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
17 October 2024
Operational review for the quarter ended 30 September 2024
Strong operational performance with increased copper, iron ore and coal
production.
"BHP had a strong start to the 2025 financial year, with production up across
all major commodities for the quarter. Copper production was up 4% due to
higher grade and recoveries at Escondida, and WAIO production was up 3% as we
unlocked capacity by completing the debottlenecking work at the port.
We are also seeing signs of stabilisation in our steelmaking coal business with
production up 20% in the quarter, excluding the recently divested Blackwater
and Daunia mines.
We added to our copper growth prospects in the quarter, announcing a proposed
50/50 joint venture in Argentina with Lundin Mining to advance what we consider
to be one of the most significant global copper discoveries in decades.
In Canada, our Jansen Stage 1 potash project is 58% complete after a productive
summer period with first production scheduled in around two years.
China has announced a series of monetary easing policies in an effort to
support economic growth, and has indicated more significant fiscal stimulus is
on the horizon. Upcoming stimulus is likely to focus on relieving local debt,
stabilising the property market and bolstering business confidence."
Mike Henry
BHP Chief Executive Officer
Summary
------------------------------------------------------------------------------------------------------------------------------------
Operational excellence Social value
On track to meet FY25 production guidance Climate Transition Action Plan
Strong operational performance with copper production increasing We released our second Climate Transition Action Plan (CTAP)
4% driven by higher concentrator feed grades and recoveries at which lays out our climate strategy and GHG emissions goals and
Escondida. Production at WAIO increased 2% following targets, and provides an in depth view of our plans and how
commissioning of the Port Debottlenecking Project (PDP1) and we're progressing against them. The CTAP will be put to a
completion of the South Flank ramp up. shareholder advisory vote at our upcoming AGM on 30 October
2024. We also announced collaborations with India's JSW Steel
and Carbon Clean and Steel Authority of India to support
decarbonisation technology in steelmaking.
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Outlook
Increased exposure to copper Copper outlook supports growth pipeline
In July, we agreed to jointly acquire Filo Corp. with Lundin We published our outlook for the copper market, including copper
Mining through a Canadian plan of arrangement. In September, the demand, copper supply and long-term copper pricing. We expect
Filo Corp shareholders approved the plan of arrangement. We also copper demand to grow by 70% by 2050, as a result of traditional
agreed to form a 50/50 joint venture with Lundin Mining to economic growth, electrification and the energy transition, and
consolidate and advance the Filo del Sol and Josemaria copper digital infrastructure (including data centres). We will be
projects. We expect the transaction to complete in Q3 FY25, hosting an investor site visit to our Chilean copper assets in
subject to regulatory approvals. November 2024 to outline our attractive organic copper growth
pipeline in the region.
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Quarter performance Production guidance
----------------------------- -------------------------
Current FY25
Production Q1 FY25 v Q4 FY24 v Q1 FY24 guidance
------------------------------------------ ------- --------- ----------- -------------
Copper (kt)............................... 476.3 (6%) 4% 1,845 - 2,045
Escondida (kt)......................... 304.2 (2%) 11% 1,180 - 1,300 Unchanged
Pampa Norte (kt)/i/.................... 60.1 (9%) (23%)/i/ 240 - 270/i/ Unchanged
Copper South Australia (kt)............ 73.4 (18%) 2% 310 - 340 Unchanged
Antamina (kt).......................... 36.3 (5%) 12% 115 - 135 Unchanged
Carajas (kt)........................... 2.3 10% 10% -- --
Iron ore (Mt)............................. 64.6 (7%) 2% 255 - 265.5
WAIO (Mt).............................. 63.4 (7%) 2% 250 - 260 Unchanged
WAIO (100% basis) (Mt)................. 71.6 (7%) 3% 282 - 294 Unchanged
Samarco (Mt)........................... 1.3 23% 4% 5 - 5.5 Unchanged
Steelmaking coal - BMA (Mt)............... 4.5 (8%) (19%)/ii/ 16.5 - 19
BMA (100% basis) (Mt).................. 9.0 (8%) (19%)/ii/ 33 - 38 Unchanged
Energy coal - NSWEC (Mt).................. 3.7 (2%) 2% 13 - 15 Unchanged
Nickel - Western Australia Nickel (kt).... 19.6 (15%) (3%) -- --
i Q1 FY24 includes 9.5 kt from Cerro Colorado which entered care and
maintenance in December 2023. Excluding these volumes, Q1 FY25 production
decreased 13%. Production guidance for FY25 is for Spence only. Refer to
production and sales report and copper for further information.
ii Q1 FY24 production includes 1.8 Mt (3.7 Mt on a 100% basis) from Blackwater
and Daunia mines which were divested on 2 April 2024. Excluding these
volumes, Q1 FY25 production increased 20%. Refer to production and sales
report and steelmaking coal for further information.
