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BHP GROUP PLC - Operational Review for the nine months ended 31 March 2021

Release Date: 21/04/2021 07:05
Code(s): BHP     PDF:  
Wrap Text
Operational Review for the nine months ended 31 March 2021

BHP Group Plc
Registration number 3196209
Registered in England and Wales
Share code: BHP
ISIN: GB00BH0P3Z91


 NEWS RELEASE                             LOGO

Release Time       IMMEDIATE

Date               21 April 2021

Release Number     05/21

                             BHP OPERATIONAL REVIEW
                     FOR THE NINE MONTHS ENDED 31 MARCH 2021

Note: All guidance is subject to further potential impacts from COVID-19 during
the 2021 financial year.

.    Record production was achieved at Western Australia Iron Ore (WAIO) and
     record average concentrator throughput was delivered at Escondida.

.    Production guidance for the 2021 financial year remains unchanged for
     petroleum and iron ore. Copper guidance has increased to between 1,535 kt
     and 1,660 kt and reflects stronger than expected performance at Escondida.
     Metallurgical coal guidance has been reduced to between 39 and 41 Mt as a
     result of significant wet weather impacts during the December 2020 and
     March 2021 quarters. Energy coal guidance has been reduced to between 18
     and 20 Mt as a result of significant weather impacts at New South Wales
     Energy Coal (NSWEC) and lower than expected volumes at Cerrejon.

.    Full year unit cost guidance/(1)/ (based on exchange rates of AUD/USD 0.70
     and USD/CLP 769) remains unchanged for Petroleum and WAIO. Unit costs for
     Escondida have been lowered to be between US$0.95 and US$1.10/(1)/ per
     pound, reflecting strong production and lower deferred stripping costs.
     Unit costs for Queensland Coal have been increased to be between US$74 and
     US$78/(1)/ per tonne, reflecting lower expected volumes for the full year.

.    The Bass Strait West Barracouta gas project achieved first
     production in April 2021, and is on schedule and budget. Our major projects
     under development are also progressing to plan. The Ruby project in
     Trinidad and Tobago is progressing ahead of schedule and on budget, with
     first production on track for May 2021. South Flank is tracking well with
     commissioning activities planned for the June 2021 quarter and is on
     schedule for first production in the middle of the 2021 calendar year.
     Jansen Stage 1 project remains on track for Final Investment Decision in
     the middle of the 2021 calendar year.

                                 Mar YTD21      Mar Q21
Production                     (vs Mar YTD20) (vs Dec Q20) Mar Q21 vs Dec Q20 commentary
----------                     -------------- ------------ -----------------------------
Petroleum (MMboe).............     75.8           25.4     Higher volumes reflect increased Shenzi working interest (following
                                     (8%)            7%    completion of the acquisition in November 2020) and impacts from
                                                           Hurricanes Delta and Zeta in the Gulf of Mexico in the prior quarter.
                                                           This was partially offset by lower seasonal demand at Bass Strait.

Copper (kt)...................  1,232.7          391.4     Lower volumes primarily as a result of decreased throughput at Escondida,
                                     (6%)           (9%)   reflecting the impact of a reduced operational workforce due to the
                                                           continuation of COVID-19 restrictions, and lower concentrator feed grade.

Iron ore (Mt).................    188.3           59.9     Lower volumes at WAIO reflects weather impacts and planned Ore Handling
                                      4%            (4%)   Plant and stacker maintenance at Newman, partially offset by improved
                                                           car dumper performance.

Metallurgical coal (Mt).......     28.8            9.6     Queensland Coal volumes in line with prior quarter as operations
                                     (2%)            1%    continue to be impacted by significant wet weather events.

Energy coal (Mt)..............     13.0            4.8     Higher volumes at Cerrejon as a result of a strike in the prior period,
                                    (26%)           34%    partially offset by lower volumes at NSWEC due to significant wet
                                                           weather impacts and increased washed coal in response to reduced port
                                                           capacity following damage to a shiploader at the Newcastle port.

Nickel (kt)...................     66.6           20.4     Lower volumes largely as a result of planned maintenance undertaken
                                     19%           (15%)   at the Kwinana refinery.

Group copper equivalent production was marginally lower over the nine months
ended March 2021. Strong underlying operational performance was offset by the
impacts of planned maintenance, natural field decline, copper grade decline and
adverse weather.

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                   BHP Operational Review for               1
                   the nine months ended 31 March 2021

Summary

BHP Chief Executive Officer, Mike Henry:

"BHP's strong safety and operational performance continued during the quarter,
with record year-to-date production at Western Australia Iron Ore, the Goonyella
Riverside metallurgical coal mine in Queensland and concentrator throughput at
Escondida in Chile.

We are reliably executing our major projects, bringing on new supply in copper,
petroleum and iron ore. The Spence Growth Option and Samarco are ramping up and
West Barracouta, in Petroleum, started production this month. First production
from Petroleum's Ruby project is expected in the coming weeks and South Flank,
with its higher grade and lump proportion, is on track to begin production in
the middle of the year.

BHP continues to deliver on decarbonising, in line with the Paris Agreement
goals. We have established emissions reduction partnerships with three major
steelmakers in China and Japan whose combined output equates to around 10 per cent
of global steel production. In shipping, we have successfully completed an
initial trial of marine biofuels, in addition to the tender awarded last year
for LNG-powered iron ore vessels. In our own operations, we have established
significant renewable power supply agreements for our Kwinana nickel refinery,
Queensland Coal operations, and Escondida and Spence copper mines.

With our focus on keeping our people safe, costs down and productivity up, we
are well positioned to finish the year strongly and continue delivering the
essential products the world needs."

Operational performance

Production and guidance are summarised below.

Note: All guidance is subject to further potential impacts from COVID-19 during
the 2021 financial year.

                                                       Mar YTD21 Mar Q21 Mar Q21   Previous       Current
                                          Mar     Mar     vs       vs      vs        FY21           FY21
Production                               YTD21    Q21  Mar YTD20 Mar Q20 Dec Q20   guidance       guidance
----------                              ------- ------ --------- ------- ------- ------------- ---------------
Petroleum (MMboe)......................    75.8   25.4      (8%)     1%      7%       95 - 102        95 - 102 Upper half of range
Copper (kt)............................ 1,232.7  391.4      (6%)    (8%)    (9%) 1,510 - 1,645    1,535 - 1,660
   Escondida (kt)......................   821.5  249.3      (8%)   (14%)   (13%)   970 - 1,030    1,010 - 1,060           Increased
   Pampa Norte (kt)....................   148.8   52.0     (21%)   (19%)    (4%)     240 - 270       225 - 255             Lowered
   Olympic Dam (kt)....................   154.5   55.4      25%     44%     16%      180 - 205       180 - 205 Upper half of range
   Antamina (kt).......................   107.9   34.7       1%      5%    (10%)     120 - 140       120 - 140 Upper end of range
Iron ore/(i)/ (Mt).....................   188.3   59.9       4%      0%     (4%)     245 - 255       245 - 255
   WAIO (100% basis) (Mt)..............   211.3   66.7       3%     (2%)    (5%)     276 - 286       276 - 286 Upper half of range
Metallurgical coal (Mt)................    28.8    9.6      (2%)     4%      1%        40 - 44         39 - 41
   Queensland Coal (100% basis) (Mt)...    51.4   17.3      (1%)     8%      2%        71 - 77         70 - 73             Lowered
Energy coal (Mt).......................    13.0    4.8     (26%)   (17%)    34%        21 - 23         18 - 20
   NSWEC (Mt)..........................     9.8    3.0     (12%)   (22%)    (8%)       15 - 17         14 - 15             Lowered
   Cerrejon (Mt).......................     3.2    1.8     (50%)    (9%)   417%             ~6           4 - 5             Lowered
Nickel (kt)............................    66.6   20.4      19%     (2%)   (15%)       85 - 95         85 - 95           Unchanged

