UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

30 July 2024

 

 

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

 

 

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

 

 

 


LOGO          17 July 2024

Operational review for the year ended 30 June 2024

Strong operational performance with record iron ore production and highest copper production in over 15 years.

“We finished the year with a strong fourth quarter, achieving several production records and we are meeting current production and unit cost guidance for all commodities.

WAIO continued its strong performance, delivering a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain as we progress toward our medium-term goal of increasing production to greater than 305 Mtpa. We achieved a strong performance across our copper business globally, underpinned by the highest production in four years at Escondida and another year of record production from Spence in Chile. Successful integration at Copper South Australia has delivered additional production tonnes, and exceeded the annualised synergies planned at the time of the OZL acquisition.

We successfully completed the sale of the Blackwater and Daunia metallurgical coal operations on 2 April 2024. After a challenging year at BMA, we have plans in place to increase production to between 43 and 45 Mtpa (100%) in the next five years.

We continued to execute against our strategy, progressing growth options in the commodities the world needs to meet the demands of the energy transition and population growth. This includes our Jansen potash mine in Canada, where construction of Stage 1 is now more than 50% complete and Stage 2 is underway. We will see first production in 2026 and will be a major global producer of potash by the end of the decade.

On 11 July we announced the temporary suspension of our Western Australia Nickel operations from October 2024 as a result of an oversupply in the global nickel market and protracted low nickel prices.”

 

  

Mike Henry

BHP Chief Executive Officer

Summary

 

  
   

Operational excellence

  

Financial performance

Record production at WAIO and Spence

  

Strong prices in key commodities

FY24 production guidance achieved for all commodities, with metallurgical coal achieving the upper end of its revised guidance. Record production at WAIO, Spence and Carrapateena and the highest production in four years at Escondida.    Average realised prices for copper and iron ore were higher in FY24, while metallurgical coal prices remained relatively stable, and nickel and energy coal prices were lower.

Total copper production increased 9% and is expected to increase a further 4% in FY25.1

 

  

Unit cost guidance for FY24 is expected to be met at Escondida, WAIO and Spence, and revised unit cost guidance is expected to be met at BMA.

 

   

Portfolio

  

Decarbonisation

Executing our strategy

  

Progress on Scope 1, 2 and 3 emissions

We completed the divestment of Blackwater and Daunia, and commenced construction of Jansen Stage 2, with Jansen Stage 1 now >50% complete. We also completed the scheduled ramp up of both South Flank to full production capacity of 80 Mtpa (100% basis) and the Carrapateena Crusher 2 project.    We held an investor roundtable to provide an update on our decarbonisation progress, including our collaborations to trial battery electric haul trucks in the Pilbara and investigate a pilot electric smelting furnace (ESF).

 

         
Production    Quarter performance     YTD performance     Production guidance         
   
     Q4 FY24      v Q3 FY24     v Q4 FY23     FY24      v FY23     FY24
guidance
    FY25
guidance
   

FY25e v FY24

(actual)

 
                 

Copper (kt)

     504.9        8     6     1,865.2        9     1,720 – 1,910     1,845 – 2,045       (1%) – 10%  
   

Escondida (kt)

     309.2        7     6     1,125.3        7     1,080 – 1,180       1,180 – 1,300       5% – 16%  
   

Pampa Norte (kt)i

     65.9        7     (4 %)      265.6        (8 %)      210 – 250 i      240 – 270 i      (6%) – 6%i  
   

Copper South Australia (kt)

     89.3        13     17     322.0        39     310 – 340       310 – 340       (4%) – 6%  
   

Antamina (kt)

     38.3        13     5     143.9        4     120 – 140       115 – 135       (20%) – (6%)  
   

Carajás (kt)

     2.2        (31 %)      38     8.4            -       -       -  
                 

Iron ore (Mt)

     69.2        13     6     259.7        1     254 – 264.5       255 – 265.5       (2%) – 2%  
   

WAIO (Mt)

     68.2        13     6     254.9        1     250 – 260       250 – 260       (2%) – 2%  
   

WAIO (100% basis) (Mt)

     76.8        13     6     287.0        1     282 – 294       282 – 294       (2%) – 2%  
   

Samarco (Mt)

     1.0        (11 %)      (15 %)      4.7        5     4 – 4.5       5 – 5.5       5% – 16%  
                 

Metallurgical coal – BMA (Mt)ii

     4.9        (18 %)      (42 %)      22.3        (23 %)      21.5 – 22.5       16.5 – 19       (26%) – (15%)  
   

BMA (100% basis) (Mt)

     9.8        (18 %)      (42 %)      44.6        (23 %)      43 – 45       33 – 38       (26%) – (15%)  
                 

Energy coal – NSWEC (Mt)

     3.8        (10 %)      (21 %)      15.4        8     13 – 15       13 – 15       (15%) – (2%)  
   

Nickel – Western Australia Nickel (kt)

     23.0        22     5     81.6        2     77 – 87       -       -  

 

i

Production guidance for FY24 and FY25 is for Spence only and excludes Cerro Colorado which produced 11 kt in FY24 before entering care and maintenance in December 2023.

ii

FY24 production includes 5 Mt (10 Mt on a 100% basis) from Blackwater and Daunia mines until their divestment on 2 April 2024. Refer to production and sales report and metallurgical coal for further information.


BHP | Operational review for the year ended 30 June 2024

 

Summary of disclosures

BHP expects its financial results for the second half of FY24 (H2 FY24) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 27 August 2024. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.

 

     
 Description   

H2 FY24

impacti

(US$M)

   Classificationii
     

Unit costs (at guidance FX)

         

Unit costs for FY24 are expected to be within the guidance range at Escondida, in the lower half of the revised guidance range at BMA, in the upper half of the guidance range at WAIO, and at the top end of the guidance range at Spence

  

-

  

Operating costs

Note: Average realised exchange rates for FY24 of AUD/USD 0.66 (guidance rate AUD/USD 0.67) and USD/CLP 907 (guidance rate USD/CLP 810).

