BHP Group Limited (BHP) Earnings Call Transcript

Ladies and gentlemen, my name is Ross McEwan, and I'm your Chair. Hello, and welcome to BHP's 2026 Annual General Meeting. Let me first thank Uncle Allen Madden for the warm welcome to country. I would also like to acknowledge that these are the traditional lands of the Wongal people who have a deep connection to the lands and waterways of Sydney. We extend our respect and to their elders past and present. And welcome to our shareholders. We are delighted to be together in person in Sydney today. We have a long connection with this great state, New South Wales. Our last Annual General Meeting in Sydney was in 2019, just before COVID, and it's good to be back. Today, I am joined on stage by my fellow directors, including your Chief Executive Officer, Brandon Craig; and our General Group Counsel and Group Company Secretary, Stefanie Wilkinson. We also have our external auditors from Ernst & Young; and our Chief Financial Officer, Vandita Pant, in audience as well as other members of our executive leadership team. I can confirm that there is a quorum present. And as the time is shortly after 10:00 a.m. in Sydney, we can now start the meeting. The notice of this Annual General Meeting was made available to shareholders on the 15th of September 2026, and I'll take this as read. The poll is now open for all of the items to be considered at today's meeting, and you may now start casting your votes. I'll also give you a warning before the end of the meeting so that you have the opportunity to cast your votes before voting closes. Stefanie Wilkinson will outline the procedures for voting at today's AGM a little later in the meeting. Ladies and gentlemen, it is a pleasure to be here in Sydney. And of course, in New South Wales, where the BHP story began more than 140 years ago, about 900 kilometers from here. I have to say I'm amazed by the history of this company. It's an incredible story of perseverance, reinvention and growth that started with a single discovery. I'm actually heading to the Broken Hill soon, and I can't wait to see it for myself. Today's AGM is an important opportunity to hear from you, answer your questions and talk openly about the business. We'll discuss our performance, the opportunities we see ahead and our plans to make the most of them. Welcome also to shareholders joining us online and from around Australia and around the world. Thank you for your continued support. It has been a big year for BHP. We've had a smooth leadership transition, another strong year of operational and financial performance, and we've advanced growth projects that will shape the future of this company. All that gives the Board confidence in the road ahead. But before I talk about the performance of growth, I want to start with what actually matters, and that is safety. Everyone who works for BHP or alongside BHP should return home safely at the end of every shift. In the last few months, 2 of our colleagues have lost their lives on site, one at BMA's Peak Downs mine in Queensland and one at Escondida in Chile. These are tragedies. These are tragedies for their family and friends, their workmates and for the wider community. It affects all of us at BHP, including the Board, and so it should. We are asking the hard questions of ourselves and of the business. We owe that to the people affected and to every person who comes to work across our operations each and every day. Mining has made tremendous progress on safety over many decades. Terrible events like this remind us that our work is not done. Our focus remains on eliminating fatalities and serious injuries at BHP altogether. Let me be quite clear. There is nothing more important. This year marked an important transition for BHP. Mike Henry retired as our Chief Executive Officer after more than 6 years in the role and a long career with the company. Mike left BHP in excellent shape. During his tenure as CEO, the company became simpler and it performed better, and it's much better positioned for the future. And on behalf of the Board, I want to thank Mike for his outstanding leadership and contribution. And we now have Brandon in the driver seat. The Board appointed Brandon Craig following a thorough succession process. He is the right person to lead BHP into this next chapter. Since taking on the role on July 1, Brandon has brought his own energy, clear thinking and deep operational experience. And after 27 years with BHP, working at each of our major operations in Australia and the Americas, he knows this company as well as anyone. He has a strong understanding of our people, our assets and our opportunities. The Board has great confidence in his leadership. I'd also like to welcome Mark Resale, who joined the Board on the 1st of June. Many of you will know Mark from his leadership of BlueScope Steel. You might not know, though, his first-ever job was working for BHP and Newcastle. Mark brings valuable experience, sound judgment at a deep understanding of Australian industry, and we look forward to benefiting from his insights in the years to come. It was another good year for BHP. But what does that mean for shareholders? For 2026, the Board approved total dividends equivalent to about AUD 2.40 per share. That's an USD 8.7 billion return to shareholders and represents our highest dividend in 4 years and the record highs in our share price over the last few months show how the market is valuing us. Our dividend and share price directly benefit over more than 600,000 shareholders, as well as millions more Australians who superannuation funds invest in BHP. I hope the shareholders in the room were pleased with these results. For the longer term, our 2026 dividend also says something important about the company and the eyes of the Board. It means that the business is strong and performing well. It means we can fund our future plans and reward shareholders at the same time, and it shows our confidence in the future of your company. One of the reasons we're confident is because of the way our business is positioned for the future. Mining is cyclical. There are peaks and there are troughs. What we have is a portfolio that is designed to perform through the cycle. The world needs growth. It needs new infrastructure, reliable energy, modern technology and food security. All of these things depend on the resources that BHP produces. China remains a major center of industrial activity and commodity demand. They remain a huge customer market for us. And India is entering what we expect will be a multi-decade period of infrastructure investment, manufacturing growth and economic development. And on top of that, all of the infrastructure and wiring for renewable energy and for artificial intelligence. Taken together, these trends give us confidence that demand for copper, for iron ore and steelmaking coal will remain strong for many years to come. Jansen, our Canadian potash business is on track to deliver its first production mid next year. A growing population needs more food from the same amount of farmland. Fertilizers like potash will be key to improving agricultural productivity. We have a range of options to grow across our commodities. It's a good problem to have. But it also means we pay a lot of attention to competitiveness. We must always strive to be better than our competition. That's why we remain focused on improving productivity, adopting new technologies, developing our people and making our operations safer and more efficient. Countries around the world are doing exactly the same. We are global allocators of capital. And as many of you will know, capital will always flow to the projects, companies and the countries that can deliver the best returns. That is why we continue to support policy settings that encourage investment, productivity and economic growth. These things matter to -- for us at BHP but they matter just as much for Australia's long-term prosperity and competitiveness. Make no mistake, Australia must compete for capital if it wants to win nationally and in every state. We're seeing other countries move very quickly. Canada is a very good example. It has recently announced a productivity mega deduction, which allows businesses to immediately deduct the full cost of eligible capital investments. For mining, Canada also makes mine development costs fully deductible in the year they are incurred and that matters. It lowers the tax burden on new investment. It improves returns and it gives companies greater confidence to commit capital. That, in turn, creates jobs. It creates income and taxes for the nation. This is just a particular example of government policy being used to encourage productivity and attract investment. And we've seen similar examples in other countries where we are investing, like Argentina and Chile. Australia should pay close attention to that. Another area of competition is action on climate change. There is a view by some, the resources companies are moving too slowly. That is not the BHP I see. We've been taking practical action for years. We are cutting greenhouse gas emissions from our own operations using more renewable power and backing developing technologies that can lower emissions from mining, working with industry partners and equipment producers. We're trialing 220-tonne plus battery electric haul trucks in the Pilbara, with our trial of battery electric locomotives set to expand in the coming months. We have an operational decarbonization target in place for 2030 and we're on track to meet it. And we'll do it without putting BHP's competitiveness at risk, which BHP does more than work to reduce its own emissions. We produce materials the world needs to decarbonize. Copper and steel are and the wind turbines, electric vehicles, transmission lines, solar panels that will power the future. Government has a critical role to play. The wrong policy settings carry real risks to prescriptive to rigid or back in 1 form of abatement when another may prove better tomorrow. Let's avoid tankering with policy settings that are actually starting to work. The world wants lower emissions and so do we. The task is to cut emissions in a way that works, one that delivers real results, protects competitiveness, supports jobs, and it keeps creating value for shareholders and nations into the future. I'm speaking to a group of our partner and stakeholders about the future last night. And about BHP's history here in New South Wales. It reinforced to me how important our partnerships are. Over many decades, we have built strong relationships with communities, with customers, suppliers, traditional owners and governments. These relationships are not separate from business performance. They are essential to business performance. They help create the conditions for long-term success and allow us to build stronger businesses, support stronger communities and contribute to better futures for the countries where we operate. This year, we increased our spend with indigenous suppliers to more than USD 1 billion, 3x what it was just 3 years ago. More broadly, BHP's total economic contribution was more than USD 50 billion, and more than USD 12 billion that was paid in taxes, royalties and other payments to governments. Successful companies should create value for shareholders, but they should also make a positive contribution to the communities and economies that support their operations. That has been part of the BHP story for generations, and it remains an important part of how we create value today. Ladies and gentlemen, BHP enters 2027 in a good position with exciting growth opportunities. We have world-class assets, a strong balance sheet and a highly capable leadership team. Perhaps most importantly, we operate in a world that will need more of what BHP produces. BHP is in a strong health with exciting growth plans ahead. This is good news for the millions of Australians with a stake in the company, direct shareholders, superfund holders, employees, suppliers and the communities in which we operate. To all of our shareholders, whether you're here in Sydney or joining us online, thank you for your continued support. Thank you for your trust, and thank you for your investment in BHP. It is now my pleasure to hand over to your CEO, Brandon Craig. Thank you.

