Tillkännagivande • Jun 29
Bhp Group Ltd Announces Executive Changes BHP Group Ltd. announced the appointment of Jessica Farrell as President North America, effective July 1, 2026. Farrell, currently Vice President Innovation, will also act as interim President South America until the recruitment is completed for the role. Prior to her current role, Farrell was Western Australia Nickel Asset President. She has more than 20 years of experience holding senior roles at BHP. With effect from September 1, 2026, Edgar Basto, current Chief Operating Officer, will remain on the Executive Leadership Team and report to the CEO as Chief Enterprise Performance Officer. Geraldine Slattery will continue as President Australia and will assume responsibility for Copper South Australia, bringing all of the Australian operating assets together. Tillkännagivande • Jun 27
BHP Group Limited Announces Management Changes, Effective 1 September 2026 On 18 March 2026, the BHP Board announced that Brandon Craig will become Chief Executive Officer and a Director of BHP Group Limited on 1 July 2026. BHP now announces changes to the executive leadership team. President North America: Jessica Farrell has been appointed President North America effective 1 July 2026. Jess is currently Vice President Innovation, and prior to this was Western Australia Nickel Asset President. Jess has more than 20 years of experience across a range of commodities and jurisdictions holding senior roles at BHP. Jess brings a strong combination of operational leadership, strategic implementation, and partnership experience. She has a proven track record of navigating complex transitions while prioritising safety, employee and community outcomes. Jess will also act in the position of President South America as recruitment is completed for that role. The following changes will take effect on 1 September 2026: Chief Enterprise Performance Officer: Edgar Basto, current Chief Operating Officer, will remain on the Executive Leadership Team, and reporting to the CEO, as Chief Enterprise Performance Officer. In this new capacity Edgar will remain accountable for BHP's Health Safety and Security and the BHP Operating System (BOS). In addition, Edgar will be accountable for strengthening contractor safety and further embedding operating discipline and performance across the enterprise. President Australia: Geraldine Slattery will continue as President Australia and will assume responsibility for Copper South Australia, bringing all of the Australian operating assets together under her leadership. BHP Executive Leadership Team: As a result of the changes, the Executive Leadership Team (in addition to Brandon Craig, incoming CEO) will be as follows as at 1 September 2026: Chief Enterprise Performance Officer Edgar Basto; Chief Legal, Governance and External Affairs Officer: Caroline Cox; President North America: Jessica Farrell (from 1 July 2026); President South America: Jessica Farrell (interim from 1 July 2026); Chief Financial Officer: Vandita Pant; Chief Development Officer: Catherine Raw; President Australia: Geraldine Slattery; Chief Commercial Officer: Rag Udd; Chief Technical Officer: Johan van Jaarsveld; Chief People Officer: Jad Vodopija. Tillkännagivande • May 14
BHP Group Limited Announces Appointment of Mark Vassella as Non-Executive Director, Effective June 1, 2026 BHP Group Limited announces the appointment of Mark Vassella as a Non-executive Director with effect from June 1, 2026. Mark Vassella has over 40 years' experience in the global steel industry and materials value chain. Mark was the Chief Executive Officer and Managing Director of BlueScope Steel Limited from January 2018 to January 2026 which included global operations across Australia, New Zealand, North America and Asia. Mark started in the steel industry as a cadet at BHP Newcastle in NSW in the early 1980s. He has held various general manager, leadership and global executive roles in Australia, the UK and the US. He was also a member of the WorldSteel Association Board. Mark is recognised for expertise running large scale industrial operations within the resources and materials value chain, and his leadership in building constructive relationships with governments, Indigenous partners, community stakeholders and business partners. He brings a strong focus on safety, decarbonisation and capital allocation discipline. Tillkännagivande • Mar 12
South32 Ltd Reportedly Emerges as Contender for West Musgrave Copper-Nickel Project BHP Group Limited (ASX:BHP)'s non-core asset sale process is moving towards the pointy end, with South32 Limited (ASX:S32) emerging as one of the leading contenders for the prized West Musgrave copper-nickel project. The sale process for BHP's nickel portfolio has progressed beyond initial stages, with sources indicating that South32 was very focused on the West Musgrave opportunity. South32, the company that BHP spun out in 2015, is now valued at $19 billion. DataRoom reported in December that South32 was actively considering an acquisition of West Musgrave, the largest and most valuable asset in BHP's nickel portfolio being sold by Macquarie Capital and UBS. South32's interest is driven primarily by West Musgrave's copper deposits alongside its nickel resources, say sources. However, any buyer will require deep pockets, with the project demanding approximately $1 billion in capital spending and carrying about $300 million in rehabilitation liabilities. Australian-listed copper miner Sandfire Resources had previously weighed a bid but may have stepped back. Tillkännagivande • Mar 02
