Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4
18 October 2023
Operational review for the quarter ended 30 September 2023
We remain on track to deliver full year production and unit cost guidance at all
assets.
First quarter operational performance was highlighted by a 11% uplift in copper
production from the previous year. After completing a typically busy quarter of
planned maintenance particularly at our Australian assets, we are on track to
achieve full year production and unit cost guidance. BMA in particular was impacted
by planned maintenance, an extended longwall move and low opening inventory
following drawdowns in the prior year.
Jansen Stage 1 in Canada is approximately one-third complete after a productive
summer. In South Australia, we saw strong operational performance in
the first full quarter of production for the new province, as we bring our
copper assets together and progress further exploration drilling.
Mike Henry
BHP Chief Executive Officer
Summary
--------------------------------------------------------------------------------------------------------------------------------
Operational performance Social value
On track to deliver production guidance Operational decarbonisation
FY24 production guidance remains unchanged. Copper production BMA entered into a new renewable power purchase agreement
increased 11%, including record quarterly production at (PPA) which is expected to provide half the forecasted
Spence. BMA production was lower due to maintenance, an electricity demand of BMA's operations over five years from
extended longwall move and low inventory. We also executed January 2026; and we signed a memorandum of understanding
major planned maintenance across our Australian business. (MoU) with Toyota to reduce GHG emissions from light vehicles
in Australia.
--------------------------------------------------------------------------------------------------------------------------------
Large, long-life, low-cost assets Growth
3 Bt of iron ore shipped to China Progress in copper and potash provinces
In September, BHP recognised the shipment of 3 Bt of We saw strong underlying operational performance in
high-quality iron ore to China. Since its initial investment the first full quarter of production from the newly-integrated
over 30 years ago to the end of FY23, WAIO has delivered 15% Copper South Australia, while our Jansen Stage 1 project
average annual returns and, over the past decade, has remains on budget and on track to deliver first production by
increased production by >50% and lowered costs by >30%. the end of CY26 (32% complete).
FY24 YTD v Q1 FY24 v Current FY24
Production Q1 FY24 FY23 YTD Q4 FY23 guidance
---------- --------- ---------- --------- --------------
Copper (kt)................................................... 457.0 11% (4%) 1,720 - 1,910
Escondida (kt)............................................. 273.3 8% (7%) 1,080 - 1,180 Unchanged
Pampa Norte (kt)........................................... 78.3 11% 14% 210 - 250/i/ Unchanged
Copper South Australia (kt)/ii/............................ 71.7 44% (6%) 310 - 340 Unchanged
Antamina (kt).............................................. 32.5 (12%) (11%) 120 - 140 Unchanged
Carajas (kt)/ii/........................................... 1.2 -- (25%) -- --
Iron ore (Mt)................................................. 63.2 (3%) (3%) 254 - 264.5
WAIO (Mt).................................................. 62.0 (3%) (3%) 250 - 260 Unchanged
WAIO (100% basis) (Mt)..................................... 69.4 (4%) (4%) 282 - 294 Unchanged
Samarco (Mt)............................................... 1.2 7% 1% 4 - 4.5 Unchanged
Metallurgical coal - BMA (Mt)................................. 5.6 (16%) (34%) 28 - 31
BMA (100% basis) (Mt)...................................... 11.2 (16%) (34%) 56 - 62 Unchanged
Energy coal - NSWEC (Mt)...................................... 3.6 38% (24%) 13 - 15 Unchanged
Nickel - Nickel West (kt)....................................... 20.2 (2%) (8%) 77 - 87 Unchanged
i Production guidance for FY24 is for Spence only, and excludes Cerro Colorado
which is now expected to produce ~11 kt, up from previous guidance of ~9 kt,
as it transitions to closure by 31 December 2023.
ii Q4 FY23 production volumes for the operations acquired from OZL are for the
period of 1 May to 30 June 2023.
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BHP | Operational review for the quarter ended 30 September 2023
Segment and asset performance | FY24 YTD v FY23 YTD
Copper
Production Total copper production increased by 11% to 457 kt. Guidance for FY24 remains
unchanged at between 1,720 and 1,910 kt.
457 kt Up 11%
Q1 FY23 410.1 kt Escondida 273 kt Up 8% (100% basis)
FY24e 1,720 - 1,910 kt Increased production was primarily due to higher concentrator feed grade of
0.85%, compared to 0.83% in the September 2022 quarter. Concentrator feed grade
is expected to be between 0.85% and 0.90% during FY24. Guidance for FY24
remains unchanged at between 1,080 and 1,180 kt, with production expected to be
Average realised price/1,2/ weighted towards the second half of the year.
US$3.63/lb Down 4% Escondida successfully completed negotiations for a new collective agreement
with the Union N(degree)2 of Supervisors, effective for 36 months from
H2 FY23 US$3.80/lb 1 October 2023.
Pampa Norte 78 kt Up 11%
Production at Spence increased 19% to a quarterly record of 69 kt, largely as a
result of improved concentrator performance and recoveries. The concentrator
plant modifications, which commenced in August 2022, are now expected to be
completed in FY24. Guidance for Spence remains unchanged at between 210 and 250
kt for FY24, subject to the remediation of the previously identified anomalies
in the Spence Tailings Storage Facility.