  

-

  
     

Income statement

         

The Group’s adjusted effective tax rate for FY24 is expected to be around the midpoint of the guidance range of 30 – 35%

  

-

  

Taxation expense

Increase in closure and rehabilitation provision for closed sites (predominantly in Group and Unallocated)

  

~100

  

h Operating costs

     

Cash flow statement

         

Working capital movements largely relating to the timing of receivables

  

~150 – 350

  

h Operating cash flow

Cash tax paid

  

~3,350 – 3,450

  

i Operating cash flow

Dividends received from equity-accounted investments

  

~200

  

h Operating cash flow

Capital and exploration spend is expected to be approximately US$9.3 bn, below full year guidance of ~US$10 bn, primarily driven by favourable FX and cash preservation decisions at Western Australia Nickel

  

-

  

i Investing cash flow

Proceeds received from the sale of BHP’s 50% interest in the Blackwater and Daunia minesiii

  

~1,000

  

h Investing cash flow

Dividends paid to non-controlling interests

  

~800

  

i Financing cash flow

Payment of the H1 FY24 dividend

  

~3,600

  

i Financing cash flow

     

Exceptional items

         

Gain on sale of BHP’s 50% interest in the Blackwater and Daunia mines (after tax)

  

~650 – 750

  

Exceptional item

Impairment of Western Australia Nickel following the decision to temporarily suspend operations. See Nickel section for further information.

  

~300

  

Exceptional item

Financial impact on BHP Brasil of the Samarco dam failure is subject to ongoing work. See Iron ore section for further information on Samarco operations.

  

-

  

Exceptional item

 

i

Numbers are not tax effected, unless otherwise noted.

 

ii

There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.

 

iii

A US$50 m deposit was received during H1 FY24. For detail on future payments in relation to the divestment please refer to: BHP completes the divestment of Daunia and Blackwater.

 

2


BHP | Operational review for the year ended 30 June 2024

 

Segment and asset performance | FY24 YTD v FY23 YTD

 

 

LOGO

 

  

 

Further information in Appendix 1

 

Detailed production and sales information for all operations in Appendix 2

 

Copper   

Production

 

1,865 kt LOGO 9%

 

FY23 1,717 kt

 

FY25e 1,845 – 2,045 kt

 

Average realised price

 

US$3.98/lb LOGO 9%

 

FY23 US$3.65/lb

  

Total copper production increased 9% to 1,865 kt. Copper production for FY25 is expected to be between 1,845 and 2,045 kt.

 

Escondida 1,125 kt LOGO 7% (100% basis)

 

Increased production was primarily due to a higher concentrator feed grade of 0.88% (including grade of 0.99% achieved in Q4 FY24), up from 0.82% in FY23, as mining progressed into areas of higher-grade ore as planned following the implementation of measures to manage geotechnical events in FY23. This was partially offset by planned lower cathode production, as a result of prioritising concentrator throughput in prior years.

 

Production for FY25 is expected to be between 1,180 and 1,300 kt, driven by higher grades and throughput, and is expected to be weighted to the second half. Concentrator feed grade for FY25 is expected to be greater than 0.90%.

 

Pampa Norte 266 kt LOGO 8%

 

   Spence production increased 6% to a record 255 kt, driven by improved concentrator throughput and increases in both concentrator feed grade and recoveries. Record concentrate production was partially offset by lower cathode production, in line with an expected decline in stacked feed grade. The concentrator plant modifications which commenced in August 2022 were completed in June 2024.
   Spence successfully completed negotiations for a new collective agreement with the Union N°1 of Operators and Maintainers, effective for 36 months from 1 June 2024.
   Production at Spence for FY25 is expected to be between 240 and 270 kt.
   Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period.
  

Copper South Australia 322 kt LOGO 39%

   Successful integration following the acquisition of OZL in FY23 and strong underlying operational performance across the asset delivered increased production, as well as record material mined and concentrate smelted at Olympic Dam. We have exceeded our planned annualised synergies, such as the processing of Prominent Hill and Carrapateena concentrate at Olympic Dam into higher-margin cathode and refined gold, resulting in annual records for cathode and gold production at Olympic Dam. The successful commissioning and ramp up of Crusher 2 led to record material mined and concentrate produced at Carrapateena.
   Production for FY25 is expected to be between 310 and 340 kt, weighted to the second half.
   We continued exploration drilling at OD Deeps and Oak Dam to enhance our resource knowledge in support of our growth studies and we expect to provide an Inferred Mineral Resource at Oak Dam later this calendar year.
  

Other copper

   At Antamina, copper production increased 4% to 144 kt, as a result of record concentrator throughput offsetting planned lower feed grades. Zinc production was 17% lower at 103 kt, as a result of planned lower feed grades. Copper production for FY25 is expected to be between 115 and 135 kt, due to mine sequencing which will result in lower throughput, and zinc production is expected to be between 90 and 110 kt.
   Carajás produced 8.4 kt of copper and 5.8 troy koz of gold.

 

3


BHP | Operational review for the year ended 30 June 2024

 

Iron ore

 

Production

 

260 Mt LOGO 1%

 

FY23 257 Mt

 

FY25e 255 – 265.5 Mt

 

Average realised price

 

US$101.04/wmt LOGO 9%

 

FY23 US$92.54/wmt

  

Iron ore production increased 1% to a record 260 Mt. Production for FY25 is expected to be between 255 and 265.5 Mt.

 

WAIO 255 Mt LOGO 1% | 287 Mt (100% basis)

 

WAIO achieved another full year production record of 255 Mt (287 Mt on a 100% basis), reflecting strong supply chain performance with increased capacity unlocked by the Port Debottlenecking Project 1 (PDP1) and record production at South Flank. These more than offset the impacts of the continued tie-in activity for the Rail Technology Programme 1 (RTP1).

 

South Flank completed ramp up to full production capacity of 80 Mtpa (100% basis) in FY24 as planned, which contributed to WAIO achieving record lump sales for the year.

 

Following commissioning in December 2023, PDP1 has enabled higher production volumes and contributed to record sales for the year. Ramp up remains on track to be completed in CY24.

 

Production for FY25 is expected to be between 250 and 260 Mt (282 and 294 Mt on a 100% basis) as we ramp up the planned tie-in activities for RTP1.

