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BHP contributes $60b to Australian economy

The Australian Federal Court has approved BHP’s $9.6 billion takeover of OZ Minerals in the final step toward completing the acquisition.

BHP has revealed it contributed $60 billion in economic value to the Australian economy in the 2023 financial year (FY23).

The $60 billion included wages, dividends, supplier payments, taxes, royalties and community investments.

A total of $19.1 billion was spent with Australian suppliers, including $400 million with Indigenous businesses. BHP also contributed $86 million in community investments.

“Australia’s regional and remote communities are so important to BHP, and operating in a way that benefits the areas where we operate is at the heart of our approach,” BHP president Australia Geraldine Slattery said.

“BHP is a major contributor to Australia’s national economy and regional communities through jobs, training, local and Indigenous suppliers, taxes, royalties and social investments.

“We will continue to work in partnership with our many stakeholders to support Australia’s economic prosperity as we deliver the minerals needed for global economic development and decarbonisation.”

In terms of education and training, BHP’s $300 million commitment to create 2500 new traineeships and apprentices over five years saw the company welcome over 1100 people and 500 graduates in jobs.

BHP chief financial officer David Lamont highlighted the company’s tax commitments as a particular strong point.

“BHP remains one of the largest taxpayers in Australia, delivering over $100 million in taxes and royalties to federal and state governments over the past 10 years,” he said.

“BHP’s dividends benefit roughly 17 million Australians who hold shares in the company, either as direct investors or through their superannuation.

“BHP was the largest dividend payer on the ASX100 over the past two financial years, paying around one fifth of all dividends on that index.”

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