Wrap Text
Quarterly Activities Report
BHP Group Limited
17 April 2025
Operational review for the nine months ended 31 March 2025
Record iron ore and copper production demonstrating resilience of business
"BHP's performance in FY25 to date demonstrates the resilience of our business,
with our copper and iron ore operations achieving record nine-month production
amid challenging operating and market conditions. Group copper production rose
10%, underpinned by a 20% increase in output at Escondida and strong
performances at Spence and Copper SA. In our WA iron ore operations, we continue
to demonstrate supply chain excellence from pit to port, and delivered record
tonnes from the Central Pilbara hub. At BMA in Queensland, in the highest
rainfall wet season in more than a decade, steelmaking coal volumes rose by 5%
following a strong performance across the open cut mines.
BHP recently achieved 40% female representation across our global employee base,
a 23% point increase since 2016. The efforts that have underpinned this have made
BHP a safer, more productive, and better performing business. We have a
distinctive competitive advantage in responding to labour and skills shortages
across our sector.
Despite the limited direct impact of tariffs on BHP, the implication of slower
economic growth and a fragmented trading environment could be more significant.
China's ability to shift toward a consumption-led economy and for trade flows to
adapt to the new environment will be key to sustaining the global outlook.
In the face of global volatility and policy uncertainty, BHP is poised to
benefit from a flight to quality with tier one assets, industry-leading margins
and high-return organic growth opportunities that will underpin value and
returns through the cycle."
Mike Henry
BHP Chief Executive Officer
Summary
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Operational excellence Guidance
Record iron ore and copper production Production on track; Escondida MT updated
BHP delivered record nine-month group copper production of 1.5 We are on track to deliver production in the upper half of the
million tonnes, driven by a 20% increase at Escondida and strong FY25 guidance ranges at Escondida, Pampa Norte and NSWEC, with
underlying performances across all other operated copper assets. Samarco expected at the upper end. FY25 production guidance
ranges at all assets remain unchanged, with BMA now no longer
We also delivered record nine-month iron ore production, with guided to the upper half due to wet weather. We also remain on track
WAIO demonstrating its resilience to offset the impact of to deliver FY25 unit cost guidance across all assets, except BMA
Tropical Cyclone Zelia and Tropical Storm Sean, and as Samarco where we expect unit costs to be higher due to weather and
continues to ramp up. geotechnical challenges at Broadmeadow.
We have optimised the growth program schedule at Escondida,
including extending the expected life of the Los Colorados
concentrator beyond FY29. This and other operational measures
add ~400 kt of incremental production and extend medium term
guidance of 900 - 1,000 ktpa to FY31.
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Growth Social value
Growing in copper and potash Progress on decarbonisation
We are executing on our growth program with Jansen Stages 1 and We are on track to achieve our target of reducing operational
2 now 66% and 8% complete (respectively), the formation of the greenhouse gas emissions by at least 30% by FY30/i/. The pace of
Vicuna joint venture, and the submission of the DIA permit development of some decarbonisation technology has slowed,
relating to the Laguna Seca concentrator expansion at Escondida. particularly relating to the displacement of diesel used for
materials movement. We continue to work with our Original
Equipment Manufacturer partners to advance zero emission
technology and we are progressing certain site trials.
Quarter performance YTD performance FY25 production guidance
--------------------------- ----------------- --------------------------------------
YTD Mar v YTD Mar
Production Q3 FY25 v Q2 FY25 v Q3 FY24 FY25 FY24 Previous Current
--------------------------------------------- ------- --------- --------- ------- --------- ------------- -------------
Copper (kt).................................. 513.2 0% 10% 1,500.2 10% 1,845 - 2,045 1,845 - 2,045
Escondida (kt)............................. 333.6 (2%) 16% 977.6 20% 1,180 - 1,300 1,180 - 1,300 Upper half
Pampa Norte (kt)/ii/....................... 67.9 3% 10% 194.2 (3%) 240 - 270/ii/ 240 - 270/ii/ Upper half
Copper South Australia (kt)................ 78.9 11% (0%) 223.5 (4%) 300 - 325 300 - 325 Unchanged
Antamina (kt).............................. 30.9 1% (9%) 97.7 (7%) 115 - 135 115 - 135 Unchanged
Carajas (kt)............................... 1.9 (37%) (39%) 7.2 17% -- -- --
Iron ore (Mt)................................ 61.8 (7%) 0% 192.6 1% 255 - 265.5 255 - 265.5
WAIO (Mt).................................. 60.1 (7%) (0%) 188.3 1% 250 - 260 250 - 260 Unchanged
WAIO (100% basis) (Mt)..................... 67.8 (7%) (0%) 212.5 1% 282 - 294 282 - 294 Unchanged
Samarco (Mt)............................... 1.6 11% 39% 4.4 18% 5 - 5.5 5 - 5.5 Upper end
Steelmaking coal - BMA (Mt)/iii/............. 3.9 (12%) (35%) 12.9 (26%) 16.5 - 19 16.5 - 19 Original
BMA (100% basis) (Mt)/iii/................. 7.8 (12%) (35%) 25.7 (26%) 33 - 38 33 - 38 Original
Energy coal - NSWEC (Mt)..................... 3.6 (3%) (13%) 11.0 (6%) 13 - 15 13 - 15 Upper half
Nickel - Western Australia Nickel (kt)/iv/... 2.3 (71%) (88%) 29.9 (49%) -- -- --
Note: Updates with respect to FY25 production guidance since the
HY25 Results Announcement are shown in italics. Refer page 5 for
footnotes.
