operation | Australia | |
Principal activity | Coal mining | |
Group's interest | 50.00% | 50.00% |
Interests in Joint Operations_2
Interests in Joint Operations - Summary of Significant Interests in Joint Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Nov. 06, 2020 | |
Disclosure of joint operations [line items] | ||
Percentage of ownership interests in joint operations | 50.00% | |
Acquisition of additional proportion of ownership interest In joint operation | 28.00% | |
Shenzi [member] | ||
Disclosure of joint operations [line items] | ||
Acquisition of additional proportion of ownership interest In joint operation | 28.00% | |
Purchase price | $ 480 | |
Goodwill recognized | 0 | |
Property, plant and equipment recognised as of acquisition date | 642 | |
Inventory recognised as of acquisition date | 17 | |
Rehabilitation liabilities as of acquisition date | $ 179 |
Interests in Joint Operations_3
Interests in Joint Operations - Summary of Assets Held in Joint Operations (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of significant joint operations [line items] | |||
Current assets | $ 26,693 | $ 21,471 | |
Non-current assets | 82,234 | 84,262 | |
Total assets | 108,927 | 105,733 | $ 101,811 |
Joint operations [member] | |||
Disclosure of significant joint operations [line items] | |||
Current assets | 2,260 | 2,059 | |
Non-current assets | 38,725 | 37,193 | |
Total assets | $ 40,985 | $ 39,252 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | ||
Guarantees provided for related party receivables or payables | $ 0 | |
Guarantees received for related party receivables or payables | 0 | |
Provision for expected credit losses | 0 | |
Expense for expected credit losses due from related parties | 0 | |
Other related party transactions | $ 0 | $ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions with Related Parties (Detail) - Associates [member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Purchases of goods/services | $ 1,564,073 | $ 967,276 |
Interest income | 2,241 | 2,370 |
Dividends received | 737,250 | 126,187 |
Net loans (repayments from)/made to related parties | $ (12,108) | $ 12,273 |
Related Party Transactions - _2
Related Party Transactions - Summary of Outstanding Balances with Related Parties (Detail) - Associates [member] - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Trade payables [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing to related parties | $ 316,269 | $ 69,490 |
Loans [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing to related parties | 17,097 | 5,097 |
Amounts owing from related parties | 40,651 | 40,759 |
Trade receivables [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts owing from related parties | $ 4 | $ 473 |
Contingent Liabilities - Summar
Contingent Liabilities - Summary of Contingent Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 3,147 | $ 2,848 |
Associates and joint ventures [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | 1,532 | 1,314 |
Subsidiaries and joint operations [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities | $ 1,615 | $ 1,534 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions, $ in Billions | Aug. 17, 2021USD ($) | Aug. 17, 2021CAD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Major growth investment commitments | $ 2,469 | $ 2,585 | |||
Property, plant and equipment | $ 73,813 | $ 72,362 | $ 68,041 | ||
Proposed Merger of Petroleum Assets with Woodside [Member] | Petroleum [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Property, plant and equipment | $ 11,900 | ||||
Closure and rehabilitation provisions | $ 3,900 | ||||
Proposed Merger of Petroleum Assets with Woodside [Member] | Petroleum [member] | Woodside [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of ownership interest held In merged entity | 52.00% | 52.00% | |||
Proposed Merger of Petroleum Assets with Woodside [Member] | Petroleum [member] | BHP Group [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of ownership interest held In merged entity | 48.00% | 48.00% | |||
Jansen Stage 1 Potash Project [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Major growth investment commitments | $ 5,700 | $ 7.5 |
Auditor's Remuneration - Summar