Production at Cerro Colorado was 26% lower at 9 kt as it transitions towards
closure by the end of December 2023. Production for H1 FY24 is now expected to be
~11 kt, up from a previous estimate of ~9 kt.
Copper South Australia 72 kt Up 44%
Production increased due to the additional 23 kt from Prominent Hill and
Carrapateena. Pleasingly, integration of the Olympic Dam, Prominent Hill and
Carrapateena assets has gone well, with strong operational performance and
continued focus on safe and reliable production, in particular at Olympic Dam
(record material mined since FY15) and Carrapateena (record development metres achieved in
September). Planned maintenance was completed across the province. In addition,
we upgraded a conveyor at Carrapateena, ahead of the planned commissioning of
Crusher 2 in Q3 FY24. Olympic Dam also delivered record gold production (for
the second time in three quarters) and gold sales in the quarter.
Production guidance remains unchanged at between 310 and 340 kt for FY24.
Exploration drilling continued beneath the Olympic Dam ore body with eight
active drill rigs and at Oak Dam with 10 operating drill rigs.
Other copper
Antamina copper production decreased by 12% to 33 kt reflecting planned lower
copper feed grades. Zinc production was 9% higher at 36 kt, reflecting higher
grades. Copper guidance of 120 to 140 kt and zinc guidance of between 85 and
105 kt remains unchanged for FY24.
Carajas produced 1.2 kt of copper and 0.8 troy koz of gold. Operations were
suspended in August due to a geotechnical event, and are expected to recommence
in Q2 FY24.
2
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BHP | Operational review for the quarter ended 30 September 2023
Iron ore
Production Total iron ore production decreased by 3% to 63 Mt. Guidance for FY24 remains
unchanged at between 254 and 264.5 Mt.
63.2 Mt Down 3%
Q1 FY23 65.1 Mt WAIO 62 Mt Down 3% | 69 Mt (100% basis)
FY24e 254 - 264.5 Mt Production was lower due to tie-in activity for the Rail Technology
Programme (RTP1), the ongoing ramp up and maintenance at the Central Pilbara
hub (South Flank and Mining Area C), and the timing of track renewal
maintenance.
Average realised price/1/
South Flank remains on track to ramp up to full production capacity of 80 Mtpa
US$98.04/wmt Down 2% (100% basis) by the end of FY24. The planned tie-in of the Port Debottlenecking
Project (PDP1) continues to progress and remains on track to be completed in
H2 FY23 US$99.88/wmt CY24.
Guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt
on a 100% basis). We are building inventory at the mines while we complete
planned maintenance and with South Flank continuing to ramp up, volumes are
expected to be weighted to the second half.
Samarco 1.2 Mt Up 7% | 2.5 Mt (100% basis)
Production increased as a result of higher concentrator throughput. Guidance
for FY24 remains unchanged at between 4 and 4.5 Mt.
--------------------------------------------------------------------------------------------------------------
Coal
Metallurgical coal
Production BMA 5.6 Mt Down 16% | 11.2 Mt (100% basis)
5.6 Mt Down 16% Lower production was due to planned wash plant maintenance at Goonyella, mining in
higher strip ratio areas, an extended longwall move at Broadmeadow, and a
Q1 FY23 6.7 Mt stoppage at Peak Downs. This was partially offset by strong underlying truck
productivity and favourable weather conditions. BMA also opened the period with
FY24e 28 - 31 Mt low inventory levels compared with an inventory drawdown in the prior year due to wet
weather.
Average realised price/1/ Guidance for FY24 remains unchanged at between 28 and 31 Mt (56 and 62 Mt on a
100% basis). Planned wash plant maintenance at Peak Downs and Caval Ridge and the
US$237.07/t Down 13% ramp up of Broadmeadow from the longwall move will continue into Q2. Once
completed, we expect underlying operating performance to deliver increased
H2 FY23 US$273.08/t production in the second half.
In February 2023, we announced our intention to pursue options to divest the Daunia
and Blackwater mines together with our joint venture partner Mitsubishi Development Pty Ltd.
BHP confirms that Whitehaven Coal has been selected as the preferred bidder in the divestment process.
Energy coal
Production NSWEC 3.6 Mt Up 38%
3.6 Mt Up 38% Production increased due to favourable weather conditions and eased labour
constraints, which enabled record annualised truck hours for the quarter. This
Q1 FY23 2.6 Mt was partially offset by planned wash plant maintenance completed in August.
FY24e 13 - 15 Mt Guidance for FY24 remains unchanged at between 13 and 15 Mt.
On 6 September 2023, the NSW Government announced a 2.6% point increase in coal
Average realised price/1,3/ royalties (from 8.2% to 10.8% for open cut mines), which will become effective
from 1 July 2024, coinciding with the end of the legislated period for the
US$125.66/t Down 20% domestic reservation policy.
H2 FY23 US$157.21/t We have submitted a consent modification to mine beyond FY26 to closure in
FY30, and will take into consideration the increase to NSW royalties in the
plans for closure.
3
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BHP | Operational review for the quarter ended 30 September 2023
Group & Unallocated
Nickel
Production Nickel West 20.2 kt Down 2%
20.2 kt Down 2% Production decreased marginally in line with higher stripping activity at Mt
Keith mining operations.
