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120-491: BHP Group Limited , formerly known as BHP Billiton , is an Australian multinational mining and metals public company headquartered in Melbourne , Australia. The Broken Hill Proprietary Company was founded on 16 July 1885 in the mining town of Silverton, New South Wales . As of 2024, BHP was the world’s largest mining company by market capitalization and the world’s third-largest by revenue . Total iron ore revenue for

240-406: A dual-listed company . In 2015, some BHP Billiton assets were demerged and rebranded as South32 , while a scaled-down BHP Billiton became BHP. In 2018, BHP Billiton Limited and BHP Billiton plc became BHP Group Limited and BHP Group plc, respectively. In January 2022, BHP relinquished its London Stock Exchange listing, becoming a solely Australian Securities Exchange-listed company. As of 2022, BHP

360-471: A $ 9.6 billion deal. In fiscal year 2021-2022, BHP's annual profit amounted to more than $ 34 billion (an increase of 34%) of $ 65 billion (an increase of 14%). The coal division's profits reached almost $ 9 billion (a loss of $ 577 million in 2022), with the BHP's iron ore division making $ 21.7 billion (a decrease of $ 4.6 billion since 2022). Profit growth allowed the company to pay a record dividend of $ 7.6 billion for

480-629: A 50/50 joint venture to hold the Filo del Sol (FDS) and Josemaria projects. Until January 2022, BHP was a dual-listed company ; the Australian BHP Billiton Limited and the British BHP Billiton plc were separately listed with separate shareholder bodies, while conducting business as one operation with identical boards of directors and a single management structure. The headquarters of BHP Billiton Limited and

600-470: A 70-ton commemorative sculpture, The Muster Point , was installed on Industrial Drive, in the suburb of Mayfield, New South Wales . The long products side of the steel business was spun off to form OneSteel in 2000. In the 1950s, BHP began petroleum exploration, which became an increasing focus following oil and natural gas discoveries in Bass Strait in the 1960s. BHP began to diversify into

720-563: A Canadian company, was one of three bidders for the mine, tendering the lowest offer, and returned the mine to production in 2011. Ravensthorpe cost BHP US$ 3.6 billion in write-downs when it was shut in January 2009 after less than a year of production. In January 2010, following the BHP Billiton purchase of Athabasca Potash for US$ 320m, The Economist reported that, by 2020, BHP Billiton could produce approximately 15 per cent of

840-448: A Queensland fertiliser plant. The takeover achieved 90 per cent acceptance on 17 June 2005, and 100 per cent ownership was announced on 2 August 2005, achieved through compulsory acquisition of the remaining 10 per cent of the shares. On 8 November 2007, BHP Billiton announced it was seeking to purchase rival mining group Rio Tinto Group in an all-share deal. The initial offer of 3.4 shares of BHP Billiton stock for each share of Rio Tinto

960-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

1080-469: A boat to explore north-western New South Wales and to advance into central Australia. They travelled along the Murray and Darling rivers before being guided past the future site of Broken Hill by a local Indigenous teenager named Topar . They were stranded for months by the extreme summer conditions near the present site of Milparinka . When the rains eventually came, Sturt moved north and established

1200-742: A born loser. He remained throughout his life an English Tory gentleman with an unshakeable faith in God and Jesus the true kings. Sturt is buried in Cheltenham Cemetery, Gloucestershire. Sturt is commemorated by: The Charles Sturt Museum is based in Sturt's former home "The Grange", in the Adelaide suburb of Grange . The museum illustrates his story with "not only ... displays of relics, but interpretive and multimedia displays". The Australian-born American actor Rod Taylor , whose middle name

1320-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

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1440-535: A depot at Fort Grey (today this site is within Sturt National Park ). With a small group of men, including explorer John McDouall Stuart as his draughtsman, Sturt pressed on across what is now known as Sturt's Stony Desert and into the Simpson Desert . Unable to go further, he turned back to the depot. Sturt made a second attempt to reach the centre of Australia, but he developed scurvy in