Auditor's Remuneration - Summary of Auditors' Remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Auditors remuneration [line items] | |||
Total assurance services | $ 15,513 | $ 16,276 | $ 14,515 |
Other services | 400 | 13 | |
Total other services | 400 | 13 | |
Total fees | 15,513 | 16,676 | 14,528 |
Parent [member] | |||
Auditors remuneration [line items] | |||
Total assurance services | 10,642 | 11,196 | 6,764 |
Subsidiaries, joint ventures and associates [member] | |||
Auditors remuneration [line items] | |||
Total assurance services | 1,234 | 1,262 | 5,127 |
Audit-related assurance services required by legislation to be provided by the auditor [Member] | |||
Auditors remuneration [line items] | |||
Total assurance services | 1,770 | 1,815 | 1,358 |
Other assurance and agreed-upon procedures under legislation or contractual arrangements [Member] | |||
Auditors remuneration [line items] | |||
Total assurance services | $ 1,867 | $ 2,003 | $ 1,266 |
Auditor's Remuneration - Additi
Auditor's Remuneration - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Auditors remuneration [line items] | |||
Fees payable in respect of the audit of pension funds | $ 15,513 | $ 16,276 | $ 14,515 |
Tax compliance and advisory services | 400 | 13 | |
Tax compliance services [member] | |||
Auditors remuneration [line items] | |||
Tax compliance and advisory services | 0 | 269 | 13 |
Pension funds [member] | |||
Auditors remuneration [line items] | |||
Fees payable in respect of the audit of pension funds | $ 0 | 0 | 0 |
Tax Advisory Services [Member] | |||
Auditors remuneration [line items] | |||
Tax compliance and advisory services | $ 131 | $ 0 |
New And Amended Accounting St_3
New And Amended Accounting Standards And Interpretations And Changes To Accounting Policies - Summary of Retrospective Application of The Accounting Policy Change Has Resulted In The Adjustments in Consolidated Balance sheet (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 01, 2019 | Jul. 01, 2018 |
Disclosure Of Detailed Information Of Retrospective Application Of Accounting Policy Change IAS Twelve [Line Items] | ||||
Increase in Deferred tax liabilities | $ 3,314 | $ 3,779 | ||
Increase in Goodwill (included within Intangible assets) | 1,197 | 1,197 | ||
Decrease in Retained earnings | $ 46,779 | $ 43,396 | ||
IAS Twelve [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||
Disclosure Of Detailed Information Of Retrospective Application Of Accounting Policy Change IAS Twelve [Line Items] | ||||
Increase in Deferred tax liabilities | $ 1,021 | |||
Increase in Goodwill (included within Intangible assets) | 950 | |||
Decrease in Retained earnings | $ (71) | $ (71) |
New And Amended Accounting St_4
New And Amended Accounting Standards And Interpretations And Changes To Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 01, 2019 | Jul. 01, 2018 |
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ (46,779) | $ (43,396) | ||
IAS Twelve [Member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Retained earnings | $ 71 | $ 71 |
Capitalised Costs Relating to O
Capitalised Costs Relating to Oil and Gas Production Activities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | $ 1,334 | $ 1,394 | $ 1,343 |
Proved properties | 33,064 | 31,360 | 29,890 |
Total costs | 34,398 | 32,754 | 31,233 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (22,532) | (21,519) | (20,508) |
Net capitalised costs | 11,866 | 11,235 | 10,725 |
Australia [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 10 | 10 | |
Proved properties | 17,882 | 17,079 | 16,514 |
Total costs | 17,882 | 17,089 | 16,524 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (12,720) | (11,423) | (10,867) |
Net capitalised costs | 5,162 | 5,666 | 5,657 |
United States [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 754 | 808 | 875 |
Proved properties | 13,210 | 12,538 | 11,751 |
Total costs | 13,964 | 13,346 | 12,626 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (8,329) | (8,726) | (8,339) |
Net capitalised costs | 5,635 | 4,620 | 4,287 |
Other countries [member] | |||
Capitalized costs relating to oil and gas producing activities by geographic area [line items] | |||
Unproved properties | 580 | 576 | 458 |
Proved properties | 1,972 | 1,743 | 1,625 |