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BHP | Operational review for the nine months ended 31 March 2025
Segment and asset performance | FY25 YTD v FY24 YTD
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[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
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Copper
Production Total copper production increased 10% to a record 1,500 kt. Copper production guidance for FY25
remains unchanged at between 1,845 and 2,045 kt.
1,500 kt Up 10%
Escondida 978 kt Up 20% (100% basis)
YTD Mar FY24 1,360 kt
Production increased primarily due to strong material mined, higher concentrator feed grade of
FY25e 1,845 - 2,045 kt 1.05%, increasing from 0.85%, and higher concentrator throughput. This was partially offset by
planned lower cathode production, as the integration of the Full SaL leaching project continued.
The project remains on track for first production later in FY25.
Average realised price
Production guidance for FY25 remains unchanged at between 1,180 and 1,300 kt and is now expected
US$4.19/lb Up 13% to be in the upper half of this range, as strong operational performance across the year offset
the challenges of Union N(degree)1 strike action, sea swells at Puerto Coloso and the national
YTD Mar FY24 US$3.72/lb Chilean power outage in February. Concentrator feed grade is now expected to be above 0.95%
(previously above 0.90%) for FY25.
Following the site visit in November 2024, we have continued to optimise our growth program
schedule to reduce production impacts. It is expected the operation of the Los Colorados
concentrator will be extended beyond FY29, without any impact to the remainder of the growth
program. We anticipate this extension and other operational measures will increase production
across the period from 2027 to 2031, to between 900 - 1,000 ktpa, extending current medium term
guidance. The actions have the potential to add an incremental ~400 kt of production across the
period.
Pampa Norte 194 kt Down 3%
Pampa Norte consists of Spence and Cerro Colorado. Spence production increased 3% due to
improved stacked material and grades, notwithstanding the impact of the national Chilean
power outage in February. Concentrator feed grade was broadly in line with the prior period.
Production guidance for FY25 for Spence remains unchanged at between 240 and 270 kt, with
production now expected to be in the upper half of the range.
Cerro Colorado remains in temporary care and maintenance having contributed 11 kt of copper
production in HY24.
Copper South Australia 224 kt Down 4%
Strong underlying performance following the weather-related power outage in Q2. The Olympic
Dam smelter and refinery demonstrated operating stability, delivering strong copper cathode
production and record refined gold and silver production in the quarter.
Carrapateena is achieving higher productivity from the sub-level cave enabled by Crusher 2,
delivering record mine and concentrator performance. 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 remains unchanged at between 300 and 325 kt.
Other copper
At Antamina, copper production decreased 7% to 98 kt reflecting planned lower concentrator
throughput and a slight decline in feed grade. Zinc production was 22% lower at 68 kt, as a
result of planned lower feed grade and lower 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 7.2 kt of copper and 5.5 troy koz of gold.
2
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BHP | Operational review for the nine months ended 31 March 2025
Iron ore
Production Iron ore production increased 1% to a record 193 Mt. Production guidance for FY25 remains
unchanged at between 255 and 265.5 Mt.
193 Mt Up 1%
WAIO 188 Mt Up 1% | 213 Mt (100% basis)
YTD Mar FY24 190 Mt
Production increased as a result of continued strong supply chain performance, with record
FY25e 255 - 265.5 Mt 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 13% increase in productive movement.
Average realised price The Port Debottlenecking Project 1 (PDP1), which was delivered in CY24, has continued to unlock
improved car dumper and ship loader performance with record nine-month shipments of iron ore.
US$82.93/wmt Down 21%
This strong performance was partially offset by the impact of Tropical Cyclone Zelia and Tropical
YTD Mar FY24 US$104.53/wmt Storm Sean, and the planned increase in tie-in activity of the multi-year Rail Technology
Programme (RTP1).
Production guidance for FY25 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a
100% basis).
Samarco 4.4 Mt Up 18% | 8.8 Mt (100% basis)
Production continues to increase following the restart of the second concentrator in December.
Ramp up is progressing well and production capacity is expected to increase to ~16 Mtpa of
pellets (100% basis) once fully ramped up by the end of FY25 (ahead of schedule).
Production guidance for FY25 remains unchanged at between 5 and 5.5 Mt, with production expected
to be at the upper end of the range.
------------------------------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 12.9 Mt Down 26% | 25.7 Mt (100% basis)
12.9 Mt Down 26% Production increased 5% (excluding the contribution of Blackwater and Daunia in FY24). Strong
performance across the open cut mines, underpinned by improved truck productivity and a draw
YTD Mar FY24 17.4 Mt down of inventory, helped mitigate the impact of significant wet weatherv in the December and
March quarters.
FY25e 16.5 - 19 Mt
At Broadmeadow, we are operating at slower mining rates to safely manage the geotechnical
characteristics of the current longwall panel. We expect this will continue into Q1 FY26.
Average realised price
Production guidance for FY25 remains unchanged at between 16.5 and 19 Mt (33 and 38 Mt on a
US$200.12/t Down 26% 100% basis). Following the impact of significant wet weather and geotechnical challenges at
Broadmeadow, production is now no longer guided to the upper half of the range and unit costs
YTD Mar FY24 US$272.09/t for FY25 are now expected to be between US$128/t and US$133/t/vi/.
Our work to improve raw coal inventory levels in prior periods has assisted in stabilising
operating performance across the asset, as we have drawn down on inventory this quarter to help
mitigate the impact of wet weather and geotechnical challenges. This will extend the inventory
rebuild into CY27.