1560-688: A few days after the Battle of Waterloo . Sturt was gazetted lieutenant on 7 April 1823 and promoted captain on 15 December 1825. With a detachment from his regiment, Sturt escorted convicts aboard the Mariner to New South Wales , arriving in Sydney on 23 May 1827. Sturt was a cousin of the wife of Henry Dumaresq , brother-in-law of Governor Ralph Darling, which was later to complicate his relationship with Sir Thomas Mitchell , who resented those whom he judged were treated favourably by Darling. Sturt found

1680-725: A fine of $ 25 million to the United States Securities and Exchange Commission in 2015 in connection with violations of the Foreign Corrupt Practices Act related to its "hospitality program" at the 2008 Summer Olympics in Beijing . BHP Billiton invited 176 government and state-owned-enterprise officials to attend the Games on an all-expenses-paid package. While BHP Billiton claimed to have compliance processes in place to avoid conflicts of interest,

1800-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

1920-554: A freeze on approving any major new expansion projects. Days after announcing the Olympic Dam pull-out, BHP Billiton announced that it was selling its Yeelirrie Uranium Project to Canadian Cameco for a fee of around $ 430 million. The sale was part of a broader move to step away from resource expansion in Australia. On 19 August 2014, BHP Billiton announced it would create an independent global metals and mining company based on

2040-546: A judge under the British East India Company , and his wife. At the age of five, Charles was sent to live with relatives in England to be educated, as was customary for the children of the colonial upper class. After attending a preparatory school, he was sent to Harrow in 1810. In 1812, Charles went to read with a Mr. Preston near Cambridge, but his father was not wealthy, and had difficulty finding

2160-536: A lot of interest when exhibited at the City of Melbourne Bank in Collins Street . Some sceptics asserted the promoters were merely using silver from somewhere else, to ramp up the shares.... Another shareholder, the dominating W. R. Wilson had had to lend William Jamieson , General Manager, a new suit so he could take the first prospectus, printed at Silverton near Broken Hill on 20 June 1885, to Adelaide to start

2280-407: A major workers' strike and forced the company to declare force majeure on two shipments, which drove copper prices up by 4%. In April 2017 activist hedge fund manager Elliott Advisors proposed a plan for BHP Billiton to spin off its American petroleum assets and significantly restructure the business, including the scrapping of its dual Sydney-London listing, suggesting shares be offered only in

2400-529: A massive search was conducted over eight days to find him. Days later both the Governor and his remainder of the party reached Adelaide on 28 December. Though Bryan was never found, his horse returned to Adelaide after several months. In September 1841, Sturt chaired a Bench of Magistrates that conducted an official inquiry into the circumstances of the Rufus River massacre . The inquiry concluded "that

2520-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

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2640-645: A record high of A$ 48.90 following speculation that Chinese mining firm Chinalco was considering purchasing a large stake. As global nickel prices fell, on 25 November 2008, Billiton announced that it would drop its A$ 66 billion takeover of rival Rio Tinto Group, stating that the "risks to shareholder value" would "increase" to "an unacceptable level" due to the 2007–2008 financial crisis . On 21 January 2009, BHP Billiton then announced that Ravensthorpe Nickel Mine in Western Australia would cease operations, ending shipments of ore from Ravensthorpe to

2760-670: A selection of its aluminium, coal, manganese, nickel, and silver assets. The newly formed entity, named South32 , was subsequently demerged with listings on the Australian Securities Exchange the JSE and the London Stock Exchange . In 2015, BHP Billiton spun off a number of its subsidiaries in South Africa and Southern Africa to form a new company known as South32. BHP Billiton agreed to pay

2880-525: A steelworks at Newcastle was due to the technical limitations in recovering value from mining the lower-lying sulphide ores. The discovery of Iron Knob and Iron Monarch near the western shore of the Spencer Gulf in South Australia , combined with the refinement, by BHP metallurgists A. D. Carmichael and Leslie Bradford , of the froth flotation technique for separating zinc sulphides from

