Rslts to 30 June '00 - Part 1

Broken Hill Proprietary Co Ld
27 July 2000


PART 1

BHP Profit Report
Thirteen Months Ended 30 June 2000

     
Results Summary                13 Months Ended   12 Months Ended     Change
                                  30 June 2000       31 May 1999       %

Operating revenue  ($ million)
- Sales revenue                      21 506           19 229         +11.8
- Other revenue                       2 177            2 692         -19.1
                                     23 683           21 921          +8.0
Operating profit/(loss) attributable
to BHP shareholders  ($ million)               
- Excluding abnormal items            2 032              365        +456.7
- Including abnormal items            1 627           (2 312)     
               
Basic earnings per share  (cents)               
- Excluding abnormal items            114.9             21.1        +444.5
- Including abnormal items             92.0           (133.5)     
               
Return on BHP shareholders' equity  (%)               
- Excluding abnormal items             19.6              4.2        +366.7
- Including abnormal items             15.7            (26.7)     
               
     
Significant Features

* the highest annual profit in the Company's history;
* lower costs mainly due to cost reduction initiatives;
* benefits from closure of loss-making businesses;
* higher prices for oil and copper, partly offset by lower prices for coal and  
 iron ore;
* lower debt levels;
* write-off of HBI plant (Western Australia); and
* abnormal tax benefits.

                                   -2-                              

Group Result
 
Change of Financial Year
 
Directors announced on 17 December 1999 that the financial year end for the BHP
Group would change from 31 May to 30 June with effect from 30 June 2000.
 
This Profit Report includes an analysis of the results for the thirteen months
ended 30 June 2000 compared with the year ended 31 May 1999.  In this report all
references to the corresponding period are to the year ended 31 May 1999.
 
Financial Period Result
 
Excluding abnormal items, the operating profit after tax attributable to BHP
shareholders for the thirteen months ended 30 June 2000 was $2,032 million, an
increase of $1,667 million or 456.7% compared with the corresponding period.
 
The annual profit is the highest in the Company's history and also includes a
record profit for the six months ended 30 June 2000.
 
Including abnormal items, the operating profit after tax attributable to BHP
shareholders was $1,627 million, compared with a loss of $2,312 million for the
corresponding period.  Details of the abnormal items are provided on page 4.
 
Basic earnings per share for the thirteen months to 30 June 2000 were 114.9
cents excluding abnormal items and 92.0 cents including abnormal items. 
Comparative earnings per share for the year ended 31 May 1999 were 21.1 cents
excluding abnormal items and (133.5) cents including abnormal items.
 
Operating Result excluding abnormal items
 
The following major factors affected operating profit after tax, excluding
abnormal items, attributable to BHP shareholders for the thirteen months ended
30 June 2000 compared with the corresponding period:
 
Volumes (positive impact of $350 million)
 
Higher sales volumes increased profits by approximately $350 million compared
with the corresponding period.  The increase was largely due to the thirteen
month reporting period combined with general improvements in underlying volumes
on an annual basis.
 
Costs (positive impact of $330 million)
 
Benefits from cost reduction initiatives continue to be reflected in lower
production and overhead costs throughout BHP.  Borrowing costs were also lower
due to significantly reduced debt levels partly offset by higher US and
Australian interest rates.  These resulted in lower costs of approximately $330
million ($515 million before tax) compared with the corresponding period. 
  
                                   -3-

Ceased, Sold and Discontinuing operations  (positive impact of $325 million)
 
Decisions to close or cease operations including North America copper and the
Hartley platinum mine (Zimbabwe) had a favourable effect on results of
approximately $290 million compared with the corresponding period.  Improved
performance from US Steel businesses increased profit by approximately $75
million.  The corresponding period included profits from the divested manganese
business of approximately $35 million.
 
Prices (positive impact of $230 million)
 
Significantly higher prices after commodity hedging for oil and higher copper,
LNG and LPG prices increased profit by approximately $620 million compared with
the corresponding period.  These increases were partly offset by significantly
lower prices for coal and lower prices for iron ore which decreased profit by
approximately $380 million compared with the corresponding period.
 
Exploration expenditure (positive impact of $140 million)
 
Exploration expenditure charged to profit decreased by approximately $140
million compared with the corresponding period mainly reflecting a reduction in
Minerals' worldwide exploration.
 
