Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4
21 January 2025
Operational review for the half year ended 31 December 2024
Strong underlying operational performance, with copper production up 10%
"BHP delivered safe and reliable performance in the first half. Our flagship
copper, iron ore and steelmaking coal assets delivered particularly strong
production in the period. Copper volumes rose 10%, with Escondida achieving a
10-year production record, more than offsetting the impact of a weather-related
power outage at Copper SA. WAIO shipped record half-year tonnes through the
port, enabled by supply chain improvements following the completion of major
debottlenecking at the port. Steelmaking coal tonnes from the BMA operations
were up 14%.
We made further progress on our growth pathways in future facing commodities.
In January, we completed the formation of Vicuna Corp. with Lundin Mining to
advance the Filo del Sol and Josemaria projects in Argentina, which we consider
to be one of the most significant global copper discoveries in decades. In
Canada, our Jansen Stage 1 potash project is now 63% complete, with first
production scheduled for late 2026, and we continue to execute Stage 2 in
parallel.
In Brazil, Samarco, BHP Brasil and Vale signed a comprehensive settlement
agreement with the Brazilian government and public authorities for the Samarco
Fundao dam failure, reflecting BHP Brasil's commitment to support the people,
communities and environment affected by the tragedy. Our WA Nickel operations
were safely transitioned into a period of temporary suspension, with many
employees moving into roles to support this phase or within other parts of BHP.
We are well positioned to continue strong momentum into the second half with a
number of assets now expected to deliver production in the upper half of their
respective ranges, while maintaining tight cost control. BHP is in good shape
and we have a clear pathway for growth."
Mike Henry
BHP Chief Executive Officer
Summary
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Operational excellence Guidance
Strong performance, Escondida up 22% Executing to plan
Group copper production increased 10%, driven by a 22% increase We are on track to deliver production in the upper half of the
at Escondida. FY25 guidance range at WAIO, BMA and NSWEC, as is Samarco. FY25
production guidance at all assets remains unchanged, with the
Strong underlying performance at all other assets, including at exception of Copper SA, which has been lowered due to the
WAIO, where recent completion of the Port Debottlenecking impacts from the weather-related power outage.
Project (PDP1) has unlocked greater throughput, and at BMA
where production increased 14% (excluding production from the We maintain sector leading cost discipline and remain on track
now divested Blackwater and Daunia mines). to deliver FY25 unit cost guidance across all assets.
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Growth Social value
Clear pathways for copper growth Decarbonising our assets and value chain
In January 2025, we completed the formation of Vicuna Corp., a At our 2024 AGM, we received a 92% vote in favour of our second
50/50 joint venture with Lundin Mining to develop the Filo del Climate Transition Action Plan (CTAP). We are taking action to
Sol and Josemaria copper projects. BHP's total cash completion decarbonise our operated assets and to support decarbonisation
payment was US$2.0 bn. in our value chain, including the opening of the Port Hedland
solar and battery project to provide renewable power to WAIO's
In November 2024, we outlined our attractive organic copper port facility and announcing the site preferred for development
growth pipeline at our Chilean copper site tour, with low of Australia's largest ironmaking electric smelting furnace
capital intensity options in both concentrator and leaching (ESF) pilot plant.
pathways.
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Quarter performance YTD performance FY25 guidance
------------------------- ---------------- ---------------------------------------
Production Q2 FY25 v Q1 FY25 v Q2 FY24 HY25 v HY24 Previous Current
----------------------------------------- ------- --------- --------- ----- --------- ------------- -------------
Copper (kt)................................... 510.7 7% 17% 987.0 10% 1,845 - 2,045 1,845 - 2,045
Escondida (kt)............................. 339.8 12% 33% 644.0 22% 1,180 - 1,300 1,180 - 1,300 Unchanged
Pampa Norte (kt)/i/........................ 66.2 10% 11% 126.3 (9%) 240 - 270/i/ 240 - 270/i/ Unchanged
Copper South Australia (kt)................ 71.2 (3%) (13%) 144.6 (6%) 310 - 340 300 - 325 Lowered
Antamina (kt).............................. 30.5 (16%) (22%) 66.8 (7%) 115 - 135 115 - 135 Unchanged
Carajas (kt)............................... 3.0 30% 67% 5.3 77% -- -- --
Iron ore (Mt)................................. 66.2 2% 1% 130.9 1% 255 - 265.5 255 - 265.5
WAIO (Mt).................................. 64.8 2% 0% 128.1 1% 250 - 260 250 - 260 Upper half
WAIO (100% basis) (Mt)..................... 73.1 2% 1% 144.7 2% 282 - 294 282 - 294 Upper half
Samarco (Mt)............................... 1.5 14% 13% 2.8 9% 5 - 5.5 5 - 5.5 Upper half
Steelmaking coal - BMA (Mt)/ii/............... 4.4 (2%) (23%) 8.9 (21%) 16.5 - 19 16.5 - 19
BMA (100% basis) (Mt)/ii/.................. 8.9 (2%) (23%) 17.9 (21%) 33 - 38 33 - 38 Upper half
Energy coal - NSWEC (Mt)...................... 3.7 1% (4%) 7.4 (1%) 13 - 15 13 - 15 Upper half
Nickel - Western Australia Nickel (kt)/iii/... 8.0 (59%) (59%) 27.6 (31%) -- -- --
i HY24 includes 11 kt from Cerro Colorado which entered temporary care and
maintenance in December 2023. Excluding these volumes, HY25 production
decreased 1%. Production guidance for FY25 is for Spence only. Refer to
copper and the production and sales report for further information.
ii HY24 production includes 3.5 Mt (6.9 Mt on a 100% basis) from the
Blackwater and Daunia mines which were divested on 2 April 2024. Excluding
these volumes, HY25 production increased 14%. Refer to steelmaking coal and
the production and sales report for further information.
iii WA Nickel ramped down and entered temporary suspension in December 2024.
Refer to nickel and the production and sales report for further
information.