Q1 FY23 20.7 kt Guidance remains unchanged at between 77 and 87 kt for FY24. The refinery
shutdown planned for October 2023 will now largely be completed in February
FY24e 77 - 87 kt 2024, and as a result production is expected to be relatively flat across the
remainder of the year.
Average realised price/1/
US$20,354/t Down 14%
H2 FY23 US$23,652/t
Quarterly performance | Q1 FY24 v Q4 FY23
--------------------------------------------------------------------------------------------------------------------------------
Copper Iron ore
457 kt Down 4% Strong underlying operational performance, 63.2 Mt Down 3% Lower production at WAIO as a result of
including record quarterly production at planned equipment maintenance and the
Q4 FY23 476.2 kt Spence, was offset by planned maintenance Q4 FY23 65.3 Mt ongoing ramp-up of the Central Pilbara
across Copper South Australia and lower hub, partially offset by favourable
concentrator and stacking grades at weather following Tropical Cyclone Ilsa
Escondida. in the prior quarter.
--------------------------------------------------------------------------------------------------------------------------------
Metallurgical coal Energy coal
5.6 Mt Down 34% The low opening inventory position 3.6 Mt Down 24% Lower volumes at NSWEC reflected
following drawdowns in Q4 FY23, along planned wash plant maintenance, and a
Q4 FY23 8.5 Mt with planned wash plant maintenance at Q4 FY23 4.8 Mt focus on additional stripping volumes
Blackwater and Goonyella, a higher strip which resulted in higher strip ratios.
ratio, a longer than planned longwall move
at Broadmeadow and an unexpected stoppage
at Peak Downs resulted in lower volumes
at BMA.
--------------------------------------------------------------------------------------------------------------------------------
Nickel
20.2 kt Down 8% Lower volumes in line with higher
stripping activity at Mt Keith in the
Q4 FY23 22.0 kt quarter.
--------------------------------------------------------------------------------------------------------------------------------
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------------------------
The following footnotes apply to this Operational Review:
1 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.
2 Does not include sales from assets acquired through the purchase of OZL.
3 Export sales only. Includes thermal coal sales from metallurgical coal
mines.
4
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BHP | Operational review for the quarter ended 30 September 2023
Appendix 1
Average realised prices/1/
Q1 FY24 v
Q1 FY24 H2 FY23 H2 FY23
--------- --------- -----------
Copper (US$/lb)/2/............................................ 3.63 3.80 (4%)
Iron ore (US$/wmt, FOB)....................................... 98.04 99.88 (2%)
Metallurgical coal (US$/t).................................... 237.07 273.08 (13%)
Hard coking coal (US$/t)/3/................................ 242.52 276.22 (12%)
Weak coking coal (US$/t)/3/................................ 190.74 250.38 (24%)
Thermal coal (US$/t)/4/....................................... 125.66 157.21 (20%)
Nickel metal (US$/t).......................................... 20,354 23,652 (14%)
1 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.
2 Does not include sales from assets acquired through the purchase of OZL.
3 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.
4 Export sales only. Includes thermal coal sales from metallurgical coal
mines.
Current year unit cost guidance
Current
FY24 guidance/1/
----------------
Escondida unit cost (US$/lb)/2/............................... 1.40 - 1.70 Unchanged
Spence unit cost (US$/lb)..................................... 2.00 - 2.30 Unchanged
WAIO unit cost (US$/t)........................................ 17.40 - 18.90 Unchanged
BMA unit cost (US$/t)......................................... 95 - 105 Unchanged
1 FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and
USD/CLP 810.
2 Escondida unit costs for FY24 onwards exclude revenue-based government
royalties.
Medium term guidance
Production Unit cost
guidance guidance/1/
---------------- ----------------------
Escondida/2/.................................................. 1,200 - 1,300 kt US$1.30 - $1.60/lb/3/
Spence/4/..................................................... ~250 kt
WAIO (100% basis)............................................. >305 Mt <US$17/t
1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67
and USD/CLP 810.
2 Medium term refers to FY25 and FY26.
3 Escondida unit costs for FY24 onwards exclude revenue-based government
royalties.
4 Average of 250 ktpa over five years on the basis that remediation of the
previously identified TSF anomalies does not impact operations.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------------------ ----------- ----------- -----------------------
Potash Jansen Stage 1 Design, engineering and construction of an 5,723 End-CY26 Project is 32% complete
(Canada) underground potash mine and surface
100% infrastructure, with capacity to produce
4.35 Mtpa.
Exploration
Minerals exploration and evaluation expenditure was US$105 m for Q1 FY24, of
which US$93 m was expensed.
