BHP dividend smash secular not cyclical

Tuesday 18 February 2025

It’s always the same at this stage of the cycle, only this time it is secular, not cyclical.

BHP’s dividend payout has hit its lowest point since 2017 after the mining giant missed market expectations on underlying earnings as well as profit.

BHP reported first-half revenue of $US25.2bn, down 8 per cent on the prior corresponding period, primarily as a result of the decline in realised iron ore and steelmaking coal prices.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.