(i)  Iron ore comprises WAIO and Samarco.

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Major development projects

At the end of March 2021, BHP had four major projects under development in
petroleum, iron ore and potash, with a combined budget of US$8.5 billion over
the life of the projects. Our major projects under development are tracking to
plan.

In March 2021, the US Department of Agriculture directed the US Forest Service
to rescind the Resolution Copper Mining (RCM) project's Final Environmental
Impact Statement and the draft Record of Decision that were both issued in
January 2021. BHP supports RCM's collaboration with the US Forest Service, and
its commitment to further consultation with local communities and Native
American tribes in an effort to seek consent, as it continues to study the
project.

The Jansen Stage 1 project in Canada is expected to be presented to the BHP
Board for Final Investment Decision in the middle of the 2021 calendar year.

Corporate update

On 9 April 2021, Samarco announced that it filed for judicial reorganisation
(JR) with the Commercial Courts of Belo Horizonte, State of Minas Gerais,
Brazil. The request for JR was granted by the Belo Horizonte Justice on 12 April
2021. The JR is a means for Samarco to restructure its financial debts in order
to establish a sustainable independent financial position for Samarco to
continue to rebuild its operations safely and meet its Renova Foundation
obligations. Samarco's filing follows unsuccessful attempts to negotiate a debt
restructure with financial creditors and multiple legal actions filed by those
creditors which threaten Samarco's operations. Samarco's operations will
continue during the JR and restructure process. The JR does not affect Samarco's
obligation or commitment to make full redress for the 2015 Fundao dam failure,
and it does not impact Renova Foundation's ability to undertake that remediation
and compensation.

In February 2021, we signed a memorandum of understanding (MOU) with a large
Japanese steel producer, JFE, to jointly study technologies and pathways capable
of making material reductions to greenhouse gas emissions from the integrated
steelmaking process. We have agreed to invest up to US$15 million over the
five-year partnership.

In March 2021, we also signed a MOU with China's HBIS Group Co., Ltd (HBIS), one
of the world's largest steelmakers and one of our major customers of iron ore,
with the intention to invest up to US$15 million over three years to jointly
study and explore greenhouse gas emissions reduction technologies and pathways.
The three-year partnership intends to collaborate on three priority areas:
hydrogen-based direct reduction technology, the recycling and reuse of
steelmaking slag, and the role of iron ore lump utilisation to help reduce
emissions from ironmaking and steelmaking.

The partnerships with JFE and HBIS follow other investments to support the
reduction of value chain emissions, including up to US$35 million for the
collaboration with China's largest steelmaker, China Baowu (November 2020),
awarding our first LNG-fuelled Newcastlemax bulk carriers contract (September
2020), with the aim to reduce CO\2\-e emissions by 30 per cent per voyage and a
successfully completed marine biofuel trial which enables us to develop an
informed strategy on the structural supply and use of biofuels to support our
key shipping routes (April 2021). The advanced biofuel reduces CO\2\-e emissions
by 80 to 90 per cent well-to-exhaust compared with heavy fuel oil (HFO) and
very-low sulphur fuel oil (VLSFO), and uses sustainable waste and residue
streams as feedstock.

In February 2021, we also executed a 10-year PPA contract with Merredin Solar
Farm to supply up to 50 per cent of the Nickel West Kwinana Refinery electricity
needs by 2024, based on 2020 financial year levels. This contract will further
increase the sustainability of the nickel produced by Nickel West and will help
to reduce emissions from electricity at the refinery by up to 50 per cent.

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                   BHP Operational Review for               3
                   the nine months ended 31 March 2021

Petroleum

Production

                                                                              Mar YTD21  Mar Q21  Mar Q21
                                                                                 vs        vs       vs
                                                          Mar YTD21  Mar Q21  Mar YTD20  Mar Q20  Dec Q20
                                                          ---------  -------  ---------  -------  -------
Crude oil, condensate and natural gas liquids (MMboe)...       33.8     11.6      (10%)       0%       8%
Natural gas (bcf).......................................      252.0     82.6       (7%)       2%       5%
Total petroleum production (MMboe)......................       75.8     25.4       (8%)       1%       7%

Petroleum - Total petroleum production decreased by eight per cent to 76 MMboe.
Guidance for the 2021 financial year remains unchanged at between 95 and 102
MMboe, with volumes expected to be in the upper half of the guidance range.

Crude oil, condensate and natural gas liquids production decreased by 10 per
cent to 34 MMboe reflecting lower demand at Bass Strait and North West Shelf,
and production impacts at Atlantis due to planned tie-in and commissioning
activities in the first half of the year and unplanned downtime in the March
2021 quarter, as well as natural field decline across the portfolio. Production
was further impacted by higher downtime at our Gulf of Mexico assets due to a
more active hurricane season in the first half of the year. These impacts were
partially offset by the earlier than scheduled achievement of first production
from the Atlantis Phase 3 project in the September 2020 quarter and the
acquisition of an additional 28 per cent working interest in Shenzi, completed
on 6 November 2020.

Natural gas production decreased by seven per cent to 252 bcf, reflecting
planned shutdowns at Angostura related to the Ruby tie-in, a decrease in tax
barrels at Trinidad and Tobago in accordance with the terms of our Production
Sharing Contract, lower domestic gas sales at Bass Strait and North West Shelf
in the first half of the year, and natural field decline across the portfolio.
This decline was partially offset by higher domestic gas sales at Macedon.

Projects

                           Capital     Initial
Project and              expenditure production
ownership                   US$M     target date                   Capacity                               Progress
-----------              ----------- -----------  --------------------------------------  ---------------------------------------
Ruby                             283     H1 CY21  Five production wells tied back into    Ahead of schedule and on budget.
(Trinidad & Tobago)                               existing operated processing            The overall project is 78% complete.
68.46% (operator)                                 facilities, with capacity to produce
                                                  up to 16,000 gross barrels of oil per
                                                  day and 80 million gross standard
                                                  cubic feet of natural gas per day.