3000-808: A variety of mining projects overseas. Those included the Ok Tedi copper mine in Papua New Guinea, where the company was successfully sued by the indigenous inhabitants because of the environmental degradation caused by mining operations. BHP had better success with the giant Escondida copper mine in Chile, of which it owns 57.5%, and at the Ekati Diamond Mine in northern Canada, which BHP contracted for in 1996, began mining in 1998, and sold its 80% stake in to Dominion Diamond Corporation in 2013 as production declined. In 2001, BHP merged with

3120-422: A way of restoring his reputation in the colony and London. Two days late while riding in very hot weather, with their water supply dwindling, both the men and horses were suffering. During the return journey to the river, Bryan's horse was slow, and was lagging behind the main group. When a dust storm occurred, Bryan got lost, was separated from his horse, and most likely died. His body was never recovered, although

3240-833: A year over 10 years to develop the field and triple production. On 14 July 2011, BHP Billiton announced that it would acquire Petrohawk Energy of the United States for approximately $ 12.1 billion in cash, considerably expanding its shale natural gas resources in an offer of $ US38.75 per share. On 22 August 2012, BHP Billiton announced that it was delaying its US$ 20 billion (£12 billion) Olympic Dam copper mine expansion project in South Australia to study less capital intensive options, deferring its dual harbour strategy at West Australian Iron Ore and slowing down its Potash growth option in Canada. The company simultaneously announced

3360-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

3480-492: Is summarised in the Australian Dictionary of Biography as follows: Although Sturt probably entered his career as an explorer through influence, his selection was justified by results. He was a careful and accurate observer and an intelligent interpreter of what he saw, and it was unfortunate that much of his work revealed nothing but desolation. He prided himself with some justice on his impeccable treatment of

3600-592: Is the largest company in Australia, and the largest mining company in the world, both as measured by market capitalisation. In 2023, the company's position in the Forbes Global 2000 was 90th. Billiton Maatschappij was founded 29 September 1860, when its articles of association were approved by a meeting of shareholders in the Groot Keizershof hotel in The Hague , Netherlands. Two months later,

3720-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

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3840-692: The Broken Hill Company staking out the entire Hill. As costs mounted during the ensuing months of fruitless search, three of the original seven (now remembered as the Syndicate of Seven ) sold their shares, so that, on the eve of the company's great success, there were nine shareholders, including Rasp, McCulloch, Philip Charly (aka Charley), David James, James Poole (five of the original syndicate of seven, which had previously included George Urquhart and G.A.M. Lind), Bowes Kelly, W. R. Wilson, and William Jamieson (who had bought shares from several of

3960-644: The Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over the VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization ,

4080-702: The history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include

4200-618: The nickname "the Big Australian", was incorporated on 13 August 1885, operating the silver and lead mine at Broken Hill , in western New South Wales , Australia. The Broken Hill group floated on 10 August 1885. The first consignment of Broken Hill ore (48 tons, 5 cwt, 3grs) was smelted at the Intercolonial Smelting and Refining Company's works at Spotswood, Victoria , a suburb of Melbourne. Historian Christopher Jay notes: The resulting 35,605 ounces of silver raised

4320-490: The Aboriginals, and earned the respect and liking of his men by his courtesy and care for their well-being. Indeed his capacity for arousing and retaining affection was remarkable; it made him an ideal family man but a failure in public life. Without toughness and egocentricity to balance his poor judgment and business capacity he had little chance of success in colonial politics. In this sphere, he might well be described as

4440-522: The Billiton mining company to form BHP Billiton. In 2002, flat steel products were demerged to form the publicly traded company BHP Steel which, in 2003, became BlueScope . In March 2005, BHP Billiton announced a US$ 7.3  billion agreed bid for WMC Resources , owners of the Olympic Dam copper, gold and uranium mine in South Australia, nickel operations in Western Australia and Queensland, and