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BHP | Operational review for the half year ended 31 December 2024
Summary of disclosures
BHP expects its financial results for the first half of FY25 (HY25) to reflect
certain items summarised in the table below. The table does not provide a
comprehensive list of all items impacting the period. The financial statements
are the subject of ongoing work that will not be finalised until the release of
the financial results on 18 February 2025. Accordingly, the information in the
table below contains preliminary information that is subject to update and
finalisation.
HY25 impact/i/
Description (US$M) Classification/ii/
--------------------------------------------------------------------------------- ---------------- -------------------------
Unit costs (at guidance FX)
At HY25, unit costs at Escondida, Spence and WAIO are expected to be within their
respective guidance ranges. Unit costs at Copper SA and BMA are expected to be
higher than their respective guidance ranges predominantly due to the
weather-related power outage, and the longwall move and maintenance activity in
HY25 respectively................................................................. -- Operating costs
For FY25, unit cost guidance for all assets remains unchanged, with Copper SA now
expected to be in the upper half of its range..................................... -- Operating costs
Average realised exchange rates for HY25 of AUD/USD 0.66 (guidance rate AUD/USD
0.66) and USD/CLP 947 (guidance rate USD/CLP 842)................................. --
Income statement
Impact of the weather-related power outage on Copper SA........................... ~150 Down EBITDA
Negative EBITDA for WA Nickel..................................................... ~300 Down EBITDA
The Group's adjusted effective tax rate for HY25 is expected to be within the
guidance range of 33 - 38%........................................................ -- Taxation expense
Cash flow statement
Working capital movements......................................................... 150 - 250 Down Operating cash flow
Net cash tax paid................................................................. 3,400 - 3,500 Down Operating cash flow
Dividends received from equity-accounted investments.............................. ~230 Up Operating cash flow
Impact of BHP Brasil's obligations relating to the Samarco dam failure............ 637 Down Investing cash flow
Final consideration from the divestment of BMC completed in FY22.................. 150 Up Investing cash flow
Final consideration in relation to the sale of a 15% interest in Western Ridge at
WAIO in FY22...................................................................... 134 Up Investing cash flow
Dividends paid to non-controlling interests....................................... ~1,100 Down Financing cash flow
Payment of the H2 FY24 dividend................................................... ~3,900 Down Financing cash flow
Balance sheet
The Group's net debt balance as at 31 December 2024 is expected to be between
US$11.5 and US$12.5 bn.
Following the execution of the final Samarco Settlement Agreement, the Group's
balance sheet will be impacted by the associated cash payments. See iron ore
section for further information on Samarco
For FY25, the Group's net debt balance is expected to increase to around the top
end of the net debt target range of US$5 to US$15 bn following completion of the
Vicuna transaction and payment of the H2 Samarco settlement obligations........... -- Net debt
Exceptional items
Financial impact of the Samarco dam failure....................................... Refer footnote/iii/ Exceptional item
Costs associated with WA Nickel transitioning into temporary suspension........... 300 - 350 Exceptional item
i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or income
statement impact as relevant, unless otherwise noted.
iii Financial impact is the subject of ongoing work and is not yet finalised.
See iron ore section for further information on Samarco operations.
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Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
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2
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BHP | Operational review for the half year ended 31 December 2024
Segment and asset performance | FY25 YTD v FY24 YTD
Copper
Production Total copper production increased 10% to 987 kt. Copper production
guidance for FY25 remains unchanged at between 1,845 and 2,045 kt.
987 kt Up 10%
Escondida 644 kt Up 22% (100% basis)
HY24 894 kt
Escondida achieved a 10-year production record in HY25, primarily due
FY25e 1,845 - 2,045 kt to higher concentrator feed grade of 1.03% (HY24: 0.81%) and higher
recoveries as mining progressed into areas of higher-grade ore as
planned. This was partially offset by planned lower cathode production,
Average realised price as the integration of the Full SaL project continued. The project
remains on track for first production later in FY25.
US$3.99/lb Up 9%
Production guidance for FY25 remains unchanged at between 1,180 and
HY24 US$3.66/lb 1,300 kt. Concentrator feed grade for FY25 is expected to remain above
0.90%.
Pampa Norte 126 kt Down 9%
Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado remains in
temporary care and maintenance having contributed 11 kt in HY24.
Spence production decreased 1% in line with lower cathode production.
Concentrator feed grade was in line with the prior period and
recoveries continue to improve.
Production guidance for FY25 for Spence remains unchanged at between
240 and 270 kt.
Copper South Australia 145 kt Down 6%
Strong underlying performance in Q1 was followed by a two-week
weather-related power outage due to a significant storm at the
beginning of Q2. The integrity of all major infrastructure was
maintained at Olympic Dam during the outage. Ramp up after the outage
was achieved safely over the subsequent two weeks, and since then
performance has been strong with 30 kt of copper production achieved
across Copper SA in December.
Carrapateena continues to perform well, with higher productivity from
the sub-level cave enabled by Crusher 2. Production was lower at
Prominent Hill due to the impacts of the minor pit geotechnical
instability and ventilation constraints in Q1, which was partially
offset by inventory drawdowns.
Production guidance for FY25 has been revised down to between 300 and
325 kt as a result of the impacts from the weather-related power outage.
Other copper
At Antamina, copper production decreased 7% to 67 kt reflecting planned
lower concentrator throughput and a slight decline in ore grade. Zinc
production was 39% lower at 42 kt, as a result of planned lower feed
grades and throughput.
For FY25, at Antamina, copper production guidance of between 115 and
135 kt and zinc production guidance of between 90 and 110 kt remain
unchanged.
Carajas produced 5.3 kt of copper and 4.0 troy koz of gold.
3
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BHP | Operational review for the half year ended 31 December 2024
Iron ore
Production Iron ore production increased 1% to 131 Mt. Production guidance for
FY25 remains unchanged at between 255 and 265.5 Mt.