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[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
-------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 September 2024
Segment and asset performance | FY25 YTD v FY24 YTD
Copper
Production Total copper production increased 4% to 476 kt. Copper production guidance for FY25 remains
unchanged at between 1,845 and 2,045 kt.
476 kt Up 4%
Escondida 304 kt Up 11% (100% basis)
Q1 FY24 457 kt
Increased production primarily due to a higher concentrator feed grade of 1.00% (Q1 FY24: 0.85%)
FY25e 1,845 - 2,045 kt and higher recoveries as mining progressed into areas of higher-grade ore as planned. This was
partially offset by planned lower cathode production, as the integration of the FullSaL project
continued. The project remains on track for first production later in FY25.
Average realised price A new collective agreement with Union N(degrees)1 of Operators and Maintainers was signed and
became effective for 36 months from 2 August 2024. The associated industrial action did not have
US$4.24/lb Up 17% a material impact on production during the quarter as a result of mitigating actions taken by
management, including mine resequencing and prioritisation of ore movement.
Q1 FY24 US$3.63/lb
During Q1 FY25, one access ramp into the PL1 high grade mining area was impacted by geotechnical
instability. We utilised alternative access ramps and completed stabilisation works, and as a
result no material production impacts are expected.
Production guidance for FY25 remains unchanged at between 1,180 and 1,300 kt, weighted to the
second half. Concentrator feed grade for FY25 is expected to remain above 0.90%.
Pampa Norte 60 kt Down 23%
Spence production decreased 13% as expected, as a result of lower cathode production in line with
an expected decline in stacked feed grade and planned quarterly maintenance at the concentrator.
Concentrator feed grade and recoveries are in line with prior periods.
Production guidance for Spence remains unchanged at between 240 and 270 kt for FY25.
Cerro Colorado remains in temporary care and maintenance (having contributed 9.5 kt in Q1 FY24).
Copper South Australia 73 kt Up 2%
Higher production primarily driven by strong underlying operational performance, particularly at
Carrapateena following the commissioning of Crusher 2 in Q3 FY24 which has enabled higher
productivity from the sub-level cave and resulted in an increase in ore mined and milled. We also
completed planned major maintenance at Olympic Dam on the hoist and underground materials
handling system, and annual planned maintenance at the refinery. Production was lower at
Prominent Hill due to minor pit geotechnical instability and ventilation constraints which
impacted trucking capacity and ore mined, both of which have since been rectified.
Production guidance for FY25 remains unchanged at between 310 and 340 kt, weighted to the second
half.
Other copper
At Antamina, copper production increased 12% to 36 kt as a result of higher ore grade and
recoveries, partially offset by planned lower concentrator throughput. Zinc production was 46%
lower at 19 kt, as a result of planned lower feed grades. FY25 copper production guidance of
between 115 and 135 kt and zinc production guidance of between 90 and 110 kt remain unchanged.
Carajas produced 2.3 kt of copper and 1.7 troy koz of gold.
------------------------------------------------------------------------------------------------------------------------------------
2
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BHP | Operational review for the year ended 30 September 2024
Iron ore
Production Iron ore production increased 2% to 65 Mt. Production guidance for FY25 remains unchanged at
between 255 and 265.5 Mt.
65 Mt Up 2%
WAIO 63.4 Mt Up 2% | 71.6 Mt (100% basis)
Q1 FY24 63 Mt
Production increased as a result of strong supply chain performance with increased capacity
FY25e 255 - 265.5 Mt unlocked by PDP1. Higher volumes were delivered from the Central Pilbara hub (South Flank and
Mining Area C) following the completion of South Flank ramp up in FY24. We continue to progress
the multi-year Rail Technology Program (RTP1), with tie-in activity increasing in FY25.
Average realised price
Production guidance for FY25 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a
US$80.10/wmt Down 18% 100% basis).
Q1 FY24 US$98.04/wmt Samarco 1.3 Mt Up 4% | 2.6 Mt (100% basis)]
Production increased due to early resumption of Pelletizing Plant No. 4 enabling improved
performance. Production guidance for FY25 remains unchanged at between 5 and 5.5 Mt. The second
concentrator at Samarco is expected to come online during Q3 FY25, which will increase production
capacity to ~16 Mtpa of pellets (100% basis) once fully ramped up, which is expected to be by the
end of FY26.
BHP Brasil, Samarco and Vale have been engaging in negotiations with the Brazilian State and
Federal Governments and other public entities to seek a settlement of obligations under the
Framework Agreement, the Federal Public Prosecution Office Claim, and other claims by government
entities relating to the Samarco dam failure. Those negotiations are ongoing.
BHP Group Limited and BHP Group (UK) Limited are defendants to a group action claim in the
English High Court, brought by over 600,000 claimants seeking damages in relation to the Fundao
Dam failure in 2015. The liability hearing for the group action will begin on 21 October 2024.