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3
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BHP | Operational review for the nine months ended 31 March 2025
Energy coal
Production NSWEC 11.0 Mt Down 6%
11.0 Mt Down 6% Production decreased as a result of reduced truck availability, increased wet weather and a
higher proportion of washed coal, partially offset by a draw down of inventory.
YTD Mar FY24 11.6 Mt
Production guidance for FY25 remains unchanged at between 13 and 15 Mt, with production
FY25e 13 - 15 Mt expected to be in the upper half of the range.
On 16 April 2025, we received approval from the NSW Government to extend mining to 30 June 2030.
Average realised price
US$115.99/t Down 4%
YTD Mar FY24 US$120.97/t
------------------------------------------------------------------------------------------------------------------------------------
Group & Unallocated
Nickel
Production Western Australia Nickel 30 kt Down 49%
30 kt Down 49% Western Australia Nickel (WAN) transitioned into temporary suspension in HY25. No production
guidance has been provided for FY25.
YTD Mar FY24 59 kt
BHP intends to review the decision to temporarily suspend WAN by February 2027.
Quarterly performance | Q3 FY25 v Q2 FY25
------------------------------------------------------------------------------------------------------------------------------------
Copper Iron ore
513 kt Up -% Higher production at Copper SA with strong 62 Mt Down 7% Lower production at WAIO as a result of the
performance following the weather-related impact of Tropical Cyclone Zelia and Tropical
Q2 FY25 511 kt power outage in Q2 was offset by lower Q2 FY25 66 Mt Storm Sean.
production at Escondida due to a national
Chilean power outage and high sea swells
which prevented concentrate loading onto
vessels resulting in a temporary suspension
to upstream concentrator operations.
------------------------------------------------------------------------------------------------------------------------------------
Steelmaking coal Energy coal
3.9 Mt Down 12% Lower production due to significant wet 3.6 Mt Down 3% Lower production due to reduced wash plant
weather, partially offset by inventory availability and the impact of wet weather.
Q2 FY25 4.4 Mt draw down. Q2 FY25 3.7 Mt
------------------------------------------------------------------------------------------------------------------------------------
Nickel
2.3 kt Down 71% Inventory was drawn down as operations
transitioned into temporary suspension in
Q2 FY25 8.0 kt HY25.
------------------------------------------------------------------------------------------------------------------------------------
4
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BHP | Operational review for the nine months ended 31 March 2025
Footnotes
i Our operational GHG emissions are the Scopes 1 and 2 emissions from our
operated assets. Our FY30 reduction target is from our FY20 baseline,
adjusted for acquisitions, divestments and greenhouse gas emission
calculation methodology changes.The latest BHP GHG Emissions Calculation
Methodology is available at bhp.com/climate.
ii YTD March FY24 includes 11 kt from Cerro Colorado, which entered temporary
care and maintenance in December 2023. Excluding these volumes, YTD March
FY25 production increased 3%. Production guidance for FY25 is for Spence
only. Refer to copper and the production and sales report for further
information.
iii YTD March FY24 production includes 5 Mt (10 Mt on a 100% basis) from the
Blackwater and Daunia mines, which were divested on 2 April 2024. Excluding
these volumes, YTD March FY25 production increased 5%. Following the impact
of significant wet weather and geotechnical challenges, production is now
no longer guided to the upper half of the guidance range. Refer to
steelmaking coal and the production and sales report for further
information.
iv Western Australia Nickel ramped down and entered temporary suspension in
December 2024. Refer to nickel and the production and sales report for
further information.
v 649mm of rainfall recorded at Moranbah in the nine months ended 31 March
2025, 32% higher than the nine months ended 31 March 2024 (493mm).
vi FY25 unit cost guidance is based on an exchange rate of AUD/USD 0.66.
5
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BHP | Operational review for the nine months ended 31 March 2025
Appendix 1
Average realised prices/i/
Quarter performance YTD performance
--------------------------- ----------------------------
Q3 FY25 v Q2 FY25 v Q3 FY24 YTD Mar FY25 v YTD Mar FY24
------- --------- --------- ------------- --------------
Copper (US$/lb)/ii/ ................................... 4.56 22% 18% 4.19 13%
Iron ore (US$/wmt, FOB) ............................... 86.85 6% (18%) 82.93 (21%)
Steelmaking coal (US$/t)/iii/ ......................... 184.98 (7%) (34%) 200.12 (26%)
Energy coal (US$/t)/iv/ ............................... 97.81 (21%) (16%) 115.99 (4%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Sales from Carrapateena and Prominent Hill acquired through the purchase of
OZL are included since Q4 FY24 period.
iii From FY25, steelmaking coal refers to hard coking coal which is generally
those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and
above. Comparative periods include impacts from weak coking coal, which
refers generally to those steelmaking coals with a CSR below 35, which were
sold by Blackwater and Daunia mines, divested on 2 April 2024.
iv Export sales only. Includes thermal coal sales from steelmaking coal mines.
Current year unit cost guidance
FY25 guidance/i/
Unit cost Current
------------------------------------------------------ ----------------
Escondida (US$/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)........................................... 128 - 133 Increased
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$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.66 and
USD/CLP 842.
iii Medium term refers to FY27 to FY31. Production for FY25 and FY26 is
expected to average between 1,200 and 1,300 ktpa.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------------------ ----------- ----------- ------------------------
Potash Jansen Stage 1 Design, engineering and construction of an 5,723 End-CY26 Project is 66% 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 8% 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 FY25 is expected to be ~US$300 m.
Exploration
Minerals exploration and evaluation expenditure was US$279 m for YTD March
FY25 (YTD March FY24: US$311 m) of which US$241 was expensed (YTD March
FY24: US$267 m).