131 Mt Up 1%
WAIO 128 Mt Up 1% | 145 Mt (100% basis)
HY24 129 Mt
Production increased as a result of continued strong supply chain
FY25e 255 - 265.5 Mt performance with record volumes delivered from the Central Pilbara hub
(South Flank and Mining Area C) following the completion of the ramp up
of South Flank in FY24 and a 9% increase in productive movement across
Average realised price the asset. In addition, PDP1 which was delivered in CY24, has unlocked
improved car dumper cycle times and ship loader performance. This was
US$81.11/wmt Down 22% partially offset by the planned increase in tie-in activity of the
multi-year Rail Technology Program (RTP1) and wet weather in December.
HY24 US$103.70/wmt
Production guidance for FY25 remains unchanged at between 250 and 260
Mt (282 and 294 Mt on a 100% basis), with production now expected to be
in the upper half of the range.
Samarco 2.8 Mt Up 9% | 5.5 Mt (100% basis)
Production increased in line with the resumption of latent pelletising
plant capacity and restart of the second concentrator in December,
ahead of schedule. This will increase production capacity to ~16 Mtpa
of pellets (100% basis) once fully ramped up, which is expected by
early FY26. Production guidance for FY25 remains unchanged at between 5
and 5.5 Mt, with production now expected to be in the upper half of the
range.
On 25 October 2024, BHP announced an agreement between the Federal
Government of Brazil, the State of Minas Gerais, the State of Espirito
Santo, the public prosecutors and public defenders (Public Authorities)
and Samarco, BHP Brasil and Vale (Agreement). The Agreement delivers a
full and final settlement of the Framework Agreement obligations, the
Federal Public Prosecution Office civil claim and other claims by the
Public Authorities relating to the dam failure/1/. The Agreement was
ratified by the Supreme Court of Brazil in Brasilia on 6 November 2024.
The Agreement creates separate 'Obligation to Pay' and 'Obligations to
Perform' for BHP Brasil. As announced on 25 October 2024, the cash
impact of the Obligation to Pay was expected to be ~R$11.0 bn in FY25,
~R$7.0 bn in FY26 and ~R$5.0 bn in FY27 (100% basis). The Obligations
to Perform were expected to be ~R$6.6 bn in FY25, ~R$14.7 bn in FY26
and ~R$3.1 bn in FY27 (100% basis)/2/. The cash impact of the
obligations relating to the Samarco dam failure was US$637 m in
HY25/3/. The HY25 financial impacts associated with the Agreement are the
subject of ongoing work that will not be finalised until the release of
the financial results on 18 February 2025.
--------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 8.9 Mt Down 21% | 17.9 Mt (100% basis)
8.9 Mt Down 21% Production increased 14% (excluding 3.5 Mt in HY24 from the now
divested Blackwater and Daunia mines) underpinned by improved strip
HY24 11.3 Mt ratios and increased prime stripping as a result of an uplift in truck
productivity. This was partially offset by slower production rates at
FY25e 16.5 - 19 Mt Broadmeadow following the longwall move due to geotechnical
characteristics as well as the planned increase in raw coal inventory
to improve the stability of the value chain.
Average realised price
Production guidance for FY25 remains unchanged at between 16.5 and 19
US$206.37/t Down 23% Mt (33 and 38 Mt on a 100% basis), with production now expected to be
in the upper half of the range. We remain focused on restoring value
HY24 US$266.43/t chain stability, in particular building raw coal inventory, which will
continue into CY26.
1 Under the final settlement agreement, Samarco is the primary obligor for the
settlement obligations and BHP Brasil and Vale are each secondary obligors
of any obligation that Samarco cannot fund or perform in proportion to their
shareholding at the time of the dam failure, which is 50% each.
2 All financial obligations are presented on a real, undiscounted basis and
will accrue inflation at IPCA inflation rate. Payments will be made in
Brazilian Reais. The FY25 scheduled Obligation to Pay payment will include
CY24 and CY25 instalments.
3 Calculated based on actual transactional (historical) exchange rates.
4
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BHP | Operational review for the half year ended 31 December 2024
Energy coal
Production NSWEC 7.4 Mt Down 1%
7.4 Mt Down 1% Production was broadly in line despite a higher proportion of washed
coal. Inventory was drawn down to offset the impacts of reduced truck
HY24 7.5 Mt availability and unfavourable weather conditions.
FY25e 13 - 15 Mt Production guidance for FY25 remains unchanged at between 13 and 15 Mt,
with production now expected to be in the upper half of the range.
Average realised price We still expect an outcome from the NSW Government in Q3 FY25 regarding
the modification to extend the mining consent to 30 June 2030.
US$124.42/t Up 1%
HY24 US$123.29/t
------------------------------------------------------------------------------------------------
Group & Unallocated
Nickel
Production Western Australia Nickel 28 kt Down 31%
28 kt Down 31% Production decreased significantly as expected, as we successfully
transitioned the Nickel West supply chain (and West Musgrave project)
HY24 40 kt into temporary suspension in line with schedule. Production outcomes
benefited from the drawdown of inventory to realise additional value.
Average realised price We expect costs to be elevated in HY25, as a result of operational and
ramp down activities combined with the drawdown of inventory as the
US$16,386/t Down 12% operations transitioned to temporary suspension.
HY24 US$18,602/t We have redeployed over 800 employees, with the majority moving to
roles across the Australian operations. BHP intends to review the decision to temporarily
suspend Western Australia Nickel by February 2027.
No production guidance has been provided for FY25.
Quarterly performance | Q2 FY25 v Q1 FY25
---------------------------------------------------------- ----------------------------------------------------------
Copper Iron ore
511 kt Up 7% Higher production at Escondida and 66 Mt Up 2% Higher production at WAIO as a result
Spence due to higher grades and mine of strong supply chain performance,
Q1 FY25 476 kt sequencing, partially offset by lower Q1 FY25 65 Mt partially offset by significant wet
volumes at Copper SA due to a weather.
weather-related power outage
impacting Olympic Dam.