BHP Group Limited to Report Fiscal Year 2026 Results on Aug 18, 2026 BHP Group Limited announced that they will report fiscal year 2026 results at 8:30 AM, AUS Eastern Standard Time on Aug 18, 2026 Tillkännagivande • Feb 18
Bhp Group Limited Provides Production Guidance for Financial Year 2027 BHP Group Limited provided production guidance for financial year 2027. For the period, the company expects guidance to between 1 million and 1.1 million tonnes. Including the 400,000 tonnes of incremental production over 2027 to 2031, the recent increase in guidance expects to deliver over 500,000 more tonnes over the next 5 years compared to year ago. Tillkännagivande • Feb 17
BHP Group Limited Announces Interim Dividend for the Six Months Ended December 31, 2025, Payable on 26 March 2026 BHP Group Limited announced interim dividend of USD 0.73000000 per share for the six months ended December 31, 2025. Record date of 6 March 2026, ex-date of March 5, 2026 and payment date of 26 March 2026. Tillkännagivande • Dec 20
Bhp Group plc Appoints Callum Doherty as Partner to Lead International and Large Corporate Tax Services BHP Group PLC has named Callum Doherty as partner to lead its international and large corporate tax services. In his new position, Doherty will work with BHP's broader tax team and take the lead in developing the firm's international tax service offering. He will support clients seeking to expand their operations overseas, while also providing expert guidance to 'large' and 'very large' UK businesses - typically defined as those with accounting profits exceeding £1.5m ($2m) and £20m, respectively - on complex domestic tax issues. His background covers experience with EY, PwC, and BlackRock. Most recently, Doherty was tax director at CFGI's UK division, where his work involved supporting large corporate clients with both UK and international tax strategies. Tillkännagivande • Dec 05
BHP Group Limited Settles Australian Samarco Shareholder Class Action for AUD 110 Million BHP Group Limited announced that Federal Court of Australia approved the settlement of the Australian Samarco shareholder class action, that was previously disclosed on 9 September 2025. Under the terms of settlement, BHP has agreed to pay the Applicants AUD 110 million, inclusive of interest and costs, with no admission of liability. BHP expects to recover the majority of the settlement amount from its insurers. Tillkännagivande • Nov 24
BHP Group Reportedly Made Renewed Bid Approach to Anglo American Mining company BHP Group Limited (ASX:BHP) has made a renewed takeover approach to rival Anglo American plc (LSE:AAL), a source familiar with the matter told Reuters on November 23, 2025, just months after the London-listed miner agreed merger plans with Canada's Teck Resources to create a global copper-focused heavyweight. Anglo American declined to comment. BHP did not immediately respond to a request for comment outside regular business hours. BHP has made overtures to Anglo American in recent days, Bloomberg News reported earlier, citing people familiar with the matter, adding that deliberations are ongoing and there is no certainty of a deal. Anglo American's market capitalisation is about $41.80 billion, while BHP's is around $132.18 billion, based on LSEG data. In September, Anglo American agreed plans to merge with Teck in an all-share deal, marking the sector's second-biggest M&A deal ever. The deal came just over a year after BHP scrapped a $49 billion bid for Anglo, a deal that would have boosted the Australian miner's holdings of copper, the metal seen as essential for the transition to greener energy. If the BHP/Anglo deal had gone ahead, the combined entity would have been the world's largest copper producer, with a total annual production of around 1.9 million metric tons. The new Anglo Teck group is expected to have a combined annual copper production capacity of approximately 1.2 million tons, still second to BHP. Tillkännagivande • Nov 14
BHP Group Limited Provides Update on United Kingdom Group Action BHP Group Limited confirmed that the English High Court has found BHP liable under Brazilian law for the 2015 Fundão dam failure. Any assessment of damages will be determined in future second and third stage trials expected to complete in 2028 or 2029. BHP intends to appeal the decision and will continue to defend the UK group action. BHP has supported extensive remediation and compensation efforts in Brazil since 2015. In October 2024, BHP Billiton Brasil Ltda (BHP Brasil) (a subsidiary of BHP Group Limited), Vale S.A. (Vale) and Samarco Mineração S.A. (Samarco)entered into a USD 32 billion comprehensive agreement with Brazil public authorities and public defenders for a full and final settlement of key claims in Brazil in relation to the dam failure (Brazil Agreement). More than 610,000 people have already been compensated in Brazil, including