 

Samarco 4.7 Mt LOGO 5% | 9.5 Mt (100% basis)

 

Production increased as a result of higher concentrator throughput. FY25 production is expected to be between 5 and 5.5 Mt. The second concentrator at Samarco is expected to come online during Q3 FY25, increasing production capacity to approximately 16 Mtpa (100% basis) of pellets once fully ramped up.

 

Coal

 

Metallurgical coal

 

  

Production

 

22.3 Mt LOGO 23%

 

FY23 29.0 Mt

 

FY25e 16.5 – 19 Mt

 

Average realised price

 

US$266.06/t LOGO 2%

 

FY23 US$271.05/t

 

  

BMA 22.3 Mt LOGO 23% | 44.6 Mt (100% basis)

 

Production decreased as a result of increased stripping to improve supply chain stability and restore depleted inventory positions which arose from extended weather impacts and labour constraints over recent years, and the divestment of Blackwater and Daunia on 2 April 2024. Production was also impacted by an extended longwall move and geotechnical faulting at Broadmeadow during H1 FY24, and the temporary suspension of operations following the fatality of a team member at Saraji.

 

Blackwater and Daunia produced 5 Mt (10 Mt on a 100% basis) in FY24 prior to their divestment.

 

Production for FY25 is expected to be between 16.5 and 19 Mt (33 and 38 Mt on a 100% basis) reflecting the divestment of Blackwater and Daunia and impact of elevated strip ratios as we continue to improve supply chain stability and re-establish raw coal inventory positions.

 

In the next five years, we expect to increase production to between 21.5 and 22.5 Mtpa (43 and 45 Mtpa on a 100% basis) once BMA is operating with sustainable inventory levels and strip ratios normalise.

Energy coal

 

  

Production

 

15.4 Mt LOGO 8%

 

FY23 14.2 Mt

 

FY25e 13 – 15 Mt

 

Average realised price

 

US$121.52/t LOGO 49%

 

FY23 US$236.51/t

  

NSWEC 15.4 Mt LOGO 8%

 

Production increased due to strong operating performance across the year as improved weather and labour availability enabled an uplift in truck productivity. This included 1.3 Mt to support regional coal-fired power stations in line with the NSW Government Market Price Emergency (Directions for Coal Mines) Notice (Directions). The Directions ceased on 1 July 2024, with the change in royalty rates for open cut mines increasing 2.6% points, from 8.2% to 10.8%.

 

Production for FY25 is expected to be between 13 and 15 Mt.

 

We continue to progress our plans to cease mining at the asset in FY30, including delivering on our progressive rehabilitation commitments during FY24.

 

4


BHP | Operational review for the year ended 30 June 2024

 

Group & Unallocated
Nickel  
Production   Western Australia Nickel 81.6 kt LOGO 2%

81.6 kt LOGO 2%

 

FY23 80.0 kt

  Nickel West production was in line with the prior year. We produced a higher proportion of the lower-value matte products as a result of increased maintenance at Kwinana Refinery and severe weather events in March 2024.

Average realised price

 

US$18,197/t LOGO 24%

 

FY23 US$24,021/t

  On 11 July 2024, we announced the temporary suspension of operations at Western Australia Nickel with a transition period to commence from July 2024. Operations will be suspended by October 2024 and handover activities for temporary suspension will be completed by December 2024. During the temporary suspension, we will invest ~US$300 m per annum in the facilities to enable a potential restart.
  We are expecting to report an underlying EBITDA loss of ~US$300 m at Western Australia Nickel for FY24 and to recognise a further non-cash impairment charge of US$0.3 bn (pre-tax) as an exceptional item in the Group’s FY24 Financial Statements.

Quarterly performance | Q4 FY24 v Q3 FY24

 

 

Copper

 

     

 

Iron ore

 

   

505 kt LOGO 8%

 

Q3 FY24 466 kt

  Higher concentrator grade and throughput at Escondida, and higher volumes at Copper SA with record production at Carrapateena following the commissioning of Crusher 2 in Q3 FY24.  

69 Mt LOGO 13%

 

Q3 FY24 61 Mt

  Record monthly and quarterly production achieved at WAIO as a result of strong underlying performance at the mines and the benefits of PDP1, as well as the prior quarter impacts of wet weather and a bushfire near Yandi.

 

Metallurgical coal

 

 

 

Energy coal

 

4.9 Mt LOGO 18%

 

Q3 FY24 6.0 Mt

 

Production decreased following the divestment of the Blackwater and Daunia mines on 2 April 2024. Production increased at the remaining operations as a result of improved truck productivity and favourable weather conditions.

 

 

3.8 Mt LOGO 10%

 

Q3 FY24 4.1 Mt

  Lower production as a result of unfavourable weather, maintenance works brought forward from Q1 FY25, and a higher proportion of washed coal.

 

Nickel

 

           

23 kt LOGO 22%

 

Q3 FY24 19 kt

 

Higher production following prior period impacts from planned maintenance at the Kwinana Refinery and a severe weather event in March.

 

       

The following footnotes apply to this Operational Review:

 

1

At the midpoint of total copper production guidance for FY25 of 1,845 – 2,045 kt

 

5


BHP | Operational review for the year ended 30 June 2024

 

Appendix 1

Average realised pricesi

 

      Quarter     H2 FY24     YTD  
      Q4 FY24      v Q3 FY24     H2 FY24      v H1 FY24     v H2 FY23     FY24      v FY23  

Copper (US$/lb)ii,iii,iv

     4.58        19     4.27        17     12     3.98        9

Iron ore (US$/wmt, FOB)v

     91.31        (14 %)      98.49        (5 %)      (1 %)      101.04        9

Metallurgical coal (US$/t)vi

     245.29        (13 %)      265.71        (0 %)      (3 %)      266.06        (2 %) 

Hard coking coal (US$/t)vii

     246.02        (16 %)      271.26        (1 %)      (2 %)      273.03        (0 %) 

Weak coking coal (US$/t)vii

     161.70        (23 %)      206.84        1     (17 %)      205.54        (18 %) 

Thermal coal (US$/t)vi,viii

     123.38        6     119.57        (3 %)      (24 %)      121.52        (49 %) 

Nickel metal (US$/t)ix

     18,414        11     17,744        (5 %)      (25 %)      18,197        (24 %) 

 

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

At 30 June 2024, the Group had 430 kt of outstanding copper sales that were revalued at a weighted average price of US$4.33/lb. The final price of these sales will be determined in FY25. In addition, 342 kt of copper sales from FY23 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.

