But the market expects the mining giant to report a lower profit this week as coal and iron ore prices have softened; dividends could be 47 per cent down.
BHP Ventures, however, has made a windfall on the sale of a carbon capture playBHP is set to bank a handy windfall on the back of Occidental Petroleum’s $US1.1 billion acquisition of a Canadian carbon capture pioneer, but it won’t be enough to prevent Australia’s biggest company from reporting a substantial profit decline on Tuesday.
With that austerity drive still underway, BHP was reluctant to publicly celebrate the win it had this week when Occidental announced plans to spend $US1.1 billion buying private Canadian company Carbon Engineering. But industry sources suggested BHP had made close to a seven-fold return on investment. Like BHP, London-based venture capital firm i Net Zero purchased its shares in Carbon Engineering in 2019 and confirmed last week that it had made a return of 7.2 times its original investment. If BHP’s return on investment was also 7.2 times, Australia’s biggest company would have turned $US6 million into $US43.2 million in four and a half years.
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