---------------------------------------------------------- ----------------------------------------------------------
Steelmaking coal Energy coal
4.4 Mt Down 2% Lower production due to significant 3.7 Mt Up 1% Higher production due to higher wash
wet weather and the longwall move at plant feed, partially offset by lower
Q1 FY25 4.5 Mt Broadmeadow, partially offset by Q1 FY25 3.7 Mt yield.
inventory drawdown.
---------------------------------------------------------- ----------------------------------------------------------
Nickel
8.0 kt Down 59% Inventory was drawn down as
operations transitioned into temporary
Q1 FY25 19.6 kt suspension as planned.
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5
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BHP | Operational review for the half year ended 31 December 2024
Appendix 1
Average realised prices/i/
Quarter performance YTD performance
----------------------------------- ------------------
Q2 FY25 v Q1 FY25 v Q2 FY24 HY25 v HY24
---------- --------- ----------- --------- ----------
Copper (US$/lb)/ii, iii, iv/........................... 3.73 (12%) 1% 3.99 9%
Iron ore (US$/wmt, FOB)/v/............................. 82.11 3% (25%) 81.11 (22%)
Steelmaking coal (US$/t)/vi, vii/...................... 198.65 (8%) (32%) 206.37 (23%)
Thermal coal (US$/t)/viii/............................. 124.52 0% 3% 124.42 1%
Nickel metal (US$/t)/ix/............................... 16,842 3% 0% 16,386 (12%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii The large majority of copper cathodes sales were linked to index price for
quotation periods one month after month of shipment, and three to four
months after month of shipment for copper concentrates sales with price
differentials applied for location and treatment costs.
iii At 31 December 2024, the Group had 427 kt of outstanding copper sales that
were revalued at a weighted average price of US$3.95/lb. The final price of
these sales will be determined over the remainder of FY25. In addition, 430
kt of copper sales from FY24 were subject to a finalisation adjustment in
the current period. The displayed prices include the impact of these
provisional pricing and finalisation adjustments.
iv Sales from Carrapateena and Prominent Hill acquired through the purchase of
OZL are included since Q4 FY24 period.
v The large majority of iron ore shipments were linked to index pricing for
the month of shipment, with price differentials predominantly a reflection
of market fundamentals and product quality. Iron ore sales for HY25 were
based on an average moisture rate of 7.0% (HY24: 6.7%).
vi The large majority of steelmaking coal and energy coal exports were linked
to index pricing for the month of scheduled shipment or priced on the spot
market at fixed or index-linked prices, with price differentials reflecting
product quality.
vii From FY25, steelmaking coal refers to hard coking coal which is generally
those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and
above. Comparative periods include impacts from weak coking coal, which
refers generally to those steelmaking coals with a CSR below 35, which were
sold by Blackwater and Daunia mines, divested on 2 April 2024.
viii Export sales only. Includes thermal coal sales from steelmaking coal mines.
ix Relates to refined nickel metal only, excludes intermediate products and
nickel sulphate.
Current year unit cost guidance
FY25 guidance/i/
-----------------------
Unit cost Current
--------- ---------------
Escondida (US$/lb)............................................. 1.30 - 1.60 Unchanged
Spence (US$/lb)................................................ 2.00 - 2.30 Unchanged
Copper SA (US$/lb)/ii/......................................... 1.30 - 1.80 Upper half
WAIO (US$/t)................................................... 18.00 - 19.50 Unchanged
BMA (US$/t).................................................... 112 -124 Unchanged
i FY25 unit cost guidance is based on exchange rates of AUD/USD 0.66 and
USD/CLP 842.
ii Calculated using the following assumptions for by-products: gold
US$2,000/oz, and uranium US$80/lb.
Medium term guidance/i/
Production Unit cost
guidance guidance/ii/
---------------- ---------------------
Escondida/iii/................................................ 900 - 1,000 ktpa US$1.50 - 1.80/lb
Spence........................................................ ~250 ktpa US$2.05 - 2.35/lb
WAIO (100% basis)............................................. >305 Mtpa <US$17.50/t
BMA (100% basis).............................................. 43 - 45 Mtpa <US$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.66 and USD/CLP
842.
iii Medium term refers to FY27 onwards. Production for FY25 and FY26 is
expected to average between 1,200 and 1,300 ktpa.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
---------- ---------------------- -------------------------------------------- ----------- ------------ -----------------------
Potash Jansen Stage 1 Design, engineering and construction of an 5,723 End-CY26 Project is 63% complete
(Canada) underground potash mine and surface
100% infrastructure, with capacity to produce
4.15 Mtpa.
Potash Jansen Stage 2 Development of additional mining districts, 4,859 FY29 Project is 6% complete
(Canada) completion of the second shaft hoist
100% infrastructure, expansion of processing
facilities and addition of rail cars to
facilitate production of an incremental 4.36
Mtpa.
The operating expenditure related to Potash for HY25 is expected to be ~US$130 m.
6
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BHP | Operational review for the half year ended 31 December 2024
Exploration
Minerals exploration and evaluation expenditure was US$199 m for HY25 (HY24:
US$199 m), of which US$174 m was expensed (HY24: US$170 m).