New operations (positive impact of $125 million)
 
Profits from the recently commissioned Laminaria/Corallina and Buffalo oil
fields (North West Australia) contributed approximately $150 million for the
period.  Profits from diamond sales at the EKATI TM diamond mine (Canada) were
approximately $110 million higher than the corresponding period.  These were
partly offset by increased operating losses of approximately $110 million from
HBI Western Australia.
 
Exchange Rates (positive impact of $75 million)
 
Foreign currency fluctuations net of hedging had a favourable effect of
approximately $75 million compared with the corresponding period.
 
Asset sales (negative impact of $55 million)
 
Profits from asset sales were approximately $55 million lower than in the
corresponding period.
 
                                   -4-

Abnormal Items
 
The profit after abnormal items for the thirteen months ended 30 June 2000 of
$1,627 million included a net abnormal loss of $405 million after tax
comprising:
 
* a net loss of $604 million after tax comprising a loss of $794 million after  
 tax from the write-off of the HBI plant and an associated tax benefit of $190  
million arising from funding arrangements;
 
* a charge to profit of $68 million after tax for organisation restructuring    
 costs and provisions associated with implementation of the Group's portfolio   
business model;
 
* a net loss of $11 million after tax from the sale of assets comprising a loss 
 of $223 million after tax from the sale of US west coast steel businesses,     
partly offset by a profit of $80 million (no tax effect) from the sale of PNG  
petroleum assets, a profit of $69 million after tax from the sale of BHP's     
interest in the Bolivia to Brazil pipeline, and a profit of $63 million (no    
tax effect) from sale of the BHP Information Technology business;
 
* a tax benefit of $166 million arising from the restatement of deferred tax    
 balances as a consequence of the Australian company tax rate change to 34%     
applicable from 1 July 2000, and then to 30% applicable from 1 July 2001; and
 
* a tax benefit of $112 million arising from finalisation of funding            
 arrangements in August 1999 related to the Beenup mineral sands operation     
(Western Australia).
 
The loss of $2,312 million for the corresponding period included a net abnormal
loss of $2,677 million after tax comprising losses from the write-down of assets
and provisions for closure and restructuring costs of $3,324 million after tax,
partly offset by profits from asset sales of $647 million after tax.
 
Details of abnormal items by segment are included on page 19.
 
Operating Result for the year ended 30 June 2000 (unaudited)
 
As a consequence of the change in balance date to 30 June and to provide
comparability of results in future financial periods, results for the years
ended 30 June 2000 and 30 June 1999 are included as supplementary data on pages
25 to 28.  These results are not subject to audit.
 
Excluding abnormal items, the operating profit after tax attributable to BHP
shareholders for the year ended 30 June 2000 was a record of $1,986 million, an
increase of $1,608 million or 425.4% compared with the year ended 30 June 1999.
 
Including abnormal items, the operating profit after tax attributable to BHP
shareholders for the year ended 30 June 2000 was a record of $1,581 million,
compared with a loss of $2,299 million for the year ended 30 June 1999.
 
Major factors affecting operating profit for the year ended 30 June 2000
compared with the year ended 30 June 1999 are generally consistent with the
major factors as described above for the thirteen months ended 30 June 2000
compared with the corresponding period.  The favourable impact of higher sales
volumes for the thirteen months ended 30 June 2000 largely reflects the impact
of the additional month.

                                   -5-

Segment Results (after tax) 

                                 Financial period ended (1)

                       Excluding abnormals           Including abnormals
                         June      May               June     May
                         2000     1999(2)   Change   2000    1999(2)   Change
                    $ Million   $ Million     %    $ Million $ Million    %
 
Minerals                1 224         678   +80.5       480    (1 971)   

Steel                     410         268   +53.0       251       163    +54.0

Petroleum               1 155         321  +259.8     1 326       232   +471.6

Services                   73          97   -24.7       115       270    -57.4

Net unallocated
interest                 (512)       (449)             (515)     (449)

Group and 
unallocated items        (352)       (547)              (64)     (554)

Operating profit/
(loss) before
outside equity
interests               1 998         368   +442.9    1 593    (2 309)

Outside equity
interests                  34          (3)               34        (3)

Operating profit/(loss)
attributable to 
members of the 
BHP Entity              2 032         365   +456.7    1 627     (2 312)

(1)  June 2000 refers to the thirteen months ended 30 June 2000.  May 1999      
    refers to the year ended 31 May 1999.