------------------------------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 4.5 Mt Down 19% | 9 Mt (100% basis)
4.5 Mt Down 19% Production increased 20% (excluding 1.8 Mt from Blackwater and Daunia in Q1 FY24), due to
increased stripping enabled by improved truck productivity as well as Q1 FY24 being impacted by
Q1 FY24 5.6 Mt the extended longwall move at Broadmeadow. We maintain our focus on restoring value chain
stability, with an increase in raw coal inventory, which will continue into CY26.
FY25e 16.5 - 19 Mt
During the quarter we completed planned maintenance at Goonyella Riverside and Hay Point Coal
Terminal, and commenced a longwall move at Broadmeadow.
Average realised price
US$214.86/t Down 9% Production guidance for FY25 remains unchanged at between 16.5 and 19 Mt (33 and 38 Mt on a 100%
basis).
Q1 FY24 US$237.07/t
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3
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BHP | Operational review for the year ended 30 September 2024
Energy coal
Production NSWEC 3.7 Mt Up 2%
3.7 Mt Up 2% Production increased 2%, including a higher proportion of washed coal in line with our strategy
of prioritising higher quality coals. This was enabled by a drawdown of inventory to offset the
Q1 FY24 3.6 Mt impacts of reduced truck availability and unfavourable weather conditions.
FY25e 13 - 15 Mt Production guidance for FY25 remains unchanged at between 13 and 15 Mt.
The modification to extend mining consent to 30 June 2030 is currently being assessed by the NSW
Average realised price Government with an outcome anticipated in Q3 FY25.
US$124.32/t Down 1%
Q1 FY24 US$125.66/t
------------------------------------------------------------------------------------------------------------------------------------
Group & Unallocated
Nickel
Production Western Australia Nickel 19.6 kt Down 3%
19.6 kt Down 3% Production decreased as we commenced the temporary suspension of operations at Nickel West.
Operations will be suspended from October 2024 and handover activities will be completed by
Q1 FY24 20.2 kt December 2024. We continue to support the workforce through this transition period and have made
redeployment offers to a large portion of our frontline employees.
Average realised price We expect costs to remain elevated during the transition to suspension in the first half and we
plan to invest ~US$300 m per annum beginning in January 2025 to preserve optionality for a
US$16,359/t Down 20% potential restart.
Q1 FY24 US$20,354/t No production guidance has been provided for FY25.
Quarterly performance | Q1 FY25 v Q4 FY24
------------------------------------------------------------------------------------------------------------------------------------
Copper Iron ore
476 kt Down 6% Lower production due to planned maintenance, 65 Mt Down 7% Lower production at WAIO as a result of
in particular across Copper SA, lower planned equipment maintenance and increased RTP1 tie-in
Q4 FY24 505 kt concentrator throughput and production across Q4 FY24 69 Mt activity.
leaching at Escondida due to mine sequencing,
and planned lower grades at Spence.
------------------------------------------------------------------------------------------------------------------------------------
Steelmaking coal Energy coal
4.5 Mt Down 8% Lower production as a result of the ramp down 3.7 Mt Down 2% Slightly lower production due to operational
and commencement of the longwall move at challenges from truck availability and wet
Q4 FY24 4.9 Mt Broadmeadow in Q1 FY25, and higher yield and Q4 FY24 3.8 Mt weather, partially offset by a drawdown of
lower strip ratio in the prior quarter as a inventory.
result of mine sequencing.
------------------------------------------------------------------------------------------------------------------------------------
Nickel
19.6 kt Down 15% Lower production as transition of operations
to temporary suspension commenced.
Q4 FY24 23.0 kt
4
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BHP | Operational review for the year ended 30 September 2024
Appendix 1
Average realised prices/i/
Quarter
-------------------------
Q1 FY25 v Q4 FY24 v Q1 FY24
------- --------- ---------
Copper (US$/lb)/ii/.................................... 4.24 (7%) 17%
Iron ore (US$/wmt, FOB)................................ 80.10 (12%) (18%)
Steelmaking coal (US$/t)/iii/.......................... 214.86 (12%) (9%)
Thermal coal (US$/t)/iv/............................... 124.32 1% (1%)
Nickel metal (US$/t)/v/................................ 16,359 (11%) (20%)
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 Sales from Carrapateena and Prominent Hill acquired through the purchase of
OZL are included from Q4 FY24.
iii 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, and includes coals across the spectrum from Premium Coking to Semi
Hard Coking coals. 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.
iv Export sales only. Includes thermal coal sales from steelmaking coal mines.
v Relates to refined nickel metal only, excludes intermediate products and
nickel sulphate.