4560-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

4680-663: The European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

4800-580: The Interior of Southern Australia during the years 1828, 1829, 1830 and 1831 , of which a second edition appeared in 1834. For the first time the public in England realised the importance of Sturt's work. Governor Darling's somewhat tardy but appreciative dispatch of 14 April 1831, and his request for Sturt's promotion, had had no result. Sir Richard Bourke , who had succeeded Darling, was also unsuccessful in persuading Viscount Goderich to give "this deserving officer your Lordship's protection and support". Though

4920-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

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5040-570: The Murray, until he reached the river's confluence with the Darling. Sturt had now proved that all the western-flowing rivers eventually flow into the Murray. In February 1830, the party reached a large lake, which Sturt called Lake Alexandrina . A few days later, they reached the sea, later named as the Southern Ocean . There they made the disappointing discovery that the mouth of the Murray

5160-511: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

5280-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

5400-458: The SEC found that BHP Billiton had invited officials from at least four countries where BHP Billiton had interests in influencing the officials' decisions ( Congo , Guinea , Philippines and Burundi ). In August 2016, BHP Billiton recorded its worst annual loss in history, $ 6.4 billion. Towards the end of 2016 BHP Billiton indicated it would expand its petroleum business and make new investments in

5520-586: The Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

5640-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

5760-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

5880-593: The United Kingdom, while leaving its headquarters and tax residences in Australia where shares would trade as depository instruments. At the time of the correspondence Elliott held about 4.1 per cent of the issued shares in London-listed BHP Billiton plc, worth $ 3.81 billion. Australia's government warned it would block moves to shift BHP Billiton's stock listing from Australia to the United Kingdom. Australian Treasurer Scott Morrison said

6000-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

6120-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

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6240-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

6360-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

6480-477: The United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

6600-696: The United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

6720-576: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

6840-456: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

6960-841: The Yabulu nickel plant in Queensland Australia. Yabulu refinery was subsequently sold to Queensland billionaire Clive Palmer , becoming the Palmer Nickel and Cobalt Refinery . Pinto Valley mine in the United States was also closed. Mine closures and general scaling back during the 2007–2008 financial crisis accounted for 6,000 employee lay offs. As the nickel market became saturated by both spiraling economics and cheaper extraction methods; on 9 December 2009, BHP Billiton sold its Ravensthorpe Nickel Mine , which had cost A$ 2.4 billion to build, to Vancouver -based First Quantum Minerals for US$ 340 million. First Quantum,

7080-406: The accompanying gangue and subsequent conversion (Carmichael–Bradford process) to oxides of the metal, allowed BHP to economically extract valuable metals from the heaps of tailings up to 40 feet (12 m) high at the mine site. In 1942, the Imperial Japanese Navy targeted the BHP steelworks during the largely unsuccessful shelling of Newcastle . Newcastle operations were closed in 1999, and

7200-416: The area of the Macquarie River in western New South Wales. It was not, however, until 10 November that the party started out. It consisted of Sturt, his servant Joseph Harris, three soldiers and eight convicts; on 27 November Sturt was joined by Hamilton Hume as his first assistant. Hume's experience proved to be very useful. A week was spent at Wellington Valley breaking in oxen and horses, and on 7 December

7320-399: The army. The remainder of his family went to live at Dinan to economise after the expenses of education and fitting out. But they found the town to be unhealthy and in 1863 returned to Cheltenham. In 1864 Sturt suffered great grief in the death of one of his sons in India. In March 1869 Sturt attended the inaugural dinner of the Colonial Society, at which Lord Granville mentioned that it was

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7440-408: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

7560-579: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

7680-429: The colonial office did not seem to recognise the value of Sturt's work, publication of his book was important because it captured the attention of Edward Gibbon Wakefield , who read it. He chose South Australia for a new settlement then being contemplated by the government. In May 1834, based on his services, Sturt applied for a grant of land in Australia, intending to settle on it. In July instructions were given that he