 

iii

The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.

 

iv

Sales from Carrapateena and Prominent Hill acquired through the purchase of OZL are included for Q4 FY24.

 

v

The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for FY24 and Q4 FY24 were based on an average moisture rate of 6.7% and 6.9% respectively.

 

vi

The large majority of metallurgical coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.

 

vii

Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.

 

viii

Export sales only. Includes thermal coal sales from metallurgical coal mines.

 

ix

Relates to refined nickel metal only, excludes intermediate products and nickel sulphate.

Current year unit cost guidance

 

       

Current

 

FY24 guidancei

           

Escondida unit cost (US$/lb)ii

       1.40 – 1.70          Unchanged  

Spence unit cost (US$/lb)

       2.00 – 2.30          Top end  

WAIO unit cost (US$/t)

       17.40 – 18.90          Upper half  

BMA unit cost (US$/t)

       119 – 125          Lower half  

 

i

FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

 

ii

Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

Major projects

 

Commodity    Project and ownership   Project scope / capacity    Capital
expenditure
US$M
     First
production
target date
     Progress  

Potash

   Jansen Stage 1
(Canada)
100%
  Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.      5,723        End-CY26       

Project is 52

complete


 

Potash

   Jansen Stage 2
(Canada)
100%
  Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.      4,859        FY29       

Project is 2

complete


 

The operating expenditure related to Potash for FY24 is expected to be ~US$250 m.

Exploration

Minerals exploration and evaluation expenditure was US$457 m for FY24 (FY23: US$350 m) of which US$399 m was expensed (FY23: US$294 m).

 

6


BHP | Operational Review for the full year ended 30 June 2024

 

Appendix 2

 

            Production                 Sales  
            Quarter ended           Year to date                 Quarter ended           Year to date  
            Jun     Sep     Dec     Mar     Jun           Jun     Jun     Var                 Jun     Sep     Dec     Mar     Jun           Jun     Jun     Var  
            2023     2023     2023     2024     2024           2024     2023     %                 2023     2023     2023     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     310.7       317.3       308.7       339.1       370.5             1,335.6       1,117.9       19         323.1       298.0       316.5       281.6       378.8         1,274.9       1,124.5       13
  Escondida   kt     220.5       221.3       207.7       239.2       258.5         926.7       832.7       11         220.3       209.5       211.7       204.0       261.3         886.5       830.3       7
  Pampa Norte   kt     32.2       38.8       32.6       39.5       39.4         150.3       125.3       20         38.6       31.3       34.9       26.9       49.3         142.4       125.3       14
  Copper South Australia   kt     19.9       23.5       27.4       23.3       32.1         106.3       19.9       434         27.6       22.2       31.6       17.1       28.0         98.9       27.6       258
  Antamina   kt     36.5       32.5       39.2       33.9       38.3         143.9       138.4       4         34.5       32.8       38.3       31.3       37.4         139.8       139.2       0
  Carajás   kt     1.6       1.2       1.8       3.2       2.2         8.4       1.6       425         2.1       2.2       -       2.3       2.8         7.3       2.1       248
  Cathode   kt     165.5       139.7       128.7       126.8       134.4         529.6       598.6       (12 )%          179.9       131.9       137.6       120.1       142.3         531.9       600.3       (11 )% 
  Escondida   kt     72.5       52.0       46.9       49.0       50.7         198.6       222.6       (11 )%          78.0       49.2       52.2       44.3       54.6             200.3       221.2       (9 )% 
  Pampa Norte   kt     36.3       39.5       27.2       22.1       26.5         115.3       163.5       (29 )%          42.4       36.6       31.1       22.1       26.5         116.3       166.4       (30 )% 
  Copper South Australia   kt     56.7       48.2       54.6       55.7       57.2         215.7       212.5       2         59.5       46.1       54.3       53.7       61.2         215.3       212.7       1
    Total   kt     476.2       457.0       437.4       465.9       504.9         1,865.2       1,716.5       9         503.0       429.9       454.1       401.7       521.1         1,806.8       1,724.8       5

Lead

  Payable metal in concentrate   t     146       96       105       -       131         332       657       (49 )%          143       154       91       108       9         362       545       (34 )% 
    Antamina   t     146       96       105       -       131         332       657       (49 )%          143       154       91       108       9         362       545       (34 )% 

Zinc

  Payable metal in concentrate   t     38,822       35,669       33,475       18,409       15,839         103,392       125,048       (17 )%          37,629       33,912       37,092       17,559       14,118         102,681       126,427       (19 )% 
    Antamina   t     38,822       35,669       33,475       18,409       15,839         103,392       125,048       (17 )%          37,629       33,912       37,092       17,559       14,118         102,681       126,427       (19 )% 

Gold

  Payable metal in concentrate   troy oz     96,655       89,024       94,794       79,284       100,113         363,215       249,795       45         108,552       87,703       98,969       70,493       92,433         349,598       261,692       34
  Escondida   troy oz     53,503       48,063       48,633       38,955       45,410         181,061       189,095       (4 )%          53,503       48,063       48,633       38,955       45,410         181,061       189,095       (4 )% 
  Pampa Norte   troy oz     9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50 )%          9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50 )% 
  Copper South Australia   troy oz     32,736       36,228       42,051       36,427       48,355         163,061       32,736       398         44,098       34,176       47,482       28,136       40,507         150,301       44,098       241
  Carajás   troy oz     1,153       802       1,256       2,083       1,672         5,813       1,153       404         1,688       1,533       -       1,583       1,840         4,956       1,688       194
  Refined gold   troy oz     46,479       53,028       55,828       49,128       49,139         207,123       186,029       11         49,182       54,036       55,349       41,710       52,687         203,782       187,924       8
  Copper South Australia   troy oz     46,479       53,028       55,828       49,128       49,139         207,123       186,029       11         49,182       54,036       55,349       41,710       52,687         203,782       187,924       8
    Total   troy oz     143,134       142,052       150,622       128,412       149,252         570,338       435,824       31         157,734       141,739       154,318       112,203       145,120         553,380       449,616       23