Current year unit cost guidance
Current
Unit cost FY25 guidance/i/
------------------------------------------------------ ---------------
Escondida (US$/lb)..................................... 1.30 - 1.60 Unchanged
Spence (US$/lb)........................................ 2.00 - 2.30 Unchanged
Copper South Australia (US$/lb)........................ 1.30 - 1.80/ii/ Unchanged
WAIO (US$/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 are
expected to average between 1,200 and 1,300 kt.
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 58% complete
(Canada) underground potash mine and surface
100% infrastructure, with capacity to produce
4.15 Mtpa.
Potash Jansen Stage 2 Development of additional mining 4,859 FY29 Project is 4% complete
(Canada) districts, completion of the second shaft
100% hoist 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 FY25 is expected to be ~US$300 m.
Exploration
Minerals exploration and evaluation expenditure was US$104 m for Q1 FY25 (Q1
FY24: US$105 m) of which US$91 m was expensed (Q1 FY24: US$93 m).
5
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BHP | Operational Review for the quarter ended 30 September 2024
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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 317.3 308.7 339.1 370.5 361.0 361.0 317.3 14%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 221.3 207.7 239.2 258.5 264.8 264.8 221.3 20%
Pampa Norte kt 38.8 32.6 39.5 39.4 35.7 35.7 38.8 (8)%
Copper South Australia kt 23.5 27.4 23.3 32.1 21.8 21.8 23.5 (7)%
Antamina kt 32.5 39.2 33.9 38.3 36.3 36.3 32.5 12%
Carajas kt 1.2 1.8 3.2 2.2 2.4 2.4 1.2 100%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 139.7 128.7 126.8 134.4 115.4 115.4 139.7 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 52.0 46.9 49.0 50.7 39.4 39.4 52.0 (24)%
Pampa Norte kt 39.5 27.2 22.1 26.5 24.4 24.4 39.5 (38)%
Copper South Australia kt 48.2 54.6 55.7 57.2 51.6 51.6 48.2 7%
Total kt 457.0 437.4 465.9 504.9 476.4 476.4 457.0 4%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 96 105 -- 131 21 21 96 (78)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 96 105 -- 131 21 21 96 (78)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 35,669 33,475 18,409 15,839 19,374 19,374 35,669 (46)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 35,669 33,475 18,409 15,839 19,374 19,374 35,669 (46)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 89,024 94,794 79,284 100,113 85,779 85,779 89,024 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,063 48,633 38,955 45,410 46,963 46,963 48,063 (2)%
Pampa Norte troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
Copper South Australia troy oz 36,228 42,051 36,427 48,355 32,928 32,928 36,228 (9)%
Carajas troy oz 802 1,256 2,083 1,672 1,845 1,845 802 130%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 53,028 55,828 49,128 49,139 37,385 37,385 53,028 (29)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 53,028 55,828 49,128 49,139 37,385 37,385 53,028 (29)%
Total troy oz 142,052 150,622 128,412 149,252 123,164 123,164 142,052 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,582 3,074 2,620 3,317 3,150 3,150 2,582 22%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,168 1,401 1,328 1,549 1,546 1,546 1,168 32%
Pampa Norte troy koz 356 388 327 583 503 503 356 41%
Copper South Australia troy koz 260 310 252 312 223 223 260 (14)%
Antamina troy koz 798 975 713 873 878 878 798 10%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 261 221 248 265 206 206 261 (21)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 261 221 248 265 206 206 261 (21)%
Total troy koz 2,843 3,295 2,868 3,582 3,356 3,356 2,843 18%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 825 986 863 929 672 672 825 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 825 986 863 929 672 672 825 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 612 481 824 699 1,084 1,084 612 77%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 329 145 203 117 182 182 329 (45)%
Antamina t 283 336 621 582 902 902 283 219%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 62,004 64,460 60,299 68,173 63,363 63,363 62,004 2%
Samarco kt 1,231 1,302 1,174 1,041 1,285 1,285 1,231 4%
Total kt 63,235 65,762 61,473 69,214 64,648 64,648 63,235 2%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 5,601 5,717 6,035 4,922 4,515 4,515 5,601 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,613 3,855 4,149 3,751 3,675 3,675 3,613 2%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 20.2 19.6 18.8 23.0 19.6 19.6 20.2 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 192 182 179 181 294 294 192 53%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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 298.0 316.5 281.6 378.8 429.3 429.3 298.0 44%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 209.5 211.7 204.0 261.3 310.8 310.8 209.5 48%