Thank you, Ross, and thank you to all our shareholders joining us here in Sydney and online around the world. This is my first AGM as Chief Executive Officer, and it is a privilege to stand before you in that capacity. I've spent more than 25 years with I've worked across many parts of our business in different commodities, different countries and different stages of the cycle. And throughout that time, 1 thing has remained constant. BHP has always been at its best when we combine great assets with great people and clear priorities. I take on this role with deep respect for the history of this company and with great optimism for its future. Before I go any further, I want to add to Ross' acknowledgment of Mike Henry. Mike left us a company in excellent shape. But beyond that, I also want to thank Mike for his generosity and time as I moved into the CEO role. His support has ensured a smooth transition and I have benefited greatly from his advice and experience. I'm honored to serve as your CEO, and I look forward to creating value for you in the years ahead. My first priority is safety. As Ross noted, we have lost 2 colleagues on site in the past few months, 1 working for a contractor partner at Peak Downs in the bone Basin and the other, a maintenance worker at Escondida. Both losses are simply unacceptable. As leaders, these moments stay with us, they remind us that behind every job, every roster, and every shift is a person who expects to return home safely to the people who matter most. At BHP, we have made progress in improving safety over many years, but progress alone is not the measure. -- the only acceptable number is 0. I believe mining can be fatality-free, and I want BHP to help prove that. That means acting with urgency, learning everything we can from incidents when they occur and applying those lessons across the whole company and sharing them across the industry. It means continuously improving our standard systems and critical controls and it means moving faster to adopt the technologies that help make work safer. Importantly, we must achieve the same level of safety performance for every contractor and partner working alongside us as we do for our employees. When it comes to safety, there can be no distinction. Nothing we achieve as a company matters more than that. Turning now to our performance. In financial year 2026, BHP delivered strong operational and financial results. We demonstrated the quality of our assets, the strength of our portfolio and the growing maturity of the BHP operating system. Across our business, our teams delivered safely, reliably and with discipline. We achieved record production at Western Australia iron ore, which remained the world's lowest cost major iron ore producer for the seventh year running. Operational performance in our steelmaking coal business continued to improve. Olympic Dam recorded its highest production in more than 20 years and that Escondida, record material moved and record concentrator throughput help support another outstanding year. As a result, copper contributed more than half of BHP's earnings for the first time. Today, BHP is the world's largest copper producer. That matters because copper is becoming increasingly important to the modern economy. It is critical for electrification, digital infrastructure, manufacturing and economic development around the world, and our strong operational performance translated into strong financial performance. Underlying EBITDA increased to USD 33 billion, and underlying attributable profit rose 30% to USD 13 billion. These results are not simply the product of favorable markets. Every 1 of our major assets achieved its unit cost guidance despite inflation, higher diesel prices and global supply disruption, results which reflect deliberate choices we have made. We have simplified our portfolio, focused on commodities with attractive long-term demand fundamentals and invested in world-class assets. And we have maintained the discipline to perform through the cycle. I'm very confident in the future of this company, and I have high ambitions for what we can achieve from here. While I am pleased with where BHP stands today, I'm even more excited about what comes next. My focus as Chief Executive is centered on 3 priorities. First, strengthening our foundations. Everything else we do depends on them. That starts with safety. It also means building the talent we need to advance our plans, particularly in project delivery, digital and AI. It means delivering on our social value and sustainability commitments, and it means deepening our core relationships. Over the past few months, I've spent considerable time listening to a meeting with our people, customers, governments, communities, investors and industry partners. Last month, I visited China and met with a number of our steelmaking customers. The conversations reinforced something I've long believed. The strongest partnerships are built over decades. Our customers depend on us to provide reliable supply and high-quality products. We depend on them to help us understand how markets are evolving and where future opportunities will emerge. The same principle applies to governments, communities and traditional owners. Strong relationships build trust, trust creates resilience and together, they create opportunities for growth and development. That is why strengthening these foundations is not separate from business performance. It is an essential part of it. Second, accelerating performance the BHP operating system has already transformed the way we work. Over the past several years, it has improved operational stability, productivity and cost performance across our assets, but I see more opportunity ahead. The next step is combining the BHP operating system with technology more deeply. As we combine world-class operating discipline with world-class technology I believe we can reach new horizons in safety and productivity and increase the velocity of the business. And third, delivering disciplined programmatic growth. We are fortunate to have one of the strongest growth pipelines in our industry. Jansen is progressing towards first production mid next year and will create a significant new earnings stream for BHP. Importantly, it also diversifies us by commodity and geography, which helps us to perform more consistently in a cyclical industry. Jansen has taken longer and cost more than we originally planned. That being said, we have tightened our controls and our immediate priority is the safe, disciplined delivery of its first production. In copper, we continue to advance an outstanding portfolio of growth options including projects at Escondida, Copper South Australia and Vicuna. Company-wide, our current plans are expected to support compound annual production growth of approximately 3% to 4% through to 2035, including around 5% annual growth for copper. It is essential that this growth is delivered to plan. That is why we are investing significantly in our project execution capability. Our commitment is to execute projects safely, on time, on budget and with a clear focus on shareholder value. That is our capital discipline at work. Our ambition is simple to win the next decade for BHP. Let me close with why I believe BHP is uniquely positioned for the future. We operate in commodities the world needs. We have a portfolio of world-class assets. Our existing iron ore business is large, strong and resilient. Our copper position is world-leading and growing. And we have a culture that combines operational excellence with disciplined capital allocation. Our advantage is not any single asset or single commodity. It is a combination of our people, our portfolio and our operating system. The world will need more copper. It will need more iron ore. It will need steelmaking coal and it will need potash to help feed a growing population. As much as this company has achieved over more than 140 years, I believe our best chapters are still ahead of us. I'm excited about the future. I'm excited about what our people can achieve, and I'm excited about the value we can create together for shareholders and the communities and countries where we operate. Thank you for your continued support and trust in BHP. Thank you.