approximately 240,000 claimants from the UK group action who have provided releases for related claims. The English High Court decision upholds the validity of these releases which should reduce the size and value of the claims in the UK group action. BHP believes the UK group action is duplicative of remediation and compensation that has already occurred in Brazil or which is available under the Brazil Agreement. Expected cash outflows relating to Samarco remain largely aligned with the USD 2.2 billion for FY2026 and USD 0.5 billion for FY2027 included in BHP's FY2025 results announcement. Approximately USD 1 billion has been spent to date in FY2026. The Fundão dam was owned and operated by Samarco, a non-operated joint venture between BHP Brasil (a subsidiary of BHP Group Limited) and Vale. Each of BHP Brasil and Vale holds 50% of Samarco. As stated in BHP's 2025 Annual Report, these proceedings have been brought against BHP Group Limited (the parent company of BHP Brasil) (BHP), and BHP Group (UK) Limited (the former dual listed UK entity) in the English High Court by over600,000claimants seeking damages in relation to the Fundão dam failure in 2015. The decision by the English High Court follows a five-month first stage trial of the UK group action. The English High Court has found that BHP is liable on the basis that it is a 'polluter' under Brazilian environmental law and at fault under the Brazilian civil code. The English High Court rejected the argument that BHP is liable under Brazilian corporate law. The decision relates to events that occurred in the period before November 2015. The English High Court also found that the waivers and releases signed by claimants who have already received compensation in Brazilare valid. This should reduce the size and value of the claims in the UK group action. Subject to BHP's appeal, a second stage trial will decide whether losses claimed by the claimants were caused by the dam failure. This trial is currently scheduled for October 2026 to March 2027. Following any decision and appeals in that trial, a stage 3 trial may also be required, where each remaining claimant would need to prove their individual damages before BHP is required to make any payments to them. This third trial is unlikely to occur before 2028. Remediation and compensation in Brazil: The Fundão dam failure at Samarco was a tragedy that should never have happened. Since 2015, BHP Brasil, Vale and Samarco have provided USD 13.4 billion for reparation and compensation to affected people and to Public Authorities in Brazil. In total, compensation and financial aid has been paid to more than 610,000 people who have received approximately USD 6.3 billion. This includes approximately 240,000 claimants in the UK group action who have been compensated in Brazil and signed releases for related claims. Additionally, remediation of the environment affected by the dam failure is substantially complete and resettlement of the communities of Novo Bento Rodrigues and Paracatu is 98% complete. Samarco, BHP Brasil and Vale continue to implement the agreement reached with the Brazilian public authorities and public defenders in October 2024 which provides BRL 170 billion (USD 32 billion) for reparation of the impacts of the dam failure, including water sanitation, the public health system, economic recovery, local infrastructure, collective damages for affected Indigenous and Traditional Communities and Brazilian Municipalities and income support for the most vulnerable people in the affected regions. BHP remains confident that the BrazilAgreement agreed with local Brazilian authorities provides the quickest and most effective mechanisms to compensate those impacted by the Samarco dam failure. Tillkännagivande • Nov 07
BHP Group Limited to Report First Half, 2026 Results on Feb 17, 2026 BHP Group Limited announced that they will report first half, 2026 results on Feb 17, 2026 Tillkännagivande • Oct 21
BHP Group Limited Provides Production Guidance for the Fiscal Year 2026 BHP Group Limited provided production guidance for the fiscal year 2026. For the year 2026, the company expects copper production to be between 1,800 kt - 2,000 kt, Iron ore between 258 Mt - 269 Mt, Steelmaking coal - BMA between 18 Mt - 20 Mt, and Energy coal - NSWEC between 14 kt -16 kt. Tillkännagivande • Sep 11
BHP Reportedly Taps Pair of Banks to Explore Nickel Assets Sale BHP Group Limited (ASX:BHP) is understood to have hired investment banks Macquarie Capital and UBS for a potential sale of its nickel business. The sale of the division has been flagged, with The Australian reporting on August 24 that the country's largest miner had quietly put the business up for sale. This, while being committed to spending $450 million a year preparing its mothballed nickel assets in Western Australia for a possible restart. UBS and Macquarie have been called upon for BHP asset sales before - both have worked on the divestment of its coal mines in Queensland in recent years. DataRoom understands that a potential plan by BHP and its advisers for what includes its unit known as Nickel West is to split assets up and sell the business off in parts. Market experts believe finding a buyer that would be prepared to pay up