7800-604: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

7920-547: The company acquired mineral rights to the Billiton ( Belitung ) and Bangka Islands in the Netherlands Indies archipelago off the eastern coast of Sumatra . Billiton's initial ventures included tin and lead smelting in the Netherlands, followed in the 1940s by bauxite mining in Indonesia and Suriname . In 1970, Shell acquired Billiton. Billiton opened a tin smelting and refining plant in Phuket , Thailand, named Thaisarco (for Thailand Smelting And Refining Company, Limited). In 1994, South Africa's Gencor acquired

8040-410: The company increased by US$ 3.1 billion to US$ 28.0 billion in Fiscal Year 2024, accounting for 50.2% of the company’s revenue, while copper and coal contributed 33.4% and 13.8%, respectively. BHP Billiton was formed in 2001 through the merger of the Australian Broken Hill Proprietary Company Limited (BHP) and the Anglo–Dutch Billiton plc trading on both the Australian and London Stock Exchanges as

8160-489: The company. Anderson successfully completed the four-year project with a merger between BHP and London-based Billiton. In July 2002, Brian Gilbertson of Billiton was appointed CEO, but resigned after just six months, citing irreconcilable differences with the board. Upon Gilbertson's departure in early 2003, Chip Goodyear was appointed the new CEO, increasing sales by 47 per cent and profits by 78 per cent during his tenure. Goodyear retired on 30 September 2007. Marius Kloppers

8280-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

8400-527: The conditions and climate in New South Wales much better than he expected, and he developed a great interest in the country. The Governor of New South Wales , Sir Ralph Darling , formed a high opinion of Sturt and appointed him major of brigade and military secretary. Sturt became friendly with John Oxley , Allan Cunningham , Hamilton Hume , and other explorers. Sturt was keen to explore the Australian interior, especially its rivers. Sturt received approval from Governor Darling on 4 November 1828 to explore

8520-417: The conduct of Mr Moorhouse and his party was justifiable, and indeed unavoidable in their circumstances". Sturt believed that it was his destiny to discover a great saltwater lake, known as 'the inland sea', in the middle of Australia. At very least, he wanted to be the first explorer to plant his foot in 'the centre' of Australia. In August 1844, he set out with a party of 15 men, 200 sheep, six drays , and

8640-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

8760-586: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Charles Sturt Charles Napier Sturt (28 April 1795 – 16 June 1869) was a British officer and explorer of Australia, and part of the European exploration of Australia . He led several expeditions into the interior of the continent, starting from Sydney and later from Adelaide . His expeditions traced several of

8880-655: The extreme conditions. His health broke down and he was forced to abandon the attempt. John Harris Browne , surgeon on the expedition , assisted Sturt, took over leadership of the party and, after travelling a total of 3,000 miles (4,800 km), brought it back to safety. Early in 1847 Sturt went to England on leave. He arrived in October and was presented with the Royal Geographical Society 's Founder's Medal . He prepared his Narrative of an Expedition into Central Australia for publication; however, it

9000-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

9120-601: The float process. The geographic Broken Hill, for which the town was named, was discovered and named by Captain Charles Sturt , stirring great interest among prospectors. Nothing of note was discovered until 5 November 1883, when Charles Rasp , boundary rider for the surrounding Mount Gipps Station , pegged out a 40-acre claim with contractors David James and James Poole. Together with a half-dozen backers , including station manager George McCulloch (a young cousin of Victorian Premier Sir James McCulloch ), Rasp formed

9240-557: The founders). John Darling, Jr. became a director of the company in 1892 and was chairman of directors from 1907 to 1914. Strongly encouraged by the New South Wales Minister for Public Works, Arthur Hill Griffith , in 1915, the company ventured into steel manufacturing, with its operations based primarily at the Newcastle Steelworks . The decision to move from mining ore at Broken Hill to opening