(2)  Comparative figures have been restated to reflect the transfer of          
    internal currency hedging results from Minerals, Steel and Petroleum to     
   Group and unallocated items, following a decision to cease new internal      
   hedging effective 1 June 1999.  The results of internal currency hedging     
  activities now eliminate within Group and unallocated items.

                                   -6-

Minerals
 
Excluding abnormal items, Minerals' result for the thirteen months ended 30 June
2000 was a profit of $1,224 million, an increase of $546 million or 80.5%
compared with the corresponding period.
 
Including abnormal items, the result for the thirteen months ended 30 June 2000
was a profit of $480 million.  Details of the net abnormal loss of $744 million
after tax are provided on pages 4 and 19.  The corresponding period included a
net abnormal loss of $2,649 million after tax resulting from the write-down in
carrying value of certain assets, and provisions for closure costs and
restructuring, which were partly offset by the sale of the principal manganese
assets.
 
Major factors which contributed to the result excluding abnormal items were:
 
* benefits from closure or cessation of loss-making operations at North America 
 copper and Hartley platinum;
 
* lower unit costs at coal operations in Bowen Basin (Queensland) and Illawarra 
 (New South Wales), and at the Cannington (Queensland) silver-lead-zinc         
operation;
 
* lower exploration expenditure charged to profit, reflecting a reduction in    
 worldwide exploration;
 
* higher shipments, largely reflecting the additional month in this financial   
 period; 
 
* higher average copper prices, net of hedging;
 
* increased profits from diamond sales at the EKATI TM diamond mine which       
 commenced sales in January 1999;
 
* tax benefiting of certain overseas exploration expenditure for which no       
 deduction had previously been recognised; and
 
* the write-down in the corresponding period of the Moura (Queensland) coal and 
 seam gas assets and the write-off of previously capitalised exploration        
expenditure.
 
These were partly offset by:
 
* significantly lower average US dollar coal prices for Bowen Basin, Illawarra, 
 and Kalimantan (Indonesia);
 
* lower average US dollar iron ore prices; 
 
* increased operating losses from HBI Western Australia; and
 
* the unfavourable effect of the higher Kina/US$ exchange rate at Ok Tedi       
 (PNG).

                                   -7-

The average price booked for copper shipments for the period, after hedging and
finalisation adjustments, was US$0.78 per pound (1999 - US$0.73).  Finalisation
adjustments after tax, representing adjustments on prior period shipments
settled in the period, were $30 million favourable (1999 - $9 million
unfavourable).
 
Unhedged copper shipments not finalised at 30 June 2000 which are expected to be
finalised after 30 June 2000 have been brought to account at US$0.81 per pound. 
The London Metal Exchange (LME) copper spot price at 30 June 2000 was US$0.80
per pound.
 
Exploration expenditure was $110 million for the period (1999 - $286 million),
reflecting a reduction in worldwide exploration.  The charge against profit was
$101 million (1999 - $278 million).
 
Significant developments during the thirteen months included:
 
* agreement with Nippon Steel on iron ore prices for the year which commenced 1 
 April 2000, resulting in a 4.35% increase for fine ore and a 5.77% increase    
for lump ore; 
 
* conclusion of annual price negotiations with each of the Japanese steel mills 
 for deliveries of hard coking coal for the year which commenced 1 April 2000,  
resulting in an average 5% reduction in prices;
 
* following acquisition by Companhia Vale do Rio Doce (CVRD) of the Arbed       
 Group's shareholding in Sociedade Anomima Mineracao da Trindade-Samitri        
(Samitri), BHP acquired a further 1% shareholding in Samarco Mineracao SA      
(Samarco) to equalise ownership with Samitri at 50:50;
 
* commencement of operations at the Orinoco HBI plant in Venezuela in May 2000;
 
* transfer of Kalimantan coal operations to contract operation in June 2000;
 
* closure of North America copper operations on 25 June 1999, with the          
 exception of the Solvent Extraction and Electro Winning plants which continue  
to operate, and the San Manuel Rod Plant which was operated to complete        
fulfilment of contractual obligations.  The San Manuel Rod Plant ceased        
operations on 25 October 1999;
 
* suspended operations at the Hartley platinum mine pending conditional sale;
 
* very encouraging market acceptance of EKATI TM diamonds traded through the    
 Antwerp (Belgium) office;
 