Silver

  Payable metal in concentrate   troy koz     2,592       2,582       3,074       2,620       3,317         11,593       10,478       11         2,409       2,527       2,938       2,431       3,137         11,033       10,014       10
  Escondida   troy koz     1,008       1,168       1,401       1,328       1,549         5,446       5,074       7         1,008       1,168       1,401       1,328       1,549         5,446       5,074       7
  Pampa Norte   troy koz     412       356       388       327       583         1,654       1,318       25         412       356       388       327       583         1,654       1,318       25
  Copper South Australia   troy koz     201       260       310       252       312         1,134       201       464         242       258       364       189       311         1,122       242       364
  Antamina   troy koz     971       798       975       713       873         3,359       3,885       (14 )%          747       745       785       587       694         2,811       3,380       (17 )% 
  Refined silver   troy koz     256       261       221       248       265         995       1,089       (9 )%          270       219       222       188       329         958       1,130       (15 )% 
  Copper South Australia   troy koz     256       261       221       248       265         995       1,089       (9 )%          270       219       222       188       329         958       1,130       (15 )% 
    Total   troy koz     2,848       2,843       3,295       2,868       3,582         12,588       11,567       9         2,679       2,746       3,160       2,619       3,466         23,024       21,158       9

Uranium

  Payable metal in concentrate   t     813       825       986       863       929         3,603       3,406       6         1,275       481       895       394       1,554         3,324       3,357       (1 )% 
    Copper South Australia   t     813       825       986       863       929         3,603       3,406       6         1,275       481       895       394       1,554         3,324       3,357       (1 )% 

Molybdenum

  Payable metal in concentrate   t     666       612       481       824       699         2,616       2,162       21         594       564       468       677       678         2,387       2,172       10
  Pampa Norte   t     333       329       145       203       117         794       990       (20 )%          367       303       162       219       134         818       1,100       (26 )% 
    Antamina   t     333       283       336       621       582         1,822       1,172       55         227       261       306       458       544         1,569       1,072       46

Iron ore

  Western Australia Iron Ore (WAIO)   kt     64,074       62,004       64,460       60,299       68,173         254,936       252,531       1         62,926       64,180       62,606       61,868       67,323         255,977       248,883       3
  Samarco   kt     1,221       1,231       1,302       1,174       1,041         4,748       4,512       5         1,160       1,136       1,329       1,258       1,043         4,766       4,514       6
    Total   kt     65,295       63,235       65,762       61,473       69,214         259,684       257,043       1         64,086       65,316       63,935       63,126       68,366         260,743       253,397       3

Metallurgical coal¹

  BHP Mitsubishi Alliance (BMA)   kt     8,477       5,601       5,717       6,035       4,922         22,275       29,020       (23 )%          8,876       5,325       5,706       6,359       4,904         22,294       28,571       (22 )% 

Energy coal

  NSW Energy Coal (NSWEC)   kt     4,765       3,613       3,855       4,149       3,751         15,368       14,172       8         4,894       3,307       4,250       3,932       3,678         15,167       13,864       9

Nickel

  Western Australia Nickel   kt     22.0       20.2       19.6       18.8       23.0         81.6       80.0       2         23.4       18.9       20.0       18.8       23.2         80.9       82.1       (1 )% 

Cobalt

  Western Australia Nickel   t     246       192       182       179       181         734       752       (2 )%          246       192       110       179       181         662       752       (12 )% 

1 Includes BMA thermal coal sales.

 

7


BHP | Operational Review for the full year ended 30 June 2024

 

           

 

Production

 

       

 

Sales

 

 
            Quarter ended         Year to date             Quarter ended         Year to date  
            Jun
2023
    Sep
2023
    Dec
2023
    Mar
2024
    Jun
2024
        Jun
2024
    Jun
2023
   

Var

%

            Jun
2023
    Sep
2023
    Dec
2023
    Mar
2024
    Jun
2024
        Jun
2024
    Jun
2023
   

Var

%

 

Production and sales

                                         

By asset

                                         

Copper

                                         
 

Metals production is payable metal unless otherwise noted.

                                         

Escondida, Chile¹

  BHP interest 57.5%

 

                                     
  Material mined   kt     95,451       87,462       95,168       103,872       102,752         389,254       413,856       (6)%                        
  Concentrator throughput   kt     30,750       33,332       34,752       31,653       34,377         134,114       130,864       2%                        
  Average copper grade - concentrator   %     0.93%       0.85%       0.78%       0.92%       0.99%         0.88%       0.82%       7%                        
  Production ex mill   kt     228.9       225.7       217.6       238.6       279.5         961.4       866.3       11%                                                                        
  Payable copper   kt     220.5       221.3       207.7       239.2       258.5         926.7       832.7       11%           220.3       209.5       211.7       204.0       261.3         886.5       830.3       7%  
  Copper cathode (EW)   kt     72.5       52.0       46.9       49.0       50.7         198.6       222.6       (11)%           78.0       49.2       52.2       44.3       54.6         200.3       221.2       (9)%  
  Oxide leach   kt     29.3       17.5       17.0       14.4       13.8         62.7       76.8       (18)%                        
  Sulphide leach   kt     43.2       34.5       29.9       34.6       36.9         135.9       145.8       (7)%                        
  Total copper   kt     293.0       273.3       254.6       288.2       309.2         1,125.3       1,055.3       7%           298.3       258.7       263.9       248.3       315.9         1,086.8       1,051.5       3%  
  Payable gold concentrate   troy oz     53,503       48,063       48,633       38,955       45,410         181,061       189,095       (4)%           53,503       48,063       48,633       38,955       45,410         181,061       189,095       (4)%  
    Payable silver concentrate   troy koz     1,008       1,168       1,401       1,328       1,549         5,446       5,074       7%           1,008       1,168       1,401       1,328       1,549         5,446       5,074       7%  