9360-552: The global headquarters of the combined group were located in Melbourne , Australia. The headquarters of BHP Billiton plc were located in London, England. Its main office locations were in Australia, the U.S., Canada, the UK, Chile, Malaysia, and Singapore. The company's shares traded on the following exchanges: BHP Billiton Limited and BHP Billiton plc were renamed BHP Group Limited and BHP Group plc, respectively, on 19 November 2018. In 1998, BHP hired American Paul Anderson to restructure

9480-509: The global investment community. On 22 February 2011, BHP Billiton announced that it had paid $ 4.75 billion in cash to Chesapeake Energy for its Fayetteville shale assets, which include 487,000 acres (1,970 km) of mineral rights leases and 420 miles (680 km) of pipeline located in north central Arkansas . The wells on the mineral leases are currently producing about 415 million cubic feet of natural gas per day. BHP Billiton planned to spend $ 800 million to $ 1 billion

9600-624: The half-year ending December 31. BHP made an offer to acquire Anglo American for £31 billion in April 2024; however, the offer was rejected by the Anglo American as "highly unattractive". A revised offer was also rejected in May 2024. In July 2024, BHP and Lundin Mining agreed to jointly acquire 100% of Filo Corp. through a Canadian plan of arrangement. BHP and Lundin Mining also agreed to form

9720-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

9840-556: The intention of the government to extend the Order of St Michael and St George to the colonies. Sturt allowed himself to be persuaded by his friends to apply for a knighthood (KCMG), but afterwards regretted he had done so, when he heard there were innumerable applications. Sturt's health had been very variable and on 16 June 1869, he died suddenly. He was survived by his widow, two sons, Colonel Napier George Sturt, R.E. and Major-General Charles Sheppey Sturt, and daughter Charlotte. Mrs Sturt

9960-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

10080-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

10200-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

10320-518: The lower reaches of Ginninderra Creek , near present-day Canberra . (Sturt named the property 'Belconnen', a name now applied to the nearby population centre .) In 1838 he, with Giles Strangways, a Mr McLeod, and Captain John Finnis , herded cattle overland from Sydney to Adelaide , on the way proving that the Hume and the Murray were the same river. In September 1838, Sturt led an expedition to

10440-434: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

10560-480: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

10680-550: The meantime, in December 1839, Sturt and his wife accompanied George Gawler , Julia Gawler, Henry Bryan and Henry Inman on a Murray River expedition, visiting Mount Bryan . Julia Gawler, Charlotte Sturt and Charlotte's maidservant became the first white women to travel the Murray. Sturt served briefly as the Registrar-General, but he soon proposed a major expedition with Henry Bryan into the interior of Australia as

10800-555: The mining division of Billiton excluding the downstream metal division. Billiton was divested from Gencor in 1997, and was amalgamated with Gold Fields in 1998. In 1997, Billiton plc became a constituent of the FTSE 100 Index and in 2001 Billiton plc merged with the Broken Hill Proprietary Company Limited (BHP) to form BHP Billiton. The Broken Hill Proprietary Company Limited (BHP), also known by

10920-808: The money to send him to Cambridge University , or to establish him in a profession. An aunt appealed to the Prince Regent and, on 9 September 1813, Sturt was gazetted as an ensign with the 39th (Dorsetshire) Regiment of Foot in the British Army . Sturt saw action with the Duke of Wellington in the Peninsular War and against the Americans in Canada during the War of 1812 . He returned to Europe

11040-650: The mouth of the Murray, which settled all dispute as to the suitability of Adelaide for the colony's capital. After returning to NSW to settle his affairs, Sturt settled at what is now Grange, South Australia in early 1839; he was appointed Surveyor General of South Australia and a member of the South Australian Legislative Council . When the London-appointed Surveyor-General Edward Frome unexpectedly arrived, Sturt had to step down. In