* sale of the Moura coal mine on 20 August 1999; and
 
* following the release of scientific reports on the environmental impact of    
 the Ok Tedi mine the PNG Government requested that the World Bank evaluate     
the current situation and BHP agreed with a request from the PNG Government    
to provide pertinent information and assist the World Bank with any matters.   
The World Bank report was published in May 2000 and concluded that 'from a     
purely environmental perspective, the risk assessment suggests that the Ok     
Tedi mine needs to be moving towards closure as soon as possible', and that    
'without a mine closure plan, supported by a comprehensive and participatory   
mine closure strategy addressing environmental as well as critical social      
issues, immediate closure would appear to carry with it the worst social       
impact'.  BHP agrees with this assessment and has formally advised the other   
shareholders in the project that it supports a proposal that will lead to the  
early closure of the mine. This proposal is currently being considered by the  
other shareholders.

                                   -8-

Steel
 
Excluding abnormal items, Steel's result for the thirteen months ended 30 June
2000 was a profit of $410 million, an increase of $142 million or 53.0% compared
with the corresponding period.
 
Including abnormal items, the result for the thirteen months ended June 2000 was
a profit of $251 million.  Details of the net abnormal loss of $159 million
after tax are provided on pages 4 and 19.  The corresponding period included an
abnormal loss of $105 million (no tax effect) from the write-down of New Zealand
Steel assets.
 
Major factors which contributed to the result excluding abnormal items were: 
 
* improved performance from US businesses;
 
* increased domestic despatches, reflecting strong domestic demand from the     
 construction sector and the additional month in this financial period; 
 
* improved performance from Asian businesses; and 
 
* higher export steel prices.
 
 These were partly offset by:
 
* lower profits from asset sales.
 
Total steel despatches from all operations for the thirteen months ended 30 June
2000 were 8.591 million tonnes, 2.4% above the corresponding period:
 
-     Australian domestic despatches were 4.430 million tonnes, up 8.5%;
-     Australian export despatches were 2.735 million tonnes, down 14.5%;
-     New Zealand steel despatches were 0.602 million tonnes, up 13.2%; and
-     despatches from overseas plants were 0.824 million tonnes, up 43.3%.
 
Significant developments during the thirteen months included:
 
* closure of primary steelmaking operations at Newcastle (New South Wales) and  
 commissioning of the Whyalla (South Australia) billet caster below budget and  
on schedule;
 
* formation of a joint venture with Nucor Corporation to complete technical     
 development and to licence strip casting technology;
 
* sale of the US west coast steel businesses and the 50% interest in Vinidex    
 Tubemakers;
 
* announcement of the proposed spin-out of the Long Products business, via      
 OneSteel Limited, in the second half of calendar 2000; and 
 
* acquisition of a 14% shareholding in Email Limited.
 
                                  -9-
Petroleum
 
Excluding abnormal items, Petroleum's result for the thirteen months ended 30
June 2000 was a profit of $1,155 million, an increase of $834 million or 259.8%
compared with the corresponding period.
 
Including abnormal items, the result for the thirteen months ended 30 June 2000
was a profit of $1,326 million.  Details of the net abnormal profit of $171
million after tax are provided on pages 4 and 19.  The result for the
corresponding period included an abnormal loss of $89 million after tax,
reflecting the write-off of goodwill and write-down of petroleum mineral rights
in the United Kingdom, partly offset by the sale of Bayu-Undan and other Timor
Gap properties (Australian/Indonesian Zone of Co-operation).
 
Major factors which contributed to the result excluding abnormal items were:
 
* higher average realised oil price before commodity hedging of A$39.46 per     
 barrel (1999 - A$21.22 per barrel), reflecting higher US dollar prices (2000   
- US$24.67 per barrel; 1999 - US$13.20 per barrel), partly offset by a         
slightly higher A$/US$ exchange rate;
 
* profits from the new Laminaria/Corallina and Buffalo oil fields which         
 commenced production in November 1999 and December 1999 respectively; 
 
* higher oil, condensate and gas sales volumes, including the effect of the     
 additional month in this financial period;
 
* higher LNG and LPG prices; and
 
* tax benefiting of certain overseas exploration expenditure for which no       
 deduction has previously been recognised.
 