Thank you, Brandon. I'd now like to ask our Group General Counsel and Group Company Secretary, Stefanie Wilkinson, to outline the procedures for voting and questions at today's AGM.

Thank you, Ross, and hello, everyone. I will now run through the procedural aspects of today's meeting. Voting on all items today will occur by a poll. On a poll, each shareholder attending or present by proxy, attorney or corporate representative as 1 vote for every share held. If you're eligible to vote, you can use your own device to vote by scanning the QR code on your voting card. The resolutions will be displayed on your screen. To cast your vote, simply select for, against or abstain underneath each resolution. A tick will appear to confirm receipt of your vote. To change your vote, select click here to change your vote and select a different option. You may change your vote at any stage until the poll closes. If you experience any difficulties, Computershare representatives are on hand at the back of the room and will be able to provide assistance. Alternatively, please complete the voting instructions on the back of your voting card and place it into one of the available voting boxes. If you have voted electronically using your device, there is no need to complete your voting card or place it in the voting boxes as your vote has already been recorded. The chair has opened the poll and you can vote at any time. You do not need to wait for the resolution to be discussed before casting your vote. Results of the voting will be announced to the stock exchanges shortly after the conclusion of today's meeting and will also be published on our website. Eva Wilcox from Computershare has been appointed returning officer for the meeting and will scrutineer the vote. Turning to the items of business in the Notice of Meeting. The Board recommends that you vote in favor of items 2 to 11, Item 13 and Item 14 in the Notice of Meeting, subject to the voting exclusions noted in the notice. Item 12 relates to the election of an external candidate, Mr. Stephen Mayne as a Director of BHP Group Limited. Item 12 is not endorsed by the Board, and the Board recommends that you vote against this item. The Board makes no recommendation for Item 15 as the directors have a personal interest in the subject of this item. We will ensure that there is a reasonable opportunity for shareholders as a whole to ask questions or make comments at this meeting. However, we may not be able to answer every question or address every comment received. If you would like to ask a question today, please register at the registration point outside the main room. Please provide your name and the name of any organization that you may be representing today together with the nature of your question to the attendant. When it's your turn to ask a question, an attendant will let you know to come to the microphone. To ensure that shareholders as a whole have a reasonable opportunity to be heard at today's meeting, we ask that you respect the rights of others in the room and limit yourself to 2 questions or comments of no more than 1 or 2 minutes. The question registration point will remain open throughout the meeting if you wish to register to ask a question. Thank you, Ross.

Thank you, Stefanie. Item 1 of today's business is to consider the financial report, sustainability report and reports from the directors and auditor for the year ended 30 June 2020. The Shareholders are not required to vote on this item, but you may ask questions or make comments, and I'd love you to do so. I was in London a few weeks ago, and met with a large group of our retail shareholders, and we had a great discussion about BHP's strategy, commodity focus, operational performance and growth plans. It was incredibly engaging. I hope we can have a similar shareholder discussion today, and I encourage you shareholders to ask the questions on these topics or any other matters arising from the reports we have provided to you. We also received questions in advance of today's meetings. And Brandon and I will cover some of these key topics. We've covered them in our opening remarks, and we'll cover them through as questions come up. In the past, we've asked you to hold questions on director elections and reelections and remuneration until later in the meeting. Look, we're happy to take those questions now. We have a new CEO sitting here beside me, who has 27 years experience at this great company, and I can't wait for you to hear more from him about our business. So I may well throw more questions to them today. We'll also have an opportunity after the meeting to meet you in person, and I know that Board and members of our leadership team are looking forward to talking to you after the meeting over some refreshments in the foyer. We will do our best to get to as many of your questions and comments as possible. As Stefanie said earlier, to ensure that shareholders as a whole have a reasonable opportunity to be heard at today's meeting, please limit yourself to 2 questions and/or comments and no more than 1 or 2 minutes, please. I ask that shareholders and guests are courteous and respectful to each other. I will now take questions and comments from the floor. We'll move to the microphones to take the first question.

We'll go to microphone 1. Chair may introduce Nathan Hood from the Australian Shareholders Association.