Total costs | 2,552 | 2,319 | 2,083 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (1,483) | (1,370) | (1,302) |
Net capitalised costs | $ 1,069 | $ 949 | $ 781 |
Costs Incurred Relating to Oil
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | $ 642 | ||
Acquisitions of unproved property | 19 | $ 44 | $ 5 |
Exploration | 499 | 686 | 726 |
Development | 1,134 | 1,008 | 978 |
Total costs | 2,294 | 1,738 | 1,709 |
Australia [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Exploration | 23 | 38 | 44 |
Development | 201 | 232 | 132 |
Total costs | 224 | 270 | 176 |
United States [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of proved property | 642 | ||
Acquisitions of unproved property | 19 | 38 | 5 |
Exploration | 166 | 278 | 190 |
Development | 749 | 676 | 792 |
Total costs | 1,576 | 992 | 987 |
Other countries [member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Acquisitions of unproved property | 6 | ||
Exploration | 310 | 370 | 492 |
Development | 184 | 100 | 54 |
Total costs | $ 494 | $ 476 | $ 546 |
Costs Incurred Relating to Oi_2
Costs Incurred Relating to Oil and Gas Property Acquisition, Exploration and Development Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Total costs capitalised during the year | $ 1,160 | $ 1,178 | $ 1,275 |
Total costs | 2,294 | 1,738 | 1,709 |
Discontinued operations [member] | Onshore US [Member] | |||
Costs incurred oil and gas property acquisition exploration and development activities [line items] | |||
Total costs | $ 0 | $ 0 | $ 331 |
Results of Operations from Oil
Results of Operations from Oil and Gas Producing Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | $ 3,884 | $ 3,986 | $ 6,689 |
Production costs | (847) | (816) | (1,438) |
Exploration expenses | (492) | (560) | (435) |
Depreciation, depletion, amortisation and valuation provision | (1,812) | (1,457) | (1,641) |
Production taxes | (136) | (191) | (223) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 597 | 962 | 2,952 |
Accretion expense | (118) | (112) | (127) |
Income taxes | (239) | (467) | (990) |
Royalty-related taxes | 11 | (85) | (164) |
Results of oil and gas producing activities | 251 | 298 | 1,671 |
Australia [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 2,272 | 2,535 | 3,404 |
Production costs | (487) | (575) | (752) |
Exploration expenses | (23) | (37) | (44) |
Depreciation, depletion, amortisation and valuation provision | (1,210) | (906) | (917) |
Production taxes | (125) | (177) | (198) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 427 | 840 | 1,493 |
Accretion expense | (89) | (78) | (80) |
Income taxes | (46) | (275) | (530) |
Royalty-related taxes | 11 | (85) | (164) |
Results of oil and gas producing activities | 303 | 402 | 719 |
United States [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 1,244 | 1,101 | 2,675 |
Production costs | (267) | (161) | (568) |
Exploration expenses | (164) | (271) | (162) |
Depreciation, depletion, amortisation and valuation provision | (489) | (476) | (621) |
Production taxes | (1) | ||
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | 324 | 192 | 1,324 |
Accretion expense | (22) | (24) | (34) |
Income taxes | (78) | (35) | (193) |
Results of oil and gas producing activities | 224 | 133 | 1,097 |
Other countries [member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Oil and gas revenue | 368 | 350 | 610 |
Production costs | (93) | (80) | (118) |
Exploration expenses | (305) | (252) | (229) |
Depreciation, depletion, amortisation and valuation provision | (113) | (75) | (103) |
Production taxes | (11) | (13) | (25) |
Results of operations, income before accretion expense, income taxes, and royalty-related taxes, Total | (154) | (70) | 135 |
Accretion expense | (7) | (10) | (13) |
Income taxes | (115) | (157) | (267) |
Results of oil and gas producing activities | $ (276) | $ (237) | $ (145) |
Results of Operations from Oi_2
Results of Operations from Oil and Gas Producing Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Sales to affiliated companies | $ 51 | $ 62 | $ 75 |
Valuation provision | 101 | 12 | 21 |
Results of oil and gas producing activities | 251 | 298 | 1,671 |
Discontinued operations [member] | Onshore US [Member] | |||