These were partly offset by:
 
* a net loss of $197 million from oil price hedging.  The corresponding period  
 was a gain of $6 million on significantly less volume.  The average realised   
oil price after commodity hedging was A$35.89 per barrel (1999 - A$21.22 per   
barrel).  US dollar prices after commodity hedging were US$22.43 per barrel   
(1999 - US$13.20 per barrel).
 
Oil and condensate production was 31.7% higher than the corresponding period
reflecting higher production at Bass Strait (Victoria) following recovery from
the explosion and subsequent fire at the Longford Gas Plant in the corresponding
period, new production from the recently commissioned Laminaria/Corallina and
Buffalo oil fields, higher North West Shelf production following major
refurbishment of Cossack Pioneer in the corresponding period, and the additional
month in this financial period.  These were partly offset by the sale of
Elang/Kakatua/Kakatua North producing fields (North West Australia) in the
corresponding period, and Kutubu, Gobe and Moran producing fields (PNG) in the
current period, and lower production at Griffin (Western Australia) due to
natural field decline.
 
Natural gas production was 12.8% higher compared with the corresponding period,
reflecting a thirteen month period, higher gas production at US producing
properties due to increased facility capacity, and higher volumes at Liverpool
Bay (UK).  These were partly offset by lower gas production in the UK due to the
sale of the Southern North Sea assets.  North West Shelf LNG production was 9.6%
higher, mainly reflecting a thirteen month period.
  
                                   -10-

Exploration expenditure for the thirteen months ended 30 June 2000 was $263
million (1999 - $344 million).  Exploration  expenditure charged to profit was
$208 million (1999 - $197 million).
 
Significant developments during the thirteen months included:
 
* agreement to proceed with the 300 million barrel (gross) Rhourde Oulad Djemma 
 (ROD) integrated oil field development in the Berkine Basin of Algeria;
 
* approval by the UK Department of Industry and Trade to develop the Keith oil  
 field located in the North Sea;
 
* approval for the Typhoon oil and gas development in the Gulf of Mexico, with  
 first oil expected in the third quarter of calendar 2001;
 
* favourable exploration results were recorded on the Mad Dog discovery located 
 in the Atwater Foldbelt in the ultra deep water of the Gulf of Mexico.  The    
appraisal well, located in Green Canyon Block 782 in 4,420 feet of water,      
reached a total depth of 20,268 feet and encountered 265 net feet of oil pay;
 
* a Joint Venture Agreement with Total Exploration Production USA, Inc. (Total) 
 covering 21 leases owned by BHP in the Walker Ridge Area of the Gulf of        
Mexico.  Under the terms of this agreement, Total will earn a 30 per cent      
interest in the Chinook and Klondike Prospects with an option to earn a 30     
per cent interest in the Cascade Prospect;
 
* discovery of a significant oil column in the Griffin 8 well offshore Western  
 Australia through the infill drilling program;
 
* a second natural gas discovery was made with the second exploration well      
(Aripo-1) in the Block 2(c) Production Sharing Contract area, offshore         
Trinidad;
 
* initial oil production commenced from the Laminaria and Corallina oilfields   
 via the floating production, storage and offloading facility 'Northern         
Endeavour' on 7 November 1999;
 
* initial oil production commenced from the Buffalo oilfield via the floating   
 production, storage and offloading facility 'Buffalo Venture' on 29 December   
1999;
 
* settlement of the anti-trust complaint brought against BHP by the State of    
 Hawaii following approval by the US District court and the expiration of the   
appeal period.  Completion of the settlement has resulted in BHP being         
dismissed from the law suit;
 
* agreement was reached with PowerGen UK plc on a further re-negotiation of gas 
 price contractual arrangements for Liverpool Bay effective 1 June 1999 which   
resulted in the payment of $220 million to BHP in November 1999.  This         
payment represents full value for gas revenues foregone resulting from a       
reduced base price for gas sold under the agreement and will be amortised on   
a units of production basis over the five year agreement period.  This         
transaction follows a similar re-negotiation in December 1998;
 
* finalisation of the sale of all exploration and producing assets in the UK    
 Southern North Sea; and
 
* sale of the interest in the Bolivia to Brazil gas pipeline, and all           
 exploration and producing assets in PNG.

                                   -11-

Services
 
Excluding abnormal items, Services' result for the thirteen months ended 30 June
2000 was a profit of $73 million, a decrease of $24 million or 24.7% compared 
with the corresponding period.
 