5
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BHP | Operational review for the quarter ended 30 September 2023
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
------- ------- ------- ------- ------- ------- ------- -------
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 268.8 276.0 262.4 310.7 319.0 319.0 268.8 19%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 203.1 208.3 200.8 220.5 221.3 221.3 203.1 9%
Pampa Norte kt 28.6 32.5 32.0 32.2 38.8 38.8 28.6 36%
Copper South Australia kt 19.9 25.2 25.2
Antamina kt 37.1 35.2 29.6 36.5 32.5 32.5 37.1 (12)%
Carajas kt 1.6 1.2 1.2
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 141.3 148.3 143.5 165.5 139.7 139.7 141.3 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 49.6 49.7 50.8 72.5 52.0 52.0 49.6 5%
Pampa Norte kt 42.0 44.2 41.0 36.3 39.5 39.5 42.0 (6)%
Copper South Australia kt 49.7 54.4 51.7 56.7 48.2 48.2 49.7 (3)%
Total kt 410.1 424.3 405.9 476.2 458.7 458.7 410.1 12%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 228 114 169 146 96 96 228 (58)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 228 114 169 146 96 96 228 (58)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 32,685 29,929 23,612 38,822 35,669 35,669 32,685 9%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 32,685 29,929 23,612 38,822 35,669 35,669 32,685 9%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 43,757 52,277 57,106 96,655 89,024 89,024 43,757 115%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 38,236 48,402 48,954 53,503 48,063 48,063 38,236 26%
Pampa Norte troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
Copper South Australia troy oz 32,736 36,228 36,228
Carajas troy oz 1,153 802 802
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 47,184 43,280 49,086 46,479 53,028 53,028 47,184 12%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 47,184 43,280 49,086 46,479 53,028 53,028 47,184 12%
Total troy oz 90,941 95,557 106,192 143,134 142,052 142,052 90,941 62%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,652 2,678 2,556 2,592 2,582 2,582 2,652 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,210 1,510 1,346 1,008 1,168 1,168 1,210 (3)%
Pampa Norte troy koz 252 245 409 412 356 356 252 41%
Copper South Australia troy koz 201 260 260
Antamina troy koz 1,190 923 801 971 798 798 1,190 (33)%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 295 261 277 256 261 261 295 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 295 261 277 256 261 261 295 (12)%
Total troy koz 2,947 2,939 2,833 2,848 2,843 2,843 2,947 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 817 943 833 813 825 825 817 1%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 817 943 833 813 825 825 817 1%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 296 564 636 666 612 612 296 107%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 34 216 407 333 329 329 34 868%
Antamina t 262 348 229 333 283 283 262 8%
------- ------- ------- ------- ------- ------- ------- -------
Iron Ore Western Australia Iron
Ore (WAIO) kt 63,925 65,807 58,725 64,074 62,004 62,004 63,925 (3)%
Samarco kt 1,148 1,095 1,048 1,221 1,231 1,231 1,148 7%
Total kt 65,073 66,902 59,773 65,295 63,235 63,235 65,073 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,662 6,952 6,929 8,477 5,601 5,601 6,662 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 2,622 2,851 3,934 4,765 3,613 3,613 2,622 38%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Nickel West kt 20.7 17.7 19.6 22.0 20.2 20.2 20.7 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Nickel West t 238 93 175 246 192 192 238 (19)%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
Sales
------------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- --------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
-------- ------- ------- ------- ------- ------- ------- --------
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 260.3 272.7 268.4 323.1 298.0 298.0 260.3 14%
-------- ------- ------- ------- ------- ------- ------- --------
Escondida kt 196.7 216.0 197.3 220.3 209.5 209.5 196.7 7%
Pampa Norte kt 26.0 22.0 38.7 38.6 31.3 31.3 26.0 20%
Copper South Australia kt 27.6 22.2 22.2
Antamina kt 37.6 34.7 32.4 34.5 32.8 32.8 37.6 (13)%
Carajas kt 2.1 2.2 2.2
-------- ------- ------- ------- ------- ------- ------- --------
Cathode kt 134.2 155.9 130.3 179.9 131.9 131.9 134.2 (2)%
-------- ------- ------- ------- ------- ------- ------- --------
Escondida kt 45.9 53.5 43.8 78.0 49.2 49.2 45.9 7%
Pampa Norte kt 42.4 45.6 36.0 42.4 36.6 36.6 42.4 (14)%
Copper South Australia kt 45.9 56.8 50.5 59.5 46.1 46.1 45.9 --
Total kt 394.5 428.6 398.7 503.0 429.9 429.9 394.5 9%
-------- ------- ------- ------- ------- ------- ------- --------
Lead Payable metal in concentrate t 130 91 181 143 154 154 130 18%
-------- ------- ------- ------- ------- ------- ------- --------
Antamina t 130 91 181 143 154 154 130 18%
-------- ------- ------- ------- ------- ------- ------- --------
Zinc Payable metal in concentrate t 33,820 29,127 25,851 37,629 33,912 33,912 33,820 --
-------- ------- ------- ------- ------- ------- ------- --------
