Billions for BHP

BHP's 1998 report to shareholders says that in the year to May 31, the company had operating revenue of $22.479 billion, against raw material and other external costs of $11.864 billion.

The $10.615 billion difference or value added, according to the report, “represents the wealth created by BHP”.

In reality, it is the wealth created by BHP's employees. As the report goes on to note, these employees were paid only $4.005 billion, 38% of the value they had created. Since BHP's “employee” costs include even the seven-figure salaries of top executives, BHP workers created well over $6.6 billion for BHP's owners.

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