Yes, I'm Nathan from the Australian Shareholders' Association, where a not-for-profit representing shareholders across Australia. My questions are -- the total investment estimate for Jansen Stage 2 has jumped from USD 4.9 billion to USD 6.9 billion and first production pushed out 2 years to late FY 2031. In addition, the project has taken a write-down of $2.3 billion. Our quick estimates reveal that Jansen will have a marginal return even with no further write-downs. What went wrong with the due diligence and how can you reassure shareholders that the root causes have been addressed in the new estimates. My other question is BHP has had 2 fatalities this year, 1 at Peak Downs, coal mine and the other at Escondida copper mine, both joint ventures. How can BHP target 0 fatalities in joint ventures where it doesn't have full control and what specific actions arise from these 2, including docking of executive pay?

Thank you very much, Nathan. I'll take the first question, which was to do with Jansen and Brandon did speak a little bit about Branson -- Jansen in his opening remarks. It was very disappointing to have to push out the cost of that project and by quite an amount. And the Board had many, many questions relating to that. And I'll pass to Brandon to give you some of the areas that he had to look at because he'd been in the job about 6 months and found that it was looking like costing a lot more in Stage 1. And as we got to Stage 2 at the cost of Stage 2, we could see, given 1 was pushed out when we redid the work on Stage 2. It was very clear that, that was going to cost more, therefore, we had to actually look at the carrying value of the asset, which created the write-down. So that were all semi related to the same thing. I just want to make a couple of comments on Jansen and Potash. First off, we are developing one of the largest -- world's largest potash mines, not just in Canada but right across the world. We believe it actually will diversify our production and give us new revenue streams. And it is certainly a Tier 1 asset that's being developed, which is on stream with what we want for our shareholders, Tier 1 assets. And it will increase our operational footprint across. So there's a lot to like about this business, but it was very disappointing to have the cost of Stage 1 push out as they did. We believe there's a great future for this business. It has the opportunity of having margins very similar to iron ore and copper and has certainly got a projection over the next 20 to 30 years of growth in this because of the trends, we've got a greater population on the same amount of land that's going to need more production. So the trends are absolutely right for this product. Brandon and his team have strengthened project management. And we've looked across not just this project, but into all of our other projects to have a look at how will this -- how could this happen again? And how do we stop it? And there's been a program of work going on to strengthen our project management. So we had actually a conversation on that very topic yesterday at our Board meeting yesterday. So I'll pass to Brandon, if there's any other comments, but we remain very committed to the potash business as a business that will serve the time for our shareholders. And we see this as a business that has a very long life to it, 60-plus years, and it's on stream for us. So Brandon?

Thank you, Chair. And Nathan, thank you for the question. I think there will be an opportunity in the break, the President of Jansen is actually in the audience with us. And I'll connect to you when we finish the session. First, I'll just I want to start by just echoing a comment from Ross, which is the quality of the asset we're building. We have an unbelievable resource position in Canada in potash. We have a business that's going to run 70 years and beyond and we're projecting operating costs for Jansen of around $120 a tonne, in the market today that price is at $300 per tonne. So we're expecting a business that will make 60% margins for 70 years plus. And that gave us the conviction to really continue to invest in Jansen because we can see the huge long-term benefit of being in this commodity in this asset. Having said that, we fully acknowledge our performance on the Jansen project that the costs have increased. And there's a number of reasons for it. I'll cover too. The first is with any major project, when you invest major capital, you have to assume a number of escalation factors for inflation and materials and similar. We use historical trends for that when we did the Jansen project. And what eventuated was inflation post-COVID of 12% or 13% per annum for just over 2 years. And that had quite a big impact on the project. The second key driver was the productivity of delivery in the field. We underestimated the effort it would take us to get the productivity to the benchmarks we set out when we originally estimated the cost for the project. So when we first notified the market that we identified some issues with our performance, we've subsequently done significant work to lift the productivity. I'm happy to report to shareholders that our productivity and performance today is very strong. we're on track for first production mid next calendar year. And we think that's going to be a huge milestone for us because we've been investing in this project for well over a decade. And we're finally going to have an operating business in Canada, which we believe we're going to be very proud of.

Thank you, Brandon. Nathan, your second question was around the fatalities. This has hurt the organization, but these are tragedies for families. And as I said, we want every worker who comes to work on a shift to go high at night safely just as they came to work. You raised the issue about these being not operating vehicles. Both of these, they are JVs, but we are the operator of both of these operations. So the fact that we have other shareholders involved we actually operate these. So we take absolute responsibility for these operations. And one of the tragedies happened to a contractor. And let's be quite clear, anyone who comes on to site for us is effectively seen as one of our people. So even though they were a contractor was exactly the same arrangements. We are having to look at how we operate with contractors though. We've got very stringent arrangements, but we're doing a review to make sure that they fit with absolutely everything we'd expect from an employee of our business. So some work to be done there. Brandon was on site within 2 days of each of those fatalities. And I think that's really important to make sure that our senior leadership are there, knowing what's going on. There's no point of being there on day 1 or day 2 because effectively, the police, the regulators and the review is being done immediately. But I think to make sure that our senior team are all over what's happening here. So we can -- once the reviews are done, which take months to get the real facts of what happens, we can then read across into all of our operations. And that's certainly what we have been doing just on the information we've received. Yet to get the formal reports, which will also come through our Sustainability Committee up to our Board, and these conversations happen at the Board meeting. Just so shareholders are aware, the first topic of conversation with our CEO and any Board discussion is safety. We start there, and that's the right place to start when you're in this sort of business. So take it absolutely seriously. Still some work to be done on how do we see that this never happens again, but those work is done. The other piece for our shareholders when we do a review, we don't allow the leader of the business that it's involved to actually do the review. We bring in another senior executive to actually head up the review. So there's a formal process we go through to make sure that we're looking at the real issues and getting the real truth out of these things. But both of these were tragedies, and they've obviously been hugely impactful for families but also for the business. Thank you for raising that topic. Okay. Next question, please.

Chair, may I introduce Peter Star.

On behalf of the shareholders I represent, we'd like to thank Mike for all the work he did and putting the company in such a good shape. We'd also like to let the other shareholders in the room know that we're very grateful that there Ross, Chairman. We think that while you sit there as Chairman, we think the company is in very good shape and know that you have our full support. I look forward to meeting Brandon later on. And just 1 question we have about what happened with the 2 contractors. What follow-up and support did BHP give to those people's families and things if I could get some clarification on that, that would be great.

