v3.26.1
Investments accounted for using the equity method (Tables)
 12 Months Ended
Jun. 30, 2026
Text block [Abstract]  
Summary of Ownership Interest in Equity Accounted Investments The Group’s ownership interest in significant equity accounted investments results are listed in the table below. For a list of the Group’s associates and joint ventures, refer to Exhibit 8.1 – List of Subsidiaries.

 

 

Country of
incorporation/

 

 

 

 

 

 

 

Ownership interest

 

 

principal

 

Associate or

 

Principal

 

Reporting

 

2026

 

2025

Significant associates and joint ventures

 

place of business

 

joint venture

 

activity

 

date

 

%

 

%

Compañía Minera Antamina S.A. (Antamina)

 

Peru

 

Associate

 

Copper and zinc mining

 

31 December

 

33.75

 

33.75

Samarco Mineração S.A. (Samarco)

 

Brazil

 

Joint venture

 

Iron ore mining

 

31 December

 

50.00

 

50.00

Vicuña Corp (Vicuña)

 

Canada/Argentina/Chile

 

Joint venture

 

Copper development

 

31 December

 

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:

 

Year ended 30 June 2026
US$M

 

Investment in
associates

 

Investment in
joint ventures

 

Total equity
accounted
investments

At the beginning of the financial year

 

1,751

 

2,356

 

4,107

Profit/(loss) from equity accounted investments, related impairments and expenses1

 

899

 

(325)

 

574

Investment in equity accounted investments

 

108

 

242

 

350

Dividends received from equity accounted investments

 

(895)

 

–

 

(895)

Divestment of equity accounted investments

 

(42)

 

–

 

(42)

Other

 

–

 

320

 

320

At the end of the financial year

 

1,821

 

2,593

 

4,414

 

1.
Represents financial impacts of Samarco dam failure in the Group’s profit/(loss) from equity accounted investments, related impairments and expenses. Refer to note 4 'Significant events – Samarco dam failure' for further information.
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.

 

 

Associates

 

Joint ventures

 

 

2026

 

 

 

Individually

 

 

 

 

 

 

 

Individually

 

 

US$M

 

Antamina

 

immaterial

 

Samarco1

 

 

Vicuña

 

 

immaterial

 

Total

Current assets

 

2,405

 

 

 

957

 2

 

109

 2

 

 

 

 

Non-current assets

 

7,219

 

 

 

8,142

 

 

5,057

 

 

 

 

 

Current liabilities

 

(1,561)

 

 

 

(3,610)

 3

 

(119)

 3

 

 

 

 

Non-current liabilities

 

(2,532)

 

 

 

(24,912)

 4

 

(12)

 4

 

 

 

 

Net assets/(liabilities) – 100%

 

5,531

 

 

 

(19,423)

 

 

5,035

 

 

 

 

 

Net assets/(liabilities) – Group share

 

1,867

 

 

 

(9,712)

 

 

2,518

 

 

 

 

 

Adjustments to net assets related to accounting policy adjustments

 

(79)

 

 

 

–

 

 

75

 

 

 

 

 

Investment in Samarco

 

–

 

 

 

516

 5

 

–

 

 

 

 

 

Impairment of the carrying value of the investment in Samarco

 

–

 

 

 

(1,041)

 6

 

–

 

 

 

 

 

Recognised additional share of losses, net of capital contributions

 

–

 

 

 

6,628

 

 

–

 

 

 

 

 

Unrecognised losses

 

–

 

 

 

3,609

 7

 

–

 

 

 

 

 

Carrying amount of investments accounted for using the equity method

 

1,788

 

33

 

–

 

 

2,593

 

 

–

 

4,414

Revenue – 100%

 

7,473

 

 

 

1,955

 

 

–

 

 

 

 

 

Profit/(loss) – 100%

 

3,029

 

 

 

(4,210)

 8

 

(10)

 9

 

 

 

 

Share of profit/(loss) of equity accounted investments

 

1,022

 

 

 

