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BHP - operational review September 2020
Note: All guidance is subject to further potential impacts from COVID-19 during the 2021 financial year.
. We continue to safely operate through the COVID-19 pandemic and deliver strong outcomes.
. Group copper equivalent production increased by 2% in the September 2020 quarter following strong performances in metallurgical coal and iron ore, with record production achieved at Jimblebar.
. All production and unit cost guidance (based on exchange rates of AUD/USD 0.70 and USD/CLP 769) remains unchanged for the 2021 financial year, except for Cerrejon production guidance which is under review due to an ongoing strike.
. Our major projects under development in petroleum, copper and iron ore are tracking well. Atlantis Phase 3 achieved first production in July 2020, ahead of schedule and on budget. First production from the Spence Growth Option is expected between December 2020 and March 2021. The Jansen Stage 1 project remains on track for final investment decision in the middle of the 2021 calendar year. As a result of COVID-19 delays and the earlier challenges encountered on lining the shafts, we have approved incremental funding for completion of the current shaft lining project.
. In petroleum, we have agreed to acquire an additional 28% interest in Shenzi, a tier one asset with optionality, at an attractive price. This transaction is consistent with our strategy of targeting counter-cyclical acquisitions in high-quality producing or near producing assets.
. In copper exploration, the third phase of the drilling program at Oak Dam in South Australia delivered encouraging results, with further high grade mineralised intercepts of copper, with associated gold, uranium and silver confirmed. The project will now move to planning for early stage design evaluation and commencement of resource definition drilling in the first half of the 2021 calendar year.
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BHP - 2020 AGM results
Please find attached the results of the business conducted at the meeting of shareholders of BHP Group Limited held virtually in Australia on 14 October 2020 and at the meeting of shareholders of BHP Group Plc held in London, United Kingdom on 15 October 2020. As required by the Dual Listed Company Structure, a poll was conducted on each of the proposed resolutions. Each resolution is a Joint Electorate Action. The poll results for BHP Group Limited and BHP Group Plc are attached. The final proxy position for each company is detailed in Appendix 1. The additional information required in respect of BHP Group Plc by the United Kingdom Companies Act 2006 is provided in Appendix 2. A copy of the resolutions passed at the closure of the poll today has been submitted the FCA National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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BHP - AGM speeches
Please find attached addresses to shareholders to be delivered by the Chair and the Chief Executive Officer at BHP Group Ltd.’s Annual General Meeting.
As part of the Dual Listed Company structure of the Group, the business to be conducted at the Annual General Meetings will be determined by polls. The poll results will not be known until the conclusion of BHP Group Plc’s Annual General Meeting on 15 October 2020. The results will then be released to the market.
The meeting can be accessed at bhp.com/LimitedAGM.
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BHP - 2020 AGM presentation
The following documents have been submitted to the FCA National Storage Mechanism and will shortly be available for inspection at: data.fca.org.uk/#/nsm/nationalstoragemechanism
- BHP Group Ltd. 2020 AGM Presentation
The document will also shortly be available via BHP’s website - www.bhp.com/- /media/documents/investors/shareholder- information/2020/201014_bhplimited2020agmpresentation.pdf
The meeting can be accessed at bhp.com/LimitedAGM.
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BHP - appointment of senior independent director
In accordance with UK Listing Rule 9.6.11, BHP advises that Susan Kilsby has been appointed as the senior independent director for BHP Group Plc, effective 15 October 2020, following the retirement of Shriti Vadera from the BHP board at the conclusion of this year’s BHP annual general meetings.
Susan has been a non-executive director of BHP since April 2019. She is the chair of the remuneration committee, and a member of the nomination and governance committee.
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BHP - withdrawal of resolution
BHP gives notice that Item 24 in the BHP Group Ltd. Notice of Meeting 2020, being a resolution requisitioned by a group of shareholders under section 249N of the Corporations Act 2001 (Cth), has been withdrawn by those shareholders. Item 24 will therefore not be considered at the Annual General Meeting of BHP Group Limited, to be held virtually on 14 October 2020.
As a result, this resolution will also be withdrawn from consideration at the Annual General Meeting of BHP, which will be held in London on 15 October 2020.
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BHP - to acquire additional interest in Shenzi
BHP announced that it has signed a Membership Interest Purchase and Sale Agreement with Hess Corporation (Hess) to acquire an additional 28 per cent working interest in Shenzi, a six-lease development in the deepwater Gulf of Mexico. Shenzi is structured as a joint ownership: BHP (Operator, 44 per cent interest); Hess (28 per cent interest) and Repsol SA (28 per cent interest).
BHP and Hess have agreed to a purchase price of USD505 million, subject to customary pre and post-closing adjustments.
The acquisition would bring BHP’s working interest to 72 per cent and immediately add approximately 11 000 barrels of oil equivalent per day of production (90 per cent oil).
This transaction is consistent with our strategy of targeting counter-cyclical acquisitions in high-quality producing or near producing assets. While our strict Capital Allocation Framework tests ensure all investments are resilient to low points in the commodity cycle, we also recognise the potential for price upside over the medium term given the global slowdown in development activity, and we are well positioned to participate in that upside. We continue to believe that the fundamentals for oil and advantaged gas will be attractive for the next decade and likely beyond.
The effective date of the transaction is 1 July 2020 with an expected close by December 2020, subject to the satisfaction or waiver of customary and transaction- specific conditions.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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