Mad Dog Phase 2                2,154    Mid-CY22  New floating production facility with   On schedule and budget.
(US Gulf of Mexico)                               the capacity to produce up to 140,000   The overall project is 90% complete.
23.9% (non-operator)                              gross barrels of crude oil per day.

The Bass Strait West Barracouta project is on schedule and budget, and achieved
first production in April 2021.

In March 2021, we successfully completed the drilling of Shenzi North GC608 development 
well which is within the Wilding discovery, and commenced drilling of the first of two 
Shenzi infill wells which is expected to be completed in the June 2021 quarter. A second 
Shenzi infill well is planned to be drilled in the June 2021 quarter. The successful 
acquisition of an increased working interest in Shenzi in November 2020 realises further 
value from the continued Shenzi development. 

The Mad Dog Phase 2 project achieved a major milestone in April 2021 as the
semi-submersible floating production platform, Argos, arrived in the US from
South Korea. The platform will undergo final preparatory work and regulatory
inspections before being towed offshore for installation. First production from
Mad Dog Phase 2 is expected in the middle of the 2022 calendar year.

Petroleum exploration

No exploration and appraisal wells were drilled during the March 2021 quarter.
Petroleum exploration expenditure for nine months ended March 2021 was US$230
million, of which US$211 million was expensed. Our exploration and appraisal
program for the 2021 financial year is now expected to be approximately US$400
million (reduced from US$450 million), due to appraisal well phasing through 
the June 2021 quarter and the September 2021 quarter..

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                   BHP Operational Review for               4
                   the nine months ended 31 March 2021

Copper

Production

                                               Mar YTD21 Mar Q21 Mar Q21
                                                  vs       vs       vs
                             Mar YTD21 Mar Q21 Mar YTD20 Mar Q20 Dec Q20
                             --------- ------- --------- ------- -------
     Copper (kt)............   1,232.7   391.4      (6%)    (8%)    (9%)
     Zinc (t)...............   109,606  33,299      47%      5%    (21%)
     Uranium (t)............     2,653     834       0%      7%    (12%)

Copper - Total copper production decreased by six per cent to 1,233 kt. Guidance
for the 2021 financial year increased to between 1,535 and 1,660 kt from
between 1,510 and 1,645 kt.

For the nine months to March 2021, our Chilean assets continued to operate with
a substantial reduction in their operational workforces as a result of COVID-19
restrictions. The operating environment across our Chilean assets is expected to
become more challenging in the June 2021 quarter, given escalating COVID-19
infections, increased pressures on Chile's health system and border
restrictions. Reductions in our on-site workforce are forecast to remain
substantial.

Escondida copper production decreased by eight per cent to 821 kt with record
concentrator throughput of 378 ktpd achieved offset by the impact of lower
concentrator feed grade and lower cathode volumes. Concentrator throughput
continues to be prioritised over cathode production as a result of the reduced
operational workforce and to prioritise yield of ore. Guidance for the 2021
financial year has been increased to between 1,010 and 1,060 kt from between
970 and 1,030 kt. Production in the 2022 financial year is expected to be
broadly in line with the 2021 financial year guidance and reflects a
continuation of the impacts of COVID-19 and a need to catch up on mine
development due to reduced material movement in the current financial year.
Guidance of an annual average of 1.2 Mt of copper production over the next five
years remains unchanged, with production expected to be weighted towards the
latter years.

On 1 April 2021, Escondida successfully completed negotiations for a new
collective agreement that applies to the Intermel Union of Operators and
Maintainers (Intermel), effective for 24 months from 1 April 2021. Escondida's
collective agreement with Union No1 of Operators and Maintainers expires on 1
August 2021 and negotiations are expected to commence in June 2021.

Pampa Norte copper production decreased by 21 per cent to 149 kt, largely due to
planned maintenance at Spence and the impact of a reduced operational workforce
as a result of COVID-19 restrictions. Guidance for the 2021 financial year has
been lowered to between 225 and 255 kt from between 240 and 270 kt, reflecting
COVID-19 related impacts on the ramp-up of the Spence Growth Option (SGO). SGO
achieved first copper sales, on schedule, in March 2021, following first copper
production in December 2020. The ramp-up to full production capacity at SGO is
still on track and is expected to take approximately 12 months from first
production, following which Spence is expected to average 300 ktpa of production
(including cathodes) over the first four years.

Spence's collective agreement with Union for Operators and Maintainers expires
on 30 May 2021, with negotiations for a new agreement currently underway.

Olympic Dam copper production increased by 25 per cent to 155 kt, reflecting
improved smelter performance and stability. Production for the March 2021
quarter was 55 kt, the highest quarterly production rate in five years. The new
refinery crane is in the final stages of commissioning. Guidance for the 2021
financial year remains unchanged at between 180 and 205 kt, with volumes
expected to be in the upper half of the guidance range. Production in the 2022
financial year is expected to be lower as a result of the major smelter
maintenance campaign planned for the first half of the year.

Antamina copper production increased by one per cent to 108 kt and zinc
production increased by 47 per cent to 110 kt, reflecting higher copper and zinc
head grades. Guidance for the 2021 financial year remains unchanged, with copper
production expected to be at the upper end of the 120 to 140 kt guidance range,
and zinc production of between 140 and 160 kt.

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                   BHP Operational Review for               5
                   the nine months ended 31 March 2021

Iron Ore

Production

                                                       Mar YTD21 Mar Q21 Mar Q21
                                                          vs       vs       vs
                                     Mar YTD21 Mar Q21 Mar YTD20 Mar Q20 Dec Q20
                                     --------- ------- --------- ------- -------
     Iron ore production (kt)......    188,289  59,855        4%      0%    (4%)

Iron ore - Total iron ore production increased by four per cent to 188 Mt.
Guidance for the 2021 financial year remains unchanged at between 245 and 255
Mt. Volumes are expected to be in the upper half of the guidance range as a
result of strong performance at WAIO.

WAIO production increased by three per cent to a nine month record 187 Mt (211
Mt on a 100 per cent basis), reflecting record production at Jimblebar and
strong performance across the supply chain, with improved train cycle times and
car dumper performance and reliability. This record performance was achieved
despite significant weather impacts in December 2020, January 2021 and February
2021, and the planned Mining Area C and South Flank major tie-in activity.
Commissioning activities for South Flank are expected to commence in the June
2021 quarter. Volumes for the 2021 financial year are expected to be in the
upper half of the guidance range of between 244 and 253 Mt (276 and 286 Mt on a
100 per cent basis).

Samarco production was 915 kt, after iron ore pellet production re-commenced at
one concentrator in December 2020. Production for the 2021 financial year is
expected to be between 1 and 2 Mt (BHP share). Production capacity of
approximately 8 Mtpa (100 per cent basis) is expected once operations are
gradually ramped up.