7
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BHP | Operational review for the half year ended 31 December 2024
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 308.7 339.0 370.4 360.9 391.4 752.3 626.1 20%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 207.7 239.2 258.5 264.8 295.4 560.2 429.0 31%
Pampa Norte kt 32.6 39.5 39.4 35.7 36.6 72.3 71.4 1%
Copper South Australia kt 27.4 23.3 32.1 21.8 25.9 47.7 50.9 (6)%
Antamina kt 39.2 33.9 38.3 36.3 30.5 66.8 71.7 (7)%
Carajas kt 1.8 3.1 2.1 2.3 3.0 5.3 3.1 75%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 128.7 126.8 134.4 115.4 119.3 234.7 268.4 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 46.9 49.0 50.7 39.4 44.4 83.8 98.9 (15)%
Pampa Norte kt 27.2 22.1 26.5 24.4 29.6 54.0 66.7 (19)%
Copper South Australia kt 54.6 55.7 57.2 51.6 45.3 96.9 102.8 (6)%
Total kt 437.4 465.8 504.8 476.3 510.7 987.0 894.5 10%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 105 -- 131 21 148 169 201 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 105 -- 131 21 148 169 201 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 33,475 18,409 15,839 19,374 22,792 42,166 69,144 (39)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 33,475 18,409 15,839 19,374 22,792 42,166 69,144 (39)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 94,768 79,159 100,013 85,668 90,468 176,136 183,788 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,633 38,955 45,410 46,963 37,293 84,256 96,696 (13)%
Pampa Norte troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
Copper South Australia troy oz 42,051 36,427 48,355 32,928 48,309 81,237 78,279 4%
Carajas troy oz 1,230 1,958 1,572 1,734 2,231 3,965 2,028 96%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 55,828 49,128 49,139 37,385 47,478 84,863 108,856 (22)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 55,828 49,128 49,139 37,385 47,478 84,863 108,856 (22)%
Total troy oz 150,596 128,287 149,152 123,053 137,946 260,999 292,644 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 3,074 2,620 3,317 3,150 3,277 6,427 5,656 14%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,401 1,328 1,549 1,546 1,619 3,165 2,569 23%
Pampa Norte troy koz 388 327 583 503 451 954 744 28%
Copper South Australia troy koz 310 252 312 223 253 476 570 (16)%
Antamina troy koz 975 713 873 878 954 1,832 1,773 3%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 221 248 265 206 133 339 482 (30)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 221 248 265 206 133 339 482 (30)%
Total troy koz 3,295 2,868 3,582 3,356 3,410 6,766 6,138 10%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 986 863 929 672 725 1,397 1,811 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 986 863 929 672 725 1,397 1,811 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 481 824 699 1,084 751 1,835 1,093 68%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 145 203 117 182 136 318 474 (33)%
Antamina t 336 621 582 902 615 1,517 619 145%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 64,460 60,299 68,173 63,363 64,751 128,114 126,464 1%
Samarco kt 1,302 1,174 1,041 1,285 1,471 2,756 2,533 9%
Total kt 65,762 61,473 69,214 64,648 66,222 130,870 128,997 1%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 5,717 6,035 4,922 4,515 4,430 8,945 11,318 (21)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,855 4,149 3,751 3,675 3,698 7,373 7,468 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 19.6 18.8 23.0 19.6 8.0 27.6 39.8 (31)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 182 179 181 294 121 415 374 11%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024. BMA includes thermal coal sales.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 316.5 281.5 378.7 391.5 372.8 764.3 614.5 24%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 211.7 204.0 261.3 273.2 275.0 548.2 421.2 30%
Pampa Norte kt 34.9 26.9 49.3 44.0 36.5 80.5 66.2 22%
Copper South Australia kt 31.6 17.1 28.0 30.4 25.9 56.3 53.8 5%
Antamina kt 38.3 31.3 37.4 39.6 33.3 72.9 71.1 3%
Carajas kt -- 2.2 2.7 4.3 2.1 6.4 2.2 191%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 137.6 120.1 142.3 110.7 120.0 230.7 269.5 (14)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 52.2 44.3 54.6 37.6 43.2 80.8 101.4 (20)%
Pampa Norte kt 31.1 22.1 26.5 24.1 30.0 54.1 67.7 (20)%
Copper South Australia kt 54.3 53.7 61.2 49.0 46.8 95.8 100.4 (5)%
Total kt 454.1 401.6 521.0 502.2 492.8 995.0 884.0 13%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 91 108 9 125 35 160 245 (35)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 91 108 9 125 35 160 245 (35)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 37,092 17,559 14,118 19,609 25,328 44,937 71,004 (37)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 37,092 17,559 14,118 19,609 25,328 44,937 71,004 (37)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 98,969 70,398 92,323 98,936 89,174 188,110 186,656 1%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,633 38,955 45,410 46,963 37,293 84,256 96,696 (13)%
Pampa Norte troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
Copper South Australia troy oz 47,482 28,136 40,507 44,761 47,719 92,480 81,658 13%
Carajas troy oz - 1,488 1,730 3,169 1,527 4,696 1,517 210%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 55,349 41,710 52,687 40,326 43,479 83,805 109,385 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 55,349 41,710 52,687 40,326 43,479 83,805 109,385 (23)%
Total troy oz 154,318 112,108 145,010 139,262 132,653 271,915 296,041 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,938 2,431 3,137 3,126 3,084 6,210 5,465 14%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,401 1,328 1,549 1,546 1,619 3,165 2,569 23%
Pampa Norte troy koz 388 327 583 503 451 954 744 28%
Copper South Australia troy koz 364 189 311 295 218 513 622 (18)%
Antamina troy koz 785 587 694 782 796 1,578 1,530 3%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 222 188 329 202 110 312 441 (29)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 222 188 329 202 110 312 441 (29)%