6
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BHP | Operational review for the nine months ended 31 March 2025
Appendix 2
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
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 339.0 370.4 360.9 391.4 379.6 1,131.9 965.1 17%
------- ------- -------- ------- ------- ------- ------- -------
Escondida kt 239.2 258.5 264.8 295.4 288.4 848.6 668.2 27%
Pampa Norte kt 39.5 39.4 35.7 36.6 36.1 108.4 110.9 (2)%
Copper South Australia kt 23.3 32.1 21.8 25.9 22.3 70.0 74.2 (6)%
Antamina kt 33.9 38.3 36.3 30.5 30.9 97.7 105.6 (7)%
Carajas kt 3.1 2.1 2.3 3.0 1.9 7.2 6.2 17%
------- ------- -------- ------- ------- ------- ------- -------
Cathode kt 126.8 134.4 115.4 119.3 133.6 368.3 395.2 (7)%
------- ------- -------- ------- ------- ------- ------- -------
Escondida kt 49.0 50.7 39.4 44.4 45.2 129.0 147.9 (13)%
Pampa Norte kt 22.1 26.5 24.4 29.6 31.8 85.8 88.8 (3)%
Copper South Australia kt 55.7 57.2 51.6 45.3 56.6 153.5 158.5 (3)%
Total kt 465.8 504.8 476.3 510.7 513.2 1,500.2 1,360.3 10%
------- ------- -------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t -- 131 21 148 234 403 201 100%
------- ------- -------- ------- ------- ------- ------- -------
Antamina t -- 131 21 148 234 403 201 100%
------- ------- -------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 18,409 15,839 19,374 22,792 26,026 68,192 87,553 (22)%
------- ------- -------- ------- ------- ------- ------- -------
Antamina t 18,409 15,839 19,374 22,792 26,026 68,192 87,553 (22)%
------- ------- -------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 79,159 100,013 85,668 90,468 89,841 265,977 262,947 1%
------- ------- -------- ------- ------- ------- ------- -------
Escondida troy oz 38,955 45,410 46,963 37,293 44,527 128,783 135,651 (5)%
Pampa Norte troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
Copper South Australia troy oz 36,427 48,355 32,928 48,309 40,457 121,694 114,706 6%
Carajas troy oz 1,958 1,572 1,734 2,231 1,516 5,481 3,986 38%
------- ------- -------- ------- ------- ------- ------- -------
Refined gold troy oz 49,128 49,139 37,385 47,478 57,006 141,869 157,984 (10)%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia troy oz 49,128 49,139 37,385 47,478 57,006 141,869 157,984 (10)%
Total troy oz 128,287 149,152 123,053 137,946 146,847 407,846 420,931 (3)%
------- ------- -------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,620 3,317 3,150 3,277 3,418 9,845 8,276 19%
------- ------- -------- ------- ------- ------- ------- -------
Escondida troy koz 1,328 1,549 1,546 1,619 1,787 4,952 3,897 27%
Pampa Norte troy koz 327 583 503 451 428 1,382 1,071 29%
Copper South Australia troy koz 252 312 223 253 186 662 822 (19)%
Antamina troy koz 713 873 878 954 1,017 2,849 2,486 15%
------- ------- -------- ------- ------- ------- ------- -------
Refined silver troy koz 248 265 206 133 462 801 730 10%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia troy koz 248 265 206 133 462 801 730 10%
Total troy koz 2,868 3,582 3,356 3,410 3,880 10,646 9,006 18%
------- ------- -------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 863 929 672 725 783 2,180 2,674 (18)%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia t 863 929 672 725 783 2,180 2,674 (18)%
------- ------- -------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 824 699 1,084 751 801 2,636 1,917 38%
------- ------- -------- ------- ------- ------- ------- -------
Pampa Norte t 203 117 182 136 187 505 677 (25)%
Antamina t 621 582 902 615 614 2,131 1,240 72%
------- ------- -------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 60,299 68,173 63,363 64,751 60,137 188,251 186,763 1%
Samarco kt 1,174 1,041 1,285 1,471 1,635 4,391 3,707 18%
Total kt 61,473 69,214 64,648 66,222 61,772 192,642 190,470 1%
------- ------- -------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,035 4,922 4,515 4,430 3,919 12,864 17,353 (26)%
------- ------- -------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 4,149 3,751 3,675 3,698 3,596 10,969 11,617 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 18.8 23.0 19.6 8.0 2.3 29.9 58.6 (49)%
------- ------- -------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 179 181 294 121 35 450 553 (19)%
------- ------- -------- ------- ------- ------- ------- -------
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
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
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 281.5 378.7 391.5 372.8 399.0 1,163.3 896.0 30%
------- ------- -------- ------- ------- ------- ------- -------
Escondida kt 204.0 261.3 273.2 275.0 309.2 857.4 625.2 37%
Pampa Norte kt 26.9 49.3 44.0 36.5 36.5 117.0 93.1 26%
Copper South Australia kt 17.1 28.0 30.4 25.9 23.8 80.1 70.9 13%
Antamina kt 31.3 37.4 39.6 33.3 27.4 100.3 102.4 (2)%
Carajas kt 2.2 2.7 4.3 2.1 2.1 8.5 4.4 93%
------- ------- -------- ------- ------- ------- ------- -------
Cathode kt 120.1 142.3 110.7 120.0 133.3 364.0 389.6 (7)%
------- ------- -------- ------- ------- ------- ------- -------