Projects

                           Capital     Initial
Project and              expenditure production
ownership                   US$M     target date                 Capacity                               Progress
-----------              ----------- -----------  --------------------------------------  ------------------------------------
South Flank............    3,061      Mid-CY21    Sustaining iron ore mine to replace     On schedule and budget.
(Australia)                                       production from the 80 Mtpa (100        The overall project is 95% complete.
85%                                               per cent basis) Yandi mine.

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                   BHP Operational Review for               6
                   the nine months ended 31 March 2021

Coal

Production

                                                       Mar YTD21 Mar Q21 Mar Q21
                                                          vs       vs       vs
                                     Mar YTD21 Mar Q21 Mar YTD20 Mar Q20 Dec Q20
                                     --------- ------- --------- ------- -------
     Metallurgical coal (kt)........    28,802   9,590      (2%)     4%       1%
     Energy coal (kt)...............    13,014   4,776     (26%)   (17%)     34%

Metallurgical coal - Metallurgical coal production decreased by two per cent to
29 Mt (51 Mt on a 100 per cent basis). Guidance for the 2021 financial year has
been reduced to between 39 and 41 Mt (70 and 73 Mt on a 100 per cent basis)
from between 40 and 44 Mt (71 and 77 Mt on a 100 per cent basis) as a result of
significant wet weather impacts during the December 2020 and March 2021
quarters. We continue to monitor for any potential impacts on volumes from
restrictions on coal imports into China.

At Queensland Coal, strong underlying operational performance, including record
stripping at BMA and record production at Goonyella, was offset by significant
wet weather impacts across most operations and planned wash plant maintenance at
Saraji and Caval Ridge in the first half of the year. At South Walker Creek,
production decreased despite record truck and shovel stripping in the March 2021
quarter, as a result of higher strip ratios due to ongoing impacts from
geotechnical constraints and lower yields.

Energy coal - Energy coal production decreased by 26 per cent to 13 Mt.
Following a strike at Cerrejon and prolonged wet weather impacts at NSWEC,
guidance for the 2021 financial year has been reduced to between 18 and 20 Mt
from between 21 and 23 Mt.

NSWEC production decreased by 12 per cent to 9.8 Mt. This decrease reflects
significant weather impacts, with more than double the amount of rainfall year-to-date 
compared with the same period in the prior year, including the wettest March on record,  
and higher strip ratios. Lower volumes also reflect an increased proportion
of washed coal in response to reduced port capacity (following damage to a
shiploader at the Newcastle port in November 2020) and widening price quality
differentials. Production guidance for the 2021 financial year has been reduced
to between 14 and 15 Mt from between 15 and 17 Mt.

Cerrejon production decreased by 50 per cent to 3.2 Mt largely as a result of a
91-day strike in the first half of the year and subsequent delays to the restart
of production, as well as the impact of a reduced operational workforce due to
COVID-19 restrictions. Guidance for the 2021 financial year has now been reduced
to between 4 and 5 Mt from 6 Mt.

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                   BHP Operational Review for               7
                   the nine months ended 31 March 2021

Other

Nickel production

                                                       Mar YTD21 Mar Q21 Mar Q21
                                                          vs       vs       vs
                                     Mar YTD21 Mar Q21 Mar YTD20 Mar Q20 Dec Q20
                                     --------- ------- --------- ------- -------
     Nickel (kt)....................      66.6    20.4       19%    (2%)   (15%)

Nickel - Nickel West production increased by 19 per cent to 67 kt as a result of
major quadrennial maintenance shutdowns in the prior period and strong
performance from the new mines. Production for the March 2021 quarter was
impacted by the planned maintenance undertaken at the Kwinana refinery during
the quarter. Guidance for the 2021 financial year remains unchanged at between
85 and 95 kt.

Potash project

Project and              Investment
ownership                   US$M                          Scope                                         Progress
-----------              ---------- -------------------------------------------------   ------------------------------------------
Jansen Potash.........     2,972    Investment to finish the excavation and lining of   The project is 91% complete.
(Canada)                            the production and service shafts, and to
100%                                continue the installation of essential surface
                                    infrastructure and utilities.

Minerals exploration

Minerals exploration expenditure for the nine months to March 2021 was US$126
million, of which US$83 million was expensed. Greenfield minerals exploration is
predominantly focused on advancing copper targets within Chile, Ecuador, Mexico,
Peru, Canada, Australia and the south-west United States.

Drilling for copper targets is underway in the United States, Ecuador, and
Chile. Further drilling is anticipated for copper in Peru and for nickel in
Australia during the 2021 calendar year. At Oak Dam in South Australia, next
stage resource definition drilling to inform future design is expected to
commence around the middle of the 2021 calendar year.

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                   BHP Operational Review for               8
                   the nine months ended 31 March 2021

Variance analysis relates to the relative performance of BHP and/or its
operations during the nine months ended March 2021 compared with the nine months
ended March 2020, unless otherwise noted. Production volumes, sales volumes and
capital and exploration expenditure from subsidiaries are reported on a 100 per
cent 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.
Copper equivalent production based on 2020 financial year average realised
prices.

The following footnotes apply to this Operational Review:

(1) 2021 financial year unit cost guidance: Petroleum US$11-12/boe, 
Escondida US$0.95-1.10/lb, (previously US$1.00-1.25/lb), 
WAIO US$13-14/t and Queensland Coal US$74-78/t; (previously US$69-75/t); 
based on exchange rates of AUD/USD 0.70 and USD/CLP 769.

The following abbreviations may have been used throughout this report: barrels
(bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and
freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per
tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million
barrels of oil equivalent (MMboe); million barrels of oil per day (MMbpd);
million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent
(Mboe); thousand barrels of oil equivalent per day (Mboe/d); thousand ounces
(koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand
tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet
metric tonnes (wmt).

In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and ourselves' are used to refer to BHP Group Limited, BHP Group plc and, except
where the context otherwise requires, their respective subsidiaries as defined
in note 29 `Subsidiaries' in section 5.1 of BHP's 30 June 2020 Annual Report and
Form 20-F. 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, Cerrejon, Samarco, Atlantis, Mad Dog, Bass Strait and North West
Shelf. BHP Group cautions against undue reliance on any forward-looking
statement or guidance in this release, particularly in light of the current
economic climate and significant volatility, uncertainty and disruption arising
in connection with COVID-19. 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.