1 Shown on a 100% basis.

                                         

Pampa Norte, Chile

  BHP interest 100%                                        

Copper

  Payable metal in concentrate   kt     32.2       38.8       32.6       39.5       39.4         150.3       125.3       20%           38.6       31.3       34.9       26.9       49.3         142.4       125.3       14%  
  Cathode   kt     36.3       39.5       27.2       22.1       26.5         115.3       163.5       (29)%           42.4       36.6       31.1       22.1       26.5         116.3       166.4       (30)%  
    Total copper   kt     68.5       78.3       59.8       61.6       65.9         265.6       288.8       (8)%           81.0       67.9       66.0       49.0       75.8         258.7       291.7       (11)%  

Gold

      troy oz     9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50)%           9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50)%  

Silver

      troy koz     412       356       388       327       583         1,654       1,318       25%           412       356       388       327       583         1,654       1,318       25%  

Molybdenum

      t     333       329       145       203       117         794       990       (20)%           367       303       162       219       134         818       1,100       (26)%  
                                                                                                                         

Cerro Colorado¹

                                           
  Material mined   kt     145       -       -       -       -         -       4,079       (100)%                        
  Ore stacked   kt     3,928       154       -       -       -         154       15,987       (99)%                        
  Average copper grade - stacked   %     0.53%       0.58%       -       -       -         0.58%       0.55%       6%                                                                        
  Copper cathode (EW)   kt     12.2       9.5       1.6       -       -         11.1       49.2       (77)%           14.1       8.8       3.7       -       -         12.5       50.5       (75)%  
                                                                                                                         

Spence

                                           
  Material mined   kt     25,622       27,654       25,973       15,968       19,951         89,546       104,416       (14)%                        
  Ore stacked   kt     5,625       5,113       4,744       6,008       5,926         21,791       21,304       2%                        
  Average copper grade - stacked   %     0.58%       0.60%       0.59%       0.56%       0.54%         0.57%       0.64%       (10)%                        
  Concentrator throughput   kt     6,927       8,473       7,151       8,055       7,766         31,445       28,252       11%                        
  Average copper grade - concentrator   %     0.61%       0.64%       0.65%       0.64%       0.70%         0.66%       0.61%       7%                                                                        
  Payable copper   kt     32.2       38.8       32.6       39.5       39.4         150.3       125.3       20%           38.6       31.3       34.9       26.9       49.3         142.4       125.3       14%  
  Copper cathode (EW)   kt     24.1       30.0       25.6       22.1       26.5         104.2       114.3       (9)%           28.3       27.8       27.4       22.1       26.5         103.8       115.9       (10)%  
  Total copper   kt     56.3       68.8       58.2       61.6       65.9         254.5       239.6       6%           66.9       59.1       62.3       49.0       75.8         246.2       241.2       2%  
  Payable gold concentrate   troy oz     9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50)%           9,263       3,931       2,854       1,819       4,676         13,280       26,811       (50)%  
  Payable silver concentrate   troy koz     412       356       388       327       583         1,654       1,318       25%           412       356       388       327       583         1,654       1,318       25%  
    Payable molybdenum   t     333       329       145       203       117         794       990       (20)%           367       303       162       219       134         818       1,100       (26)%  

1 Cerro Colorado entered temporary care and maintenance in December 2023.

 

8


BHP | Operational Review for the full year ended 30 June 2024

 

             Production                 Sales  
             Quarter ended           Year to date                 Quarter ended           Year to date  
             Jun     Sep     Dec     Mar     Jun           Jun     Jun     Var                 Jun     Sep     Dec     Mar     Jun           Jun     Jun     Var  
             2023     2023     2023     2024     2024         2024     2023     %             2023     2023     2023     2024     2024         2024     2023     %  

Copper (continued)

                                         

Copper South Australia, Australia

  BHP interest 100%

 

                                     

Copper

   Payable metal in concentrate   kt     19.9       26.2       30.6       27.4       34.7         118.9       19.9       497%           27.6       22.2       31.6       17.1       28.0         98.9       27.6       258%  
   Cathode   kt     56.7       48.2       54.6       55.7       57.2         215.7       212.5       2%           59.5       46.1       54.3       53.7       61.2         215.3       212.7       1%  
   Total copper   kt     76.6       74.4       85.2       83.1       91.9         334.6       232.4       44%           87.1       68.3       85.9       70.8       89.2         314.2       240.3       31%  
   Payable metal in concentrate transfer to Olympic Dam¹   kt     -       (2.7)       (3.2)       (4.1)       (2.6)         (12.6)       0.0                                
     Net copper   kt     76.6       71.7       82       79.0       89.3         322.0       232.4       39%                                                                        

Gold

   Payable metal in concentrate   troy oz     32,736       41,424       48,051       43,209       52,045             184,729       32,736       464%                   44,098       34,176       47,482       28,136       40,507         150,301       44,098       241%  
   Refined gold   troy oz     46,479       53,028       55,828       49,128       49,139         207,123       186,029       11%           49,182       54,036       55,349       41,710       52,687         203,782       187,924       8%  
   Total gold   troy oz     79,215       94,452       103,879       92,337       101,184         391,852       218,765       79%           93,280       88,212       102,831       69,846       93,194         354,083       232,022       53%  
   Payable metal in concentrate transfer to Olympic Dam¹   troy oz     -       (5,196)       (6,000)       (6,782)       (3,690)         (21,668)       -                                
     Net gold   troy oz     79,215       89,256       97,879       85,555       97,494         370,184       218,765       69%                                                                        

Silver

   Payable metal in concentrate   troy koz     201       271       323       282       333         1,209       201       501%           242       258       364       189       311         1,122       242       364%  
   Refined silver   troy koz     256       261       221       248       265         995       1,089       (9)%           270       219       222       188       329         958       1,130       (15)%  
   Total silver   troy koz     457       532       544       530       598         2,204       1,290       71%           512       477       586       377       640         2,080       1,372       52%  
   Payable metal in concentrate transfer to Olympic Dam¹   troy koz     -       (11)       (13)       (30)       (21)         (75)       -                                
     Net silver   troy koz     457       521       531       500       577         2,129       1,290       65%                                                                        