Antamina t 33,820 29,127 25,851 37,629 33,912 33,912 33,820 --
-------- ------- ------- ------- ------- ------- ------- --------
Gold Payable metal in concentrate troy oz 43,757 52,277 57,106 108,552 87,703 87,703 43,757 100%
-------- ------- ------- ------- ------- ------- ------- --------
Escondida troy oz 38,236 48,402 48,954 53,503 48,063 48,063 38,236 26%
Pampa Norte troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
Copper South Australia troy oz 44,098 34,176 34,176
Carajas troy oz 1,688 1,533 1,533
-------- ------- ------- ------- ------- ------- ------- --------
Refined gold troy oz 49,542 41,900 47,300 49,182 54,036 54,036 49,542 9%
-------- ------- ------- ------- ------- ------- ------- --------
Copper South Australia troy oz 49,542 41,900 47,300 49,182 54,036 54,036 49,542 9%
Total troy oz 93,299 94,177 104,406 157,734 141,739 141,739 93,299 52%
-------- ------- ------- ------- ------- ------- ------- --------
Silver Payable metal in concentrate troy koz 2,477 2,605 2,523 2,409 2,527 2,527 2,477 2%
-------- ------- ------- ------- ------- ------- ------- --------
Escondida troy koz 1,210 1,510 1,346 1,008 1,168 1,168 1,210 (3)%
Pampa Norte troy koz 252 245 409 412 356 356 252 41%
Copper South Australia troy koz 242 258 258
Antamina troy koz 1,015 850 768 747 745 745 1,015 (27)%
-------- ------- ------- ------- ------- ------- ------- --------
Refined silver troy koz 320 233 307 270 219 219 320 (32)%
-------- ------- ------- ------- ------- ------- ------- --------
Copper South Australia troy koz 320 233 307 270 219 219 320 (32)%
Total troy koz 2,797 2,838 2,830 2,679 2,746 5,273 5,274 --
-------- ------- ------- ------- ------- ------- ------- --------
Uranium Payable metal in concentrate t 272 1,127 683 1,275 481 481 272 77%
-------- ------- ------- ------- ------- ------- ------- --------
Copper South Australia t 272 1,127 683 1,275 481 481 272 77%
-------- ------- ------- ------- ------- ------- ------- --------
Molybdenum Payable metal in concentrate t 275 514 789 594 564 564 275 105%
-------- ------- ------- ------- ------- ------- ------- --------
Pampa Norte t 25 216 492 367 303 303 25 1,112%
Antamina t 250 298 297 227 261 261 250 4%
-------- ------- ------- ------- ------- ------- ------- --------
Iron Ore Western Australia Iron
Ore (WAIO) kt 62,257 64,496 59,204 62,926 64,180 64,180 62,257 3%
Samarco kt 1,146 1,097 1,111 1,160 1,136 1,136 1,146 (1)%
Total kt 63,403 65,593 60,315 64,086 65,316 65,316 63,403 3%
-------- ------- ------- ------- ------- ------- ------- --------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,482 7,027 6,186 8,876 5,325 5,325 6,482 (18)%
-------- ------- ------- ------- ------- ------- ------- --------
Energy coal NSW Energy Coal (NSWEC) kt 2,441 2,862 3,667 4,894 3,307 3,307 2,441 35%
-------- ------- ------- ------- ------- ------- ------- --------
Nickel Nickel West kt 20.7 18.4 19.6 23.4 18.9 18.9 20.7 (9)%
-------- ------- ------- ------- ------- ------- ------- --------
Cobalt Nickel West t 238 93 175 246 192 192 238 (19)%
-------- ------- ------- ------- ------- ------- ------- --------
1 Includes BMA thermal coal sales.
6
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BHP | Operational review for the quarter ended 30 September 2023
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
------- ------- ------- ------- ------- ------- ------- -------
Production and Sales
By Asset
Copper
Metals production is payable metal unless otherwise noted
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 110,248 101,987 106,170 95,451 87,462 87,462 110,248 (21)%
Concentrator throughput kt 32,894 33,911 33,309 30,750 33,332 33,332 32,894 1%
Average copper grade -
concentrator % 0.83% 0.76% 0.78% 0.93% 0.85% 0.85% 0.83% 2%
Production ex mill kt 214.6 212.8 210.0 228.9 225.7 225.7 214.6 5%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 203.1 208.3 200.8 220.5 221.3 221.3 203.1 9%
Copper cathode (EW) kt 49.6 49.7 50.8 72.5 52.0 52.0 49.6 5%
Oxide leach kt 15.2 17.6 14.7 29.3 17.5 17.5 15.2 15%
Sulphide leach kt 34.4 32.1 36.1 43.2 34.5 34.5 34.4 --
Total copper kt 252.7 258.0 251.6 293.0 273.3 273.3 252.7 8%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 38,236 48,402 48,954 53,503 48,063 48,063 38,236 26%
Payable silver concentrate troy koz 1,210 1,510 1,346 1,008 1,168 1,168 1,210 (3)%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 28.6 32.5 32.0 32.2 38.8 38.8 28.6 36%
Cathode kt 42.0 44.2 41.0 36.3 39.5 39.5 42.0 (6)%
Total copper kt 70.6 76.7 73.0 68.5 78.3 78.3 70.6 11%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 252 245 409 412 356 356 252 41%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 34 216 407 333 329 329 34 868%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado
Material mined kt 3,179 583 172 145 -- -- 3,179 (100)%
Ore stacked kt 4,373 4,119 3,567 3,928 154 154 4,373 (96)%
Average copper grade - stacked % 0.54% 0.56% 0.57% 0.53% 0.58% 0.58% 0.54% 7%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 12.8 12.2 12.0 12.2 9.5 9.5 12.8 (26)%
Spence
Material mined kt 26,956 26,980 24,858 25,622 27,654 27,654 26,956 3%
Ore stacked kt 5,577 5,155 4,947 5,625 5,113 5,113 5,577 (8)%