Including abnormal items, the result for the thirteen months ended 30 June 2000
was a profit of $115 million.  Details of the net abnormal profit of $42 million
after tax are provided on pages 4 and 19.  The corresponding period included an
abnormal profit of $173 million after tax from the sale of the BHP Power
business.
 
The major factor which contributed to the lower result in the financial period,
excluding abnormal items, was higher insurance losses following a drag-line
collapse at the Saraji coal mine (Queensland).
 
Significant developments during the thirteen months included:
 
* announcement of the establishment of a Shared Business Services Centre in     
 Adelaide (South Australia); 
 
* sale of BHP Engineering, BHP Information Technology and the remaining         
 investment in Orbital Engine Corporation Limited; and
 
* sale of the bulk carriers Iron Newcastle, Iron Spencer, Iron Prince and       
 Elgin.

Following various asset sales and an internal reorganisation, BHP Services will
cease to be separately reported from 1 July 2000.

Net unallocated interest

Excluding abnormal items, net unallocated interest expense was $512 million for
the thirteen months ended 30 June 2000 compared with $449 million for the
corresponding period.  This increase was mainly due to significantly lower
capitalised interest for HBI, Escondida, EKATI TM and Laminaria in the financial
period, higher interest rates in the US and Australia, and an additional month
of expense.  These were largely offset by benefits arising from significantly
lower debt levels.

Including an abnormal tax expense relating to the restatement of deferred tax
balances following the change in the Australian company tax rate, net
unallocated interest expense for the thirteen months was $515 million.  There
were no abnormal items in the corresponding period.

A significant development during the financial period was the Federal Court
ruling in BHP's favour concerning the deductibility of financing costs paid to
General Electric Company in connection with the acquisition of the Utah Group in
the early 1980s.  The Australian Taxation Office has appealed the decision.  No
adjustments will be made to the Group accounts pending conclusion of this
matter.

                                   -12-

 
Group and unallocated items

Excluding abnormal items, the result for Group and unallocated items was a loss
of $352 million for the thirteen months ended 30 June 2000 compared with a loss
of $547 million for the corresponding period.

Including abnormal items, the result for the thirteen months ended 30 June 2000
was a loss of $64 million.  Details of the net abnormal profit of $288 million
after tax are provided on pages 4 and 19.  The result for the corresponding
period included a net abnormal loss of $7 million after tax.

The result excluding abnormal items included losses of $199 million after tax
from external foreign currency hedging compared with losses of $363 million
after tax in the corresponding period.

Outside equity interests

Outside equity interests' share of operating profit decreased mainly due to
losses at Ok Tedi copper and adjustments attributable to minority shareholders
of the Moura coal mine following completion of the sale in August 1999.


                                   -13-

Consolidated Financial Results
                                                  Financial period ended (1)
                                                  June          May
                                                  2000         1999     Change
                                             $ Million    $ Million       %

Operating revenue
Sales                                           21 506       19 229      +11.8
Interest revenue                                    96          175      -45.1
Other revenue                                    2 081        2 517      -17.3

                                                23 683       21 921       +8.0

Operating profit including abnormal items, 
before depreciation, amortisation and 
borrowing costs                                  4 725          805     +487.0

Deduct: Depreciation and amortisation            2 292        2 218       +3.3
        Borrowing costs (2)                        723          732       -1.2

* Operating profit/(loss) before tax             1 710       (2 145)

Deduct:** Tax expense attributable to
          operating profit                         117          164     -28.7

Operating profit/(loss) after tax                1 593       (2 309)

Outside equity interests in operating
profit after tax                                    34           (3)

Operating profit/(loss) after tax,
attributable to members of the BHP Entity        1 627       (2 312)

The operating profit/(loss) after tax,
attributable to members of the BHP
Entity comprises:

 * Operating profit before abnormal
   items and tax                                 2 965          934     +217.5
** Tax expense attributable to
   operating profit before abnormal items         (967)        (566)

Operating profit after tax before 
abnormal items                                   1 998          368     +442.9
Outside equity interests in operating
profit after tax before abnormal items              34           (3)

Operating profit after tax, before 
abnormal items, attributable to members
of the BHP Entity                                2 032          365     +456.7
 * Abnormal items included in operating
   profit before tax                            (1 255)      (3 079)
** Abnormal tax benefit                            850          402

Abnormal items after tax                          (405)      (2 677)

Operating profit/(loss) after tax, 
attributable to members of the BHP Entity        1 627       (2 312)

Average A$/US$ hedge settlement rate                63 c         62 c

(1)  June 2000 refers to the thirteen months ended 30 June 2000.  
     May 1999 refers to the year ended 31 May 1999.