Results of operations for oil and gas producing activities by geographic area [line items] | |||
Results of oil and gas producing activities | $ 0 | $ 0 | $ 431 |
Standardised Measure of Discoun
Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Standardised Measure) (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | $ 23,946 | $ 26,183 | $ 38,175 | |
Future production costs | (9,323) | (9,464) | (10,086) | |
Future development costs | (7,375) | (7,799) | (8,602) | |
Future income taxes | (676) | (1,540) | (4,919) | |
Future net cash flows | 6,572 | 7,380 | 14,568 | |
Discount at 10 per cent per annum | (1,721) | (2,322) | (5,416) | |
Standardised measure | 4,851 | 5,058 | 9,152 | $ 10,240 |
Australia [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 8,948 | 11,526 | 18,292 | |
Future production costs | (3,783) | (4,027) | (4,710) | |
Future development costs | (4,118) | (4,124) | (3,860) | |
Future income taxes | 706 | (187) | (2,551) | |
Future net cash flows | 1,753 | 3,188 | 7,171 | |
Discount at 10 per cent per annum | (160) | (642) | (1,926) | |
Standardised measure | 1,593 | 2,546 | 5,245 | |
United States [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 13,437 | 12,997 | 18,076 | |
Future production costs | (5,122) | (4,943) | (4,917) | |
Future development costs | (2,996) | (3,242) | (4,516) | |
Future income taxes | (944) | (880) | (1,657) | |
Future net cash flows | 4,375 | 3,932 | 6,986 | |
Discount at 10 per cent per annum | (1,468) | (1,586) | (3,396) | |
Standardised measure | 2,907 | 2,346 | 3,590 | |
Other countries [member] | ||||
Discounted future net cash flows relating to proved oil and gas reserves [line items] | ||||
Future cash inflows | 1,561 | 1,660 | 1,807 | |
Future production costs | (418) | (494) | (459) | |
Future development costs | (261) | (433) | (226) | |
Future income taxes | (438) | (473) | (711) | |
Future net cash flows | 444 | 260 | 411 | |
Discount at 10 per cent per annum | (93) | (94) | (94) | |
Standardised measure | $ 351 | $ 166 | $ 317 |
Changes in the Standardised Mea
Changes in the Standardised Measure (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Extractive Industries [Abstract] | |||
Standardised measure at the beginning of the year | $ 5,058 | $ 9,152 | $ 10,240 |
Revisions: | |||
Prices, net of production costs | (175) | (5,633) | 3,821 |
Changes in future development costs | (238) | 330 | (228) |
Revisions of reserves quantity estimates | (107) | (229) | 1,268 |
Accretion of discount | 678 | 1,313 | 1,178 |
Changes in production timing and other | 360 | (310) | (618) |
Revisions | 5,576 | 4,623 | 15,661 |
Sales of oil and gas, net of production costs | (2,901) | (2,980) | (5,029) |
Acquisitions of reserves-in-place | 462 | ||
Sales of reserves-in-place | 44 | (1,489) | |
Previously estimated development costs incurred | 1,075 | 1,005 | 545 |
Extensions, discoveries, and improved recoveries, net of future costs | 17 | 145 | (33) |
Changes in future income taxes | 578 | 2,265 | (503) |
Standardised measure at the end of the year | $ 4,851 | $ 5,058 | $ 9,152 |
Movement in Capitalised Explora
Movement in Capitalised Exploratory Well Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Extractive Industries [Abstract] | |||
At the beginning of the year | $ 1,089 | $ 1,040 | $ 794 |
Additions to capitalised exploratory well costs pending the determination of proved reserves | 7 | 120 | 297 |
Capitalised exploratory well costs charged to expense | (66) | (9) | |
Capitalised exploratory well costs reclassified to wells, equipment, and facilities based on the determination of proved reserves | (6) | (42) | |
Sale of suspended wells | (65) | ||
At the end of the year | $ 1,030 | $ 1,089 | $ 1,040 |
Ageing of Capitalised Explorato
Ageing of Capitalised Exploratory Well Costs (Detail) $ in Millions | Jun. 30, 2021USD ($)Project | Jun. 30, 2020USD ($)Project | Jun. 30, 2019USD ($)Project | Jun. 30, 2018USD ($) |
Extractive Industries [Abstract] | ||||
Exploratory well costs capitalised for a period of one year or less | $ 7 | $ 120 | $ 210 | |
Exploratory well costs capitalised for a period greater than one year | 1,023 | 969 | 830 | |
At the end of the year | $ 1,030 | $ 1,089 | $ 1,040 | $ 794 |