for the business as a whole would be no easy task. Expectations are that BHP's nickel assets may fetch hundreds of millions of dollars, although the rehabilitation costs would be a similar amount and a buyer would need to foot those. The nickel assets carry closure and rehabilitation liabilities of at least USD 900 million. A data room will be open for potential buyers to inspect BHP's WA mines, a smelter and refinery, and the West Musgrave nickel project acquired as part of the $9.6 billion Oz Minerals takeover. BHP was believed to be dusting off plans for a sale of Nickel West in 2018 through Goldman Sachs. Goldman's ran a sale process for Nickel West four years before that, around the time BHP announced it was demerging what is now known as South32. But the process was pulled after the $105 billion Australian and London-listed group failed to attract suitors ready to meet its price expectations. Nickel West is the collection of West Australian nickel assets bought by BHP with its 2005 acquisition of WMC Resources. When Nickel West was for sale last time around, Glencore was thought to be a possible suitor. Another possible contender was China's Jinchuan. Tillkännagivande • Sep 09
BHP Group Limited Announces Settlement of Samarco AU Securities Class Action BHP has reached an agreement to settle the Australian Samarco shareholder class action. The settlement is subject to approval by the Federal Court of Australia. The Australian shareholder class action was brought on behalf of shareholders who acquired BHP shares before the Fundão Dam failure. The class action was filed in the Federal Court of Australia in 2018 on behalf of persons who acquired shares in BHP Group Limited or BHP Group Plc (now BHP Group (UK) Ltd) during the period 8 August 2012 to 9 November 2015 (the Applicants). The Fundão Dam was owned and operated by Samarco Mineração S.A. (Samarco), a non-operated joint venture between BHP Billiton Brasil Ltda (BHP Brasil) (a subsidiary of BHP Group Limited) and Vale S.A. Each of BHP Brasil and Vale holds 50 per cent of Samarco. Under the terms of the settlement agreement, BHP has agreed to pay the Applicants AUD 110 million, inclusive of interests and costs, with no admission of liability. BHP expects to recover the majority of the settlement amount from its insurers. Tillkännagivande • Jul 18
Bhp Group Limited Provides Production Guidance for the Fiscal Year 2026 BHP Group Limited provided production guidance for the fiscal year 2026. For the year copper production to be between 1.8 Mt to 2.0 Mt. Tillkännagivande • Mar 03
BHP Group Limited Appoints Marian Moroney as Head of Prospect Evaluation Ms. Marian Moroney has accepted a senior executive role with BHP Group Ltd, being appointed as Head of Prospect Evaluation. Tillkännagivande • Feb 18
BHP Group Limited Announces Ordinary Dividend for the Six Months Ended December 31, 2024, Payable March 27, 2025 BHP Group Limited announced ordinary dividend of USD 0.50 per share for the six months ended December 31, 2024. Record date is March 7, 2025; Ex Date is March 6, 2025 and payment date is March 27, 2025. Tillkännagivande • Feb 13
BHP Group Limited Announces Executive Changes, Effective on 31 March 2025 BHP announced that its Chair, Ken MacKenzie, will retire from the Board of BHP Group Limited (BHP) on 31 March 2025. The Board has elected Ross McEwan to succeed as Chair, commencing on 31 March 2025. Ken MacKenzie joined the Board in September 2016 and has been Chair since September 2017. During this period, Ken has overseen the strategic transformation of BHP’s portfolio towards future-facing commodities, with a strong focus on safety, disciplined capital management, world-class capability and culture, and a differentiated approach to creating social value. The appointment of Ross McEwan follows a formal Chair succession process led by BHP Senior Independent Director, Gary Goldberg. Ross has been an independent Non-executive Director of BHP since 4 April 2024, and has over 30 years’ global executive experience, including in the financial services industry, with deep expertise in capital allocation, risk management and value creation in complex regulatory environments. Ross was the CEO of National Australia Bank (from 2019 to April 2024) and Group CEO of the Royal Bank of Scotland (from 2013 to 2019). Prior to that, he held executive roles at Commonwealth Bank of Australia, First NZ Capital Securities and National Mutual Life Association of Australasia /AXA New Zealand. Ross brings a strong focus on people and culture, technology and innovation and has extensive experience in capital allocation and value creation. He has worked closely with a wide range of stakeholders, including customers, governments and regulators and brings a global perspective. He has a deep understanding of organisational transformation and brings a very strong focus on the customer and technology as a driver of change. Ross is currently the Lead Independent Director of Reece Limited and a Non-executive Director on the Board of QinetiQ Group Plc. Tillkännagivande • Jan 21