Total troy koz 3,160 2,619 3,466 3,328 3,194 12,732 11,371 12%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 895 394 1,554 677 640 1,317 1,376 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 895 394 1,554 677 640 1,317 1,376 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 468 677 678 862 872 1,734 1,032 68%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 162 219 134 181 138 319 465 (31)%
Antamina t 306 458 544 681 734 1,415 567 150%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 62,606 61,868 67,323 63,408 64,341 127,749 126,786 1%
Samarco kt 1,329 1,258 1,043 1,002 1,508 2,510 2,465 2%
Total kt 63,935 63,126 68,366 64,410 65,849 130,259 129,251 1%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 5,706 6,359 4,904 4,273 4,726 8,999 11,031 (18)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 4,250 3,932 3,678 3,951 3,803 7,754 7,557 3%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 20.0 18.8 23.2 19.9 11.2 31.1 38.9 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 110 179 181 294 121 415 302 37%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024. BMA includes thermal coal sales.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
8
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 95,168 103,872 102,752 100,416 116,083 216,499 182,630 19%
Concentrator throughput kt 34,752 31,653 34,377 32,488 35,293 67,781 68,084 0%
Average copper grade -
concentrator % 0.78% 0.92% 0.99% 1.00% 1.06% 1.03% 0.81% 27%
Production ex mill kt 217.6 238.6 279.5 269.9 309.8 579.7 443.3 31%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 207.7 239.2 258.5 264.8 295.4 560.2 429.0 31%
Copper cathode (EW) kt 46.9 49.0 50.7 39.4 44.4 83.8 98.9 (15)%
Oxide leach kt 17.0 14.4 13.8 7.8 12.2 20.0 34.5 (42)%
Sulphide leach kt 29.9 34.6 36.9 31.6 32.2 63.8 64.4 (1)%
Total copper kt 254.6 288.2 309.2 304.2 339.8 644.0 527.9 22%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,633 38,955 45,410 46,963 37,293 84,256 96,696 (13)%
Payable silver concentrate troy koz 1,401 1,328 1,549 1,546 1,619 3,165 2,569 23%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 32.6 39.5 39.4 35.7 36.6 72.3 71.4 1%
Cathode kt 27.2 22.1 26.5 24.4 29.6 54.0 66.7 (19)%
Total copper kt 59.8 61.6 65.9 60.1 66.2 126.3 138.1 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 388 327 583 503 451 954 744 28%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 145 203 117 182 136 318 474 (33)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt -- -- -- -- -- -- -- --
Ore stacked kt -- -- -- -- -- -- 154 (100)%
Average copper grade - stacked % -- -- -- -- -- -- 0.58% (100)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 1.6 -- -- -- -- -- 11.1 (100)%
Spence
Material mined kt 25,973 15,968 19,951 23,260 25,238 48,498 53,627 (10)%
Ore stacked kt 4,744 6,008 5,926 4,928 5,974 10,902 9,857 11%
Average copper grade - stacked % 0.59% 0.56% 0.54% 0.73% 0.78% 0.76% 0.60% 27%
Concentrator throughput kt 7,151 8,055 7,766 7,547 7,722 15,269 15,624 (2)%
Average copper grade -
concentrator % 0.65% 0.64% 0.70% 0.64% 0.62% 0.63% 0.64% (2)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 32.6 39.5 39.4 35.7 36.6 72.3 71.4 1%
Copper cathode (EW) kt 25.6 22.1 26.5 24.4 29.6 54.0 55.6 (3)%
Total copper kt 58.2 61.6 65.9 60.1 66.2 126.3 127.0 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
Payable silver concentrate troy koz 388 327 583 503 451 954 744 28%
Payable molybdenum t 145 203 117 182 136 318 474 (33)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 211.7 204.0 261.3 273.2 275.0 548.2 421.2 30%
Copper cathode (EW) kt 52.2 44.3 54.6 37.6 43.2 80.8 101.4 (20)%
Oxide leach kt
Sulphide leach kt
Total copper kt 263.9 248.3 315.9 310.8 318.2 629.0 522.6 20%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,633 38,955 45,410 46,963 37,293 84,256 96,696 (13)%
Payable silver concentrate troy koz 1,401 1,328 1,549 1,546 1,619 3,165 2,569 23%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 34.9 26.9 49.3 44.0 36.5 80.5 66.2 22%
Cathode kt 31.1 22.1 26.5 24.1 30.0 54.1 67.7 (20)%
Total copper kt 66.0 49.0 75.8 68.1 66.5 134.6 133.9 1%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 388 327 583 503 451 954 744 28%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 162 219 134 181 138 319 465 (31)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade - stacked %
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 3.7 -- -- -- -- -- 12.5 (100)%
Spence
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 34.9 26.9 49.3 44.0 36.5 80.5 66.2 22%
Copper cathode (EW) kt 27.4 22.1 26.5 24.1 30.0 54.1 55.2 (2)%
Total copper kt 62.3 49.0 75.8 68.1 66.5 134.6 121.4 11%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 2,854 1,819 4,676 4,043 2,635 6,678 6,785 (2)%
Payable silver concentrate troy koz 388 327 583 503 451 954 744 28%
Payable molybdenum t 162 219 134 181 138 319 465 (31)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
9
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 30.6 27.4 34.7 27.9 28.0 55.9 56.8 (2)%
Cathode kt 54.6 55.7 57.2 51.6 45.3 96.9 102.8 (6)%
Total copper kt 85.2 83.1 91.9 79.5 73.3 152.8 159.6 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt (3.2) (4.1) (2.6) (6.1) (2.1) (8.2) (5.9) 39%
Net copper kt 82.0 79.0 89.3 73.4 71.2 144.6 153.7 (6)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 48,051 43,209 52,045 46,452 52,288 98,740 89,475 10%
Refined gold troy oz 55,828 49,128 49,139 37,385 47,478 84,863 108,856 (22)%
Total gold troy oz 103,879 92,337 101,184 83,837 99,766 183,603 198,331 (7)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz (6,000) (6,782) (3,690) (13,524) (3,979) (17,503) (11,196) 56%
Net gold troy oz 97,879 85,555 97,494 70,313 95,787 166,100 187,135 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 323 282 333 254 264 518 594 (13)%
Refined silver troy koz 221 248 265 206 133 339 482 (30)%
Total silver troy koz 544 530 598 460 397 857 1,076 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz (13) (30) (21) (31) (11) (42) (24) 75%
Net silver troy koz 531 500 577 429 386 815 1,052 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 986 863 929 672 725 1,397 1,811 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,537 2,747 2,815 2,734 1,918 4,652 5,192 (10)%
