Industry News

& Articles

BHP Develops Own COVID-19 Tracing App

Facebooktwitterlinkedin

In its latest operational update for the nine months ending 31 March 2020, BHP Limited continues to find itself in a strong position. As of 31 December 2019, the firm’s financial position sees net debt coming in at US$12.8 billion, emerging at the lower end of its target range. Additionally, the firm also holds US$14.3 billion in cash and its equivalents, further reflecting the resilience of the business backed by low-cost operations.

Unlike other firms, BHP has a competitive edge as it can continue employing its staff, make regular payments to suppliers and deliver products to consumers. Suppliers have also received accelerated payments and funds have been established to help support regional and indigenous communities. Consequently, production guidance for the 2020 financial year remains unchanged for iron ore, petroleum, and metallurgical coal. BHP is also going ahead with growth opportunities where US$11.4 million has been allocated to the completion of six notable projects across petroleum, iron core, copper, and potash.

Amid the COVID-19 pandemic, BHP has come up with an app for tracking the movement of its staff. Despite the easing of restrictions in several states within Australia, the firm expects to continue putting in place virus precautions at its workplaces for some time. Known as C-19 Tracer, the app represents the joint effort of BHP’s technology and health & safety departments. The app will be rolled out for the first time this week. Specifically, BHP’s Chilean copper division has been identified as the ideal location for the launch.

This is because the specific location has witnessed higher infection rates relative to its Australian staff. Ultimately, should the trial be successful, the app would be used in other parts of the world BHP operates in. Like Australia’s COVIDSafe app, C-19 Tracer allows the tracking of movements of staff who have tested positive to the virus. Doing so will enable BHP to take precautionary measures swiftly and sterilise affected work sites.

The COVID-19 pandemic has delivered a massive blow to commodity prices and further threatens to push the global economy into a recession. Within the sector, this has consequently witnessed major mining companies slashing back on expenditure and delaying projects. However, BHP Chief Executive Mike Henry asserted that the firm’s capital allocation framework, which was introduced in 2016, can clearly identify the most effective way of allocating spending across the group.

More notably, the results of this strategy have allowed the firm to deliver high-quality returns over the years. Thus, aside to cutting back on expenditure, BHP will continue to stick on this spending strategy. Speaking at the Bank of America Global Metals, Mining and Steel conference, Mr Henry was of the view that a V-shaped recovery from the COVID-19 pandemic is now less likely to occur. Nevertheless, the firm remains in a strong position to cope with further cuts in a bid to preserve cash.

By Caroline Wong 

Click here for a 7 days access to our Lotus Blue Portal.

Comment on this company

Latest Stories

Macmahon Holdings Reaffirms FY20 Guidance

Coronavirus has had a massive impact worldwide and has shaken investor confidence in many…..

CIMIC Group Silent On Fresh Cash Flow Doubts

The international, multifaceted contractor CIMIC Group (ASX: CIM) has seen their Thiess.. …

Credit Corp Successfully Completes Share Purchase Plan

Local debt collection company, Credit Corp Limited (ASX: CCP), has today announced…..

More for you

Wisetech Reshuffles Payout Arrangements

Founder and CEO of WiseTech Global (ASX: WTC), Richard White oversaw renegotiations… …

Kogan.com Struggles To Appease Matt Blatt Customers

Turbulent macroeconomic developments across the world have created unique circumstances.. …

Seven Group Becomes Substantial Holder of Boral

Back in March when Australia was struggling to battle the coronavirus pandemic, Seven.. …

Woolworths Rewards Employees With $57m in Shares

Woolworths recognises the value of essential workers, with over 30,000 full-time employees each…..

UAC Energy Makes Attractive Bid for Infigen

UAC Energy Holdings has today, 03 June 2020, proposed a new addition to its business.. …

ACCC Intervenes in Qantas’ Acquisition

Qantas (ASX:QAN) has recently attracted scrutiny from the  Australian Competition and.. …

KOSEC Terms & Conditions

Kodari Securities Pty Ltd (CAR 399556) trading as KOSEC is regulated by the Australian Securities and Investment Commission (ASIC). KOSEC is a financial services company and any information provided by its platforms, portals, reports and documents is protected by copyright. Any unauthorised production of this information is prohibited.
KOSEC reserves the right to change or remove any information provided on our website, reports or any documents including these terms and conditions at any time without notice. The change or modification to the terms and conditions will be effective immediately upon posting an updated version on our website, necessary platforms and documents. It is recommended that you review the information provided on our website, including these terms and conditions frequently for any changes.

