Australia's BHP, unions fail to reach wage deal

Business Recorder reported that unions representing workers at BHP's Port Hedland operations in Western Australia failed to reach a wage deal with the miner on Tuesday. The two sides will meet again on August 25, a union spokesperson said. The union said the latest BHP offer fell short of addressing worries among staff behind the $13 billion profit.

The talks came on the same day BHP reported full-year earnings of $13.20 billion, above market expectations, and announced its biggest yearly payout in four years. At Port Hedland, described as the largest iron ore export hub globally, some BHP workers there went on a second scheduled work stoppage earlier in the month. It was the first significant work stoppage there in 25 years.

Chief executive Brandon Craig nonetheless stated that he did not foresee the stoppages weighing on the miner's performance. BHP had not yet replied to Reuters' request for comment on the union's statement.