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                   BHP Operational Review for               9
                   the nine months ended 31 March 2021

Further information on BHP can be found at: bhp.com

Sponsor: UBS South Africa (Pty) Limited

Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary

Media Relations                                  Investor Relations

Email: media.relations@bhp.com                   Email: investor.relations@bhp.com

Australia and Asia                               Australia and Asia

Gabrielle Notley                                 Tara Dines
Tel: +61 3 9609 3830 Mobile: +61 411 071 715     Tel: +61 3 9609 2222 Mobile: +61 499 249 005

Europe, Middle East and Africa                   Europe, Middle East and Africa

Neil Burrows                                     James Bell
Tel: +44 20 7802 7484 Mobile: +44 7786 661 683   Tel: +44 20 7802 7144 Mobile: +44 7961 636 432

Americas                                         Americas

Judy Dane                                        Brian Massey
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--------------------------------------------------------------------------------
                   BHP Operational Review for               10
                   the nine months ended 31 March 2021

Production summary

                                                              Quarter ended               Year to date
                                                    ------------------------------------ ---------------
                                                      Mar     Jun     Sep    Dec    Mar    Mar     Mar
                                             BHP     2020    2020    2020   2020   2021   2021    2020
                                           interest ------ ------- ------- ------ ------ ------- -------
Petroleum /(1)/
Petroleum
Production
   Crude oil, condensate and NGL (Mboe)...          11,589  11,355  11,507 10,729 11,601  33,837  37,508
   Natural gas (bcf)......................            80.7    89.8    90.9   78.5   82.6   252.0   269.8
                                                    ------ ------- ------- ------ ------ ------- -------
   Total (Mboe)...........................          25,039  26,322  26,657 23,812 25,368  75,837  82,475
                                                    ------ ------- ------- ------ ------ ------- -------
Copper /(2)/
Copper
Payable metal in concentrate (kt)
   Escondida /(3)/........................  57.5%    220.1   228.5   236.7  236.7  202.7   676.1   697.4
   Pampa Norte /(4)/...................... 100.0%       --      --      --    0.7    5.6     6.3      --
   Antamina...............................  33.8%     32.9    17.8    34.6   38.6   34.7   107.9   106.7
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           253.0   246.3   271.3  276.0  243.0   790.3   804.1
                                                    ------ ------- ------- ------ ------ ------- -------
Cathode (kt)
   Escondida /(3)/........................  57.5%     69.6    65.5    47.9   50.9   46.6   145.4   193.9
   Pampa Norte /(4)/......................   100%     64.3    54.5    42.5   53.6   46.4   142.5   188.2
   Olympic Dam............................   100%     38.4    47.6    51.5   47.6   55.4   154.5   124.0
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           172.3   167.6   141.9  152.1  148.4   442.4   506.1
                                                    ------ ------- ------- ------ ------ ------- -------
                                                    ------ ------- ------- ------ ------ ------- -------
Total copper (kt).........................           425.3   413.9   413.2  428.1  391.4 1,232.7 1,310.2
                                                    ------ ------- ------- ------ ------ ------- -------
Lead
Payable metal in concentrate (t)
   Antamina...............................  33.8%      621     262     690    993    468   2,151   1,409
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             621     262     690    993    468   2,151   1,409
                                                    ------ ------- ------- ------ ------ ------- -------
Zinc
Payable metal in concentrate (t)
   Antamina...............................  33.8%   31,789  13,736  34,398 41,909 33,299 109,606  74,726
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................          31,789  13,736  34,398 41,909 33,299 109,606  74,726
                                                    ------ ------- ------- ------ ------ ------- -------
Gold
Payable metal in concentrate (troy oz)
   Escondida /(3)/........................  57.5%   35,990  43,422  42,332 47,789 37,954 128,075 134,000
   Olympic Dam (refined gold).............   100%   33,235  34,150  36,608 23,837 37,075  97,520 111,822
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................          69,225  77,572  78,940 71,626 75,029 225,595 245,822
                                                    ------ ------- ------- ------ ------ ------- -------
Silver
Payable metal in concentrate (troy koz)
   Escondida /(3)/........................  57.5%    1,390   1,599   1,580  1,627  1,318   4,525   4,814
   Antamina...............................  33.8%    1,216     626   1,326  1,767  1,463   4,556   3,490
   Olympic Dam (refined silver)...........   100%      241     295     157    193    275     625     689
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           2,847   2,520   3,063  3,587  3,056   9,706   8,993
                                                    ------ ------- ------- ------ ------ ------- -------
Uranium
Payable metal in concentrate (t)
   Olympic Dam............................   100%      776   1,016     874    945    834   2,653   2,662
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             776   1,016     874    945    834   2,653   2,662
                                                    ------ ------- ------- ------ ------ ------- -------
Molybdenum
Payable metal in concentrate (t)
   Antamina...............................  33.8%      491     243     284    192    276     752   1,423
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             491     243     284    192    276     752   1,423
                                                    ------ ------- ------- ------ ------ ------- -------

--------------------------------------------------------------------------------
                   BHP Operational Review for               11
                   the nine months ended 31 March 2021

Production summary

                                                              Quarter ended               Year to date
                                                    ------------------------------------ ---------------
                                                      Mar     Jun     Sep    Dec    Mar    Mar     Mar
                                             BHP     2020    2020    2020   2020   2021   2021    2020
                                           interest ------ ------- ------- ------ ------ ------- -------
Iron Ore
Iron Ore
Production (kt) /(5)/
   Newman.................................    85%   16,449  17,110  16,410 17,637 14,614  48,661  48,531
   Area C Joint Venture...................    85%   12,179  13,973  11,889 11,567 13,010  36,466  37,526
   Yandi Joint Venture....................    85%   17,491  19,087  17,666 16,413 16,112  50,191  50,175
   Jimblebar /(6)/........................    85%   13,911  16,559  20,075 16,740 15,241  52,056  45,195
   Wheelarra..............................    85%       --      --      --     --     --      --       3
   Samarco................................    50%       --      --      --     37    878     915      --
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................          60,030  66,729  66,040 62,394 59,855 188,289 181,430
                                                    ------ ------- ------- ------ ------ ------- -------
Coal
Metallurgical coal
Production (kt) /(7)/
   BMA....................................    50%    6,869   9,078   7,365  7,539  7,727  22,631  22,497
   BHP Mitsui Coal /(8)/..................    80%    2,353   2,536   2,325  1,983  1,863   6,171   7,007
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           9,222  11,614   9,690  9,522  9,590  28,802  29,504
                                                    ------ ------- ------- ------ ------ ------- -------
Energy coal
Production (kt)
   NSW Energy Coal........................   100%    3,810   4,887   3,624  3,229  2,981   9,834  11,165
   Cerrejon...............................  33.3%    1,978     767   1,038    347  1,795   3,180   6,348
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................           5,788   5,654   4,662  3,576  4,776  13,014  17,513
                                                    ------ ------- ------- ------ ------ ------- -------
Other
Nickel
Saleable production (kt)
   Nickel West /(9)/......................   100%     20.9    23.9    22.2   24.0   20.4    66.6    56.2
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................            20.9    23.9    22.2   24.0   20.4    66.6    56.2
                                                    ------ ------- ------- ------ ------ ------- -------
Cobalt
Saleable production (t)
   Nickel West............................   100%      132     312     238    236    273     747     463
                                                    ------ ------- ------- ------ ------ ------- -------
   Total..................................             132     312     238    236    273     747     463
                                                    ------ ------- ------- ------ ------ ------- -------

(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific
    conversions are made and NGL is reported in barrels of oil equivalent (boe).
    Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product.
    Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%.
(9) Production restated to include other nickel by-products.