Disclaimer
KOSEC provides general advice only. The information provided is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. KOSEC recommends that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Please make sure you read our Financial Services Guide (FSG).

KOSEC does not guarantee any returns. Past performance of any product discussed is not indicative of future performance. (We urge that caution should be exercised in assessing past performance. All financial products are subject to market forces and unpredictable events that may adversely affect their future performance). Investing in the stock market can incur huge losses. Please also be aware that fees will incur on every transaction regardless of the performance of your investments or returns generated. Employees and or associates of KOSEC may hold one or more of the stocks, securities or investments reviewed by the company.

Your use of information from our website, reports, documents and from talking to our representatives/associates is at your risk. Under no circumstance should the investment be based solely on KOSEC information and general advice. You should seek professional financial planning advice.
KOSEC aims to maintain the accuracy of the data and information provided on this website, by using information prepared from a wide variety of sources, which KOSEC to the best of its knowledge and belief, considers accurate and does not make any representations or warranties of any kind, expressed or implied, about the completeness, accuracy, reliability, suitability or availability of the information provided.

We may at times refer to third parties, which the details of these third parties have been provided solely for you to obtain further information about other relevant products and entities in the market. KOSEC has no control over the information third parties have, or the products or services offered, and therefore make no representations regarding the accuracy or suitability of such information, products or services. You are advised to make your own enquiries in relation to third parties. Our inclusion of any third party content is not an endorsement of that content or the third party.

Fees
As a client you will be charged a yearly service fee and a set brokerage fee per transaction. Your service fee will automatically renew at the end of your agreed 12 month period at the same rate advertised at the time. Your credit card or bank account will be charged for a further year following which will again auto renew until you cancel your yearly service fee. You can cancel the auto renewal at any time in advance of the renewal date by contacting us. KOSEC is aware of the need to ensure the security of your credit card details and our payment systems are compliant with the Payment Card Industry (PCI) Data Security Standard.

Privacy
You consent to receiving email correspondence from KOSEC, as well as companies KOSEC has an association with. These emails will be sent by KOSEC and third party companies. You can opt out of receiving any category of emails at any time by contacting us. We may from time to time inform you of special offers, or even ask your opinion of the services we provide, but your involvement is optional. Should you request us to do so, we will archive your details.

Indemnity and Liability
You indemnify KOSEC from all claims or threatened claims, suits, demands, damages, costs as well as including legal costs incurred in dealing with any threatened claim, expenses made by any person or corporation against KOSEC and any other amounts which is caused by KOSEC providing information, execution and General Advice.

You hold KOSEC harmless and release it from any liability in respect of any loss, harm or damage arising from a decision made by you on the basis of information obtained through the use of our portal, reports, documents or any General Advice given and any transaction taken place.

You hold KOSEC harmless and release it from any liability in respect of any loss, harm or damage arising from delays in executing orders for the client and acknowledges KOSEC makes no guarantees about the time taken to execute an order on behalf of the client. You acknowledge that KOSEC relies on third parties in providing technology and release KOSEC from any harm, loss or damage you may suffer as a result of the failure of such information technology.

Cookies and Links
KOSEC website, and its portal uses cookies, which lets us identify your browser while you are using the site or our portal. Cookies do not identify you personally. They simply allow us to track your usage patterns. If you prefer not to receive cookies, you can configure your browser to reject them or to notify you when they are being used. The functionality of the KOSEC website may be impacted if you restrict the use of cookies.

Fill up the form below and we will get back to you as soon as possible.

CLAIM YOUR FREE E-BOOK &
7 DAY ACCESS TO LOTUS BLUE

STOCK MARKET SUCCESS

KOSEC’s CEO, Michael Kodari’s new book, “Stock Market Success” valued at $39.95, available at Dymocks book stores with all the proceeds going to Dymocks Children’s Charities.

CLAIM YOUR FREE E-BOOK WHEN YOU LOGIN TO LOTUS BLUE INVESTMENT PORTAL

Latest TV Commercial