Escondida kt 44.3 54.6 37.6 43.2 47.4 128.2 145.7 (12)%
Pampa Norte kt 22.1 26.5 24.1 30.0 30.7 84.8 89.8 (6)%
Copper South Australia kt 53.7 61.2 49.0 46.8 55.2 151.0 154.1 (2)%
Total kt 401.6 521.0 502.2 492.8 532.3 1,527.3 1,285.6 19%
------- ------- -------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 108 9 125 35 181 341 353 (3)%
------- ------- -------- ------- ------- ------- ------- -------
Antamina t 108 9 125 35 181 341 353 (3)%
------- ------- -------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 17,559 14,118 19,609 25,328 22,249 67,186 88,563 (24)%
------- ------- -------- ------- ------- ------- ------- -------
Antamina t 17,559 14,118 19,609 25,328 22,249 67,186 88,563 (24)%
------- ------- -------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 70,398 92,323 98,936 89,174 92,357 280,467 257,054 9%
------- ------- -------- ------- ------- ------- ------- -------
Escondida troy oz 38,955 45,410 46,963 37,293 44,527 128,783 135,651 (5)%
Pampa Norte troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
Copper South Australia troy oz 28,136 40,507 44,761 47,719 42,825 135,305 109,794 23%
Carajas troy oz 1,488 1,730 3,169 1,527 1,664 6,360 3,005 112%
------- ------- -------- ------- ------- ------- ------- -------
Refined gold troy oz 41,710 52,687 40,326 43,479 57,982 141,787 151,095 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia troy oz 41,710 52,687 40,326 43,479 57,982 141,787 151,095 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Total troy oz 112,108 145,010 139,262 132,653 150,339 422,254 408,149 3%
------- ------- -------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,431 3,137 3,126 3,084 3,198 9,408 7,896 19%
------- ------- -------- ------- ------- ------- ------- -------
Escondida troy koz 1,328 1,549 1,546 1,619 1,787 4,952 3,897 27%
Pampa Norte troy koz 327 583 503 451 428 1,382 1,071 29%
Copper South Australia troy koz 189 311 295 218 173 686 811 (15)%
Antamina troy koz 587 694 782 796 810 2,388 2,117 13%
------- ------- -------- ------- ------- ------- ------- -------
Refined silver troy koz 188 329 202 110 486 798 629 27%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia troy koz 188 329 202 110 486 798 629 27%
Total troy koz 2,619 3,466 3,328 3,194 3,684 19,614 16,421 19%
------- ------- -------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 394 1,554 677 640 710 2,027 1,770 15%
------- ------- -------- ------- ------- ------- ------- -------
Copper South Australia t 394 1,554 677 640 710 2,027 1,770 15%
------- ------- -------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 677 678 862 872 839 2,573 1,709 51%
------- ------- -------- ------- ------- ------- ------- -------
Pampa Norte t 219 134 181 138 223 542 684 (21)%
Antamina t 458 544 681 734 616 2,031 1,025 98%
------- ------- -------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 61,868 67,323 63,408 64,341 59,234 186,983 188,654 (1)%
Samarco kt 1,258 1,043 1,002 1,508 1,445 3,955 3,723 6%
Total kt 63,126 68,366 64,410 65,849 60,679 190,938 192,377 (1)%
------- ------- -------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,359 4,904 4,273 4,726 3,791 12,790 17,390 (26)%
------- ------- -------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,932 3,678 3,951 3,803 3,509 11,263 11,489 (2)%
------- ------- -------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 18.8 23.2 19.9 11.2 2.2 33.3 57.7 (42)%
------- ------- -------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 179 181 294 121 -- 415 481 (14)%
------- ------- -------- ------- ------- ------- ------- -------
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.
7
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida,
Chile/1/ BHP interest 57.5%
Material mined kt 103,872 102,752 100,416 116,083 117,038 333,537 286,502 16%
Concentrator throughput kt 31,653 34,377 32,488 35,293 32,889 100,670 99,737 1%
Average copper grade -
concentrator % 0.92% 0.99% 1.00% 1.06% 1.09% 1.05% 0.85% 24%
Production ex mill kt 238.6 279.5 269.9 309.8 295.6 875.3 681.9 28%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 239.2 258.5 264.8 295.4 288.4 848.6 668.2 27%
Copper cathode (EW) kt 49.0 50.7 39.4 44.4 45.2 129.0 147.9 (13)%
Oxide leach kt 14.4 13.8 7.8 12.2 14.3 34.3 48.9 (30)%
Sulphide leach kt 34.6 36.9 31.6 32.2 30.9 94.7 99.0 (4)%
Total copper kt 288.2 309.2 304.2 339.8 333.6 977.6 816.1 20%
------- ------- -------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 38,955 45,410 46,963 37,293 44,527 128,783 135,651 (5)%
Payable silver concentrate troy koz 1,328 1,549 1,546 1,619 1,787 4,952 3,897 27%
------- ------- -------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 39.5 39.4 35.7 36.6 36.1 108.4 110.9 (2)%
Cathode kt 22.1 26.5 24.4 29.6 31.8 85.8 88.8 (3)%
Total copper kt 61.6 65.9 60.1 66.2 67.9 194.2 199.7 (3)%
------- ------- -------- ------- ------- ------- ------- -------
Gold troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
------- ------- -------- ------- ------- ------- ------- -------
Silver troy koz 327 583 503 451 428 1,382 1,071 29%