11160-534: The move would be contrary to the country's national interest and would breach government orders mandating a listing on the Australian Securities Exchange. BHP Billiton dismissed the plan saying the costs and risks of Elliott's proposal outweighed any potential benefits. In May 2017, with much of the former Billiton assets having been disposed of, BHP Billiton began to rebrand itself as BHP, at first in Australia and then globally. It replaced

11280-469: The party from starvation. But Sturt went blind for some months and never fully recovered his health. By the time they reached Sydney again, they had rowed and sailed nearly 2,900 kilometres of the river system. Sturt briefly served as Commander on Norfolk Island , where mutiny was brewing among the convicts. Because of his ill health, he went to England in 1832 on sick leave, arriving there almost completely blind. In 1833 he published his Two Expeditions into

11400-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

11520-556: The real start into comparatively little known country was made. 1828–29 was a period of drought and the party had difficulty in finding sufficient water. They had followed the courses of the Macquarie, Bogan and Castlereagh rivers and, though its importance was scarcely sufficiently realised, had visited the Darling River . The party returned to Wellington Valley on 21 April 1829. The expedition proved that northern New South Wales

11640-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

11760-561: The sale of its Fayetteville Onshore US gas assets to a wholly owned subsidiary of Merit Energy Company. In August 2021, BHP announced plans to exit the oil and gas industry by merging its hydrocarbon business with Woodside Energy , Australia's largest independent gas producer. It also announced its intention to delist from the London Stock Exchange and consolidate on the Australian Securities Exchange . This occurred in January 2022. In April 2023, BHP took over Oz Minerals in

11880-554: The sector. In February 2017, BHP Billiton announced a $ 2.2 billion investment in the new BP platform in the Gulf of Mexico . During the same year, as part of their plan to increase productivity at the Escondida mine in Chile, which is the world's biggest copper mine, BHP Billiton attempted to get workers to accept a 4-year pay freeze, a 66% reduction in the end-of-conflict bonus offering, and increased shift flexibility. This resulted in

12000-462: The seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and the international oil market. Iran was unable to sell any of its oil. In August 1953,

12120-465: The slogan "The Big Australian" with "Think Big", with an advertising campaign rolling out in mid May 2017. Work on the change began in late 2015 according to BHP's chief external affairs officer. In August 2017, BHP announced that it would sell off its US shale oil and gas business. In July 2018, the company agreed to sell its shale assets to BP for $ 10.5 billion. BHP indicated its intention to return funds to investors. On 29 September 2018, BHP completed

12240-455: The then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by the strong influence of

12360-673: The westward-flowing rivers, establishing that they all merged into the Murray River , which flows into the Southern Ocean. He was searching to prove his own passionately held belief that an " inland sea " was located at the centre of the continent. He reached the rank of Captain , served in several appointed posts, and on the Legislative Council. Born to British parents in the Bengal Presidency , Sturt

12480-464: The world demand for potash . In August 2010, BHP Billiton made a hostile takeover bid worth US$ 40 billion for PotashCorp . The bid came after BHP's first bid, made on 17 August, was rejected as being undervalued. This acquisition marked a major strategic move by BHP outside hard commodities and commenced the diversification of its business away from resources with high exposure to carbon price risk, like coal, petroleum and iron ore. The takeover bid

12600-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

12720-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

12840-584: Was Goodyear's successor. Following Kloppers' tenure, Andrew Mackenzie , chief executive of Non-Ferrous, assumed the role of CEO in 2013. Australia mining head Mike Henry succeeded Mackenzie on 1 January 2020. BHP has mining operations in Australia, North America, and South America. The company has five primary operational units: Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with

12960-403: Was a maze of lagoons and sandbars, impassable to shipping. The party faced the ordeal of rowing back upriver on the Murray and Murrumbidgee, against the current, in the heat of an Australian summer. Their supplies ran out and, when they reached the site of Narrandera in April, they were unable to go any further. Sturt sent two men overland in search of supplies and they returned in time to save