Thank you, Peter, and thank you for your comments. And it was great that you mentioned, Mike, because he did an outstanding job for this organization. And I think when the chapter of the next BHP books written, I think that will be a pretty good chapter to read. Great for your support, too. I will do my best to maintain this as a great company and continue to push it on. You'll be able to catch Brandon at the drinks afterwards, and that's a great part of having an in-person AGM as opposed to it online. And I know that people say we love the online piece. But actually, we like the interaction with our shareholders, which is real. There was 1 contractor and 1 of our employees, but we take those as exactly the same. And I'll ask Brandon to take you through what happens with the families afterwards because this is just a tragedy, and we do want to look after the people, but also their staff on board as well. who were involved in the shifts and work with these people. So Brandon, maybe if you just take the shareholders through the family contact.

So thank you, Peter, and thank you for the question. I think my starting comments would be just to acknowledge how significant these impacts are on families and colleagues and friends when they happen. It's clearly very traumatic for the family, and it's dramatic for everybody involved when these events do happen and we are very, very focused on making sure that anybody connected in particular family groups to people who are fatally impacted on our sites are really well cared for. Now in some instances, like these events, we have contract partners that are the direct employer of these individuals that doesn't change, in our view, the responsibility we ultimately have for putting the family at the center of our response. So the way we normally handle it is we'll put in place what I'd simply describe as a family liaison officer to work directly with the family to make sure we can best support them. Everything from psychological support all the way through to making sure that there's no accidental or adverse effects to the family financially as a result of these types of events because whenever people pass away, then obviously, the authorities get involved. You can have things like bank accounts being frozen accidentally, you can have all of these unintended impacts happening. So we make sure we have a team that monitors that to make sure those types of adverse things never happen. But the whole concept is really the welfare of the family, putting that first and then making sure we do that with discipline.

I think that's a really good thing that BHP does and follows up.

Thanks, Peter. Thank you. Okay. Next question, please. I think we're at mic 2.

Chair, may I introduce Michael Strakos.

Yes. This is a question about the auditor. Has the auditor ever worked for PwC or KPMG in the recent past or ever as the ethics and the professions seem to have diverged significantly in the past little while.

We've had EY for 20 years as our auditor. So I think if they did work for 1 of those firms, it was pretty much a long, long time ago that they would have been working I can ask our auditor to actually make a comment on this one, but I'm pretty sure we have an absolutely clean auditor with Ernst & Young given the time that we've been operating. Other words, I will ask Rodney to maybe just take a question on that 1 given the topic.

Yes. Thank you. So Rodney Piltz is my name on the audit partner from Ernst & Young. It's my fifth year on the engagement. We've actually been the auditors for 7 years. there was a transition. I can confirm through my whole career, I've worked for Ernst & Young the whole time. So we don't have anyone on the team in my knowledge. In recent times, it's worked for anyone other than Ernst & Young and all of our rules and regulations have been complied with, and we've been through significant internal reviews at all times. Does that answer your question?

Not really.

Sorry, what was the following.

The needs of the profession. SP-6 Do you want to comment on the profession? SP-7 The ethics of it, not the profession, just the ethics of the particular instances with the other firms?

Yes. Yes, I'd be happy to have a chat to afterwards. I think that's a question that I should be answering in the conduct of this order because the requirements are for me to answer in the conduct of our audit, but happy to have a chat to afterwards around workers have worked for those companies either.

Could I just intervene on this one? I think we should stay with BHP. We've had Ernst & Young for 20 years. As Rodney said, he's worked for nobody else. I think we're also in very big danger if we're not careful, not having audits if we're not careful, and we desperately need them for your security to have a great auditor. We believe we have got a very independent or a totally independent audit firm and I'll probably leave it at that. But thank you, Rodney, for that. Next question, please. Mic 1.

Chair, may introduce Victor Hyde.

Thank you very much for having the meeting in Sydney that I could attend. What I'm about to raise, I realize I apologize, you may have dealt with at a previous AGM. -- but this was the first time I could say something. In the previous year, you distributed the Woodside shares and declared a dividend. Now this, for me, because I've got a major holding quadrupled my tax and unbelievably, I then got a fine from the taxation department for not advising them that BHP was going to do this. That had to be expensed and overcome. I'm curious why did you do that in that year and explain why you did it? And I do hope you'll never do it again.

Look, thank you for that. I'm pretty sure all those considerations were done the best interest of shareholders to get the maximum value for you and taking those assets out and trading them into Woodside at the time. I'm not aware of the tax implications of those. But I'm sure if you have a chat to someone like Vandita Pant, who is our CFO, she you through it. But I think you will find that BHP did what was in the best interest of shareholders at the time.

You can't explain it. That's what I was hoping.

Well, I think probably best if you get, but Vandita, would you up and we'll get you to meet Mr. Hyde at the end of the meeting. Thank you very much Okay. Next question, please.

Chairman, I introduce Nigel Sandero.

My question was I started to be addressing in your open address. It rises from the media coverage about be HP move to for electrification. We now have a situation where the pressure to remove the current fuel excise rebate on diesel is not likely to dissipate. Plus we have the awards in the Middle East and Ukraine that show no realistic sign of ending anytime soon. Should be HHP's decision defer electrification of the current diesel haul trucks be reviewed, reversed and possibly tolerated especially for Australia.

Mr. Santaco, great question. Wouldn't it be magnificent right now to have electric trucks operating in our mines. The problem that we have is that they just do not operate in a way that is safe and secure and worth funding at this point in time. But by crack, we would love to have them operating now with the price of diesel at the price it is today. So there's a couple of issues that be worth touching on. First off, we are starting to trial now. As we said, we run the very big trucks. These are the biggest mining trucks, 220 tonnes. Now they run at the moment. They'll run for 3 hours, then they need recharging for half an hour, then they run for 3 and need half an hour recharging. So you've got that pattern going through. Today, the economics on the diesel are still much better because they run for 23 hours, 45 minutes. But you are absolutely right. If we could have electric trucks running efficiently and safely because I'll come back to that point on our mines, we would love to have them there right today. They are just not available. Now there's immediate piece around this, people are saying that these trucks work. Unfortunately, they don't, otherwise, we would have them. And it's an environment that they operate in, that's really important. These are not running on a road. These are running out in our environment in moving pits and operating environments. So you have to have the environment set up for them, but a great question. Can I take you to the rebate -- fuel rebate because that's been out there in the marketplace as well. When you go to the pump with your motor car, you do pay a fuel tax, right? We don't go to a pump. We don't drive on the roads. We like the farmers who don't drive on the road. We've got them on our property. We maintain our own roads. And I'm pretty sure you would not run us driving 220 tonnes down the main streets of any city or town. So we don't pay -- we don't believe we should be paying a fuel excise tax on this because we don't use the roads that, that tax goes to. But there will be pressure. There has been pressure, but I think the government has seen fit to say that mining, agriculture, fishing, which don't use the roads, shouldn't be paying the tax. But by Craig, we'd love to be -- have an environment that's a lot more advanced than electric right now given the price of diesel. I think last year, Brandon probably cost us another $1 billion in diesel costs. So if we could, we'd be there. And I think we've still got a fair way to go before we get an environment where we can run these big trucks and the environment that you talk about. It's also trains. That's probably our next big use as the trains, which we're trialing to electric trains to see if they will operate and get them into an environment, but it's certainly something that we're working with all of the big truck and train manufacturers to get us in a position where they'll operate safely, securely and productively in a mine environment. Thank you for the question. We actually had quite a few of the written questions on that very once. I'm delighted you asked it so that we can actually have a chat about it as well. Thank you.