Pampa Norte kt 31.3 34.9 26.9 49.3 44.0 44.0 31.3 41%
Copper South Australia kt 22.2 31.6 17.1 28.0 30.4 30.4 22.2 37%
Antamina kt 32.8 38.3 31.3 37.4 39.6 39.6 32.8 21%
Carajas kt 2.2 -- 2.3 2.8 4.5 4.5 2.2 105%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 131.9 137.6 120.1 142.3 110.7 110.7 131.9 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 49.2 52.2 44.3 54.6 37.6 37.6 49.2 (24)%
Pampa Norte kt 36.6 31.1 22.1 26.5 24.1 24.1 36.6 (34)%
Copper South Australia kt 46.1 54.3 53.7 61.2 49.0 49.0 46.1 6%
Total kt 429.9 454.1 401.7 521.1 540.0 540.0 429.9 26%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 154 91 108 9 125 125 154 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 154 91 108 9 125 125 154 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 33,912 37,092 17,559 14,118 19,609 19,609 33,912 (42)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 33,912 37,092 17,559 14,118 19,609 19,609 33,912 (42)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 87,703 98,969 70,493 92,433 99,138 99,138 87,703 13%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,063 48,633 38,955 45,410 46,963 46,963 48,063 (2)%
Pampa Norte troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
Copper South Australia troy oz 34,176 47,482 28,136 40,507 44,761 44,761 34,176 31%
Carajas troy oz 1,533 -- 1,583 1,840 3,371 3,371 1,533 120%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 54,036 55,349 41,710 52,687 40,326 40,326 54,036 (25)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 54,036 55,349 41,710 52,687 40,326 40,326 54,036 (25)%
Total troy oz 141,739 154,318 112,203 145,120 139,464 139,464 141,739 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,527 2,938 2,431 3,137 3,126 3,126 2,527 24%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,168 1,401 1,328 1,549 1,546 1,546 1,168 32%
Pampa Norte troy koz 356 388 327 583 503 503 356 41%
Copper South Australia troy koz 258 364 189 311 295 295 258 14%
Antamina troy koz 745 785 587 694 782 782 745 5%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 219 222 188 329 202 202 219 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 219 222 188 329 202 202 219 (8)%
Total troy koz 2,746 3,160 2,619 3,466 3,328 6,454 5,273 22%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 481 895 394 1,554 677 677 481 41%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 481 895 394 1,554 677 677 481 41%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 564 468 677 678 862 862 564 53%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 303 162 219 134 181 181 303 (40)%
Antamina t 261 306 458 544 681 681 261 161%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 64,180 62,606 61,868 67,323 63,408 63,408 64,180 (1)%
Samarco kt 1,136 1,329 1,258 1,043 1,002 1,002 1,136 (12)%
Total kt 65,316 63,935 63,126 68,366 64,410 64,410 65,316 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 5,325 5,706 6,359 4,904 4,273 4,273 5,325 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,307 4,250 3,932 3,678 3,951 3,951 3,307 19%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 18.9 20.0 18.8 23.2 19.9 19.9 18.9 5%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 192 110 179 181 294 294 192 53%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
6
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BHP | Operational Review for the quarter ended 30 September 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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 87,462 95,168 103,872 102,752 100,416 100,416 87,462 15%
Concentrator throughput kt 33,332 34,752 31,653 34,377 32,488 32,488 33,332 (3)%
Average copper grade -
concentrator % 0.85% 0.78% 0.92% 0.99% 1.00% 1.00% 0.85% 18%
Production ex mill kt 225.7 217.6 238.6 279.5 269.9 269.9 225.7 20%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 221.3 207.7 239.2 258.5 264.8 264.8 221.3 20%
Copper cathode (EW) kt 52.0 46.9 49.0 50.7 39.4 39.4 52.0 (24)%
Oxide leach kt 17.5 17.0 14.4 13.8 7.8 7.8 17.5 (55)%
Sulphide leach kt 34.5 29.9 34.6 36.9 31.6 31.6 34.5 (8)%
Total copper kt 273.3 254.6 288.2 309.2 304.2 304.2 273.3 11%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,063 48,633 38,955 45,410 46,963 46,963 48,063 (2)%
Payable silver concentrate troy koz 1,168 1,401 1,328 1,549 1,546 1,546 1,168 32%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 38.8 32.6 39.5 39.4 35.7 35.7 38.8 (8)%
Cathode kt 39.5 27.2 22.1 26.5 24.4 24.4 39.5 (38)%