Ore milled kt 2,634 2,511 2,912 2,617 2,407 5,024 5,230 (4)%
Average copper grade % 2.12% 1.96% 2.00% 1.99% 2.09% 2.04% 2.04% 0%
Average uranium grade kg/t 0.62 0.57 0.58 0.60 0.59 0.60 0.59 1%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 54.6 55.7 57.2 51.6 45.3 96.9 102.8 (6)%
Refined gold troy oz 55,828 49,128 49,139 37,385 47,478 84,863 108,856 (22)%
Refined silver troy koz 221 248 265 206 133 339 482 (30)%
Payable uranium t 986 863 929 672 725 1,397 1,811 (23)%
Prominent Hill
Material mined kt 1,125 1,094 1,175 927 1,111 2,038 2,235 (9)%
Ore milled kt 1,800 1,473 1,815 1,559 1,761 3,320 3,452 (4)%
Average copper grade % 0.83% 0.86% 0.94% 0.73% 0.72% 0.72% 0.84% (14)%
Concentrate produced kt 23.6 22.3 28.4 19.6 21.5 41.1 47.4 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 12.9 10.9 14.6 9.5 10.9 20.4 25.0 (18)%
Payable gold concentrate troy oz 25,779 21,019 25,357 20,976 25,445 46,421 47,810 (3)%
Payable silver concentrate troy koz 65 62 90 63 70 133 128 4%
Carrapateena
Material mined kt 1,310 1,232 1,486 1,470 1,476 2,946 2,511 17%
Ore milled kt 1,307 1,226 1,450 1,446 1,429 2,875 2,537 13%
Average copper grade % 1.52% 1.52% 1.57% 1.45% 1.37% 1.41% 1.41% 0%
Concentrate produced kt 49.2 45.9 62.0 59.2 57.6 116.8 86.8 35%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 17.7 16.5 20.1 18.4 17.1 35.5 31.8 12%
Payable gold concentrate troy oz 22,272 22,190 26,688 25,476 26,843 52,319 41,665 26%
Payable silver concentrate troy koz 258 220 243 191 194 385 466 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 31.6 17.1 28.0 30.4 25.9 56.3 53.8 5%
Cathode kt 54.3 53.7 61.2 49.0 46.8 95.8 100.4 (5)%
Total copper kt 85.9 70.8 89.2 79.4 72.7 152.1 154.2 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 47,482 28,136 40,507 44,761 47,719 92,480 81,658 13%
Refined gold troy oz 55,349 41,710 52,687 40,326 43,479 83,805 109,385 (23)%
Total gold troy oz 102,831 69,846 93,194 85,087 91,198 176,285 191,043 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 364 189 311 295 218 513 622 (18)%
Refined silver troy koz 222 188 329 202 110 312 441 (29)%
Total silver troy koz 586 377 640 497 328 825 1,063 (22)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 895 394 1,554 677 640 1,317 1,376 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 54.3 53.7 61.2 49.0 46.8 95.8 100.4 (5)%
Refined gold troy oz 55,349 41,710 52,687 40,326 43,479 83,805 109,385 (23)%
Refined silver troy koz 222 188 329 202 110 312 441 (29)%
Payable uranium t 895 394 1,554 677 640 1,317 1,376 (4)%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
Payable copper kt 10.6 6.5 7.3 10.9 8.0 18.9 19.0 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 20,045 14,644 12,955 18,719 19,658 38,377 35,569 8%
Payable silver concentrate troy koz 59 38 48 73 48 121 112 8%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 21.0 10.6 20.7 19.5 17.9 37.4 34.8 7%
Payable gold concentrate troy oz 27,437 13,492 27,552 26,042 28,061 54,103 46,089 17%
Payable silver concentrate troy koz 305 151 263 222 170 392 510 (23)%
------- ------- ------- ------- ------- ------- ------- -------
10
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 61,539 56,233 62,481 64,094 57,497 121,591 124,849 (3)%
Concentrator throughput kt 14,824 14,312 14,534 13,096 13,323 26,419 29,070 (9)%
Average head grade - copper % 0.90% 0.83% 0.91% 0.91% 0.77% 0.84% 0.87% (3)%
Average head grade - zinc % 1.03% 0.68% 0.68% 0.67% 0.84% 0.76% 1.10% (31)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 39.2 33.9 38.3 36.3 30.5 66.8 71.7 (7)%
Payable zinc t 33,475 18,409 15,839 19,374 22,792 42,166 69,144 (39)%
Payable silver troy koz 975 713 873 878 954 1,832 1,773 3%
Payable lead t 105 -- 131 21 148 169 201 (16)%
Payable molybdenum t 336 621 582 902 615 1,517 619 145%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt 115 163 134 180 152 332 189 76%
Ore milled kt 119 163 135 161 170 332 190 75%
Average copper grade % 1.69% 2.07% 1.68% 1.61% 1.92% 1.77% 1.77% 0%
Production ex mill kt 7.6 12.9 8.8 9.9 12.6 22.5 12.8 76%
Average gold grade g/t 0.44 0.50 0.48 0.46 0.54 0.50 0.46 8%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 1.8 3.1 2.1 2.3 3.0 5.3 3.1 75%
Payable gold concentrate troy oz 1,230 1,958 1,572 1,734 2,231 3,965 2,028 96%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 15,468 15,032 14,368 13,358 13,796 27,154 28,702 (5)%
Area C Joint Venture kt 26,074 24,920 29,070 28,839 29,578 58,417 51,878 13%
Yandi Joint Venture kt 4,978 4,434 5,293 4,440 3,777 8,217 8,128 1%
Jimblebar/1/ kt 17,940 15,913 19,442 16,726 17,600 34,326 37,756 (9)%
Total kt 64,460 60,299 68,173 63,363 64,751 128,114 126,464 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 72,670 68,131 76,773 71,593 73,071 144,664 142,118 2%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,302 1,174 1,041 1,285 1,471 2,756 2,533 9%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 38.3 31.3 37.4 39.6 33.3 72.9 71.1 3%
Payable zinc t 37,092 17,559 14,118 19,609 25,328 44,937 71,004 (37)%
Payable silver troy koz 785 587 694 782 796 1,578 1,530 3%
Payable lead t 91 108 9 125 35 160 245 (35)%
Payable molybdenum t 306 458 544 681 734 1,415 567 150%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Average gold grade g/t
Payable copper kt -- 2.2 2.7 4.3 2.1 6.4 2.2 191%
Payable gold concentrate troy oz -- 1,488 1,730 3,169 1,527 4,696 1,517 210%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 19,176 19,175 20,260 19,377 20,319 39,696 40,145 (1)%
Fines kt 43,430 42,693 47,063 44,031 44,022 88,053 86,641 2%
Total kt 62,606 61,868 67,323 63,408 64,341 127,749 126,786 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 70,340 69,775 75,898 71,543 72,594 144,137 142,088 1%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total Kt 1,329 1,258 1,043 1,002 1,508 2,510 2,465 2%
------- ------- ------- ------- ------- ------- ------- -------
11
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt 1,182 1,070 25 -- -- -- 2,477 (100)%
Goonyella kt 1,736 1,824 2,047 1,359 1,439 2,798 2,563 9%