Chair may I introduce Andrew Summerville.

Just on that last question. You've got a federal tax credit of $622 million in 2425 for diesel. Now you bought 2 electric haulers, as you said. You did buy 62 new diesel trucks. That seems an incredible number of new diesel trucks compared with the 2 electric that you bought. I'm of the opinion that you bought diesel trucks because you're getting this huge fuel subsidy from the government because you're not going on the road. That's my comment. Now my first question is, why not have a hybrid meeting where other people can ask questions online? This is 21st century, your companies that's going very well. You can surely afford to have a 21st century meeting where people get asked questions online. And Will there be a website or a webcast of this meeting on your website this year. The other comment I have is why can we have a meeting in the city? I get a drive for an hour. I pay $24 a park, which is unbelievable. if we have it in the city, we can have it in public. I tried to use in public transit would take me 2 hours to get here. I did look at that and would it cost me $2.50. But the situation is you didn't get a lot of people here. I think it's high time that you looked at seriously having a meeting in the city where people can get to it and have it in a reasonable location. Other comment is you've had EY for 20 years. Surely, we should adopt the British system where you have a new auditor every 10 years, 20 years is too long to have 1 auditor. I know there's a shortage of auditors in the marketplace, but I think it's high time that we ran a tender and had another look at our order as good as EY may be. There might be somebody out there that's even better.

Just to correct something that it was my mistake an interpretation Rodney has been with EY for over 20 years. We've had EY since 2019 as our auditor. So just a correction on that one. And we -- at this stage, we feel comfortable that EY is doing an outstanding job for you as shareholders, but we do review the time frames that we hold on to our auditor and look to put that out to tender at the appropriate time. Can I take you through some of the points, city, look, we'll take that on notice. The only reason we do this is because if we do get swamped with a lot of people, there are a few venues in the city that will take the numbers that we anticipate, but we'll take that absolutely on notice. I get your point about it would be easier in the city. And certainly, last year, the Melbourne 1 was in the city, and we'll see what we can do next time we turn up in Sydney. But thank you for that commentary. The second 1 on the hybrid meetings. Look, we run these meetings, you can e-mail us and take -- e-mail into us every day of the week. 365 days. You don't have to wait to an AGM to actually ask questions. You go on to our portal and look at the investor website. You can actually ask the questions you want to ask about your business, 365 days. We actually like the feel of having a meeting where we can talk to you like this and have the conversation afterwards over a coffee. It's pretty much an old habit, I know. But I think it's still 1 that actually gives shareholders a very good opportunity. We move them around the country side. I get the point about everything online. But the question is do you run just an online meeting, then you don't run these meetings where you can physically see you and have a chat with the shareholders. It also just adds to the complexity of what you do as a part of our business. we're all great for adding to it, and I know that there will be some that it's best practice. I love that term, best practice. But it's these meetings seem to work. We have the opportunity for you to write to us 365 days of the year. It's all webcast. It's out there. People are watching it. and they can write to us beforehand and we have about 25 questions prior. So I think there's plenty of opportunity at this point in time. But I take your point. We'll keep an eye on it. But at this stage, comfortable with having a physical meeting where people can turn up, and we'll have a good look at the venues as well. Thank you. Just on the trucking. You say we get a subsidy. We don't get a subsidy. We don't drive on the roads, right? We've got these trucks are on our premises on our roads that we maintain. So there's no subsidy. It's actually a rebate against not using the surface and the same as with agriculture and the same it is for the farming community as well. So that's what it's about. It's not about a subsidy. It's about we don't use the facilities that actually you pay your taxes for. Just as you -- if you've driven here today, you will have paid at the pump, something for the fulfilled tax. So that's what it's all about. And if you want to take away the rebate, we'll come and pay for our roads and you'll find the expense that you run through. So I think we've just got to get the terminology on that one right, and that's why the industry has pushed very hard as is the farming community and the fishing community as well. Okay. But thank you for your questions. Great questions. Appreciate it. Next, please.

Chair, may I introduce Bruce Bennett.

Once again, welcome to Sydney. We appreciate you coming here, and I'm sorry that we haven't got a better turnout. But as previous question made the point that this is probably a very difficult Sydney traffic is not the easiest place to get to in the morning. Anyway, my question relates -- the first question relates to BHP's history of research and development. It's been 1 of the companies that's obviously done very great R&D. Sometimes, it hasn't paid off like the rickets plant in the Pilbara, other times it's been very successful. I noticed yesterday that Forest mentioned that Dave made a breakthrough on treating copper raws to container neck. I'm just wondering whether you could explain to us some of the R&D that BHP is currently working on in order to improve its productivity and look to the future. So about the R&D program for BHP would be great. The second 1 is the commodities that BHP is looking at to grow the business post Jansen. And Jansen are finally coming to fruition. What's the next look at you've got the wonderful copper business. You've got the -- and so in particular, the 2 things. One is, is uranium on your radar? And secondly, what's the process and the thinking, how does the Board go about deciding where we want to go next and why we don't go there and what we're going to do next. And I mean we've looked at some of the other mining companies. And they've done some pretty silly things in hydrogen production. They're not sticking to their knitting and they're getting really hit hard for that. One of the great things about the strength about PHP is you stay with your knitting. You're a mining company, and you do a great job. And I just want to know how you go about looking at the next opportunity.

