Australian news, and some related international items

BHP’s Uranium mine Olympic Dam makes a financial loss for second year running

Olympic Dam records a second financial year loss, of US$79 million on revenue of US$1.46 billion in 2019-20.   Giving a total three-year loss of approx. US$100 million on revenues of approx. US$4 billion,  with last profit in 2017-18 fin yr of only US$39 million.

Olympic Dam Mining  revenues are at approx. only 2.5 per cent of total BHP corporate revenues,

Not very convincing…

Olympic Dam reports $US79 million loss, is on the lookout for new leader

Olympic Dam’s turnaround story is not yet complete, with BHP’s mega mine posting another loss for the past financial year as it starts the hunt for a new leader.

Cameron England, Business Editor, The Advertiser August 18, 2020

The Olympic Dam mine in South Australia’s Far North has increased its full year loss and is on the lookout for a new leader, global miner BHP has announced.

In reporting its full year results, BHP said Olympic Dam, which produces copper, uranium, gold and silver, had made a full year loss before interest and tax of $US79 million, on revenues of $US1.463 billion.

This is up from a loss the previous financial year of $US58 million on revenues of $1.351 billion.

The mine last reported a profit, of $US39 million off revenues of $US1.255 billion in 2017-18, and has for many years underperformed in comparison with BHP’s high-margin assets such as Western Australian iron ore………

BHP also announced Laura Tyler – asset president Olympic Dam since 2018 – would be promoted to chief technical officer, and a new leader would be sought for the mine…….

“A replacement for the Asset President Olympic Dam will be the subject a future announcement.’’In the interim, Justin Bauer, currently general manager surface development & planning, will become acting asset president……..

But the company is yet to give solid commitments around timelines, financial investments and job numbers for the expansion, as it continues work on internal feasibility studies.

August 20, 2020 - Posted by | business, South Australia, uranium

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