(2,105)

 

 

(5)

 

 

 

 

 

Adjustments to share of profit/(loss) related to accounting policy adjustments

 

–

 

 

 

–

 

 

–

 

 

 

 

 

Impairment of the carrying value of the investment in Samarco

 

–

 

 

 

–

 

 

–

 

 

 

 

 

Additional share of Samarco losses

 

–

 

 

 

600

 

 

–

 

 

 

 

 

Fair value change on forward exchange derivatives

 

–

 

 

 

458

 

 

–

 

 

 

 

 

Movement in unrecognised losses

 

–

 

 

 

727

 7

 

–

 

 

 

 

 

Profit/(loss) from equity accounted investments, related impairments and expenses

 

1,022

 

(123)

 

(320)

 

 

(5)

 

 

–

 

574

Comprehensive income – 100%

 

3,029

 

 

 

(4,210)

 

 

(10)

 

 

 

 

 

Share of comprehensive income/(loss) – Group share in equity accounted investments

 

1,022

 

(123)

 

(320)

 

 

(5)

 

 

–

 

574

Dividends received from equity accounted investments

 

895

 

–

 

–

 

 

–

 

 

–

 

895

 

 

 

Associates

 

Joint ventures

 

 

2025

 

 

 

Individually

 

 

 

 

 

 

 

Individually

 

 

US$M

 

Antamina

 

immaterial

 

Samarco1

 

 

Vicuña

 

 

immaterial

 

Total

Current assets

 

1,773

 

 

 

877

 2

 

54

 2

 

 

 

 

Non-current assets

 

6,944

 

 

 

6,485

 

 

4,570

 

 

 

 

 

Current liabilities

 

(970)

 

 

 

(6,180)

 3

 

(61)

 3

 

 

 

 

Non-current liabilities

 

(2,599)

 

 

 

(20,404)

 4

 

(3)

 4

 

 

 

 

Net assets/(liabilities) – 100%

 

5,148

 

 

 

(19,222)

 

 

4,560

 

 

 

 

 

Net assets/(liabilities) – Group share

 

1,737

 

 

 

(9,611)

 

 

2,280

 

 

 

 

 

Adjustments to net assets related to accounting policy adjustments

 

(76)

 

 

 

–

 

 

76

 

 

 

 

 

Investment in Samarco

 

–

 

 

 

516

 5

 

–

 

 

 

 

 

Impairment of the carrying value of the investment in Samarco

 

–

 

 

 

(1,041)

 6

 

–

 

 

 

 

 

Recognised additional share of losses, net of capital contributions

 

–

 

 

 

7,254

 

 

–

 

 

 

 

 

Unrecognised losses

 

–

 

 

 

2,882

 7

 

–

 

 

 

 

 

Carrying amount of investments accounted for using the equity method

 

1,661

 

90

 

–

 

 

2,356

 

 

–

 

4,107

Revenue – 100%

 

4,627

 

 

 

1,598

 

 

–

 

 

 

 

 

Profit/(loss) – 100%

 

1,609

 

 

 

(4,032)

 8

 

2

 9

 

 

 

 

Share of profit/(loss) of equity accounted investments

 

543

 

 

 

(2,016)

 

 

1

 

 

 

 

 

Adjustments to share of profit/(loss) related to accounting policy adjustments

 

(5)

 

 

 

–

 

 

–

 

 

 

 

 

Impairment of the carrying value of the investment in Samarco

 

–

 

 

 

–

 

 

–

 

 

 

 

 

Additional share of Samarco losses

 

–

 

 

 

458

 

 

–

 

 

 

 

 

Fair value change on forward exchange derivatives

 

–

 

 

 

414

 

 

–

 

 

 

 

 

Movement in unrecognised losses

 

–

 

 

 

899

 7

 

–

 

 

 

 

 

Profit/(loss) from equity accounted investments, related impairments and expenses

 

538

 

(141)

 

(245)

 

 

1

 

 

–

 

153

Comprehensive income – 100%

 