Uranium

       t     813       825       986       863       929         3,603       3,406       6%           1,275       481       895       394       1,554         3,324       3,357       (1)%  
                                            

Olympic Dam

                                            
   Material mined   kt     2,356       2,655       2,537       2,747       2,815         10,754       9,349       15%                        
   Ore milled   kt     2,755       2,596       2,634       2,511       2,912         10,653       10,445       2%                        
   Average copper grade   %     2.00%       1.96%       2.12%       1.96%       2.00%         2.01%       2.04%       (1)%                        
   Average uranium grade   kg/t     0.55       0.56       0.62       0.57       0.58         0.58       0.57       1%                                                                        
   Copper cathode (ER and EW)   kt     56.7       48.2       54.6       55.7       57.2         215.7       212.5       2%           59.5       46.1       54.3       53.7       61.2         215.3       212.7       1%  
   Refined gold   troy oz     46,479       53,028       55,828       49,128       49,139         207,123       186,029       11%           49,182       54,036       55,349       41,710       52,687         203,782       187,924       8%  
   Refined silver   troy koz     256       261       221       248       265         995       1,089       (9)%           270       219       222       188       329         958       1,130       (15)%  
   Payable uranium   t     813       825       986       863       929         3,603       3,406       6%           1,275       481       895       394       1,554         3,324       3,357       (1)%  
                                            

Prominent Hill²

                                            
   Material mined   kt     661       1,110       1,125       1,094       1,175         4,504       661       581%                        
   Ore milled   kt     1,228       1,652       1,800       1,473       1,815         6,740       1,228       449%                        
   Average copper grade   %     0.77%       0.85%       0.83%       0.86%       0.94%         0.87%       0.77%       13%                        
   Concentrate produced   kt     16.3       23.8       23.6       22.3       28.4         98.1       16.3       502%                                                                        
   Payable copper   kt     8.2       12.1       12.9       10.9       14.6         50.5       8.2       516%           15.7       8.4       10.6       6.5       7.3         32.8       15.7       109%  
   Payable gold concentrate   troy oz     17,432       22,031       25,779       21,019       25,357         94,186       17,432       440%           28,856       15,524       20,045       14,644       12,955         63,168       28,856       119%  
   Payable silver concentrate   troy koz     44       63       65       62       90         280       44       536%           87       53       59       38       48         198       87       128%  
                                            

Carrapateena²

                                            
   Material mined   kt     880       1,201       1,310       1,232       1,486         5,229       880       494%                        
   Ore milled   kt     856       1,230       1,307       1,226       1,450         5,213       856       509%                        
   Average copper grade   %     1.52%       1.29%       1.52%       1.52%       1.57%         1.48%       1.52%       (3)%                        
   Concentrate produced   kt     30.1       37.6       49.2       45.9       62.0         194.7       30.1       547%                                                                        
   Payable copper   kt     11.7       14.1       17.7       16.5       20.1         68.4       11.7       485%           11.9       13.8       21.0       10.6       20.7         66.1       11.9       455%  
   Payable gold concentrate   troy oz     15,304       19,393       22,272       22,190       26,688         90,543       15,304       492%           15,242       18,652       27,437       13,492       27,552         87,133       15,242       472%  
     Payable silver concentrate   troy koz     157       208       258       220       243         929       157       492%           155       205       305       151       263         924       155       496%  

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.

 

9


BHP | Operational Review for the full year ended 30 June 2024

 

             Production              Sales  
             Quarter ended          Year to date              Quarter ended          Year to date  
            

Jun

2023

    

Sep

2023

    

Dec

2023

    

Mar

2024

    

Jun

2024

        

Jun

2024

    

Jun

2023

    

Var

%

            

Jun

2023

    

Sep

2023

    

Dec

2023

    

Mar

2024

    

Jun

2024

        

Jun

2024

    

Jun

2023

    

Var

%

 

Copper (continued)

                                                         
 

Antamina, Peru

 

BHP interest 33.75%

 

      
 

Material mined

 

kt

     62,894        63,310        61,539        56,233        62,481          243,563        253,448        (4)%                                
  Concentrator throughput  

kt

     13,897        14,246        14,824        14,312        14,534          57,916        54,376        7%                                
  Average head grade - copper  

%

     0.88%        0.83%        0.90%        0.83%        0.91%          0.87%        0.89%        (2)%                                
  Average head grade - zinc  

%

     1.25%        1.17%        1.03%        0.68%        0.68%          0.89%        1.10%        (19)%                                                                                
  Payable copper  

kt

     36.5        32.5        39.2        33.9        38.3          143.9        138.4        4%            34.5        32.8        38.3        31.3        37.4          139.8        139.2        0%  
  Payable zinc  

t

     38,822        35,669        33,475        18,409        15,839          103,392        125,048        (17)%            37,629        33,912        37,092        17,559        14,118          102,681        126,427        (19)%  
  Payable silver  

troy koz

     971        798        975        713        873          3,359        3,885        (14)%            747        745        785        587        694          2,811        3,380        (17)%  
  Payable lead  

t

     146        96        105        -        131          332        657        (49)%            143        154        91        108        9          362        545        (34)%  
    Payable molybdenum  

t

     333        283        336        621        582          1,822        1,172        55%            227        261        306        458        544          1,569        1,072        46%  
                                                           
 

Carajás, Brazil¹

 

BHP interest 100%

 

      
  Material mined  

kt

     103        74        115        163        134          486        103        372%                                
  Ore milled  

kt

     100        70        119        163        135          487        100        387%                                
  Average copper grade  

%

     1.71%        1.91%        1.69%        2.07%        1.68%          1.85%        1.71%        8%                                
  Production ex mill  

kt

     6.6        5.2        7.6        12.9        8.8          34.5        6.6        423%                                                                                
  Payable copper  

kt

     1.6        1.2        1.8        3.2        2.2          8.4        1.6        425%            2.1        2.2        -        2.3        2.8          7.3        2.1        248%  
    Payable gold concentrate  

troy oz

     1,153        802        1,256        2,083        1,672          5,813        1,153        404%            1,688        1,533        -        1,583        1,840          4,956        1,688        194%  