Peak Downs kt 846 1,012 1,238 1,249 1,073 2,322 1,967 18%
Saraji kt 701 759 817 940 1,171 2,111 1,711 23%
Daunia/1/ kt 431 524 13 -- -- -- 976 (100)%
Caval Ridge kt 821 846 782 967 747 1,714 1,624 6%
Total/2/ kt 5,717 6,035 4,922 4,515 4,430 8,945 11,318 (21)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/2/ kt 11,434 12,070 9,844 9,030 8,860 17,890 22,636 (21)%
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt
Weak coking coal kt
Thermal coal kt
Total/1/ kt
Total (100%)/1/ kt
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt
Domestic/1/ kt
Total kt 3,855 4,149 3,751 3,675 3,698 7,373 7,468 (1)%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales in FY24 were made under the NSW Government Coal Market Price
Emergency (Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt 43.8 32.4 42.6 35.9 5.4 41.3 86.5 (52)%
Average nickel grade % 16.8 15.2 17.8 17.1 16.7 17.0 16.8 2%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 63.4 60.3 76.6 72.5 -- 72.5 129.4 (44)%
Average nickel grade % 8.0 7.8 9.0 8.8 -- 8.8 8.1 9%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/2/ kt 12.6 8.8 14.7 12.1 0.1 12.2 26.4 (54)%
Nickel sulphate/3/ kt 0.7 1.0 1.6 0.3 -- 0.3 1.6 (81)%
Intermediates and nickel
by-products/4/ kt 6.3 9.0 6.7 7.2 7.9 15.1 11.8 28%
Total nickel kt 19.6 18.8 23.0 19.6 8.0 27.6 39.8 (31)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 182 179 181 294 121 415 374 11%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
2 High quality refined nickel metal, including briquettes and powder.
3 Nickel sulphate crystals produced from nickel powder.
4 Nickel contained in matte and by-product streams.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2023 2024 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt
Goonyella kt
Peak Downs kt
Saraji kt
Daunia/1/ kt
Caval Ridge kt
Total/2/ kt
Total (100%)/2/ kt
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt 4,756 5,410 4,862 4,273 4,695 8,968 9,253 (3)%
Weak coking coal kt 752 927 42 -- -- -- 1,281 (100)%
Thermal coal kt 198 22 -- -- 31 31 497 (94)%
Total/1/ kt 5,706 6,359 4,904 4,273 4,726 8,999 11,031 (18)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/1/ kt 11,412 12,718 9,808 8,546 9,452 17,998 22,062 (18)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt 3,942 3,558 3,254 3,416 3,471 6,887 7,029 (2)%
Domestic/1/ kt 308 374 424 535 332 867 528 64%
Total kt 4,250 3,932 3,678 3,951 3,803 7,754 7,557 3%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales in FY24 were made under the NSW Government Coal Market Price
Emergency (Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/2/ kt 13.0 8.6 14.8 13.5 0.8 14.3 26.2 (45)%
Nickel sulphate/3/ kt 0.7 0.8 1.5 0.6 0.3 0.9 1.5 (40)%
Intermediates and nickel
by-products/4/ kt 6.3 9.4 6.9 5.8 10.1 15.9 11.2 42%
Total nickel kt 20.0 18.8 23.2 19.9 11.2 31.1 38.9 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 110 179 181 294 121 415 302 37%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
2 High quality refined nickel metal, including briquettes and powder.
3 Nickel sulphate crystals produced from nickel powder.
4 Nickel contained in matte and by-product streams.
12
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Variance analysis relates to the relative performance of BHP and/or its
operations during the six months ended December 2024 compared with the six
months ended December 2023, unless otherwise noted. Production volumes, sales
volumes and capital and exploration expenditure from subsidiaries are reported
on a 100% basis; production and sales volumes from equity accounted investments
and other operations are reported on a proportionate consolidation basis.
Numbers presented may not add up precisely to the totals provided due to
rounding. Medium term refers to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this report: billion
tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon
dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB);
giga litres (GL); greenhouse gas (GHG); grams per cubic centimeter (g/cm3),
grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t);
kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds
(Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ
Minerals Limited (OZL); part per million (ppm), pounds (lb); thousand ounces
(koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes
per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable
injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).
In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and 'ourselves' are used to refer to BHP Group Limited and, except where the
context otherwise requires, our subsidiaries. Refer to Note 30 - Subsidiaries of
the Financial Statements in BHP's 2024 Annual Report for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets and
values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina, Samarco and Vicuna. BHP Group cautions
against undue reliance on any forward-looking statement or guidance in this
release. These forward-looking statements are based on information available as
at the date of this release and are not guarantees or predictions of future
performance and involve known and unknown risks, uncertainties and other
factors, many of which are beyond our control and which may cause actual
results to differ materially from those expressed in the statements contained
in this release.
Further information on BHP can be found at bhp.com
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
Australia and Asia Australia and Asia
Josie Brophy John-Paul Santamaria
Mobile: +61 417 622 839 Mobile: +61 499 006 018
Europe, Middle East and Africa Europe, Middle East and Africa
Gabrielle Notley James Bell
Mobile: +61 411 071 715 Mobile: +44 7961 636 432
North America Americas
Megan Hjulfors Monica Nettleton
Mobile: +1 403 605 2314 Mobile: +1 416 518 6293
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
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13
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2024
Date: 21-01-2025 07:30:00
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