Sensational questions, and thank you. It's great to get those ones in front of an audience about the real business. So thank you very much. And it is good to be back in Sydney, I think the last time I said we were here in 2019. So it's Sidney's turn and again, we will have a look at the city where we can find a spot that's a bit more convenient for you. I'm going to hand the piece around research and development to Brandon, but these come to the Board on an annual basis. And your question about what commodities, the Board does a review with the executive team on an annual basis against a number of criteria and using our capital allocation process as well about what are the commodities that fit with BHP. Because 1 of the really good questions that many shareholders say, why don't you get interested in these new resources or whatever. But if you have a think about what is so attractive about BHP, we have big assets, Tier 1 assets, that are world-class that have a long life to them. Unlike potash will be 60-plus years that Pilbara has still decades and decades of iron ore. So we think about the assets that we can put big amounts of capital into that give you long-term returns with great margins. So we have a formula that seems to be working rather than as you say quite rightly, pushing off into areas that might be attractive today, but might be very small. Now, we are a producer of uranium as a byproduct. When it comes out of our copper business in South Australia, and I think we're about 5% of the world's uranium as a byproduct. And there will be a time when we'll have a look at that and say, is that going to be big enough for us to be involved in it as an asset that we are focusing on. At this stage, the answer to that is still no. It's just not the market is not big enough. We talked about Jansen, and we've had that here today. So that first production will come out of Canada midway through next year. We've also got a mining operation yet to be fully invested and with Board approval that's in Argentina in conjunction with the Lundin Mining Company and that's a 50-50. That is 1 of -- probably the 1 of the world's largest copper operations that we've got an investment in, 50%. We've also got a joint venture with Rio Tinto and America called Resolution, which we are 45%. They are 55%. That is again another very exciting copper operation. So we have a number of big projects. The other one, of course, is the expansion of Copper South Australia, which is a very exciting project here in Australia. Not to put aside the fantastic iron ore business that you've invested in, in WA, which still gets our investment as well. So plenty of opportunities. But I'll hand to Brandon, he can give you a little bit on the research and development process that we go through and maybe concentrate that not just in Australia, but globally as well because that's probably where the Australia is exciting, but there are other parts as well.

Thank you, Mr. Bennett for the question. There's still quite a large amount of research and development that happens inside and we have a number of avenues by which we do it. I think the most interesting 1 is our innovation and Ventures team. So we have a team that is based in North America, that connects into the venture capital ecosystem of North America and supplier seed funding for novel and new research, everything for new hydrometallurgical processes all the way through to exploration technology and similar. And what we find in BHP is the health of that ecosystem is actually the strongest in North America. And those ventures push all the way through into more recent technology like artificial intelligence and similar on how that can be applied to mining. We also do a lot of direct research ourselves. For example, in terms of how we can improve leaching performance in copper. So we have some pretty substantial test facilities in Chile, for example, where we test novel and new techniques for how we can improve leaching copper recovery performance and similar, which is very important. And then a large number of joint venture interest with customers and partners across a range of areas. For example, 1 of the bigger investments we're making is a joint venture between Hatch, BlueScope and others around new steelmaking technology. So we're investing in an electric multi furnace that we expect will be built in Western Australia to prove out new technology for how we can use Pilbara ores to produce iron ore at 70% less carbon intensity. So these are very important investments we're making to try and understand how we can move towards a sort of lower carbon future, still using Australian or BHP or and similar. And then of course, there's substantial investments going into partnerships on decarbonization with steel mills, carbon capture in a range of similar areas. So I think that ecosystem in BHP is still quite strong. We still invest into it every year. We have strong plans and budgets, and it's actually performing quite well.

Thank you very much. Thank you for your question. Next question, mic 1.

Chair, may I introduce Lyric Thomas Pera.

My name is Larry, and I'm here with the Pacific Climate areas. So my question today is that BHP spends millions of dollars on marketing to position itself as a future-facing company. Yet it is planning to pursue multiple mine expansions, including peak downs, strategy and coverage mine expansions, which would extend the life of the mines for 90-plus years. My understanding is the environmental approach to -- sorry, the environmental approval decision for Psorid is due today. Is the board concerned about the reputation of risk to the company by pursuing these projects, especially given that green steel is a viable alternative.

Thank you very much for the question. The reputational risks are absolutely part of the risk assessment that the executive team do and the Board do for any of our projects and also the impact on the environment that we will operate in and what are the mitigating factors about that. And we take those through before we invest the money into any of these projects. We also have a guiding view and a very clear plan that is based around reducing our carbon footprint by 30% by 2030, which guides the Board to on all of its actions and the executive team have plans to actually reduce our carbon footprint from a baseline of 2020 to 2030 at 30%. And that's the other piece that guides us as well when we look at climate activity. And there are many projects that we're already involved in that have to work to actually get us to the reduction that we need because this is a growing business. So we actually have to grow against a growing emission to bring the actual end result down by 30%. So those issues are taken into consideration as our local community issues taken into consideration as well. So very much at the forefront of decisions that our executives and our Board make on a daily basis. But thank you. Thank you very much. Next question, please. Microphone 2.

Chair, may I introduce [indiscernible].

My name is [indiscernible] and I'm Pacific Cloud Warrior. BHP as part of the BHP with Subishi Alliance is planning to expand peak downs. This will dig up 1.3 billion tonnes of coal and create 2.5 billion tonnes of climate pollution. Climate change is already having a devastating impact on the Pacific altering the physical, economic and social landscape of my home country. It is an existential threat to our communities. BHP's Peak Downs mine expansion will significantly increase that threat, putting my family and my culture at risk. Brandon Craig, are you comfortable about the impact that BHP's mine expansions will have on climate impacted communities.

Thank you, [indiscernible], and thank you for the question because we all live in the Pacific, and it's vitally important that the Pacific has looked after. I will hand to Brandon on that 1 specifically about peak downs. But I go back to the point that the Board, your Board and executive are very focused on is how do we get the total emissions down by 30% for this organization. So whilst we're expanding parts of the business, how do we actually, at the same time, bring our emissions down and keep the business going in a way that we are -- the community supports us as well. But I'll ask Brandon to talk about peak downs and the expansion there. But just remember, in the environment, we're working on how do we take our total emissions from 2030 to -- 2020 to 2030, down by 30%, even though we're growing our business so that we actually do less, a lot less damage in the environment. Brandon?