Total copper kt 78.3 59.8 61.6 65.9 60.1 60.1 78.3 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 356 388 327 583 503 503 356 41%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 329 145 203 117 182 182 329 (45)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt -- -- -- -- -- -- -- --
Ore stacked kt 154 -- -- -- -- -- 154 (100)%
Average copper grade - stacked % 0.58% -- -- -- -- -- 0.58% (100)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 9.5 1.6 -- -- -- -- 9.5 (100)%
Spence
Material mined kt 27,654 25,973 15,968 19,951 23,260 23,260 27,654 (16)%
Ore stacked kt 5,113 4,744 6,008 5,926 4,928 4,928 5,113 (4)%
Average copper grade - stacked % 0.60% 0.59% 0.56% 0.54% 0.73% 0.73% 0.60% 22%
Concentrator throughput kt 8,473 7,151 8,055 7,766 7,547 7,547 8,473 (11)%
Average copper grade -
concentrator % 0.64% 0.65% 0.64% 0.70% 0.64% 0.64% 0.64% 0%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 38.8 32.6 39.5 39.4 35.7 35.7 38.8 (8)%
Copper cathode (EW) kt 30.0 25.6 22.1 26.5 24.4 24.4 30.0 (19)%
Total copper kt 68.8 58.2 61.6 65.9 60.1 60.1 68.8 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
Payable silver concentrate troy koz 356 388 327 583 503 503 356 41%
Payable molybdenum t 329 145 203 117 182 182 329 (45)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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 209.5 211.7 204.0 261.3 310.8 310.8 209.5 48%
Copper cathode (EW) kt 49.2 52.2 44.3 54.6 37.6 37.6 49.2 (24)%
Oxide leach kt
Sulphide leach kt
Total copper kt 258.7 263.9 248.3 315.9 348.4 348.4 258.7 35%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,063 48,633 38,955 45,410 46,963 46,963 48,063 (2)%
Payable silver concentrate troy koz 1,168 1,401 1,328 1,549 1,546 1,546 1,168 32%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 31.3 34.9 26.9 49.3 44.0 44.0 31.3 41%
Cathode kt 36.6 31.1 22.1 26.5 24.1 24.1 36.6 (34)%
Total copper kt 67.9 66.0 49.0 75.8 68.1 68.1 67.9 0%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 356 388 327 583 503 503 356 41%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 303 162 219 134 181 181 303 (40)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade - stacked %
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 8.8 3.7 -- -- -- -- 8.8 (100)%
Spence
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 31.3 34.9 26.9 49.3 44.0 44.0 31.3 41%
Copper cathode (EW) kt 27.8 27.4 22.1 26.5 24.1 24.1 27.8 (13)%
Total copper kt 59.1 62.3 49.0 75.8 68.1 68.1 59.1 15%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 3,931 2,854 1,819 4,676 4,043 4,043 3,931 3%
Payable silver concentrate troy koz 356 388 327 583 503 503 356 41%
Payable molybdenum t 303 162 219 134 181 181 303 (40)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
7
--------------------------------------------------------------------------------
BHP | Operational Review for the quarter ended 30 September 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 26.2 30.6 27.4 34.7 27.9 27.9 26.2 6%
Cathode kt 48.2 54.6 55.7 57.2 51.6 51.6 48.2 7%
Total copper kt 74.4 85.2 83.1 91.9 79.5 79.5 74.4 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt (2.7) (3.2) (4.1) (2.6) (6.1) (6.1) (2.7) 126%
Net copper kt 71.7 82 79 89.3 73.4 73.4 71.7 2%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 41,424 48,051 43,209 52,045 46,452 46,452 41,424 12%
Refined gold troy oz 53,028 55,828 49,128 49,139 37,385 37,385 53,028 (29)%
Total gold troy oz 94,452 103,879 92,337 101,184 83,837 83,837 94,452 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz (5,196) (6,000) (6,782) (3,690) (13,524) (13,524) (5,196) 160%
Net gold troy oz 89,256 97,879 85,555 97,494 70,313 70,313 89,256 (21)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 271 323 282 333 254 254 271 (6)%
Refined silver troy koz 261 221 248 265 206 206 261 (21)%
Total silver troy koz 532 544 530 598 460 460 532 (14)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz (11) (13) (30) (21) (31) (31) (11) 182%
Net silver troy koz 521 531 500 577 429 429 521 (18)%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 825 986 863 929 672 672 825 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,655 2,537 2,747 2,815 2,734 2,734 2,655 3%
Ore milled kt 2,596 2,634 2,511 2,912 2,617 2,617 2,596 1%
Average copper grade % 1.96% 2.12% 1.96% 2.00% 1.99% 1.99% 1.96% 2%
Average uranium grade kg/t 0.56 0.62 0.57 0.58 0.60 0.60 0.56 7%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 48.2 54.6 55.7 57.2 51.6 51.6 48.2 7%
Refined gold troy oz 53,028 55,828 49,128 49,139 37,385 37,385 53,028 (29)%
Refined silver troy koz 261 221 248 265 206 206 261 (21)%
Payable uranium t 825 986 863 929 672 672 825 (19)%