Average copper grade - stacked % 0.70% 0.66% 0.60% 0.58% 0.60% 0.60% 0.70% (14)%
Concentrator throughput kt 6,433 7,602 7,290 6,927 8,473 8,473 6,433 32%
Average copper grade -
concentrator % 0.63% 0.60% 0.61% 0.61% 0.64% 0.64% 0.63% 2%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 28.6 32.5 32.0 32.2 38.8 38.8 28.6 36%
Copper cathode (EW) kt 29.2 32.0 29.0 24.1 30.0 30.0 29.2 3%
Total copper kt 57.8 64.5 61.0 56.3 68.8 68.8 57.8 19%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
Payable silver concentrate troy koz 252 245 409 412 356 356 252 41%
Payable molybdenum t 34 216 407 333 329 329 34 868%
------- ------- ------- ------- ------- ------- ------- -------
Sales
------------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- --------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
-------- ------- ------- ------- ------- ------- ------- --------
Production and Sales
By Asset
Copper
Metals production is payable metal unless otherwise noted
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
-------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 196.7 216.0 197.3 220.3 209.5 209.5 196.7 7%
Copper cathode (EW) kt 45.9 53.5 43.8 78.0 49.2 49.2 45.9 7%
Oxide leach kt
Sulphide leach kt
Total copper kt 242.6 269.5 241.1 298.3 258.7 258.7 242.6 7%
-------- ------- ------- ------- ------- ------- ------- --------
Payable gold concentrate troy oz 38,236 48,402 48,954 53,503 48,063 48,063 38,236 26%
Payable silver concentrate troy koz 1,210 1,510 1,346 1,008 1,168 1,168 1,210 (3)%
-------- ------- ------- ------- ------- ------- ------- --------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 26.0 22.0 38.7 38.6 31.3 31.3 26.0 20%
Cathode kt 42.4 45.6 36.0 42.4 36.6 36.6 42.4 (14)%
Total copper kt 68.4 67.6 74.7 81.0 67.9 67.9 68.4 (1)%
-------- ------- ------- ------- ------- ------- ------- --------
Gold troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
-------- ------- ------- ------- ------- ------- ------- --------
Silver troy koz 252 245 409 412 356 356 252 41%
-------- ------- ------- ------- ------- ------- ------- --------
Molybdenum t 25 216 492 367 303 303 25 1,112%
-------- ------- ------- ------- ------- ------- ------- --------
Cerro Colorado
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Copper cathode (EW) kt 13.3 12.2 10.9 14.1 8.8 8.8 13.3 (34)%
Spence
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
-------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 26.0 22.0 38.7 38.6 31.3 31.3 26.0 20%
Copper cathode (EW) kt 29.1 33.4 25.1 28.3 27.8 27.8 29.1 (4)%
Total copper kt 55.1 55.4 63.8 66.9 59.1 59.1 55.1 7%
-------- ------- ------- ------- ------- ------- ------- --------
Payable gold concentrate troy oz 5,521 3,875 8,152 9,263 3,931 3,931 5,521 (29)%
Payable silver concentrate troy koz 252 245 409 412 356 356 252 41%
Payable molybdenum t 25 216 492 367 303 303 25 1,112%
-------- ------- ------- ------- ------- ------- ------- --------
7
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2023
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 19.9 26.2 26.2
Cathode kt 49.7 54.4 51.7 56.7 48.2 48.2 49.7 (3)%
Total copper kt 49.7 54.4 51.7 76.6 74.4 74.4 49.7 50%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt (1.0) (1.0)
Net copper 49.7 54.4 51.7 76.6 73.4 73.4 49.7 48%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 32,736 41,424 41,424
Refined gold troy oz 47,184 43,280 49,086 46,479 53,028 53,028 47,184 12%
Total gold troy oz 47,184 43,280 49,086 79,215 94,452 94,452 47,184 100%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz -- --
Net gold troy oz 47,184 43,280 49,086 79,215 94,452 94,452 47,184 100%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 201 271 271
Refined silver troy koz 295 261 277 256 261 261 295 (12)%
Total silver troy koz 295 261 277 457 532 532 295 80%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz -- --
Net silver troy koz 295 261 277 457 532 532 295 80%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 817 943 833 813 825 825 817 1%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,412 2,264 2,317 2,356 2,639 2,639 2,412 9%
Ore milled kt 2,570 2,687 2,433 2,755 2,596 2,596 2,570 1%
Average copper grade % 2.13% 2.08% 1.95% 2.00% 1.96% 1.96% 2.13% (8)%
Average uranium grade kg/t 0.58 0.58 0.59 0.55 0.56 0.56 0.58 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 49.7 54.4 51.7 56.7 48.2 48.2 49.7 (3)%
Payable uranium t 817 943 833 813 825 825 817 1%
Refined gold troy oz 47,184 43,280 49,086 46,479 53,028 53,028 47,184 12%
Refined silver troy koz 295 261 277 256 261 261 295 (12)%
Prominent Hill/2/
Material mined kt 661 1,110 1,110
Ore milled kt 1,228 1,652 1,652
Average copper grade % 0.77% 0.85% 0.85%
Production ex mill kt 16.3 23.8 23.8
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 8.2 12.1 12.1
Payable gold concentrate troy oz 17,432 22,031 22,031
Payable silver concentrate troy koz 44 63 63
Carrapateena/2/
Material mined kt 880 969 969
Ore milled kt 856 1,230 1,230
Average copper grade % 1.52% 1.29% 1.29%
Production ex mill kt 30.1 37.6 37.6
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.7 14.1 14.1