Throughout this report figures in italics indicate that this figure has been
adjusted since it was previously reported.

--------------------------------------------------------------------------------
                   BHP Operational Review for               12
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Petroleum /(1)/

Bass Strait
   Crude oil and condensate.......................    (Mboe)          926    1,231    1,305    1,003      859    3,167    3,762
   NGL............................................    (Mboe)          958    1,493    1,660    1,057    1,035    3,752    4,173
   Natural gas....................................    (bcf)          18.4     28.1     34.1     23.4     22.7     80.2     82.8
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        4,957    7,408    8,648    5,960    5,677   20,285   21,741
                                                                  -------  -------  -------  -------  -------  -------  -------

North West Shelf
   Crude oil and condensate.......................    (Mboe)        1,266    1,260    1,215    1,180    1,183    3,578    3,979
   NGL............................................    (Mboe)          191      203      162      165      188      515      593
   Natural gas....................................    (bcf)          35.0     35.2     29.6     30.4     31.1     91.1    100.0
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        7,287    7,334    6,310    6,412    6,554   19,276   21,235
                                                                  -------  -------  -------  -------  -------  -------  -------

Pyrenees
   Crude oil and condensate.......................    (Mboe)          917      971      837      826      679    2,342    2,830
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          917      971      837      826      679    2,342    2,830
                                                                  -------  -------  -------  -------  -------  -------  -------

Other Australia /(2)/
   Crude oil and condensate.......................    (Mboe)            1        1        1        1        1        3       10
   Natural gas....................................    (bcf)          11.2     11.9     12.7     12.6     12.4     37.7     34.6
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        1,874    1,987    2,118    2,101    2,068    6,287    5,783
                                                                  -------  -------  -------  -------  -------  -------  -------

Atlantis /(3)/
   Crude oil and condensate.......................    (Mboe)        2,769    2,223    2,421    2,385    2,590    7,396    9,053
   NGL............................................    (Mboe)          178       54      154      147      171      472      615
   Natural gas....................................    (bcf)           1.3      1.1      1.2      1.1      1.4      3.7      4.5
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        3,170    2,456    2,775    2,715    2,994    8,484   10,424
                                                                  -------  -------  -------  -------  -------  -------  -------

Mad Dog /(3)/
   Crude oil and condensate.......................    (Mboe)        1,272    1,297    1,211      930    1,209    3,350    3,570
   NGL............................................    (Mboe)           55       33       48       38       57      143      156
   Natural gas....................................    (bcf)           0.2      0.3      0.2      0.1      0.2      0.5      0.6
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        1,355    1,374    1,292      985    1,299    3,576    3,821
                                                                  -------  -------  -------  -------  -------  -------  -------

Shenzi /(3)//(4)/
   Crude oil and condensate.......................    (Mboe)        1,645    1,584    1,395    1,764    2,328    5,487    4,661
   NGL............................................    (Mboe)           94       40       71       87      130      288      258
   Natural gas....................................    (bcf)           0.3      0.4      0.3      0.3      0.4      1.0      0.8
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        1,791    1,686    1,516    1,901    2,525    5,942   50,543
                                                                  -------  -------  -------  -------  -------  -------  -------

Trinidad/Tobago
   Crude oil and condensate.......................    (Mboe)           97       72      102       96      139      337      438
   Natural gas....................................    (bcf)          14.0     12.8     12.8     10.5     14.4     37.7     46.1
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)        2,427    2,201    2,235    1,846    2,539    6,620    8,118
                                                                  -------  -------  -------  -------  -------  -------  -------

Other Americas /(3)//(5)/
   Crude oil and condensate.......................    (Mboe)          344      198      212      190      187      589      759
   NGL............................................    (Mboe)           22        5        2       11       --       13       28
   Natural gas....................................    (bcf)           0.3       --       --      0.1       --      0.1      0.4
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          412      209      214      218      187      619      850
                                                                  -------  -------  -------  -------  -------  -------  -------

Algeria
   Crude oil and condensate.......................    (Mboe)          854      690      711      849      845    2,405    2,623
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total petroleum products.......................    (Mboe)          854      690      711      849      845    2,405    2,623
                                                                  -------  -------  -------  -------  -------  -------  -------

--------------------------------------------------------------------------------
                   BHP Operational Review for               13
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Petroleum /(1)/

Total production
   Crude oil and condensate.......................    (Mboe)       10,091    9,527    9,410    9,224   10,020   28,654   31,685
   NGL............................................    (Mboe)        1,498    1,828    2,097    1,505    1,581    5,183    5,823
   Natural gas....................................    (bcf)          80.7     89.8     90.9     78.5     82.6    252.0    269.8
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total..........................................    (Mboe)       25,039   26,322   26,657   23,812   25,368   75,837   82,475
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
    Negative production figures represent finalisation adjustments.
(2) Other Australia includes Minerva and Macedon. Minerva ceased production in
    September 2019.
(3) Gulf of Mexico volumes are net of royalties.
(4) BHP completed the acquisition of an additional 28% working interest in
    Shenzi on 6 November 2020, taking its total working interest to 72%.
(5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.

--------------------------------------------------------------------------------
                   BHP Operational Review for               14
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Copper
Metals production is payable metal unless otherwise stated.

Escondida, Chile /(1)/
   Material mined.................................... (kt)        107,268   75,062   83,357   97,274   95,978  276,609  308,351
   Sulphide ore milled............................... (kt)         33,440   34,755   34,733   36,303   32,654  103,690  101,055
   Average concentrator head grade................... (%)            0.82%    0.81%    0.85%    0.83%    0.78%    0.82%    0.85%
   Production ex mill................................ (kt)          230.0    236.8    243.9    246.1    207.8    697.8    721.1

   Production
   Payable copper.................................... (kt)          220.1    228.5    236.7    236.7    202.7    676.1    697.4
   Copper cathode (EW)............................... (kt)           69.6     65.5     47.9     50.9     46.6    145.4    193.9
    - Oxide leach.................................... (kt)           29.3     26.8     15.3     18.0     16.1     49.4     79.5
    - Sulphide leach................................. (kt)           40.2     38.7     32.6     32.9     30.5     96.0    114.4
                                                                  -------  -------  -------  -------   ------- -------  -------
   Total copper...................................... (kt)          289.7    294.0    284.6    287.6    249.3    821.5    891.3
                                                                  -------  -------  -------  -------   ------- -------  -------
   Payable gold concentrate.......................... (troy oz)    35,990   43,422   42,332   47,789   37,954  128,075  134,000
   Payable silver concentrate........................ (troy koz)    1,390    1,599    1,580    1,627    1,318    4,525    4,814

   Sales
   Payable copper.................................... (kt)          212.0    221.0    237.1    244.3    196.9    678.3    682.5
   Copper cathode (EW)............................... (kt)           65.9     72.1     46.5     47.7     49.6    143.8    188.8
   Payable gold concentrate.......................... (troy oz)    35,990   43,422   42,332   47,789   37,954  128,075  134,000
   Payable silver concentrate........................ (troy koz)    1,390    1,599    1,580    1,627    1,318    4,525    4,814

(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.