Prominent Hill/2/
Material mined kt 1,110 1,125 1,094 1,175 927 927 1,110 (16)%
Ore milled kt 1,652 1,800 1,473 1,815 1,559 1,559 1,652 (6)%
Average copper grade % 0.85% 0.83% 0.86% 0.94% 0.73% 0.73% 0.85% (14)%
Concentrate produced kt 23.8 23.6 22.3 28.4 19.6 19.6 23.8 (18)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 12.1 12.9 10.9 14.6 9.5 9.5 12.1 (21)%
Payable gold concentrate troy oz 22,031 25,779 21,019 25,357 20,976 20,976 22,031 (5)%
Payable silver concentrate troy koz 63 65 62 90 63 63 63 0%
Carrapateena/2/
Material mined kt 1,201 1,310 1,232 1,486 1,470 1,470 1,201 22%
Ore milled kt 1,230 1,307 1,226 1,450 1,446 1,446 1,230 18%
Average copper grade % 1.29% 1.52% 1.52% 1.57% 1.45% 1.45% 1.29% 12%
Concentrate produced kt 37.6 49.2 45.9 62.0 59.2 59.2 37.6 57%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 14.1 17.7 16.5 20.1 18.4 18.4 14.1 30%
Payable gold concentrate troy oz 19,393 22,272 22,190 26,688 25,476 25,476 19,393 31%
Payable silver concentrate troy koz 208 258 220 243 191 191 208 (8)%
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 22.2 31.6 17.1 28.0 30.4 30.4 22.2 37%
Cathode kt 46.1 54.3 53.7 61.2 49.0 49.0 46.1 6%
Total copper kt 68.3 85.9 70.8 89.2 79.4 79.4 68.3 16%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 34,176 47,482 28,136 40,507 44,761 44,761 34,176 31%
Refined gold troy oz 54,036 55,349 41,710 52,687 40,326 40,326 54,036 (25)%
Total gold troy oz 88,212 102,831 69,846 93,194 85,087 85,087 88,212 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 258 364 189 311 295 295 258 14%
Refined silver troy koz 219 222 188 329 202 202 219 (8)%
Total silver troy koz 477 586 377 640 497 497 477 4%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 481 895 394 1,554 677 677 481 41%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 46.1 54.3 53.7 61.2 49.0 49.0 46.1 6%
Refined gold troy oz 54,036 55,349 41,710 52,687 40,326 40,326 54,036 (25)%
Refined silver troy koz 219 222 188 329 202 202 219 (8)%
Payable uranium t 481 895 394 1,554 677 677 481 41%
Prominent Hill/2/
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 8.4 10.6 6.5 7.3 10.9 10.9 8.4 30%
Payable gold concentrate troy oz 15,524 20,045 14,644 12,955 18,719 18,719 15,524 21%
Payable silver concentrate troy koz 53 59 38 48 73 73 53 38%
Carrapateena/2/
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 13.8 21.0 10.6 20.7 19.5 19.5 13.8 41%
Payable gold concentrate troy oz 18,652 27,437 13,492 27,552 26,042 26,042 18,652 40%
Payable silver concentrate troy koz 205 305 151 263 222 222 205 8%
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
8
--------------------------------------------------------------------------------
BHP | Operational Review for the quarter ended 30 September 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 63,310 61,539 56,233 62,481 64,094 64,094 63,310 1%
Concentrator throughput kt 14,246 14,824 14,312 14,534 13,096 13,096 14,246 (8)%
Average head grade - copper % 0.83% 0.90% 0.83% 0.91% 0.91% 0.91% 0.83% 10%
Average head grade - zinc % 1.17% 1.03% 0.68% 0.68% 0.67% 0.67% 1.17% (43)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 32.5 39.2 33.9 38.3 36.3 36.3 32.5 12%
Payable zinc t 35,669 33,475 18,409 15,839 19,374 19,374 35,669 (46)%
Payable silver troy koz 798 975 713 873 878 878 798 10%
Payable lead t 96 105 -- 131 21 21 96 (78)%
Payable molybdenum t 283 336 621 582 902 902 283 219%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 74 115 163 134 180 180 74 143%
Ore milled kt 70 119 163 135 161 161 70 130%
Average copper grade % 1.91% 1.69% 2.07% 1.68% 1.61% 1.61% 1.91% (16)%
Production ex mill kt 5.2 7.6 12.9 8.8 9.9 9.9 5.2 90%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 1.2 1.8 3.2 2.2 2.4 2.4 1.2 100%
Payable gold concentrate troy oz 802 1,256 2,083 1,672 1,845 1,845 802 130%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 13,234 15,468 15,032 14,368 13,358 13,358 13,234 1%
Area C Joint Venture kt 25,804 26,074 24,920 29,070 28,839 28,839 25,804 12%
Yandi Joint Venture kt 3,150 4,978 4,434 5,293 4,440 4,440 3,150 41%
Jimblebar/1/ kt 19,816 17,940 15,913 19,442 16,726 16,726 19,816 (16)%
Total kt 62,004 64,460 60,299 68,173 63,363 63,363 62,004 2%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 69,448 72,670 68,131 76,773 71,593 71,593 69,448 3%
------- ------- ------- ------- ------- ------- ------- -------
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 1,231 1,302 1,174 1,041 1,285 1,285 1,231 4%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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 32.8 38.3 31.3 37.4 39.6 39.6 32.8 21%
Payable zinc t 33,912 37,092 17,559 14,118 19,609 19,609 33,912 (42)%
