News Articles for Andrew Mackenzie

BHP chief executive Andrew Mackenzie will retire as boss of the world's biggest miner at the end of 2019, when insider Mike Henry will take the reins.

BHP has announced a record final dividend of 78 US cents a share but the global miner's underlying profit has narrowly fallen short of expectations.

At least three institutional investors in Australia are pushing for global miner BHP to consider external candidates to replace Andrew Mackenzie as new CEO, sources with direct knowledge of the matter say.

BHP Group will retain its Nickel West business, with a potential expansion of the company's WA nickel operations likely to generate a higher return, with higher risk, than the Scarborough LNG development.

Mining icon Sir Arvi Parbo, whose achievements included concurrently chairing three of Australia's largest companies - BHP, Western Mining Corporation and Alcoa of Australia - has passed away at the age of 93.

BHP Group has posted an 8 per cent fall in first-half underlying profit to $US3.7 billion ($5.2 billion), which it attributed to production disruptions and lower commodity prices.

Big business has stepped up its campaign in favour of a constitutionally enshrined ‘voice' for indigenous Australians, with BHP Group chief executive Andrew Mackenzie using a speech in Perth this morning to endorse the proposal.

BHP shares have jumped more than 4 per cent after the mining giant said it would return $US10.4 billion ($A14.7 billion) to shareholders in the form of an off-market buyback and special dividend.

Mining giant BHP has posted a 37 per cent drop in full-year year net profit after taking heavy writedowns on its US shale assets, while iron ore production lifted slightly to 275 million tonnes.

BHP shareholders are set for a windfall after the global miner agreed to sell its onshore US oil and gas assets for $US10.8 billion ($A14.6 billion).

BHP Billiton's iron ore production rose 3 per cent in the fourth quarter ended June 30 as productivity improved, cementing a record annual output as it set a bigger target for the current year.

BHP Billiton has increased the expected cost of its South Flank iron ore project to $US3.6 billion ($A4.6 billion), substantially above the estimated range it provided in June 2017 when initial funding was approved.

BHP Billiton has lifted production of copper, nickel and energy coal for the first half of fiscal 2018, but volumes were flat in its iron ore business while petroleum and metallurgical coal volumes were down.

New BHP Billiton chairman Ken MacKenzie has backed his chief executive's performance and cautioned activist shareholders that the board will ultimately determine the company's direction.

BHP Billiton has reaffirmed its full-year production guidance for all its commodities despite posting softer quarterly production for iron ore and copper.

BHP Billiton chief executive Andrew Mackenzie has seen his annual pay more than double in FY17 after his short term incentive payments (STI) were restored during the year.

Wesfarmers managing director Richard Goyder landed a $12.1 million pay packet in his final full year in charge of the Coles and Bunnings operator, while BHP Billiton chief executive Andrew Mackenzie also lifted his total income, but he remained a long way short of the Perth businessman.

BHP Billiton has joined its peers in sharply lifting dividends as stronger prices for iron ore, coal and petroleum helped the global miner post a solid return to profitability.

BHP Billiton has met full-year production targets in its main iron ore and petroleum businesses, with a record result achieved at its Western Australian operation, but fell just short in its troubled copper business due to an extended strike at a Chilean mine.

BHP Billiton has cut its full-year copper production guidance and outlined plans to sell some of its US shale acreage, while also announcing record iron ore production and reaffirming plans for its South Flank development in the Pilbara.

Iron ore miner Fortescue Metals Group has joined larger rival BHP Billiton in forecasting a near-term moderation in iron ore prices, downplaying the rally that has helped it boost profits and lift shareholder payouts.

BHP Billiton has posted a first-half profit of $US3.2 billion ($A4.2 billion) as a rebound in prices for iron ore and petroleum helped the resources giant swing back to profitability.

BHP Billiton's iron ore production jumped 9 per cent during the December quarter with nickel production up by 18 per cent, helping the resources giant maintain its guidance for the full year.

Global miner BHP Billiton says it has no clarity over the timing of a potential restart at its Samarco joint venture operation in Brazil, underlining the continuing uncertainty over the business that was hit by a fatal dam disaster last November.

BHP Billiton has reaffirmed its full-year production guidance across all its segments, other than copper, as it sees early signs of a recovery in the commodities markets.

BHP Billiton is locked in a $1 billion dispute with the Australian Taxation Office over the amount of taxes payable on the sale of Australian commodities to its Singapore marketing business, while its chief executive has seen his annual pay slashed in half follwoing the Samarco dam disaster.

Miner BHP Billiton has posted a loss of $US6.4 billion for the 2016 financial year following its $7.2 billion impairment of US shale assets in January, a slightly better result than had been anticipated by the market.

The fatal Samarco mine disaster in Brazil will dent BHP Billiton's bottom line by up to $US1.4 billion ($A1.9 billion) for the 2015-16 financial year.

BHP Billiton has fallen slightly short of its revised iron ore production target for the 2016 financial year as it struggles to make up for the suspension of operations at its Samarco joint venture in Brazil and the impact of bad weather in Western Australia.

BHP Billiton will focus on copper and oil as it boosts exploration spending in the coming financial year despite cutting its total capital expenditure.

BHP Billiton boss Andrew Mackenzie is confident that the resources behemoth can boost its value by more than 70 per cent, even without a significant recovery in commodity prices.

BHP Billiton has cut its iron ore production target for the second time this year, on account of lower expected output at its operations in the Pilbara.

Mining giant BHP Billiton has called for tax and workplace reforms in Australia, wading into the ongoing political debate ahead of the federal election later this year.

Aurizon has sealed an eight-year extension to an existing coal haulage contract with mining giant BHP Billiton, giving the troubled freight rail operator some respite.

BHP Billiton has agreed to a settlement with Brazilian authorities over the Samarco dam disaster worth at least $US2.4 billion ($A3.15 billion)

BHP Billiton says it is not keen on boosting iron ore supplies in a weak market, signalling a change in its long-held position, as it shifts focus to maintaining financial discipline.

BHP Billiton has responded to its mammoth interim loss and the prospect of a prolonged downturn by slashing its dividend and adopting a new management structure that leaves Western Australia without a representative in the company's leadership group.

BHP Billiton is facing another $1 billion hit to its bottom line and has cut its full-year iron ore production target.

Mining giant BHP Billiton will write down the value of its onshore US oil and gas assets by more than 30 per cent as it factors in the slump in crude oil prices.

Global miner BHP Billiton has committed to its progressive dividend as it counts the cost of the Brazilian mine disaster, which left 11 people dead.