(2)  Excludes capitalised interest of           $19m          $194m


                                   -14- 

Consolidated Financial Results

Revenue

Sales revenue of $21,506 million increased by $2,277 million or 11.8% compared
with the corresponding period.  This mainly reflects the additional month in the
financial period together with higher crude oil and copper prices.  Other
revenue, including interest income, decreased by $515 million reflecting lower
proceeds from asset sales and lower interest income.  Total operating revenue
increased by $1,762 million to $23,683 million.

Depreciation and Amortisation

Depreciation and amortisation charges increased by $74 million to $2,292
million.  This mainly reflects an additional month of charges, depreciation on
recently commissioned operations, and higher Petroleum production.  These
factors were partly offset by lower depreciation following the write-down of
certain assets at 31 May 1999, depreciation in the corresponding period on
businesses now closed, ceased or sold, and the favourable effect of exchange
rate variations.

Borrowing Costs

Borrowing costs decreased by $9 million to $723 million, mainly due to
significantly lower funding levels largely offset by significantly lower
capitalised interest, higher interest rates in the US and Australia, and an
additional month of expense in the financial period.

Tax Expense

Excluding abnormal items, tax expense of $967 million was $401 million higher
than for the corresponding period.  The charge for the thirteen months
represented an effective tax rate of 32.6% (1999 - 60.6%) which is lower than
the nominal Australian tax rate of 36% primarily due to recognition of tax
benefits in respect of certain prior year overseas exploration expenditure and
prior year over provisions.  These factors were partly offset by overseas
exploration expenditure for which no deduction is presently available,
non-deductible interest expense on preference shares and non-deductible
accounting depreciation and amortisation.

                                   -15-

Consolidated Financial Results - Quarterly and Half Yearly Results

                                      Operating profit/(loss) after tax
                                 attributable to members of the BHP entity (1)

                                     June 2000                May 1999
                              Excluding    Including   Excluding    Including
                              Abnormals    Abnormals   Abnormals    Abnormals
                              $ Million    $ Million   $ Million    $ Million

First quarter                       354          466         351          351
Second quarter                      455          615          85           85

First Half                          809        1 081         436          436

Month of December 1999               95          175  
Third quarter                       558          (46)         46          418
Fourth quarter                      570          417        (117)      (3 166)

Second Half                       1 223          546         (71)      (2 748)

Group Total                       2 032        1 627         365       (2 312)


                                        Basic earnings per share (2)
                                        
                                     June 2000                May 1999
                              Excluding    Including   Excluding    Including
                              Abnormals    Abnormals   Abnormals    Abnormals
                                  Cents        Cents       Cents        Cents

First quarter                      20.1         26.5        20.4         20.4
Second quarter                     25.9         35.0         4.9          4.9
Month of December 1999              5.4          9.9
Third quarter                      31.4         (2.6)        2.6         24.0
Fourth quarter                     32.1         23.2        (6.8)      (182.8)

Group Total                       114.9         92.0        21.1       (133.5)

(1) 2000 reflects to the thirteen months ended 30 June 2000.  1999 refers to    
   the year ended 31 May 1999.
(2) Based on operating profit/(loss) after tax attributable to members of the   
   BHP entity dividend by the weighted average number of fully paid ordinary    
  shares.  The weighted average number of shares for the thirteen months        
 ended 30 June 2000 is 1,769,045,279 (for the year ended 31 May 1999 -          
1,732,118,024).  The weighted average number of shares for the comparative     
period excludes 338,066,630 shares held by the Beswick Group which were        
bought back and cancelled in March 1999.


                                   -16-

Statutory Information
                                                     Financial period ended (1)

                                                       June            May
                                                       2000           1999

Operating profit before abnormal items and
tax as a percentage of sales revenue (%)               13.8            4.9

Return on BHP shareholders' equity (%)
- Excluding abnormal items                             19.6            4.2
- Including abnormal items                             15.7          (26.7)

Basic earnings per share (cents) (2)
- Excluding abnormal items                            114.9           21.1
- Including abnormal items                             92.0         (133.5)

Diluted earnings per share (cents) (3)
- Excluding abnormal items                            113.2           21.1
- Including abnormal items                             91.0         (133.5)

Basic earnings per American Depositary Share (US cents) (4)
- Excluding abnormal items                            137.2           27.5
- Including abnormal items                            109.9         (174.3)

Net tangible assets per fully paid share ($)(5)         5.74           4.85

Gearing Ratio (%)                                      42.7           54.2

Interest Cover (times)
- Excluding abnormal items                              5.0            1.8
- Including abnormal items                              3.3           (1.5)

(1) June 2000 refers to the thirteen months ended 30 June 2000.  May 1999       
   refers to the year ended 31 May 1999.