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

     14,795        13,234        15,468        15,032        14,368          58,102        56,945        2%                                
  Area C Joint Venture  

kt

     28,818        25,804        26,074        24,920        29,070          105,868        107,375        (1)%                                
  Yandi Joint Venture  

kt

     5,359        3,150        4,978        4,434        5,293          17,855        21,410        (17)%                                
  Jimblebar¹  

kt

     15,102        19,816        17,940        15,913        19,442          73,111        66,801        9%                                
  Total  

kt

     64,074        62,004        64,460        60,299        68,173          254,936        252,531        1%                                
  Total (100%)  

kt

     72,717        69,448        72,670        68,131        76,773          287,022        285,307        1%                                                                                
  Lump  

kt

                                   20,022        20,969        19,176        19,175        20,260          79,580        77,979        2%  
  Fines  

kt

                                   42,904        43,211        43,430        42,693        47,063          176,397        170,904        3%  
  Total  

kt

                                   62,926        64,180        62,606        61,868        67,323          255,977        248,883        3%  
    Total (100%)  

kt

                                                                                   71,172        71,748        70,340        69,775        75,898          287,761        280,716        3%  

1 Shown on a 100% basis. BHP interest in saleable production is 85%.

 

                             
                                        
 

Samarco, Brazil

 

BHP interest 50%

 

      
    Total  

kt

     1,221        1,231        1,302        1,174        1,041          4,748        4,512        5%            1,160        1,136        1,329        1,258        1,043          4,766        4,514        6%  

 

10


BHP | Operational Review for the full year ended 30 June 2024

 

             Production              Sales  
             Quarter ended          Year to date              Quarter ended          Year to date  
            

Jun
2023

     Sep
2023
    

Dec

2023

    

Mar

2024

    

Jun

2024

        

Jun

2024

    

Jun

2023

    

Var

%

            

Jun

2023

    

Sep

2023

    

Dec

2023

    

Mar

2024

    

Jun

2024

        

Jun

2024

    

Jun

2023

    

Var

%

 

Coal

                                                           
 

Coal production is reported on the basis of saleable product.

 

 

                             

BMA, Australia

  BHP interest 50%

 

            
 
  Blackwater1   kt      1,505        1,295        1,182        1,070        25          3,572        5,055        (29)%                                
 
  Goonyella   kt      2,348        827        1,736        1,824        2,047          6,434        8,310        (23)%                                
 
  Peak Downs   kt      1,424        1,121        846        1,012        1,238          4,217        5,480        (23)%                                
 
  Saraji   kt      1,326        1,010        701        759        817          3,287        4,596        (28)%                                
 
  Daunia1   kt      617        545        431        524        13          1,513        1,989        (24)%                                
 
  Caval Ridge   kt      1,257        803        821        846        782          3,252        3,590        (9)%                                
 
  Total2   kt      8,477        5,601        5,717        6,035        4,922          22,275        29,020        (23)%                                
 
  Total (100%)   kt      16,954        11,202        11,434        12,070        9,844          44,550        58,040        (23)%                                                                                
 
  Coking coal   kt                                    7,448        4,497        4,756        5,410        4,862          19,525        24,307        (20)%  
 
  Weak coking coal   kt                                    1,064        529        752        927        42          2,250        3,101        (27)%  
 
  Thermal coal   kt                                    364        299        198        22        -          519        1,163        (55)%  
 
  Total   kt                                    8,876        5,325        5,706        6,359        4,904          22,294        28,571        (22)%  
 
    Total (100%)   kt                                                                                      17,752        10,650        11,412        12,718        9,808          44,588        57,142        (22)%  
 

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                                    4,693        3,087        3,942        3,558        3,254          13,841        13,663        1%  
 
  Domestic1   kt                                    201        220        308        374        424          1,326        201        560%  
 
    Total   kt      4,765        3,613        3,855        4,149        3,751            15,368        14,172        8%            4,894        3,307        4,250        3,932        3,678          15,167        13,864        9%  
 

1 Domestic sales are 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      44.5        42.7        43.8        32.4        42.6          161.5        165.5        (2)%                                
 
    Average nickel grade   %      16.2        16.7        16.8        15.2        17.8          16.7        16.3        2%                                
 

Leinster

  Nickel concentrate   kt      71.1        66.0        63.4        60.3        76.6          266.3        254.2        5%                                
 
    Average nickel grade   %      8.5        8.1        8.0        7.8        9.0          8.3        9.1        (9)%                                                                                
 
  Refined nickel1   kt      13.1        13.8        12.6        8.8        14.7          49.9        54.6        (9)%            13.1        13.2        13.0        8.6        14.8          49.6        54.4        (9)%  
 
  Nickel sulphate2   kt      0.7        0.9        0.7        1.0        1.6          4.2        3.2        31%            0.8        0.8        0.7        0.8        1.5          3.8        3.0        27%  
 
  Intermediates and nickel by-products3   kt      8.2        5.5        6.3        9.0        6.7          27.5        22.2        24%            9.5        4.9        6.3        9.4        6.9          27.5        24.7        11%  
 
  Total nickel   kt      22.0        20.2        19.6        18.8        23.0          81.6        80.0        2%            23.4        18.9        20.0        18.8        23.2          80.9        82.1        (1)%  
 
    Cobalt by-products   t      246        192        182        179        181          734        752        (2)%            246        192        110        179        181          662        752        (12)%  

 

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.

 

11


BHP | Operational review for the year ended 30 June 2024

 

Variance analysis relates to the relative performance of BHP and/or its operations during the 12 months ended June 2024 compared with the 12 months ended June 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 30 June 2023 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

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

 

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12


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

      BHP Group Limited
Date: July 30, 2024     By:  

/s/ Stefanie Wilkinson

    Name:   Stefanie Wilkinson
    Title:   Group General Counsel and Group Company Secretary

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