Pampa Norte, Chile
   Cerro Colorado
   Material mined.................................... (kt)         18,710   15,734   12,618    6,750    6,153   25,521   51,883
   Ore milled........................................ (kt)          4,574    4,553    4,036    3,562    3,283   10,881   13,578
   Average copper grade.............................. (%)            0.54%    0.60%    0.66%    0.58%    0.58%    0.61%    0.55%

   Production
   Copper cathode (EW)............................... (kt)           20.4     16.9     15.8     15.8     13.9     45.5     50.6

   Sales
   Copper cathode (EW)............................... (kt)           18.3     18.7     14.6     16.6     13.2     44.4     48.6

   Spence
   Material mined.................................... (kt)         23,304   24,082   18,260   18,485   19,195   55,940   67,476
   Ore milled /(1)/.................................. (kt)          5,191    2,829    4,408    6,809    8,007   19,224   15,959
   Average copper grade /(2)/........................ (%)            0.87%    0.95%    1.10%    0.76%    0.62%    0.78%    0.91%

   Production
   Payable copper.................................... (kt)             --       --       --      0.7      5.6      6.3       --
   Copper cathode (EW)............................... (kt)           43.9     37.6     26.7     37.8     32.5     97.0    137.6

   Sales
   Payable copper.................................... (kt)             --       --       --       --      1.8      1.8       --
   Copper cathode (EW)............................... (kt)           44.8     41.0     24.1     40.9     30.7     95.7    135.8

(1) March 2021 quarter comprised of concentrator throughput of 2,471 kt and
    cathode throughput of 5,536 kt. March 2021 year to date comprised of
    concentrator throughput of 3,678 kt and cathode throughput of 15,546 kt.
(2) March 2021 quarter weighted average of concentrate grade of 0.58% and
    cathode grade of 0.64%. March 2021 year to date weighted average of
    concentrate grade of 0.53% and cathode grade of 0.84%.

--------------------------------------------------------------------------------
                   BHP Operational Review for               15
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Copper (continued)
Metals production is payable metal unless otherwise stated.

Antamina, Peru
   Material mined (100%)............................. (kt)         52,872   13,975   45,458   57,029   53,762  156,249  175,395
   Sulphide ore milled (100%)........................ (kt)         12,906    6,736   13,202   14,083   12,651   39,936   39,664
   Average head grades
   - Copper.......................................... (%)            0.88%    0.91%    0.94%    0.97%    0.94%    0.95%    0.94%
   - Zinc............................................ (%)            1.09%    1.02%    1.30%    1.30%    1.16%    1.26%    0.90%

   Production
   Payable copper.................................... (kt)           32.9     17.8     34.6     38.6     34.7    107.9    106.7
   Payable zinc...................................... (t)          31,789   13,736   34,398   41,909   33,299  109,606   74,726
   Payable silver.................................... (troy koz)    1,216      626    1,326    1,767    1,463    4,556    3,490
   Payable lead...................................... (t)             621      262      690      993      468    2,151    1,409
   Payable molybdenum................................ (t)             491      243      284      192      276      752    1,423

   Sales
   Payable copper.................................... (kt)           30.8     18.2     33.8     40.7     31.7    106.2    107.5
   Payable zinc...................................... (t)          31,007   11,680   32,769   45,109   34,141  112,019   75,011
   Payable silver.................................... (troy koz)      815      581    1,310    1,728    1,342    4,380    3,165
   Payable lead...................................... (t)             151      188      748      945      689    2,382    1,427
   Payable molybdenum................................ (t)             531      223      392      352      192      936    1,104

Olympic Dam, Australia
   Material mined /(1)/.............................. (kt)          1,920    1,928    2,203    2,379    1,979    6,561    6,744
   Ore milled........................................ (kt)          2,178    2,416    2,443    2,377    2,238    7,058    6,531
   Average copper grade.............................. (%)            2.31%    2.17%    2.03%    2.02%    2.02%    2.02%    2.33%
   Average uranium grade............................. (kg/t)         0.69     0.60     0.53     0.60     0.61     0.58     0.68

   Production
   Copper cathode (ER and EW)........................ (kt)           38.4     47.6     51.5     47.6     55.4    154.5    124.0
   Payable uranium................................... (t)             776    1,016      874      945      834    2,653    2,662
   Refined gold...................................... (troy oz)    33,235   34,150   36,608   23,837   37,075   97,520  111,822
   Refined silver.................................... (troy koz)      241      295      157      193      275      625      689

   Sales
   Copper cathode (ER and EW)........................ (kt)           41.4     48.5     49.5     46.6     55.6    151.7    122.5
   Payable uranium................................... (t)             702    1,293      859      999      779    2,637    2,118
   Refined gold...................................... (troy oz)    36,956   37,743   36,054   21,390   38,852   96,296  113,536
   Refined silver.................................... (troy koz)      259      270      222      165      242      629      711

(1) Material mined refers to run of mine ore mined and hoisted.

--------------------------------------------------------------------------------
                   BHP Operational Review for               16
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.

Western Australia Iron Ore, Australia
   Production
   Newman............................................ (kt)         16,449   17,110   16,410   17,637   14,614   48,661   48,531
   Area C Joint Venture.............................. (kt)         12,179   13,973   11,889   11,567   13,010   36,466   37,526
   Yandi Joint Venture............................... (kt)         17,491   19,087   17,666   16,413   16,112   50,191   50,175
   Jimblebar /(1)/................................... (kt)         13,911   16,559   20,075   16,740   15,241   52,056   45,195
   Wheelarra......................................... (kt)             --       --       --       --       --       --        3
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total production.................................. (kt)         60,030   66,729   66,040   62,357   58,977  187,374  181,430
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total production (100%)........................... (kt)         68,168   75,589   74,152   70,407   66,695  211,254  205,469
                                                                  -------  -------  -------  -------  -------  -------  -------
   Sales
   Lump.............................................. (kt)         15,617   17,252   17,056   16,703   15,593   49,352   46,384
   Fines............................................. (kt)         44,764   50,904   48,390   46,124   42,939  137,453  136,058
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total............................................. (kt)         60,381   68,156   65,446   62,827   58,532  186,805  182,442
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total sales (100%)................................ (kt)         68,439   77,048   73,355   70,772   66,032  210,159  206,211
                                                                  -------  -------  -------  -------  -------  -------  -------

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

Samarco, Brazil /(1)/
   Production........................................ (kt)             --       --       --       37      878      915       --
   Sales............................................. (kt)             --       --       --       --      646      646       --

(1) Samarco commenced iron ore pellet production in December 2020 after meeting
    the licencing requirements to restart operations at the Germano complex in
    Minas Gerais and Ubu complex in Espirito Santo, Brazil.