(2) Based on operating profit/(loss) after tax attributable to members of the   
   BHP entity dividend by the weighted average number of fully paid ordinary    
  shares.  The weighted average number of shares for the thirteen months        
 ended 30 June 2000 is 1,769,045,279 (for the year ended 31 May 1999 -          
1,732,118,024).  The weighted average number of shares for the comparative     
period excludes 338,066,630 shares held by the Beswick Group which were        
bought back and cancelled in March 1999.

(3) Based on adjusted operating profit/(loss) after tax attributable to         
   members of the BHP entity dividend by the weighted average number of fully   
  paid ordinary shares adjusted for the effect of Employee Share Plan           
 options, Executive Share Scheme partly paid shares and Performance Rights      
to the extent they were dilutive at balance date.  The weighted average        
diluted number of shares for the thirteen months ended 30 June 2000 is         
1,817,415,756 (for the year ended 31 May 1999 - 1,732,219,531).  The           
weighted average number of shares for the comparative period excludes          
338,066,630 shares held by the Beswick Group which were bought back and        
cancelled in March 1999.

(4) Each American Depositary Share (ADS) represents two fully paid ordinary 
    shares.  Translated at the noon buying rate on Friday 30 June 2000 as
    certified by the Federal Reserve Bank of New York A$1=US$0.5971 
    (1999 A$1=US$0.6528)

(5) Based on the number of fully paid shares as at 30 June 2000 of              
   1,781,493,241 (as at 31 May 1999 - 1,742,907,069).


                                   -17-

Dividends or Equivalent Declared
                                     2000(1)                    1999(1)
                                Cents        Total       Cents         Total
                                  per       amount         per        amount
                              share(2)   $ Million    share (3)     $Million

For payment

November                         25.0          440        25.0          431
June                                -            -        26.0(5)       453
July                             26.0(4)       463           -            -

                                 51.0          903        51.0          884(6)

Less:
Bonus Share Plan participation
- equivalent dividends                           -                      118

Dividends paid/payable                         903                      766


(1) 2000 refers to the thirteen months ended 30 June 2000.
    1999 refers to the year ended 31 May 1999.
(2) Unfranked dividends.
(3) Fully franked at 36 cents in the dollar.
(4) Paid on 3 July 2000.
(5) Paid on 2 June 1999.
(6) Excludes dividends paid to Beswick Group.


Financial Data

The financial data upon which this report has been based complies with the
requirements of the Corporations Law, with all applicable Australian Accounting
Standards and Urgent Issues Group Consensus Views, and gives a true and fair
view of the matters disclosed.  The results are subject to audit.  The Company
has a formally constituted Audit Committee of the Board of Directors.

The report is made in accordance with a resolution of the Board of Directors.  


                                   -18-

Annual General Meeting

The Annual General Meeting of the Company will be held at the Adelaide
Convention Centre, North Terrace, Adelaide on Tuesday 17 October 2000 at 9.30am
(local time).  The meeting will be broadcast live on the Internet at
http://www.bhp.com.au to enable shareholders to observe the proceedings.  The
Annual Report and details of the business to be conducted at the meeting will be
mailed to shareholders in mid September 2000. 

A further release will be made to the Australian Stock Exchange Limited when the
balance of the information required by its Listing Rules is available.

                                             R A St John
                                             Company Secretary
                                             The Broken Hill Proprietary
                                             Company Limited

For information contact:

Media Relations:     Mandy Frostick - Manager Media Relations
                     (BH) (61 3) 9609 4157
                     (AH) (61 3) 9687 6651
                     Mobile [phone]
                     E-mail: [e-mail]

Investor Relations:  Robert Porter - Vice President Investor Relations
                     (BH) (61 3) 9609 3540
                     Mobile [phone]
                     E-mail: [e-mail]

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