BHP Billiton: Result 2016

This result illustrates a longstanding truth about BHP: great assets, poor allocation.

We’ve long argued BHP Billiton’s weakness has historically been management, not mines – and there was plenty of evidence to back up that theory in its 2016 full-year result.

The US$6.4bn headline loss streamed across newspaper front pages is a big, bad number, but it’s one that reflects past mistakes of capital allocation rather than failings of asset quality.


{{ twilioFailed ? 'SMS Code Failed to Send…' : 'SMS Code Sent…' }}

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device

Verify your mobile number to unlock a FREE trial

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device

Register as a new member

(using a different email)

Related Articles