Number of projects that have been capitalised for a period greater than one year | Project | 15 | 14 | 13 |
Number of Crude Oil and Natural
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 1 | 5 | |
Net exploratory wells, Dry | 1 | 1 | 2 |
Net exploratory wells, Total | 1 | 2 | 7 |
Net development wells, Productive | 3 | 1 | 34 |
Net development wells, Dry | 1 | ||
Net development wells, Total | 3 | 2 | 34 |
Total | 4 | 4 | 41 |
Australia [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 1 | 1 | |
Net development wells, Total | 1 | 1 | |
Total | 1 | 1 | |
United States [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 1 | ||
Net exploratory wells, Total | 1 | ||
Net development wells, Productive | 1 | 33 | |
Net development wells, Dry | 1 | ||
Net development wells, Total | 1 | 1 | 33 |
Total | 1 | 1 | 34 |
Other countries [member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net exploratory wells, Productive | 1 | 4 | |
Net exploratory wells, Dry | 1 | 1 | 2 |
Net exploratory wells, Total | 1 | 2 | 6 |
Net development wells, Productive | 1 | 1 | |
Net development wells, Total | 1 | 1 | |
Total | 2 | 3 | 6 |
Number of Crude Oil and Natur_2
Number of Crude Oil and Natural Gas Wells Drilled and Completed (Parenthetical) (Detail) - Wells | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 3 | 1 | 34 |
Net exploratory wells | 1 | 2 | 7 |
Discontinued operations [member] | Onshore US [Member] | |||
Disclosure of net productive wells and dry wells drilled [line items] | |||
Net development wells, Productive | 0 | 0 | 33 |
Net exploratory wells | 0 | 0 | 0 |
Number of Productive Crude Oil
Number of Productive Crude Oil and Natural Gas Wells in which we Held an Interest (Detail) | Jun. 30, 2021Wells |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 450 |
Crude oil wells, Net | 216 |
Natural gas wells, Gross | 184 |
Natural gas wells, Net | 70 |
Total, Gross | 634 |
Total, Net | 286 |
Australia [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 334 |
Crude oil wells, Net | 166 |
Natural gas wells, Gross | 176 |
Natural gas wells, Net | 66 |
Total, Gross | 510 |
Total, Net | 232 |
United States [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 55 |
Crude oil wells, Net | 27 |
Total, Gross | 55 |
Total, Net | 27 |
Other countries [member] | |
Disclosure of productive wells [line items] | |
Crude oil wells, Gross | 61 |
Crude oil wells, Net | 23 |
Natural gas wells, Gross | 8 |
Natural gas wells, Net | 4 |
Total, Gross | 69 |
Total, Net | 27 |
Supplementary Oil and Gas Inf_3
Supplementary Oil and Gas Information - Additional Information (Detail) a in Thousands | Jun. 30, 2021aWells |
Disclosure of oil and gas producing activities [line items] | |
Operated wells that had multiple completions, gross | Wells | 131 |
Operated wells that had multiple completions, net | Wells | 60 |
Expiring June 2022 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 139 |
Approximately acres of undeveloped acreage that will expire, net | 22 |
Expiring June 2023 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 386 |
Approximately acres of undeveloped acreage that will expire, net | 241 |
Expiring June 2024 [member] | |
Disclosure of oil and gas producing activities [line items] | |
Approximately acres of undeveloped acreage that will expire, gross | 121 |
Approximately acres of undeveloped acreage that will expire, net | 103 |
Developed and Undeveloped Acrea
Developed and Undeveloped Acreage (Including Both Leases and Concessions) Held (Detail) a in Thousands | Jun. 30, 2021a |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 2,675 |
Developed acreage, Net | 1,005 |
Undeveloped acreage, Gross | 4,188 |
Undeveloped acreage, Net | 3,591 |
Australia [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 2,423 |
Developed acreage, Net | 897 |
Undeveloped acreage, Gross | 391 |
Undeveloped acreage, Net | 148 |
United States [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 92 |
Developed acreage, Net | 41 |
Undeveloped acreage, Gross | 403 |
Undeveloped acreage, Net | 339 |
Other countries [member] | |
Disclosure of oil and gas producing activities [line items] | |
Developed acreage, Gross | 160 |
Developed acreage, Net | 67 |
Undeveloped acreage, Gross | 3,394 |
Undeveloped acreage, Net | 3,104 |