BHP Group Limited Reaffirms Production Guidance for the Fiscal Year 2025 BHP Group Limited reaffirms production guidance for the fiscal year 2025. The company is on track to deliver production in the upper half of the fiscal year 2025 guidance range at WAIO, BMA and NSWEC, as is Samarco. Fiscal year 2025 production guidance at all assets remains unchanged, with the exception of Copper SA, which has been lowered due to the impacts from the weather-related power outage. For the year, the company now expects Copper production of 1,845 kt – 2,045 kt, Iron ore production of 255 Mt – 265.5 Mt, Steelmaking coal - BMA production of 16.5 Mt – 19 Mt and Energy coal - NSWEC production of 13 Mt - 15 Mt against Copper production of 1,845 kt – 2,045 kt, Iron ore production of 255 Mt – 265.5 Mt, Steelmaking coal - BMA production of 16.5 Mt – 19 Mt and Energy coal - NSWEC production of 13 Mt - 15 Mt as previously forecasted. Tillkännagivande • Jan 16
BHP Group Limited (ASX:BHP) completed the acquisition of 50% stake in Josemaría Project from Josemaria Resources Inc. BHP Group Limited (ASX:BHP) agreed to acquire 50% stake in Josemaría Project from Josemaria Resources Inc. for approximately $690 million on July 30, 2024. The consideration is subject to certain purchase price adjustments. The transaction is subject to completion of separate transaction. Lundin Mining shareholder approval is not required for the Proposed Transaction. Closing is expected to occur in the first quarter of 2025 subject to satisfaction of the conditions to closing. TD Securities Inc. acted as financial advisor and Stikeman Elliot LLP acted as legal advisor to BHP Group Limited (ASX:BHP).
BHP Group Limited (ASX:BHP) completed the acquisition of 50% stake in Josemaría Project from Josemaria Resources Inc. on January 15, 2025. Tillkännagivande • Dec 19
Federal Court of Australia Serves Class Action Proceeding to BHP Group Limited BHP Group Limited has been served with a representative class action proceeding that has been filed in the Federal Court of Australia in relation to allegations of sexual harassment and sex discrimination. The claim is brought on behalf of all women who worked at BHP's Australian workplaces at any time during the period 12 November 2003 to 11 March 2024 who were impacted by the alleged conduct. The proceeding is at a preliminary stage and the amount of damages sought is unspecified. Tillkännagivande • Oct 18
BHP Group Limited to Report Fiscal Year 2025 Results on Aug 19, 2025 BHP Group Limited announced that they will report fiscal year 2025 results at 8:00 AM, AUS Eastern Standard Time on Aug 19, 2025 Tillkännagivande • Oct 17
BHP Group Limited Provides Production Guidance for the Fiscal Year 2025 BHP Group Limited provided production guidance for the fiscal year 2025. For the year, the company expects copper production to be 1,845 Kt - 2,045 Kt. Iron ore to be 255 Mt - 265.5 Mt. Tillkännagivande • Oct 02
BHP Group Limited to Report First Half, 2025 Results on Feb 18, 2025 BHP Group Limited announced that they will report first half, 2025 results on Feb 18, 2025 Tillkännagivande • Sep 23
BHP Group Limited, Annual General Meeting, Oct 30, 2024 BHP Group Limited, Annual General Meeting, Oct 30, 2024. Location: royal international convention centre, 600 gregory terrace, bowen hills, brisbane, queensland, Australia Tillkännagivande • Aug 27
BHP Group Limited Announces Final Dividend for the Year Ended 30 June 2024, Payable on 3 October 2024 BHP Group Limited announced on 27 August 2024 the board determined to pay a final dividend of 74 US cents per share for the year ended 30 June 2024. The final dividend to be paid by BHP Group Limited will be fully franked for Australian taxation purposes. Ex-dividend Date JSE is 11 September 2024. Ex-dividend Date Australian Securities Exchange (ASX) and London Stock Exchange (LSE) are12 September 2024. Ex-dividend Date New York Stock Exchange (NYSE) is 13 September 2024. Record date is 13 September 2024. Payment date is 3 October 2024. Tillkännagivande • Aug 08
BHP Reportedly to Seek Buyer for Gold, Copper Mines in Brazil BHP Group Limited (ASX:BHP) is planning to sell Brazilian copper and gold assets it acquired with the takeover of Oz Minerals Ltd., according to people familiar with the matter. The company’s acquisition of Oz Minerals in May 2023 was its biggest deal in more than a decade and included buying an untapped gold deposit and four small, but high-grade, copper-gold mines in the Brazilian state of Para. Tillkännagivande • Jul 17
BHP Group Limited Provides Production Guidance for the Fiscal Year 2025 BHP Group Limited provided production guidance for the fiscal year 2025. For the year, the company expects copper production to be in the range of 1,845 kt to 2,045 kt, Iron ore production to be in the range of 255 Mt to 265.5 Mt and Metallurgical coal – BMA to be in the range of 16.5 Mt to 19 Mt. Tillkännagivande • Jul 12