Thank you, [indiscernible], for your question. Let's now I think first, -- we acknowledge that we have a role to play in decarbonizing our operations, and we have plans in place to achieve that. And as the chair shared, we at 33% low absolute emissions than where we were in financial year '20. So we are making progress, and we do have a goal for net 0 by 2050. Both your question and the previous question spoke about expansions at Peak Downs and some of the other BMA coal mines. There are currently no planned expansions at those mines. In fact, we're actually in a situation where we are not putting further investment capital into those mines currently because of certain policy conditions that exist in Queensland today. Having said that, I just wanted to reinforce, we will continue to work on our climate plans to manage a responsible transition to net 0 as BHP but I just wanted to clear up this point on BMA expansions.

Next question from microphone 1.

Chair, may introduce Jamie Yates.

Jamie Yates representing ACCR today. So BHP has acknowledged the challenging economics of its Queensland coal business, and media reports have indicated that BMA is reviewing the financial viability of its existing operations. yet we're still seeing major expansion proposals being sent through environmental approvals, et cetera. So can the Board confirm the status of this review and commit to disclosing its key findings, including any implications for the future proposed expansions.

Thank you for the question. And I will go back to Brandon on this 1 because I'm not aware of any expansion that we're doing in our Queensland coal business. For our shareholders, I think last year, it produced a 2% return on your capital. So we've been very careful about how much capital we actually put into that business. It's a very good resource though, of some of the finest coal for steelmaking. It's not energy coal. The only energy coal business that we have left is actually in New South Wales, and that is programmed for closure in 2030. And that's about the resources running out in that area. So we'll be closing that business, and we're working through all the optionality of that. So there's not a big expansion program up in Queensland at this point in time, even though we do have some fantastic resources. We are looking, though, at how do we, on behalf of our shareholders, get that business to produce a cost of capital return, and that's something that Brandon and his team are working on because we've got such a good resource, but it's just not giving our shareholders a return. But there's no -- that aware of major plans for expansion there at all.

Jamie, thank you for your question. I think what happens in the mine is we're not expanding BMA, but we're also not shutting BMA down. And in the ordinary course of business, you need to renew environmental permits and similar things to be able to continue operations. So what you may be seeing is applications in the ordinary course of business, and those should not be confused with plans to expand the operations. Great question.

Yes, I guess they give you the option to expand in the future should, I guess, the timing -- and I guess...

But potentially in future but...

So the follow-up question, I guess, is, I guess, given the current challenging economics, and given the long-term transition risk facing met coal, I guess how does the Board justify pushing these proposals through at the moment?

On met coal, Brandon has talked about keeping the operations going and the approvals we need to do that as opposed to expanding it. That is certainly the position we've taken on our assets up in Queensland. They are great assets. But at this stage, we are not putting major investment other than operationally keeping the business in good shape and making sure it operates safely.

And maybe just if I can ask 1 follow-up question on the fuel tax credit. So obviously, there's, I guess, your position on whether it's right or wrong, is what it is. But I guess, the public discussion and the drumbeat at the moment means there is a public debate. BHP remains a significant beneficiary of the credit scheme and ACCR's analysis suggests that removing these credits could actually make BHP's fleet electrification projects financially attractive, how is the Board assessing BHP's exposure to both diesel prices and potential changes to the fuel tax credits? And how are these risks influencing capital allocation decisions and the timing of fleet electrification?

Super question. Here's our problem. We would love to be running electric trucks in our mines right now. This would be the ideal time with -- you see it at the base well, we feel it as well, even though we don't get the tax -- the rebate -- or we get the rebate on the fuel. But the price of fuel and diesel has gone up dramatically. And even if it was economically attractive to do so today, we couldn't do it because the equipment is not ready and will be years away from being fit for purpose in the mines that we operate. I liken this to -- these are not Toyota high luxes that we run around in a mine. These are 220 tonnes and if you look at the size of them and how we operate them autonomously and that have to be in a safe environment, you have got an entire ecosystem that we're working on to actually get them ready. And then the trucks themselves have to be ready and they're not. So despite the noise of the now is the time we would love them to be there. So we're totally aligned with you on this one, but it looks like this will probably be late 2029, early 2030 is before we get an environment or any mining company gets the environment. And we had an interesting discussion at the Board, 1 of our directors who's been in mining a long time about 40 years ago, there used to be electric haul trucks in the environment. So we had that conversation at Board about what's happened since. Well, that was a very specific environment that they were operating. And -- but can I tell you today even if the economics are right, the application of it isn't ready, and we have to spend a lot of time getting them safe for our environment. But would love...

Understood. And I guess you're absolutely right, the ecosystem needs to be invested in as well. And I think there's definitely things that can be done today to actually start preparing that ecosystem. And I think we would like to see more activity in that space, especially...

We're certainly getting to -- we're certainly getting our environment so that we are actually ready for them when they're ready and would be. We're working with 1 of the other big mining companies on the development. and to show the support to the OEMs, which are the big truck companies to actually put the effort into so that they put the effort in getting them right as well. Great topic. We have these topics. We've shown people what's going on with these, but the environment needs to be right. It's -- as I say, it's not a Toyota Highlux we're running around these places where you can plug and play them. These are massive trucks that need the energy 23.5, 24 hours a day. But thank you for the Understood. Next question, please, again from mic 1.

Chair, may I introduce Anna Malu.

My name is Anna, and I am a Pacific Climate Warrior. The ICJ opinion stated that nations have an internal obligation to assess and mitigate downstream. -- global impacts of fossil fuel projects approved within their territories. Recently, the High Court of Australia added down a decision in the Mount Pleasant case. The High Court aligned itself with the ICG advisory opinion, ruling the authorities cannot turn a blind eye to emissions. Given these rulings, is BHP considering shelving its coal expansion projects, which would attract legal risks and, therefore, risk to its shareholders and investors.

Anna, thank you. And again, I'm not too sure if I can add too much more to what we've said. As Brandon said, we've got planning approvals to keep our mines going. We do not have major expansion plans in Queensland for our mining operation. We have closure procedures in place for our energy coal business in New South Wales. So that's on card, and that will take place midway through 2030. And we have operational decarbonization programs in place to reduce our carbon by 30%, and that's what we're working heavily on. About 80% of all of the power that we use in all of our mines on a global basis is through renewable sources now. So we've got a few left to go, but we are working very heavily to get the renewable sources in so that we actually work to actually reduce our carbon footprint and our results to date have been very good, but we have to keep working hard at it for the very reason you're passionate about it. It's about reducing emissions for the environment. So thank you. Question from Microphone 2, please.