------- ------- -------- ------- ------- ------- ------- -------
Molybdenum t 203 117 182 136 187 505 677 (25)%
------- ------- -------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt -- -- -- -- -- -- -- --
Ore stacked kt -- -- -- -- -- -- 154 (100)%
Average copper grade -
stacked % -- -- -- -- -- -- 0.58% (100)%
------- ------- -------- ------- ------- ------- ------- -------
Copper cathode (EW) kt -- -- -- -- -- -- 11.1 (100)%
Spence
Material mined kt 15,968 19,951 23,260 25,238 21,848 70,346 69,595 1%
Ore stacked kt 6,008 5,926 4,928 5,974 5,584 16,486 15,865 4%
Average copper grade -
stacked % 0.56% 0.54% 0.73% 0.81% 0.62% 0.72% 0.58% 24%
Concentrator throughput kt 8,055 7,766 7,547 7,722 7,754 23,023 23,679 (3)%
Average copper grade -
concentrator % 0.64% 0.70% 0.64% 0.62% 0.63% 0.63% 0.64% (2)%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 39.5 39.4 35.7 36.6 36.1 108.4 110.9 (2)%
Copper cathode (EW) kt 22.1 26.5 24.4 29.6 31.8 85.8 77.7 10%
Total copper kt 61.6 65.9 60.1 66.2 67.9 194.2 188.6 3%
------- ------- -------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
Payable silver concentrate troy koz 327 583 503 451 428 1,382 1,071 29%
Payable molybdenum t 203 117 182 136 187 505 677 (25)%
------- ------- -------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
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 204.0 261.3 273.2 275.0 309.2 857.4 625.2 37%
Copper cathode (EW) kt 44.3 54.6 37.6 43.2 47.4 128.2 145.7 (12)%
Oxide leach kt
Sulphide leach kt
Total copper kt 248.3 315.9 310.8 318.2 356.6 985.6 770.9 28%
------- ------- -------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 38,955 45,410 46,963 37,293 44,527 128,783 135,651 (5)%
Payable silver concentrate troy koz 1,328 1,549 1,546 1,619 1,787 4,952 3,897 27%
------- ------- -------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 26.9 49.3 44.0 36.5 36.5 117.0 93.1 26%
Cathode kt 22.1 26.5 24.1 30.0 30.7 84.8 89.8 (6)%
Total copper kt 49.0 75.8 68.1 66.5 67.2 201.8 182.9 10%
------- ------- -------- ------- ------- ------- ------- -------
Gold troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
------- ------- -------- ------- ------- ------- ------- -------
Silver troy koz 327 583 503 451 428 1,382 1,071 29%
------- ------- -------- ------- ------- ------- ------- -------
Molybdenum t 219 134 181 138 223 542 684 (21)%
------- ------- -------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade -
stacked %
------- ------- -------- ------- ------- ------- ------- -------
Copper cathode (EW) kt -- -- -- -- -- -- 12.5 (100)%
Spence
Material mined kt
Ore stacked kt
Average copper grade -
stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 26.9 49.3 44.0 36.5 36.5 117.0 93.1 26%
Copper cathode (EW) kt 22.1 26.5 24.1 30.0 30.7 84.8 77.3 10%
Total copper kt 49.0 75.8 68.1 66.5 67.2 201.8 170.4 18%
------- ------- -------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 1,819 4,676 4,043 2,635 3,341 10,019 8,604 16%
Payable silver concentrate troy koz 327 583 503 451 428 1,382 1,071 29%
Payable molybdenum t 219 134 181 138 223 542 684 (21)%
------- ------- -------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
8
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.4 34.7 27.9 28.0 24.8 80.7 84.2 (4)%
Cathode kt 55.7 57.2 51.6 45.3 56.6 153.5 158.5 (3)%
Total copper kt 83.1 91.9 79.5 73.3 81.4 234.2 242.7 (4)%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
(4.1) (2.6) (6.1) (2.1) (2.5) (10.7) (10.0) 7%
Net copper kt 79.0 89.3 73.4 71.2 78.9 223.5 232.7 (4)%
------- ------- -------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 43,209 52,045 46,452 52,288 46,097 144,837 132,684 9%
Refined gold troy oz 49,128 49,139 37,385 47,478 57,006 141,869 157,984 (10)%
Total gold troy oz 92,337 101,184 83,837 99,766 103,103 286,706 290,668 (1)%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz (6,782) (3,690) (13,524) (3,979) (5,640) (23,143) (17,978) 29%
Net gold troy oz 85,555 97,494 70,313 95,787 97,463 263,563 272,690 (3)%
------- ------- -------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 282 333 254 264 198 716 876 (18)%
Refined silver troy koz 248 265 206 133 462 801 730 10%
Total silver troy koz 530 598 460 397 660 1,517 1,606 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz (30) (21) (31) (11) (12) (54) (54) 0%
Net silver troy koz 500 577 429 386 648 1,463 1,552 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Uranium t 863 929 672 725 783 2,180 2,674 (18)%
------- ------- -------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,747 2,815 2,734 1,918 2,498 7,150 7,939 (10)%
Ore milled kt 2,511 2,912 2,617 2,407 2,462 7,486 7,741 (3)%
Average copper grade % 1.96% 2.00% 1.99% 2.09% 1.99% 2.02% 2.01% 0%
Average uranium grade kg/t 0.57 0.58 0.60 0.59 0.56 0.58 0.58 0%
------- ------- -------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 55.7 57.2 51.6 45.3 56.6 153.5 158.5 (3)%
Refined gold troy oz 49,128 49,139 37,385 47,478 57,006 141,869 157,984 (10)%
Refined silver troy koz 248 265 206 133 462 801 730 10%
Payable uranium t 863 929 672 725 783 2,180 2,674 (18)%