BHP Group Limited Announces Western Australia Nickel to Temporarily Suspend Operations from October 2024 BHP Group Limited announced that the Nickel West operations and West Musgrave project (Western Australia Nickel) will be temporarily suspended from October 2024. BHP intends to review the decision to temporarily suspend Western Australia Nickel by February 2027. The decision to temporarily suspend Western Australia Nickel follows oversupply in the global nickel market. Forward consensus nickel prices over the next half of the decade have fallen sharply reflecting strong growth of alternative low-cost nickel supply. During the temporary suspension, BHP will continue to support its workforce and local communities. BHP will invest approximately USD 300 million (AUD 450 million) per annum following completion of a transition period to support a potential re-start of Western Australia Nickel. The transition period will commence from July 2024. Operations will be suspended in October 2024 and handover activities for temporary suspension will be completed by December 2024. During the temporary suspension, BHP will: suspend mining and processing operations at the Kwinana nickel refinery, Kalgoorlie nickel smelter and Mt Keith and Leinster operations and the development of the West Musgrave project; implement a care and maintenance program of work to ensure the ongoing safety and integrity of its mines and related infrastructure; continue to invest in exploration to extend the resource life of Western Australia Nickel and preserve optionality; and offer Western Australia Nickel frontline employees another role within BHP or the choice of a redundancy and establish a AUD 20 million Community Fund to support local communities during the temporary suspension. Tillkännagivande • May 31
BHP Provides Update on its Offer for Anglo American On 22 May 2024, BHP Group Limited (ASX: BHP) announced a revised proposal for a combination with Anglo American plc (LSE:AAL) and the Board of Anglo American announced an extension to the deadline for BHP to make an offer for Anglo American to 29 May 2024 (Deadline). BHP welcomed the extension as it provided the opportunity to engage with Anglo American about its concerns regarding BHP's proposal. Since the extension to the deadline, BHP has continued to work extensively to address those matters. This has included several engagements with Anglo American and its advisers. BHP's response to Anglo American: BHP has proposed a range of socioeconomic measures intended to address Anglo American's concerns regarding our proposed transaction structure. BHP is confident that the measures it has proposed to the Board of Anglo American provide a viable pathway to resolve the matters raised by Anglo American and would support South African regulatory approvals. BHP has considered market precedent transactions and believes that the risks are quantifiable and manageable. BHP has already factored the costs associated with these risks into the offer ratio of its proposal. BHP believes that these proposed measures would provide greater economic benefits to South Africa than Anglo American's Accelerating Value Delivery plan, mitigate perceived value and completion uncertainty and ensure that any costs are not borne disproportionately by Anglo American shareholders. BHP has indicated that it would also be willing to discuss an appropriate reverse break fee, payable by BHP, on failure to achieve the necessary anti-trust and regulatory approvals, including in South Africa. Socio-economic initiatives in South Africa: BHP's proposal comprises an all-share offer for Anglo American subject to the pro-rata distribution by Anglo American of its entire shareholdings in Anglo Platinum and Kumba Iron Ore to Anglo American shareholders immediately before completion of the scheme of arrangement. Anglo Platinum and Kumba Iron Ore would continue to be listed in South Africa on the Johannesburg Stock Exchange (JSE). BHP intends to maintain its listing on the JSE and is expected to achieve a JSE index weighting of approximately 5% on completion. BHP continues to believe that there would be clear benefits to the South African government, economy and communities from Anglo Platinum and Kumba Iron Ore becoming major standalone entities listed on the JSE with significant increased JSE index weightings. Anglo Platinum and Kumba Iron Ore would be independently run by established South African-based management teams. As self-governed companies, Anglo Platinum and Kumba Iron Ore would be better placed to reinvest cash flow and capital directly into South Africa. As part of its increased presence in South Africa, BHP intends to continue and build on Anglo American's legacy of social investment and value creation in South Africa including by: if required to secure regulatory approvals, BHP sharing in the costs of increased South African employee ownership of the listed South African businesses; ?establishing a Mining Centre of Excellence to support R&D, training and promotion of South Africa as a premier mining destination; maintaining current employment levels at Anglo American's Johannesburg office to provide ongoing support to the South African assets to be acquired and other assets in the combined group, as well as to Anglo Platinum and Kumba as a third party service provider; ?maintaining funding for Anglo American's charitable commitments in South Africa at the current level; supporting local South African procurement and engagement across mining industry sectors and regions; ensuring continued access for South African investors through the listing of BHP on the Johannesburg Stock Exchange; and maintaining Anglo American's existing South African Reserve Bank (SARB) and National Treasury