Payable silver troy koz 745 785 587 694 782 782 745 5%
Payable lead t 154 91 108 9 125 125 154 (19)%
Payable molybdenum t 261 306 458 544 681 681 261 161%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.2 -- 2.3 2.8 4.5 4.5 2.2 105%
Payable gold concentrate troy oz 1,533 -- 1,583 1,840 3,371 3,371 1,533 120%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
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 20,969 19,176 19,175 20,260 19,377 19,377 20,969 (8)%
Fines kt 43,211 43,430 42,693 47,063 44,031 44,031 43,211 2%
Total kt 64,180 62,606 61,868 67,323 63,408 63,408 64,180 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 71,748 70,340 69,775 75,898 71,543 71,543 71,748 0%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,136 1,329 1,258 1,043 1,002 1,002 1,136 (12)%
------- ------- ------- ------- ------- ------- ------- -------
9
--------------------------------------------------------------------------------
BHP | Operational Review for the quarter ended 30 September 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 2024 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt 1,295 1,182 1,070 25 -- -- 1,295 (100)%
Goonyella kt 827 1,736 1,824 2,047 1,359 1,359 827 64%
Peak Downs kt 1,121 846 1,012 1,238 1,249 1,249 1,121 11%
Saraji kt 1,010 701 759 817 940 940 1,010 (7)%
Daunia/1/ kt 545 431 524 13 -- -- 545 (100)%
Caval Ridge kt 803 821 846 782 967 967 803 20%
Total/2/ kt 5,601 5,717 6,035 4,922 4,515 4,515 5,601 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 11,202 11,434 12,070 9,844 9,030 9,030 11,202 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt
Weak coking coal kt
Thermal coal kt
Total kt
Total (100%) 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 3,613 3,855 4,149 3,751 3,675 3,675 3,613 2%
------- ------- ------- ------- ------- ------- ------- -------
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 BHP interest 100%
Mt Keith Nickel concentrate kt 42.7 43.8 32.4 42.6 35.9 35.9 42.7 (16)%
Average nickel grade % 16.7 16.8 15.2 17.8 17.1 17.1 16.7 2%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 66.0 63.4 60.3 76.6 72.5 72.5 66.0 10%
Average nickel grade % 8.1 8.0 7.8 9.0 8.8 8.8 8.1 9%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.8 12.6 8.8 14.7 12.1 12.1 13.8 (12)%
Nickel sulphate/2/ kt 0.9 0.7 1.0 1.6 0.3 0.3 0.9 (67)%
Intermediates and nickel
by-products/3/ kt 5.5 6.3 9.0 6.7 7.2 7.2 5.5 31%
Total nickel kt 20.2 19.6 18.8 23.0 19.6 19.6 20.2 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 192 182 179 181 294 294 192 53%
------- ------- ------- ------- ------- ------- ------- -------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2023 2023 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%) kt
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt 4,497 4,756 5,410 4,862 4,273 4,273 4,497 (5)%
Weak coking coal kt 529 752 927 42 -- -- 529 (100)%
Thermal coal kt 299 198 22 -- -- -- 299 (100)%
Total kt 5,325 5,706 6,359 4,904 4,273 4,273 5,325 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 10,650 11,412 12,718 9,808 8,546 8,546 10,650 (20)%
------- ------- ------- ------- ------- ------- ------- -------
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 3,087 3,942 3,558 3,254 3,416 3,416 3,087 11%
Domestic/1/ kt 220 308 374 424 535 535 220 143%
Total kt 3,307 4,250 3,932 3,678 3,951 3,951 3,307 19%
------- ------- ------- ------- ------- ------- ------- -------
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 BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.2 13.0 8.6 14.8 13.5 13.5 13.2 2%
Nickel sulphate/2/ kt 0.8 0.7 0.8 1.5 0.6 0.6 0.8 (25)%
Intermediates and nickel
by-products/3/ kt 4.9 6.3 9.4 6.9 5.8 5.8 4.9 18%
Total nickel kt 18.9 20.0 18.8 23.2 19.9 19.9 18.9 5%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 192 110 179 181 294 294 192 53%
------- ------- ------- ------- ------- ------- ------- -------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
10
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 September 2024
Variance analysis relates to the relative performance of BHP and/or its
operations during the three months ended September 2024 compared with the three
months ended September 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 and Samarco. 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
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
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 Tel: +44 20 7802 7144 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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11
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Date: 17-10-2024 07:30:00
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