Prominent Hill
Material mined kt 1,094 1,175 927 1,111 1,119 3,157 3,329 (5)%
Ore milled kt 1,473 1,815 1,559 1,761 1,364 4,684 4,925 (5)%
Average copper grade % 0.86% 0.94% 0.73% 0.72% 0.82% 0.75% 0.85% (11)%
Concentrate produced kt 22.3 28.4 19.6 21.5 19.2 60.3 69.7 (13)%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 10.9 14.6 9.5 10.9 9.7 30.1 35.9 (16)%
Payable gold concentrate troy oz 21,019 25,357 20,976 25,445 24,309 70,730 68,829 3%
Payable silver concentrate troy koz 62 90 63 70 63 196 190 3%
Carrapateena
Material mined kt 1,232 1,486 1,470 1,476 1,202 4,148 3,743 11%
Ore milled kt 1,226 1,450 1,446 1,429 1,306 4,181 3,763 11%
Average copper grade % 1.52% 1.57% 1.45% 1.37% 1.31% 1.38% 1.44% (5)%
Concentrate produced kt 45.9 62.0 59.2 57.6 50.6 167.4 132.7 26%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 16.5 20.1 18.4 17.1 15.1 50.6 48.3 5%
Payable gold concentrate troy oz 22,190 26,688 25,476 26,843 21,788 74,107 63,855 16%
Payable silver concentrate troy koz 220 243 191 194 135 520 686 (24)%
------- ------- -------- ------- ------- ------- ------- -------
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 17.1 28.0 30.4 25.9 23.8 80.1 70.9 13%
Cathode kt 53.7 61.2 49.0 46.8 55.2 151.0 154.1 (2)%
Total copper kt 70.8 89.2 79.4 72.7 79.0 231.1 225.0 3%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- -------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 28,136 40,507 44,761 47,719 42,825 135,305 109,794 23%
Refined gold troy oz 41,710 52,687 40,326 43,479 57,982 141,787 151,095 (6)%
Total gold troy oz 69,846 93,194 85,087 91,198 100,807 277,092 260,889 6%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- -------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 189 311 295 218 173 686 811 (15)%
Refined silver troy koz 188 329 202 110 486 798 629 27%
Total silver troy koz 377 640 497 328 659 1,484 1,440 3%
------- ------- -------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- -------- ------- ------- ------- ------- -------
Uranium t 394 1,554 677 640 710 2,027 1,770 15%
------- ------- -------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- -------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 53.7 61.2 49.0 46.8 55.2 151.0 154.1 (2)%
Refined gold troy oz 41,710 52,687 40,326 43,479 57,982 141,787 151,095 (6)%
Refined silver troy koz 188 329 202 110 486 798 629 27%
Payable uranium t 394 1,554 677 640 710 2,027 1,770 15%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 6.5 7.3 10.9 8.0 9.5 28.4 25.5 11%
Payable gold concentrate troy oz 14,644 12,955 18,719 19,658 22,614 60,991 50,213 21%
Payable silver concentrate troy koz 38 48 73 48 51 172 150 15%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 10.6 20.7 19.5 17.9 14.3 51.7 45.4 14%
Payable gold concentrate troy oz 13,492 27,552 26,042 28,061 20,211 74,314 59,581 25%
Payable silver concentrate troy koz 151 263 222 170 122 514 661 (22)%
------- ------- -------- ------- ------- ------- ------- -------
9
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 56,233 62,481 64,094 57,497 51,529 173,120 181,082 (4)%
Concentrator throughput kt 14,312 14,534 13,096 13,323 13,140 39,559 43,382 (9)%
Average head grade - copper % 0.83% 0.91% 0.91% 0.77% 0.81% 0.83% 0.85% (3)%
Average head grade - zinc % 0.68% 0.68% 0.67% 0.84% 0.85% 0.79% 0.96% (18)%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 33.9 38.3 36.3 30.5 30.9 97.7 105.6 (7)%
Payable zinc t 18,409 15,839 19,374 22,792 26,026 68,192 87,553 (22)%
Payable silver troy koz 713 873 878 954 1,017 2,849 2,486 15%
Payable lead t -- 131 21 148 234 403 201 100%
Payable molybdenum t 621 582 902 615 614 2,131 1,240 72%
------- ------- -------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt 163 134 180 152 140 472 352 34%
Ore milled kt 163 135 161 170 128 460 353 30%
Average copper grade % 2.07% 1.68% 1.61% 1.92% 1.64% 1.73% 1.91% (9)%
Production ex mill kt 12.9 8.8 9.9 12.6 7.9 30.4 25.7 18%
Average gold grade g/t 0.50 0.48 0.46 0.54 0.50 0.50 0.48 4%
------- ------- -------- ------- ------- ------- ------- -------
Payable copper kt 3.1 2.1 2.3 3.0 1.9 7.2 6.2 17%
Payable gold concentrate troy oz 1,958 1,572 1,734 2,231 1,516 5,481 3,986 38%
------- ------- -------- ------- ------- ------- ------- -------
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 15,032 14,368 13,358 13,796 11,991 39,145 43,734 (10)%
Area C Joint Venture kt 24,920 29,070 28,839 29,578 27,869 86,286 76,798 12%
Yandi Joint Venture kt 4,434 5,293 4,440 3,777 3,819 12,036 12,562 (4)%
Jimblebar/1/ kt 15,913 19,442 16,726 17,600 16,458 50,784 53,669 (5)%
Total kt 60,299 68,173 63,363 64,751 60,137 188,251 186,763 1%
------- ------- -------- ------- ------- ------- ------- -------
Total (100%) kt 68,131 76,773 71,593 73,071 67,844 212,508 210,249 1%
------- ------- -------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- -------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,174 1,041 1,285 1,471 1,635 4,391 3,707 18%
------- ------- -------- ------- ------- ------- ------- -------
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