Payable gold concentrate troy oz 15,304 19,393 19,393
Payable silver concentrate troy koz 157 208 208
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Sales
------------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- --------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
-------- ------- ------- ------- ------- ------- ------- --------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.6 22.2 22.2
Cathode kt 45.9 56.8 50.5 59.5 46.1 46.1 45.9 --
Total copper kt 45.9 56.8 50.5 87.1 68.3 68.3 45.9 49%
------- ------- ------- ------- ------- ------- ------- --------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper
------- ------- ------- ------- ------- ------- ------- --------
Gold Payable metal in concentrate troy oz 44,098 34,176 34,176
Refined gold troy oz 49,542 41,900 47,300 49,182 54,036 54,036 49,542 9%
Total gold troy oz 49,542 41,900 47,300 93,280 88,212 88,212 49,542 78%
------- ------- ------- ------- ------- ------- ------- --------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- --------
Silver Payable metal in concentrate troy koz 242 258 258
Refined silver troy koz 320 233 307 270 219 219 320 (32)%
Total silver troy koz 320 233 307 512 477 477 320 49%
------- ------- ------- ------- ------- ------- ------- --------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- --------
Uranium t 272 1,127 683 1,275 481 481 272 77%
------- ------- ------- ------- ------- ------- ------- --------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- --------
Copper cathode (ER and EW) kt 45.9 56.8 50.5 59.5 46.1 46.1 45.9 --
Payable uranium t 272 1,127 683 1,275 481 481 272 77%
Refined gold troy oz 49,542 41,900 47,300 49,182 54,036 54,036 49,542 9%
Refined silver troy koz 320 233 307 270 219 219 320 (32)%
Prominent Hill/1/
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 15.7 8.4 8.4
Payable gold concentrate troy oz 28,856 15,524 15,524
Payable silver concentrate troy koz 87 53 53
Carrapateena/1/
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 11.9 13.8 13.8
Payable gold concentrate troy oz 15,242 18,652 18,652
Payable silver concentrate troy koz 155 205 205
------- ------- ------- ------- ------- ------- ------- --------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
8
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2023
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 63,865 68,750 57,939 62,894 63,310 63,310 63,865 (1)%
Concentrator throughput kt 13,858 14,272 12,349 13,897 14,246 14,246 13,858 3%
Average head grades
Average head grade - copper % 0.93% 0.86% 0.88% 0.88% 0.83% 0.83% 0.93% (11)%
Average head grade - zinc % 1.09% 0.99% 1.06% 1.25% 1.17% 1.17% 1.09% 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 37.1 35.2 29.6 36.5 32.5 32.5 37.1 (12)%
Payable zinc t 32,685 29,929 23,612 38,822 35,669 35,669 32,685 9%
Payable silver troy koz 1,190 923 801 971 798 798 1,190 (33)%
Payable lead t 228 114 169 146 96 96 228 (58)%
Payable molybdenum t 262 348 229 333 283 283 262 8%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 103 74 74
Ore milled kt 100 70 70
Average copper grade % 1.71% 1.91% 1.91%
Production ex mill kt 6.6 5.2 5.2
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 1.6 1.2 1.2
Payable gold concentrate troy oz 1,153 802 802
------- ------- ------- ------- ------- ------- ------- -------
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 kt 14,053 16,172 11,925 14,795 13,234 13,234 14,053 (6)%
Area C Joint Venture kt 26,971 26,302 25,284 28,818 25,804 25,804 26,971 (4)%
Yandi Joint Venture kt 5,497 5,613 4,941 5,359 3,150 3,150 5,497 (43)%
Jimblebar/1/ kt 17,404 17,720 16,575 15,102 19,816 19,816 17,404 14%
Total kt 63,925 65,807 58,725 64,074 62,004 62,004 63,925 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 72,135 74,292 66,163 72,717 69,448 69,448 72,135 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,148 1,095 1,048 1,221 1,231 1,231 1,148 7%
------- ------- ------- ------- ------- ------- ------- -------
Sales
------------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- --------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
-------- ------- ------- ------- ------- ------- ------- --------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grades
Copper %
Zinc %
-------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 37.6 34.7 32.4 34.5 32.8 32.8 37.6 (13)%
Payable zinc t 33,820 29,127 25,851 37,629 33,912 33,912 33,820 --
Payable silver troy koz 1,015 850 768 747 745 745 1,015 (27)%
Payable lead t 130 91 181 143 154 154 130 18%
Payable molybdenum t 250 298 297 227 261 261 250 4%
-------- ------- ------- ------- ------- ------- ------- --------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
-------- ------- ------- ------- ------- ------- ------- --------
Payable copper kt 2.1 2.2 2.2
Payable gold concentrate troy oz 1,688 1,533 1,533
-------- ------- ------- ------- ------- ------- ------- --------
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 kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
-------- ------- ------- ------- ------- ------- ------- --------
Lump kt 19,561 20,375 18,021 20,022 20,969 20,969 19,561 7%