13080-546: Was carried with them; it was assembled, and on 7 January 1830 they began their eventful voyage down the Murrumbidgee. In January 1830 Sturt's party reached the confluence of the Murrumbidgee and a much larger river, which Sturt named the Murray River . It was in fact the same river which Hume and Hovell had crossed further upstream and named the Hume. Several times the party was in danger from Aborigines but Sturt always succeeded in propitiating them. Sturt proceeded down

13200-507: Was educated in England for a time as a child and youth. He was placed in the British Army because his father was not wealthy enough to pay for Cambridge. After assignments in North America, Sturt was assigned to accompany a ship of convicts to Australia in 1827. Finding the place to his liking, he made his life there. Charles Sturt was born in the Bengal Presidency , the eldest son (of thirteen children) of Thomas Lenox Napier Sturt,

13320-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

13440-573: Was given a pension of £600 a year. He settled on 200 hectares (490 acres) of land close to Adelaide and the sea. But the gold discoveries had increased the cost of living there. On 19 March 1853 Sturt and his family sailed for England. Sturt lived at Cheltenham and devoted himself to the education of his children. In 1855 Sturt applied unsuccessfully for the positions of Governor of Victoria and in 1858 for Governor of Queensland . Sturt's age, uncertain health, and comparatively small income were against him. By 1860 Sturt's three sons were all serving in

13560-443: Was granted a civil list pension of £80 a year, and the queen granted her the title of Lady Sturt, as if her husband's nomination to a knighthood of the order of St Michael and St George had been gazetted. Reproductions of portraits of Sturt by Crossland and Koberwein were published in his biography, called Life, written by his daughter-in-law, Mrs N. G. Sturt . These suggest the charm and refinement of Sturt's character. Sturt's life

13680-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

13800-579: Was not an inland sea, but deepened the mystery of where the western-flowing rivers of New South Wales went. In 1829 Governor Darling approved an expedition to solve this mystery. Sturt proposed to travel down the Murrumbidgee River , whose upper reaches had been seen by the Hume and Hovell expedition . In place of Hume, who was unable to join the party, George Macleay went "as a companion rather than as an assistant". A whaleboat built in sections

13920-590: Was not published until early in 1849. Throughout this time he was suffering again with poor eyesight. Sturt returned to Adelaide with his family, arriving in August 1849. He was immediately appointed Colonial Secretary with a seat in the legislative council. There was no lack of work in the ensuing years. Roads were constructed, and navigation on the Murray was encouraged. However Sturt had renewed trouble with his eyes, which limited his ability to perform these duties. On 30 December 1851, he resigned from both positions and

14040-501: Was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

14160-549: Was opposed by the Government of Saskatchewan under Premier Brad Wall . On 3 November, Canadian Industry Minister Tony Clement announced the preliminary rejection of the deal under the Investment Canada Act , giving BHP Billiton 30 days to refine their deal before a final decision was made; BHP withdrew its offer on 14 November 2010. Canada's decision to block the deal was generally viewed as surprising by

14280-428: Was rejected by the board of Rio Tinto for "significantly undervaluing" the company. It was unknown at the time whether BHP Billiton would attempt to purchase Rio Tinto through some form of hostile takeover . A formal hostile bid of 3.4 BHP Billiton shares for each Rio Tinto share was announced on 6 February 2008; The bid was withdrawn 25 November 2008 due to global recession . On 14 May 2008, BHP Billiton shares rose to

14400-495: Was to receive a grant of 5,000 acres (2,000 ha); in exchange, Sturt agreed to give up his pension rights. On 20 September 1834, Sturt married Charlotte Christiana Greene, daughter of a longtime family friend. Soon afterward, the couple sailed for Australia. Sturt returned to Australia in mid-1835 to begin farming on his own 20 square kilometres (4,900 acres) of land, granted to him by the New South Wales government on

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