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 31.3 37.4 39.6 33.3 27.4 100.3 102.4 (2)%
Payable zinc t 17,559 14,118 19,609 25,328 22,249 67,186 88,563 (24)%
Payable silver troy koz 587 694 782 796 810 2,388 2,117 13%
Payable lead t 108 9 125 35 181 341 353 (3)%
Payable molybdenum t 458 544 681 734 616 2,031 1,025 98%
------- ------- -------- ------- ------- ------- ------- -------
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 2.1 8.5 4.4 93%
Payable gold concentrate troy oz 1,488 1,730 3,169 1,527 1,664 6,360 3,005 112%
------- ------- -------- ------- ------- ------- ------- -------
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 19,175 20,260 19,377 20,319 18,822 58,518 59,320 (1)%
Fines kt 42,693 47,063 44,031 44,022 40,412 128,465 129,334 (1)%
Total kt 61,868 67,323 63,408 64,341 59,234 186,983 188,654 (1)%
------- ------- -------- ------- ------- ------- ------- -------
Total (100%) kt 69,775 75,898 71,543 72,594 66,765 210,902 211,863 0%
------- ------- -------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,258 1,043 1,002 1,508 1,445 3,955 3,723 6%
------- ------- -------- ------- ------- ------- ------- -------
10
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt 1,070 25 -- -- -- -- 3,547 (100)%
Goonyella kt 1,824 2,047 1,359 1,439 1,228 4,026 4,387 (8)%
Peak Downs kt 1,012 1,238 1,249 1,073 1,098 3,420 2,979 15%
Saraji kt 759 817 940 1,171 883 2,994 2,470 21%
Daunia/1/ kt 524 13 -- -- -- -- 1,500 (100)%
Caval Ridge kt 846 782 967 747 710 2,424 2,470 (2)%
Total/2/ kt 6,035 4,922 4,515 4,430 3,919 12,864 17,353 (26)%
------- ------- -------- ------- ------- ------- ------- -------
Total (100%)/2/ kt 12,070 9,844 9,030 8,860 7,838 25,728 34,706 (26)%
------- ------- -------- ------- ------- ------- ------- -------
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 kt
Total kt 4,149 3,751 3,675 3,698 3,596 10,969 11,617 (6)%
------- ------- -------- ------- ------- ------- ------- -------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt 32.4 42.6 35.9 5.4 -- 41.3 118.9 (65)%
Average nickel grade % 15.2 17.8 17.1 16.7 -- 17.0 16.3 4%
------- ------- -------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 60.3 76.6 72.5 -- -- 72.5 189.7 (62)%
Average nickel grade % 7.8 9.0 8.8 -- -- 8.8 8.0 10%
------- ------- -------- ------- ------- ------- ------- -------
Refined nickel/2/ kt 8.8 14.7 12.1 0.1 -- 12.2 35.2 (65)%
Nickel sulphate/3/ kt 1.0 1.6 0.3 -- -- 0.3 2.6 (88)%
Intermediates and nickel
by-products/4/ kt 9.0 6.7 7.2 7.9 2.3 17.4 20.8 (16)%
Total nickel kt 18.8 23.0 19.6 8.0 2.3 29.9 58.6 (49)%
------- ------- -------- ------- ------- ------- ------- -------
Cobalt by-products t 179 181 294 121 35 450 553 (19)%
------- ------- -------- ------- ------- ------- ------- -------
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
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2024 2024 2024 2024 2025 2025 2024 %
------- ------- -------- ------- ------- ------- ------- -------
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 5,410 4,862 4,273 4,695 3,708 12,676 14,663 (14)%
Weak coking coal kt 927 42 -- -- -- -- 2,208 (100)%
Thermal coal kt 22 -- -- 31 83 114 519 (78)%
Total/1/ kt 6,359 4,904 4,273 4,726 3,791 12,790 17,390 (26)%
------- ------- -------- ------- ------- ------- ------- -------
Total (100%)/1/ kt 12,718 9,808 8,546 9,452 7,582 25,580 34,780 (26)%
------- ------- -------- ------- ------- ------- ------- -------
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 3,558 3,254 3,416 3,471 3,128 10,015 10,587 (5)%
Domestic kt 374 424 535 332 381 1,248 902 38%
Total kt 3,932 3,678 3,951 3,803 3,509 11,263 11,489 (2)%
------- ------- -------- ------- ------- ------- ------- -------
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 8.6 14.8 13.5 0.8 -- 14.3 34.8 (59)%
Nickel sulphate/3/ kt 0.8 1.5 0.6 0.3 0.1 1.0 2.3 (57)%
Intermediates and nickel
by-products/4/ kt 9.4 6.9 5.8 10.1 2.1 18.0 20.6 (13)%
Total nickel kt 18.8 23.2 19.9 11.2 2.2 33.3 57.7 (42)%
------- ------- -------- ------- ------- ------- ------- -------
Cobalt by-products t 179 181 294 121 -- 415 481 (14)%
------- ------- -------- ------- ------- ------- ------- -------
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.
11
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BHP | Operational review for the nine months ended 31 March 2025
Variance analysis relates to the relative performance of BHP and/or its
operations during the nine months ended March 2025 compared with the nine months
ended March 2024, 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); percentage point
(ppt); 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
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
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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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12
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BHP | Operational review for the nine months ended 31 March 2025
Date: 17-04-2025 07:05:00
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