undertakings, to the maximum extent practicable. These proposed measures are expected to be maintained for a period of at least three years. BHP believes that its proposal will contribute to South Africa and allow the benefits of South African mining to be shared with more South African stakeholders. Next steps: BHP believes that the proposed measures it has put forward provide substantial risk protection for Anglo American shareholders and supplement the significant value uplift that Anglo American shareholders will receive from the potential combination. BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal. This announcement does not amount to a firm intention to make an offer and there can be no certainty that an offer will be made. There is no certainty that any form of agreement or transaction will be reached or concluded. Nothing in this announcement constitutes or intended to constitute a post-offer undertaking for the purposes of Rule 19.5 of the UK Code. This announcement is being made by BHP without prior agreement or approval of Anglo American. Authorised for release by Stefanie Wilkinson, Group Company Secretary. Tillkännagivande • May 25
Anglo American Rejects Further BHP Proposal On 20 May 2024, the Board of Anglo American plc (LSE:AAL) received a third unsolicited, non-binding and highly conditional takeover proposal from BHP Group Limited (ASX: BHP) (the "Latest Proposal"). Under the terms of the Latest Proposal, for each Anglo American share owned, Anglo American's shareholders would receive: 0.8860 BHP shares; and Ordinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American's shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited). The terms of the Latest Proposal represent a total value, based on undisturbed share prices as at market close on 23 April 2024, of approximately £29.34 per Anglo American share. On the basis of the 30-day and 90-day volume weighted average share prices up to and including 23 April 2024, the terms of the Latest Proposal would value Anglo American at £29.91 and £29.67 per Anglo American share, respectively. The Latest Proposal includes the same highly complex structure as the proposals previously rejected on 26 April 2024 and 13 May 2024. This involves an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American's shareholders. The all-share offer and required demergers would be inter-conditional. The Board and its advisers have engaged with BHP and its advisers on multiple occasions with a particular focus on the proposed structure and associated risks. The Board continues to believe that there are serious concerns with the structure given that it is likely to result in material completion risk and value impact that disproportionately falls on Anglo American's shareholders. The requirement to pursue two contemporaneous demergers of publicly listed companies alongside a takeover and the inter-conditional nature of the three transactions is unprecedented, and as a result of a takeover would result in additional material approvals and conditions, particularly in South Africa. BHP's Latest Proposal is therefore in clear contrast to Anglo American's simpler standalone plan to accelerate value delivery announced on 14 May 2024 and its proposal to demerge Anglo American Platinum Limited - a single demerger that Anglo American has a proven track record in delivering. The complex process proposed by BHP is likely to take 18 months or more to complete and carries significant execution and completion risks relating to both value and time. The key elements of Anglo American's standalone plan to accelerate value delivery are expected to be substantively complete by that stage. The approvals required in relation to BHP's Latest Proposal will also likely result in conditions being imposed that disproportionately impact Anglo American Platinum Limited and Kumba Iron Ore Limited and, therefore, Anglo American's shareholders. In addition, the Board has also considered detailed feedback from its extensive engagement with Anglo American's shareholders and stakeholders since the release of Anglo American's accelerated plans for delivery of its standalone strategy on 14 May 2024, continuing its engagement with its shareholders since the approach from BHP became public on 24 April 2024. The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway to deliver the acceleration of its strategy detailed on 14 May 2024, that is expected to unlock significant and undiluted value for Anglo American's shareholders. Taking the above considerations into account, the Board of Anglo American has unanimously rejected the Latest Proposal. In order to allow for further engagement with BHP on the mitigation of risks and value impact on Anglo American's shareholders that are inherent in its Latest Proposal, Anglo American announces that, in accordance with Rule 2.6(c) of the Code, the Board has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension to the date by which BHP is required either to announce a firm intention to make an offer for Anglo American in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. on 29 May 2024. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. Stuart Chambers, Chairman of Anglo American, commented: "The Board is confident in Anglo American's standalone future prospects and believes that Anglo American has set out a clear pathway and timeframe to deliver the acceleration of its strategy to unlock significant and undiluted value for Anglo American's shareholders. The Board considered BHP's Latest Proposal carefully, concluded it does not meet expectations of value delivered to Anglo American's shareholders, and has unanimously rejected it. In particular, it does not address the Board's concerns about the structure, which results in significant complexity, execution risks, an extended timeline to completion and consequently has the potential for material value leakage to be disproportionately suffered by Anglo American's shareholders. Multiple engagements with the BHP team have not yet been able to resolve the concerns on these issues. "However, the Board is willing to continue to engage with BHP and its advisers on this topic and has therefore requested a one week extension to the PUSU deadline which has been consented to by the Panel." There can be no certainty that any firm offer will be made and, save as set out in BHP's announcement dated 13 May 2024 (and subject to the reservations set out therein), there can be no certainty as to the terms on which an offer may be made. Tillkännagivande • May 16
BHP Chief Urges Anglo Investors to Consider Takeover Benefits BHP Group Limited (ASX:BHP) Chief Executive Mike Henry said that Anglo American plc (LSE:AAL) investors need to consider the merits of his company's bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice. The CEO of the world's biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a "determination" on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns to investors. Anglo CEO Duncan Wanblad on May 14, 2024 outlined plans to refocus on energy transition metal copper while spinning off or selling its less profitable coal, nickel, diamond and platinum businesses. Henry, meanwhile, emphasised the merits of BHP's $43 billion bid and dismissed concerns that the proposed deal would be complex to execute. "At the end of the day, it's going to be up to shareholders. They have to look at the plans, decide which one they believe is going to create the greatest value soonest," he said. "And they have to make a determination as to the likelihood of execution of those plans, including which team they believe is more capable and has a better track record of execution. It's that simple." The Anglo board argues that the proposed deal undervalues the company and is difficult to execute, with BHP planning to demerge two of Anglo's South African assets prior to a takeover. BHP chief Henry, however, says the company has sufficient experience to execute complex transactions, having divested South32 (S32.AX), opens new tab assets in South Africa. Henry said he was disappointed with the Anglo board's continued refusal to engage, adding that BHP would have preferred to continue talking in private. "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked." While BHP is intent on growing its copper business, it would maintain its disciplined approach to capital allocation, Henry said, adding that the copper industry remains fragmented. "We do not take capital discipline lightly, we will remain disciplined and we have demonstrated that in previous instances," he said. Tillkännagivande • Apr 26
BHP Group Limited (ASX:BHP) offered an unsolicited, non-binding and highly conditional combination proposal to acquire Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited for £20.5 billion. BHP Group Limited (ASX:BHP) offered an unsolicited, non-binding and highly conditional combination proposal to acquire Anglo American plc (LSE:AAL) from Tarl Investment Holdings, Ltd., Epoch Investment Holdings Limited and Epoch Two Investment Holdings Limited for £20.5 billion on April 16, 2024. Under the terms of the Proposal, ordinary shareholders of Anglo American would receive 0.7097 BHP shares for each ordinary share in Anglo American; and ordinary shares in Anglo Platinum and Kumba (which would be distributed by Anglo American to its shareholders in direct proportion to each shareholder's effective interest in Anglo Platinum and Kumba). The proposal comprises an all-share offer for Anglo American by BHP and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The two parts of the proposal would be inter-conditional. The Board is currently reviewing this proposal with its advisers. An offer period has now commenced not later than 5.00 p.m. until May 22, 2024, either the BHP announce a firm intention to make an offer for Anglo American. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made. The Proposal is non-binding and subject to customary conditions including completion of due diligence to the satisfaction of BHP. Anglo American has been offered reciprocal due diligence on BHP.
James Hartop, Edward Rowe and Fiona McHardy of Centerview Partners UK LLP; Mark Sorrell, David Hammond and Bertie Whitehead of Goldman Sachs International; and Simon Smith, Anthony Zammit and Tom Perry of Morgan Stanley & Co. International plc acted as Financial Adviser; and Linklaters LLP is retained as legal adviser to Anglo American. UBS, Barclays acted as financial advisor to BHP.