Fines kt 42,696 44,121 41,183 42,904 43,211 43,211 42,696 1%
Total kt 62,257 64,496 59,204 62,926 64,180 64,180 62,257 3%
-------- ------- ------- ------- ------- ------- ------- --------
Total (100%) kt 70,276 72,688 66,580 71,172 71,748 71,748 70,276 2%
-------- ------- ------- ------- ------- ------- ------- --------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,146 1,097 1,111 1,160 1,136 1,136 1,146 (1)%
-------- ------- ------- ------- ------- ------- ------- --------
9
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2023
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater kt 1,283 1,160 1,107 1,505 1,295 1,295 1,283 1%
Goonyella kt 1,780 1,997 2,185 2,348 827 827 1,780 (54)%
Peak Downs kt 1,325 1,480 1,251 1,424 1,121 1,121 1,325 (15)%
Saraji kt 1,020 1,243 1,007 1,326 1,010 1,010 1,020 (1)%
Daunia kt 324 441 607 617 545 545 324 68%
Caval Ridge kt 930 631 772 1,257 803 803 930 (14)%
Total/1/ kt 6,662 6,952 6,929 8,477 5,601 5,601 6,662 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 13,324 13,904 13,858 16,954 11,202 11,202 13,324 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt
Weak coking coal kt
Thermal coal kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt
Domestic/1/ kt
Total kt 2,622 2,851 3,934 4,765 3,613 3,613 2,622 38%
------- ------- ------- ------- ------- ------- ------- -------
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.
Nickel West, Australia BHP interest 100%
Mt Keith Nickel concentrate kt 42.6 39.6 38.8 44.5 42.7 42.7 42.6 --
Average nickel grade % 17.0 15.5 16.5 16.2 16.7 16.7 17.0 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 66.8 47.9 68.4 71.1 66.0 66.0 66.8 (1)%
Average nickel grade % 9.9 9.4 8.6 8.5 8.1 8.1 9.9 (18)%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 17.5 10.8 13.2 13.1 13.8 13.8 17.5 (21)%
Nickel sulphate/2/ kt 1.2 0.4 0.9 0.7 0.9 0.9 1.2 (25)%
Intermediates and nickel
by-products/3/ kt 2.0 6.5 5.5 8.2 5.5 5.5 2.0 175%
Total nickel kt 20.7 17.7 19.6 22.0 20.2 20.2 20.7 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 238 93 175 246 192 192 238 (19)%
------- ------- ------- ------- ------- ------- ------- -------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
Sales
------------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- --------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2022 2022 2023 2023 2023 2023 2022 %
-------- ------- ------- ------- ------- ------- ------- --------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater kt
Goonyella kt
Peak Downs kt
Saraji kt
Daunia kt
Caval Ridge kt
Total/1/ kt
Total (100%) kt
-------- ------- ------- ------- ------- ------- ------- --------
Coking coal kt 5,615 5,872 5,372 7,448 4,497 4,497 5,615 (20)%
Weak coking coal kt 600 727 710 1,064 529 529 600 (12)%
Thermal coal kt 267 428 104 364 299 299 267 12%
Total kt 6,482 7,027 6,186 8,876 5,325 5,325 6,482 (18)%
-------- ------- ------- ------- ------- ------- ------- --------
Total (100%) kt 12,964 14,054 12,372 17,752 10,650 10,650 12,964 (18)%
-------- ------- ------- ------- ------- ------- ------- --------
1 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt 2,441 2,862 3,667 4,693 3,087 3,087 2,441 26%
Domestic kt 201 220 220
Total kt 2,441 2,862 3,667 4,894 3,307 3,307 2,441 35%
-------- ------- ------- ------- ------- ------- ------- --------
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.
Nickel West, Australia BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
-------- ------- ------- ------- ------- ------- ------- --------
Refined nickel/1/ kt 18.1 10.2 13.0 13.1 13.2 13.2 18.1 (27)%
Nickel sulphate/2/ kt 0.8 0.5 0.9 0.8 0.8 0.8 0.8 --
Intermediates and nickel
by-products/3/ kt 1.8 7.7 5.7 9.5 4.9 4.9 1.8 172%
Total nickel kt 20.7 18.4 19.6 23.4 18.9 18.9 20.7 (9)%
-------- ------- ------- ------- ------- ------- ------- --------
Cobalt by-products t 238 93 175 246 192 192 238 (19)%
-------- ------- ------- ------- ------- ------- ------- --------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
10
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2023
Variance analysis relates to the relative performance of BHP and/or its
operations during the three months ended September 2023 compared with the three
months ended September 2022, 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.
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 tonne (g/t); high-potential
injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per
annum (Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); OZ Minerals Limited (OZL); 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
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Tel: +61 3 9609 3830 Mobile: +61 411 071 715 Mobile: +61 499 006 018
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
Renata Fernandez Monica Nettleton
Mobile: +56 9 8229 5357 Mobile: +1 416 518 6293
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
Follow us on social media
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
11
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2023
Date: 18-10-2023 08:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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