--------------------------------------------------------------------------------
                   BHP Operational Review for               17
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Coal
Coal production is reported on the basis of saleable product.

Queensland Coal, Australia
   Production /(1)/
   BMA
   Blackwater........................................ (kt)          1,063    1,703    1,184    1,737    1,416    4,337    3,842
   Goonyella......................................... (kt)          1,963    2,651    2,312    2,152    2,232    6,696    6,114
   Peak Downs........................................ (kt)          1,339    1,635    1,487    1,213    1,595    4,295    4,148
   Saraji............................................ (kt)          1,025    1,399      817    1,043    1,238    3,098    3,564
   Daunia............................................ (kt)            447      588      490      464      496    1,450    1,582
   Caval Ridge....................................... (kt)          1,032    1,102    1,075      930      750    2,755    3,247
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA......................................... (kt)          6,869    9,078    7,365    7,539    7,727   22,631   22,497
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA (100%).................................. (kt)         13,738   18,156   14,730   15,078   15,454   45,262   44,994
                                                                  -------  -------  -------  -------  -------  -------  -------
   BHP Mitsui Coal /(2)/
   South Walker Creek................................ (kt)          1,577    1,264    1,238    1,118    1,031    3,387    4,151
   Poitrel........................................... (kt)            776    1,272    1,087      865      832    2,784    2,856
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BHP Mitsui Coal............................. (kt)          2,353    2,536    2,325    1,983    1,863    6,171    7,007
                                                                  -------  -------  -------  -------  -------  -------  -------
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal............................. (kt)          9,222   11,614    9,690    9,522    9,590   28,802   29,504
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal (100%)...................... (kt)         16,091   20,692   17,055   17,061   17,317   51,433   52,001
                                                                  -------  -------  -------  -------  -------  -------  -------
   Sales
   BMA
   Coking coal....................................... (kt)          6,417    7,547    6,187    6,531    6,752   19,470   20,154
   Weak coking coal.................................. (kt)            644    1,040      977      936    1,038    2,951    2,249
   Thermal coal...................................... (kt)            224      183       58        3      206      267      348
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA......................................... (kt)          7,285    8,770    7,222    7,470    7,996   22,688   22,751
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BMA (100%).................................. (kt)         14,570   17,540   14,444   14,940   15,992   45,376   45,501
                                                                  -------  -------  -------  -------  -------  -------  -------
   BHP Mitsui Coal /(2)/
   Coking coal....................................... (kt)            667      778      671      604      357    1,632    2,004
   Weak coking coal.................................. (kt)          1,691    1,756    1,545    1,518    1,404    4,467    5,027
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total BHP Mitsui Coal............................. (kt)          2,358    2,534    2,216    2,122    1,761    6,099    7,031
                                                                  -------  -------  -------  -------  -------  -------  -------
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal............................. (kt)          9,643   11,304    9,438    9,592    9,757   28,787   29,782
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total Queensland Coal (100%)...................... (kt)         16,928   20,074   16,660   17,062   17,753   51,475   52,532
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.

NSW Energy Coal, Australia
   Production........................................ (kt)          3,810    4,887    3,624    3,229    2,981    9,834   11,165

   Sales
   Export thermal coal............................... (kt)          3,403    4,871    3,168    3,940    2,827    9,935   10,430
   Inland thermal coal /(1)/......................... (kt)             --       --       --       --       --       --      567
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total............................................. (kt)          3,403    4,871    3,168    3,940    2,827    9,935   10,997
                                                                  -------  -------  -------  -------  -------  -------  -------

(1) The domestic sales contract ended in the September 2019 quarter.

Cerrejon, Colombia
   Production........................................ (kt)          1,978      767    1,038      347    1,795    3,180    6,348
   Sales thermal coal - export....................... (kt)          2,028    1,143      994      370    1,746    3,110    6,358

--------------------------------------------------------------------------------
                   BHP Operational Review for               18
                   the nine months ended 31 March 2021

Production and sales report

                                                                                 Quarter ended                   Year to date
                                                                  -------------------------------------------  ----------------
                                                                    Mar      Jun      Sep      Dec      Mar      Mar      Mar
                                                                    2020     2020     2020     2020     2021     2021     2020
                                                                  -------  -------  -------  -------  -------  -------  -------
Other
Nickel production is reported on the basis of saleable product

Nickel West, Australia
   Mt Keith
   Nickel concentrate................................ (kt)           42.8     60.2     64.4     55.7     54.1    174.2    118.0
   Average nickel grade.............................. (%)            15.8     16.5     15.8     14.7     13.3     14.7     17.1

   Leinster
   Nickel concentrate................................ (kt)           57.8     72.0     66.2     72.8     71.5    210.5    181.6
   Average nickel grade.............................. (%)             9.8     10.2      9.0      9.5     10.2      9.6      9.5

   Saleable production
   Refined nickel /(1)//(2)/......................... (kt)           16.6     20.5     17.3     20.4     15.2     52.9     45.1
   Intermediates and nickel by-products /(1)//(3)/... (kt)            4.3      3.4      4.9      3.6      5.2     13.7     11.1
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total nickel /(1)/................................ (kt)           20.9     23.9     22.2     24.0     20.4     66.6     56.2
                                                                  -------  -------  -------  -------  -------  -------  -------

   Cobalt by-products................................ (t)             132      312      238      236      273      747      463

   Sales
   Refined nickel /(1)//(2)/......................... (kt)           16.8     19.7     17.1     20.9     15.0     53.0     44.4
   Intermediates and nickel by-products /(1)//(3)/... (kt)            2.9      4.2      4.6      2.6      5.9     13.1     11.3
                                                                  -------  -------  -------  -------  -------  -------  -------
   Total nickel /(1)/................................ (kt)           19.7     23.9     21.7     23.5     20.9     66.1     55.7
                                                                  -------  -------  -------  -------  -------  -------  -------

   Cobalt by-products................................ (t)             132      312      238      237      273      748      475

(1) Production and sales restated to include other nickel by-products.
(2) High quality refined nickel metal, including briquettes and powder.
(3) Nickel contained in matte and by-product streams.

--------------------------------------------------------------------------------
                   BHP Operational Review for               19
                   the nine months ended 31 March 2021

Date: 21-04-2021 07:05:00
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