1,609

 

 

 

(4,032)

 

 

2

 

 

 

 

 

Share of comprehensive income/(loss) – Group share in equity accounted investments

 

538

 

(141)

 

(245)

 

 

1

 

 

–

 

153

Dividends received from equity accounted investments

 

375

 

–

 

–

 

 

–

 

 

–

 

375

 

 

Associates

 

Joint ventures

 

 

2024

 

 

 

Individually

 

 

 

 

Individually

 

 

US$M

 

Antamina

 

immaterial

 

Samarco1

 

 

immaterial

 

Total

Revenue – 100%

 

4,381

 

 

 

1,553

 

 

 

 

 

Profit/(loss) – 100%

 

1,353

 

 

 

(6,726)

 8

 

 

 

 

Share of profit/(loss) of equity accounted investments

 

457

 

 

 

(3,363)

 

 

 

 

 

Adjustments to share of profit/(loss) related to accounting policy adjustments

 

8

 

 

 

(6)

 10

 

 

 

 

Impairment of the carrying value of the investment in Samarco

 

–

 

 

 

–

 

 

 

 

 

Additional share of Samarco losses

 

–

 

 

 

506

 

 

 

 

 

Fair value change on forward exchange derivatives

 

–

 

 

 

(199)

 

 

 

 

 

Movement in unrecognised losses

 

–

 

 

 

30

 7

 

 

 

 

Profit/(loss) from equity accounted investments, related impairments and expenses

 

465

 

(89)

 

(3,032)

 

 

–

 

(2,656)

Comprehensive income – 100%

 

1,353

 

 

 

(6,726)

 

 

 

 

 

Share of comprehensive (loss)/income – Group share in equity accounted investments

 

465

 

(89)

 

(3,032)

 

 

–

 

(2,656)

Dividends received from equity accounted investments

 

397

 

–

 

–

 

 

–

 

397

 

 

 

1.
Refer to note 4 'Significant events – Samarco dam failure' for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil’s share of Samarco’s losses. The financial information disclosed represents the underlying financial information of Samarco updated to reflect the Group’s best estimate of future cost estimates with the obligations set out in the Brazil Settlement Agreement, along with estimates associated with the United Kingdom group action claim.
2.
Includes cash and cash equivalents of US$454 million (2025: US$419 million) in Samarco and US$103 million (2025: US$53 million) in Vicuña.
3.
Includes current financial liabilities (excluding trade and other payables and provisions) of US$ nil (2025: US$ nil) in Samarco and US$7 million (2025: US$1 million) in Vicuña.
4.
Includes non-current financial liabilities (excluding trade and other payables and provisions) of US$4,957 million (2025: US$4,625 million) in Samarco and US$13 million (2025: US$3 million) in Vicuña.
5.
Any working capital funding provided to Samarco 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.
6.
In the year ended 30 June 2016, BHP Brasil recognised an impairment of US$525 million to impair its investment in Samarco to US$ nil. Subsequently, additional cumulative impairment losses relating to working capital funding of US$516 million have been recognised. Following the Judicial Reorganisation in September 2023, no further working capital funding has been provided.
7.
Share of Samarco’s losses for which BHP Brasil does not have an obligation to fund.
8.
Includes depreciation and amortisation of US$205 million (2025: US$165 million; 2024: US$165 million), interest income of US$102 million (2025: US$54 million; 2024: US$43 million), interest expense of US$1,400 million (2025: US$1,686 million; 2024: US$807 million), other finance income in relation to the Judicial Reorganisation of US$ nil (2025: US$ nil; 2024: US$1,756 million) and income tax (expense)/benefit of US$(632) million (2025: US$(623) million; 2024: US$999 million).
9.
Includes depreciation and amortisation of US$10 million (2025: US$1 million), interest income of US$3 million (2025: US$ nil), interest expense of US$1 million (2025: US$ nil) and income tax benefit/(expense) of US$ nil (2025: US$ nil).
10.
Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable.