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 April 2024
Operational review for the nine months ended 31 March 2024
Solid operational performance in copper, iron ore and energy coal.
"We remain on track to meet copper, iron ore and energy coal production for the
year. Copper volumes have increased by 10 per cent reflecting strong performance
and additional tonnes from Copper South Australia, record year-to-date
performance from Spence, and improved grades and production at Escondida.
"Western Australia Iron Ore, the lowest cost iron ore producer globally,
delivered another consistent period of production despite heavy rainfall. We
continue to invest in improvements to our rail and port operations, which are
essential for growth in the medium term to 305 million tonnes per annum and
beyond.
"At our BMA metallurgical coal operations in Queensland, significant wet weather
including the impact of two tropical cyclones and operational challenges
impacted production and unit costs, and we have revised guidance for the year.
We successfully completed the sale of the Blackwater and Daunia mines on 2 April
for a total of up to US$4.1 bn (100%).
"In Canada, the Jansen Stage 1 project remains ahead of its initial schedule and
is now 44 per cent complete. In Western Australia, we expect to announce a
decision on the future of our nickel business in the coming months, where
efforts to optimise operations and preserve value are underway."
Mike Henry
BHP Chief Executive Officer
Summary
---------------------------------------------------------------------------------------------------------------------------------
Operational performance Portfolio
Copper production increased 10% Completed sale of Blackwater and Daunia
Increased copper production driven by record production at We completed the strategic reshaping of our metallurgical coal
Spence, strong operational performance at Copper South business with the divestment of BHP Mitsubishi Alliance's (BMA)
Australia (and the contribution from Prominent Hill and Blackwater and Daunia mines to Whitehaven Coal on 2 April for a
Carrapateena), and improved performance and grade at Escondida. total cash consideration of up to US$4.1 bn (100%).
FY24 production guidance for BMA has been lowered to 21.5 - BMA now has a more focused operational footprint and a greater
22.5 Mt (43 - 45 Mt at 100%). Other updates to FY24 production portion of higher quality metallurgical coal (>85%) which is
guidance are reflected in the table below. FY24 unit cost expected to achieve higher relative margins in a decarbonising
guidance/1/ for BMA has been increased to US$119/t - US$125/t. world.
---------------------------------------------------------------------------------------------------------------------------------
ESG Governance
MSCI upgrade Board update
In March, ESG ratings provider MSCI updated BHP's overall In March, we announced the appointment of Ross McEwan and Don
company score based on their assessment of performance under Lindsay as Non-executive Directors, effective 3 April 2024 and
the Social Pillar. This reflects the progress made in Brazil, 1 May 2024 respectively. We also announced the retirement of
including in negotiations, and our commitment to deliver full Ian Cockerill as a Non-executive Director, effective 4 April
and fair remediation and compensation.
---------------------------------------------------------------------------------------------------------------------------------
Quarter performance YTD performance FY24 production guidance
----------------------------- ----------------- --------------------------------------
YTD Mar v YTD Mar
Production Q3 FY24 v Q2 FY24 v Q3 FY23 FY24 FY23 Previous Current
----------------------------------------- --------- --------- --------- ------- --------- ------------- -------------
Copper (kt).............................. 465.9 7% 15% 1,360.3 10% 1,720 - 1,910 1,720 - 1,910
Escondida (kt)........................ 288.2 13% 15% 816.1 7% 1,080 - 1,180 1,080 - 1,180 Unchanged
Pampa Norte (kt)...................... 61.6 3% (16%) 199.7 (9%) 210 - 250/i/ 210 - 250/i/ Upper end
Copper South Australia (kt)........... 79.0 (4%) 53% 232.7 49% 310 - 340 310 - 340 Unchanged
Antamina (kt)......................... 33.9 (14%) 15% 105.6 4% 120 - 140 120 - 140 Unchanged
Carajas (kt).......................... 3.2 78% 6.2 -- -- --
Iron ore (Mt)............................ 61.5 (7%) 3% 190.5 (1%) 254 - 264.5 254 - 264.5
WAIO (Mt)............................. 60.3 (6%) 3% 186.8 (1%) 250 - 260 250 - 260 Unchanged
WAIO (100% basis) (Mt)................ 68.1 (6%) 3% 210.2 (1%) 282 - 294 282 - 294 Unchanged
Samarco (Mt).......................... 1.2 (10%) 12% 3.7 13% 4 - 4.5 4 - 4.5 Upper end
Metallurgical coal - BMA (Mt)............ 6.0 6% (13%) 17.4 (16%) 23 - 25 21.5 - 22.5 Lowered
BMA (100% basis) (Mt)................. 12.1 6% (13%) 34.7 (16%) 46 - 50 43 - 45 Lowered
Energy coal - NSWEC (Mt)................. 4.1 8% 5% 11.6 23% 13 - 15 13 - 15 Upper end
Nickel - Western Australia Nickel (kt)... 18.8 (4%) (4%) 58.6 1% 77 - 87 77 - 87 Lower half
Note: changes made to FY24 production guidance since the Q2 FY24 Operational
review are shown in italics.
i Production guidance for FY24 is for Spence only and excludes Cerro Colorado
which produced 11 kt before ceasing production on 9 November 2023.
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BHP | Operational review for the nine months ended 31 March 2024
Segment and asset performance | FY24 YTD v FY23 YTD
--------------------------------------------------------------------------------------------------------------
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
Copper
Production Total copper production increased by 10% to 1,360 kt. Copper production
guidance for FY24 remains unchanged at between 1,720 and 1,910 kt.
1,360 kt Up 10%
Escondida 816 kt Up 7% (100% basis)
YTD Mar FY23 1,240 kt
Increased production was primarily due to a higher concentrator feed grade of
FY24e 1,720 - 1,910 kt 0.85%, increasing from 0.79%, as mining progressed into areas of high grade ore
as planned following the implementation of measures to manage geotechnical
events. Concentrator feed grade for FY24 is expected to be between 0.85% and
Average realised price 0.90%, with 0.92% grade achieved in Q3 FY24. Production guidance for FY24
remains unchanged at between 1,080 and 1,180 kt.
US$3.72/lb Up 5%
Pampa Norte 200 kt Down 9%
HY24 US$3.66/lb
Spence production increased by 3% to a nine-month record of 189 kt, driven by
improved concentrator throughput and higher recoveries. Record concentrate
production was partially offset by lower cathode production, in line with an
expected decline in stacked feed grade. The concentrator plant modifications
which commenced in August 2022 are expected to be completed in FY24.
In March 2024, Spence achieved fully autonomous mine haulage operations (ahead
of the Q4 FY24 target date) and has deployed a total of 33 autonomous trucks.
FY24 production for Spence is expected to be at the upper end of the guidance
range of between 210 and 250kt.
Cerro Colorado entered temporary care and maintenance in December 2023, after
producing 11 kt for the period.
Copper South Australia 233 kt Up 49%
Production increased by 49% due to the addition of volumes this year from
Prominent Hill and Carrapateena, and strong underlying operational performance
at Olympic Dam including the highest quarter of material mined in over 10 years
in Q3 FY24. Strong smelter performance at Olympic Dam was supported by ongoing
transfers of concentrate from Prominent Hill and initial transfers from
Carrapateena in Q3 FY24, for processing to higher margin cathode. Crusher 2 at
Carrapateena was commissioned in Q3 FY24 and remains on track to ramp up in Q4
FY24.
Production guidance for FY24 remains unchanged at between 310 and 340 kt.
We are continuing exploration drilling across the Copper South Australia
province to enhance our resource knowledge in support of our growth studies. At
Oak Dam, we are progressing the external approval process for an underground
access decline to enable faster and lower cost resource definition drilling of
the mineral deposit, and we expect to be able to provide an Inferred Mineral
Resource for Oak Dam later this calendar year.
Other copper
At Antamina, copper production increased by 4% to 106 kt, while zinc production
was 2% higher at 88 kt, both as a result of higher throughput offsetting
planned lower concentrator feed grades. Production guidance remains unchanged
for FY24, with copper production of between 120 and 140 kt, and zinc production
of between 85 and 105 kt.
Carajas produced 6.2 kt of copper and 4.1 troy koz of gold. In Q3 FY24
operations continued to ramp back up, and shipments also resumed, following the
temporary stoppage of operations between August and October 2023 due to a
geotechnical event.
2
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BHP | Operational review for the nine months ended 31 March 2024
Iron ore
Production Total iron ore production decreased by 1% to 190 Mt. Production guidance for
FY24 remains unchanged at between 254 and 264.5 Mt.
190 Mt Down 1%
WAIO 187 Mt Down 1% | 210 Mt (100% basis)
YTD Mar FY23 192 Mt
Production was marginally lower due to heavy rainfall throughout Q3 FY24, the
FY24e 254 - 264.5 Mt continued tie-in activity for the Rail Technology Programme (RTP1), the impacts
of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining Area
C) and a bushfire near Yandi.
Average realised price
South Flank remains on track to ramp up to full production capacity of 80 Mtpa
US$104.53/wmt Up 3% (100% basis) by the end of FY24. The Port Debottlenecking Project (PDP1) was
commissioned in December 2023 and ramp up remains on track to be completed in
HY24 US$103.70/wmt CY24.
Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282
and 294 Mt on a 100% basis).
Samarco 3.7 Mt Up 13% | 7.4 Mt (100% basis)
Production increased as a result of higher concentrator throughput. FY24
production is expected to be at the upper end of the 4 - 4.5 Mt guidance range.
--------------------------------------------------------------------------------------------------------------
Coal
Metallurgical coal
Production BMA 17.4 Mt Down 16% | 34.7 Mt (100% basis)
17.4 Mt Down 16% Following the tragic fatality of a team member in January 2024, BMA operations
were suspended for 24 hours while a safety stop was implemented across all
YTD Mar FY23 20.5 Mt mines, and for a further 3.5 days at Saraji.
FY24e 21.5 - 22.5 Mt Production has been impacted by increased planned maintenance, an extended
longwall move at Broadmeadow as well as increased stripping to improve supply
chain stability at our open cut operations to restore depleted inventory
Average realised price positions arising from extended weather impacts and labour constraints over
recent years. Our focus on restoring depleted inventory will continue into
US$272.09/t Up 6% CY25.
HY24 US$266.43/t Despite improved production in Q3 FY24, the impacts of higher than planned wet
weather, including two tropical cyclones in the region, and the temporary
suspension of operations following the fatality at Saraji have impacted our
FY24 production estimates. Production for FY24 is now expected to be between
21.5 and 22.5 Mt (43 and 45 Mt on a 100% basis). This has been lowered from 23
- 25 Mt (46 - 50 Mt on a 100% basis).
As a result, unit cost guidance for FY24/1/ has increased to between US$119/t and
US$125/t, from US$110 - US$116/t.
Energy coal
Production NSWEC 11.6 Mt Up 23%
11.6 Mt Up 23% Increased production as a result of continued strong operating performance as
improved weather conditions enabled an uplift in truck productivity. Domestic
YTD Mar FY23 9.4 Mt sales under the NSW Government Coal Market Price Emergency (Directions for Coal
Mines) Notice commenced in Q4 FY23, which has resulted in a lower proportion of
FY24e 13 - 15 Mt washed coal and further contributed to the higher volumes.
Production for FY24 is expected to be at the upper end of the guidance range of
Average realised price between 13 and 15 Mt.
US$120.97/t Down 6% The approval process in relation to the modification request submitted to the
NSW Government to extend mining approval to 30 June 2030 will continue into
HY24 US$123.29/t FY25. The approval would allow NSWEC to continue mining beyond its current
mining consent that expires in 2026 and proceed with a managed process to cease
mining at the asset by the end of FY30.
3
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BHP | Operational review for the nine months ended 31 March 2024
Group & Unallocated
Nickel
Production Western Australia Nickel 59 kt Up 1%
59 kt Up 1% Production increased, despite significant wet weather impacts in Q3 FY24.
Production for FY24 is expected to be in the lower half of the guidance range
YTD Mar FY23 58 kt of between 77 and 87 kt.
FY24e 77 - 87 kt As announced in our HY24 results in February 2024, we continue to review our
plans for Western Australia Nickel with a focus on preserving cash. This
includes optimising operations and maintenance schedules, reviewing capital
Average realised price plans, and reducing contractor spend and equipment hire. Our review also
includes assessing the potential to place Nickel West into a period of care and
US$18,104/t Down 1% maintenance and the phasing and capital spend for the development of the West
Musgrave project. We expect to provide an update on the longer-term future of
HY24 US$18,602/t Western Australia Nickel by the FY24 results in August 2024.
Quarterly performance | Q3 FY24 v Q2 FY24
----------------------------------------------------------------- ---------------------------------------------------------------
Copper Iron ore
466 kt Up 7% Higher concentrator grade at Escondida and 61 Mt Down 7% Lower production at WAIO as a result of
concentrator throughput at Spence, wet weather, a bushfire near Yandi and the
Q2 FY24 437 kt partially offset by lower volumes at Q2 FY24 66 Mt impacts of the RTP1 tie-in activity,
Copper South Australia due to planned partially offset by improved underlying
maintenance and the commissioning of mine performance.
Crusher 2 at Carrapateena in Q3 FY24.
----------------------------------------------------------------- ---------------------------------------------------------------
Energy coal
Metallurgical coal
4.1 Mt Up 8% Increased production as a result of
6.0 Mt Up 6% Production increased due to improved strip favourable mining sequence, strong
ratio and yield despite unfavourable Q2 FY24 3.9 Mt production performance and a reduced
Q2 FY24 5.7 Mt weather. Operations were temporarily proportion of washed coal.
suspended for safety stops following the
fatality of a team member at Saraji.
----------------------------------------------------------------- ---------------------------------------------------------------
Nickel
19 kt Down 4% Lower volumes due to planned maintenance
at the Kwinana Refinery and a severe
Q2 FY24 20 kt weather event in March.
---------------------------------------------------------------------------------------------------------------------------------
The following footnotes apply to this Operational Review:
1 FY24 unit cost guidance is based on exchange rate of AUD/USD 0.67.
4
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BHP | Operational review for the nine months ended 31 March 2024
Appendix 1
Average realised prices/1/
Q3 FY24 v YTD Mar FY24 v
Q3 FY24 YTD Mar FY24 Q2 FY24 H1 FY24
--------- ------------ --------- --------------
Copper (US$/lb)/2/.................................. 3.85 3.72 5% 5%
Iron ore (US$/wmt, FOB)............................. 106.30 104.53 (3)% 3%
Metallurgical coal (US$/t).......................... 281.51 272.09 (4)% 6%
Hard coking coal (US$/t)/3/......................... 293.94 281.98 (4)% 7%
Weak coking coal (US$/t)/3/......................... 208.91 206.38 (2)% 2%
Thermal coal (US$/t)/4/............................. 116.11 120.97 (4)% (6)%
Nickel metal (US$/t)/5/............................. 16,581 18,104 (1)% (1)%
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.
5 Relates to refined nickel metal only, excludes intermediate products and
nickel sulphate.
Current year unit cost guidance
Previous Current
FY24 guidance/1/ FY24 guidance/1/
---------------- ----------------
Escondida unit cost (US$/lb)/2/............................... 1.40 - 1.70 1.40 - 1.70 Unchanged
Spence unit cost (US$/lb)..................................... 2.00 - 2.30 2.00 - 2.30 Unchanged
WAIO unit cost (US$/t)........................................ 17.40 - 18.90 17.40 - 18.90 Unchanged
BMA unit cost (US$/t)......................................... 110 - 116 119 - 125 Increased
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$17/t
1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67
and USD/CLP 810.
2 Medium term refers to an average across FY25 and FY26.
3 Escondida unit costs for FY24 onwards exclude revenue-based government
royalties.
4 Average of 250 ktpa over five years on the basis that remediation of the
previously identified TSF anomalies does not impact operations.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------------------ ----------- ----------- -----------------------
Potash Jansen Stage 1 Design, engineering and construction of an 5,723 End-CY26 Project is 44% complete
(Canada) underground potash mine and surface
100% infrastructure, with capacity to produce
4.15 Mtpa.
Potash Jansen Stage 2 Development of additional mining districts, 4,859 FY29 Approval announced
(Canada) completion of the second shaft hoist October 2023
100% infrastructure, expansion of processing
facilities and addition of rail cars to
facilitate production of an incremental
4.36 Mtpa.
Exploration
Minerals exploration and evaluation expenditure was US$311 m for YTD March 24
(YTD Mar 23: US$239 m) of which US$267 m was expensed (YTD Mar 23: US$196 m).
5
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BHP | Operational review for the nine months ended 31 March 2024
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 262.4 310.7 317.3 308.7 339.1 965.1 807.2 20%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 200.8 220.5 221.3 207.7 239.2 668.2 612.2 9%
Pampa Norte kt 32.0 32.2 38.8 32.6 39.5 110.9 93.1 19%
Copper South Australia kt 19.9 23.5 27.4 23.3 74.2
Antamina kt 29.6 36.5 32.5 39.2 33.9 105.6 101.9 4%
Carajas kt 1.6 1.2 1.8 3.2 6.2
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 143.5 165.5 139.7 128.7 126.8 395.2 433.1 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 50.8 72.5 52.0 46.9 49.0 147.9 150.1 (1)%
Pampa Norte kt 41.0 36.3 39.5 27.2 22.1 88.8 127.2 (30)%
Copper South Australia kt 51.7 56.7 48.2 54.6 55.7 158.5 155.8 2%
Total kt 405.9 476.2 457.0 437.4 465.9 1,360.3 1,240.3 10%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 169 146 96 105 -- 201 511 (61)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 169 146 96 105 -- 201 511 (61)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 23,612 38,822 35,669 33,475 18,409 87,553 86,226 2%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 23,612 38,822 35,669 33,475 18,409 87,553 86,226 2%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 57,106 96,655 89,024 94,794 79,284 263,102 153,140 72%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,954 53,503 48,063 48,633 38,955 135,651 135,592 0%
Pampa Norte troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
Copper South Australia troy oz 32,736 36,228 42,051 36,427 114,706
Carajas troy oz 1,153 802 1,256 2,083 4,141
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 49,086 46,479 53,028 55,828 49,128 157,984 139,550 13%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 49,086 46,479 53,028 55,828 49,128 157,984 139,550 13%
Total troy oz 106,192 143,134 142,052 150,622 128,412 421,086 292,690 44%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,556 2,592 2,582 3,074 2,620 8,276 7,886 5%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,346 1,008 1,168 1,401 1,328 3,897 4,066 (4)%
Pampa Norte troy koz 409 412 356 388 327 1,071 906 18%
Copper South Australia troy koz 201 260 310 252 822
Antamina troy koz 801 971 798 975 713 2,486 2,914 (15)%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 277 256 261 221 248 730 833 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 277 256 261 221 248 730 833 (12)%
Total troy koz 2,833 2,848 2,843 3,295 2,868 9,006 8,719 3%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 833 813 825 986 863 2,674 2,593 3%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 833 813 825 986 863 2,674 2,593 3%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 636 666 612 481 824 1,917 1,496 28%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 407 333 329 145 203 677 657 3%
Antamina t 229 333 283 336 621 1,240 839 48%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 58,725 64,074 62,004 64,460 60,299 186,763 188,457 (1)%
Samarco kt 1,048 1,221 1,231 1,302 1,174 3,707 3,291 13%
Total kt 59,773 65,295 63,235 65,762 61,473 190,470 191,748 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,929 8,477 5,601 5,717 6,035 17,353 20,543 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,934 4,765 3,613 3,855 4,149 11,617 9,407 23%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 19.6 22.0 20.2 19.6 18.8 58.6 58.0 1%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 175 246 192 182 179 553 506 9%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 268.4 323.1 298.0 316.5 281.6 896.1 801.4 12%
-------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 197.3 220.3 209.5 211.7 204.0 625.2 610.0 2%
Pampa Norte kt 38.7 38.6 31.3 34.9 26.9 93.1 86.7 7%
Copper South Australia kt 27.6 22.2 31.6 17.1 70.9
Antamina kt 32.4 34.5 32.8 38.3 31.3 102.4 104.7 (2)%
Carajas kt 2.1 2.2 -- 2.3 4.5
-------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 130.3 179.9 131.9 137.6 120.1 389.6 420.4 (7)%
-------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 43.8 78.0 49.2 52.2 44.3 145.7 143.2 2%
Pampa Norte kt 36.0 42.4 36.6 31.1 22.1 89.8 124.0 (28)%
Copper South Australia kt 50.5 59.5 46.1 54.3 53.7 154.1 153.2 1%
Total kt 398.7 503.0 429.9 454.1 401.7 1,285.7 1,221.8 5%
-------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 181 143 154 91 108 353 402 (12)%
-------- ------- ------- ------- ------- ------- ------- -------
Antamina t 181 143 154 91 108 353 402 (12)%
-------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 25,851 37,629 33,912 37,092 17,559 88,563 88,798 0%
-------- ------- ------- ------- ------- ------- ------- -------
Antamina t 25,851 37,629 33,912 37,092 17,559 88,563 88,798 0%
-------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 57,106 108,552 87,703 98,969 70,493 257,165 153,140 68%
-------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 48,954 53,503 48,063 48,633 38,955 135,651 135,592 0%
Pampa Norte troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
Copper South Australia troy oz 44,098 34,176 47,482 28,136 109,794
Carajas troy oz 1,688 1,533 -- 1,583 3,116
-------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 47,300 49,182 54,036 55,349 41,710 151,095 138,742 9%
-------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 47,300 49,182 54,036 55,349 41,710 151,095 138,742 9%
Total troy oz 104,406 157,734 141,739 154,318 112,203 408,260 291,882 40%
-------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,523 2,409 2,527 2,938 2,431 7,896 7,605 4%
-------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,346 1,008 1,168 1,401 1,328 3,897 4,066 (4)%
Pampa Norte troy koz 409 412 356 388 327 1,071 906 18%
Copper South Australia troy koz 242 258 364 189 811
Antamina troy koz 768 747 745 785 587 2,117 2,633 (20)%
-------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 307 270 219 222 188 629 860 (27)%
-------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 307 270 219 222 188 629 860 (27)%
Total troy koz 2,830 2,679 2,746 3,160 2,619 16,421 16,070 2%
-------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 683 1,275 481 895 394 1,770 2,082 (15)%
-------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 683 1,275 481 895 394 1,770 2,082 (15)%
-------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 789 594 564 468 677 1,709 1,578 8%
-------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 492 367 303 162 219 684 733 (7)%
Antamina t 297 227 261 306 458 1,025 845 21%
-------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 59,204 62,926 64,180 62,606 61,868 188,654 185,957 1%
Samarco kt 1,111 1,160 1,136 1,329 1,258 3,723 3,354 11%
Total kt 60,315 64,086 65,316 63,935 63,126 192,377 189,311 2%
------- ------- ------- ------- ------- ------- ------- -------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 6,186 8,876 5,325 5,706 6,359 17,390 19,695 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,667 4,894 3,307 4,250 3,932 11,489 8,970 28%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 19.6 23.4 18.9 20.0 18.8 57.7 58.7 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 175 246 192 110 179 481 506 (5)%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
6
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 106,170 95,451 87,462 95,168 103,872 286,502 318,405 (10)%
Concentrator throughput kt 33,309 30,750 33,332 34,752 31,653 99,737 100,114 0%
Average copper grade -
concentrator % 0.78% 0.93% 0.85% 0.78% 0.92% 0.85% 0.79% 8%
Production ex mill kt 210.0 228.9 225.7 217.6 238.6 681.9 637.4 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 200.8 220.5 221.3 207.7 239.2 668.2 612.2 9%
Copper cathode (EW) kt 50.8 72.5 52.0 46.9 49.0 147.9 150.1 (1)%
Oxide leach kt 14.7 29.3 17.5 17.0 14.4 48.9 47.5 3%
Sulphide leach kt 36.1 43.2 34.5 29.9 34.6 99.0 102.6 (4)%
Total copper kt 251.6 293.0 273.3 254.6 288.2 816.1 762.3 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,954 53,503 48,063 48,633 38,955 135,651 135,592 0%
Payable silver concentrate troy koz 1,346 1,008 1,168 1,401 1,328 3,897 4,066 (4)%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 32.0 32.2 38.8 32.6 39.5 110.9 93.1 19%
Cathode kt 41.0 36.3 39.5 27.2 22.1 88.8 127.2 (30)%
Total copper kt 73.0 68.5 78.3 59.8 61.6 199.7 220.3 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 409 412 356 388 327 1,071 906 18%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 407 333 329 145 203 677 657 3%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt 172 145 -- -- -- -- 3,934 (100)%
Ore stacked kt 3,567 3,928 154 -- -- 154 12,059 (99)%
Average copper grade - stacked % 0.57% 0.53% 0.58% -- -- 0.58% 0.56% 4%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 12.0 12.2 9.5 1.6 -- 11.1 37.0 (70)%
Spence
Material mined kt 24,858 25,622 27,654 25,973 15,968 69,595 78,794 (12)%
Ore stacked kt 4,947 5,625 5,113 4,744 6,008 15,865 15,679 1%
Average copper grade - stacked % 0.60% 0.58% 0.60% 0.59% 0.56% 0.58% 0.66% (12)%
Concentrator throughput kt 7,290 6,927 8,473 7,151 8,055 23,679 21,325 11%
Average copper grade -
concentrator % 0.61% 0.61% 0.64% 0.65% 0.64% 0.64% 0.61% 5%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 32.0 32.2 38.8 32.6 39.5 110.9 93.1 19%
Copper cathode (EW) kt 29.0 24.1 30.0 25.6 22.1 77.7 90.2 (14)%
Total copper kt 61.0 56.3 68.8 58.2 61.6 188.6 183.3 3%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
Payable silver concentrate troy koz 409 412 356 388 327 1,071 906 18%
Payable molybdenum t 407 333 329 145 203 677 657 3%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 197.3 220.3 209.5 211.7 204.0 625.2 610.0 2%
Copper cathode (EW) kt 43.8 78.0 49.2 52.2 44.3 145.7 143.2 2%
Oxide leach kt
Sulphide leach kt
Total copper kt 241.1 298.3 258.7 263.9 248.3 770.9 753.2 2%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 48,954 53,503 48,063 48,633 38,955 135,651 135,592 0%
Payable silver concentrate troy koz 1,346 1,008 1,168 1,401 1,328 3,897 4,066 (4)%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 38.7 38.6 31.3 34.9 26.9 93.1 86.7 7%
Cathode kt 36.0 42.4 36.6 31.1 22.1 89.8 124.0 (28)%
Total copper kt 74.7 81.0 67.9 66.0 49.0 182.9 210.7 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 409 412 356 388 327 1,071 906 18%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 492 367 303 162 219 684 733 (7)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade - stacked %
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 10.9 14.1 8.8 3.7 -- 12.5 36.4 (66)%
Spence
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 38.7 38.6 31.3 34.9 26.9 93.1 86.7 7%
Copper cathode (EW) kt 25.1 28.3 27.8 27.4 22.1 77.3 87.6 (12)%
Total copper kt 63.8 66.9 59.1 62.3 49.0 170.4 174.3 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 8,152 9,263 3,931 2,854 1,819 8,604 17,548 (51)%
Payable silver concentrate troy koz 409 412 356 388 327 1,071 906 18%
Payable molybdenum t 492 367 303 162 219 684 733 (7)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
7
--------------------------------------------------------------------------------
BHP | Operational Review for the nine months ended 31 March 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 19.9 26.2 30.6 27.4 84.2
Cathode kt 51.7 56.7 48.2 54.6 55.7 158.5 155.8 2%
Total copper kt 51.7 76.6 74.4 85.2 83.1 242.7 155.8 56%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt -- (2.7) (3.2) (4.1) (10.0)
Net copper kt 51.7 76.6 71.7 82.0 79.0 232.7 155.8 49%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 32,736 41,424 48,051 43,209 132,684
Refined gold troy oz 49,086 46,479 53,028 55,828 49,128 157,984 139,550 13%
Total gold troy oz 49,086 79,215 94,452 103,879 92,337 290,668 139,550 108%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz -- (5,196) (6,000) (6,782) (17,978)
Net gold troy oz 49,086 79,215 89,256 97,879 85,555 272,690 139,550 95%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 201 271 323 282 876
Refined silver troy koz 277 256 261 221 248 730 833 (12)%
Total silver troy koz 277 457 532 544 530 1,606 833 93%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz -- (11) (13) (30) (54)
Net silver troy koz 277 457 521 531 500 1,552 833 86%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 833 813 825 986 863 2,674 2,593 3%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,317 2,356 2,655 2,537 2,747 7,939 6,993 14%
Ore milled kt 2,433 2,755 2,596 2,634 2,511 7,741 7,690 1%
Average copper grade % 1.95% 2.00% 1.96% 2.12% 1.96% 2.01% 2.06% (2)%
Average uranium grade kg/t 0.59 0.55 0.56 0.62 0.57 0.58 0.58 0%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 51.7 56.7 48.2 54.6 55.7 158.5 155.8 2%
Refined gold troy oz 49,086 46,479 53,028 55,828 49,128 157,984 139,550 13%
Refined silver troy koz 277 256 261 221 248 730 833 (12)%
Payable uranium t 833 813 825 986 863 2,674 2,593 3%
Prominent Hill/2/
Material mined kt 661 1,110 1,125 1,094 3,329
Ore milled kt 1,228 1,652 1,800 1,473 4,925
Average copper grade % 0.77% 0.85% 0.83% 0.86% 0.85%
Production ex mill kt 16.3 23.8 23.6 22.3 69.7
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 8.2 12.1 12.9 10.9 35.9
Payable gold concentrate troy oz 17,432 22,031 25,779 21,019 68,829
Payable silver concentrate troy koz 44 63 65 62 190
Carrapateena/2/
Material mined kt 880 1,201 1,310 1,232 3,743
Ore milled kt 856 1,230 1,307 1,226 3,763
Average copper grade % 1.52% 1.29% 1.52% 1.52% 1.44%
Production ex mill kt 30.1 37.6 49.2 45.9 132.7
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.7 14.1 17.7 16.5 48.3
Payable gold concentrate troy oz 15,304 19,393 22,272 22,190 63,855
Payable silver concentrate troy koz 157 208 258 220 686
------- ------- ------- ------- ------- ------- ------- -------
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
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.6 22.2 31.6 17.1 70.9
Cathode kt 50.5 59.5 46.1 54.3 53.7 154.1 153.2 1%
Total copper kt 50.5 87.1 68.3 85.9 70.8 225.0 153.2 47%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 44,098 34,176 47,482 28,136 109,794
Refined gold troy oz 47,300 49,182 54,036 55,349 41,710 151,095 138,742 9%
Total gold troy oz 47,300 93,280 88,212 102,831 69,846 260,889 138,742 88%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 242 258 364 189 811
Refined silver troy koz 307 270 219 222 188 629 860 (27)%
Total silver troy koz 307 512 477 586 377 1,440 860 67%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 683 1,275 481 895 394 1,770 2,082 (15)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 50.5 59.5 46.1 54.3 53.7 154.1 153.2 1%
Refined gold troy oz 47,300 49,182 54,036 55,349 41,710 151,095 138,742 9%
Refined silver troy koz 307 270 219 222 188 629 860 (27)%
Payable uranium t 683 1,275 481 895 394 1,770 2,082 (15)%
Prominent Hill/2/
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 15.7 8.4 10.6 6.5 25.5
Payable gold concentrate troy oz 28,856 15,524 20,045 14,644 50,213
Payable silver concentrate troy koz 87 53 59 38 150
Carrapateena/2/
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.9 13.8 21.0 10.6 45.4
Payable gold concentrate troy oz 15,242 18,652 27,437 13,492 59,581
Payable silver concentrate troy koz 155 205 305 151 661
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
8
--------------------------------------------------------------------------------
BHP | Operational Review for the nine months ended 31 March 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 57,939 62,894 63,310 61,539 56,233 181,082 190,554 (5)%
Concentrator throughput kt 12,349 13,897 14,246 14,824 14,312 43,382 40,479 7%
Average head grade - copper % 0.88% 0.88% 0.83% 0.90% 0.83% 0.85% 0.89% (4)%
Average head grade - zinc % 1.06% 1.25% 1.17% 1.03% 0.68% 0.96% 1.05% (9)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 29.6 36.5 32.5 39.2 33.9 105.6 101.9 4%
Payable zinc t 23,612 38,822 35,669 33,475 18,409 87,553 86,226 2%
Payable silver troy koz 801 971 798 975 713 2,486 2,914 (15)%
Payable lead t 169 146 96 105 -- 201 511 (61)%
Payable molybdenum t 229 333 283 336 621 1,240 839 48%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 103 74 115 163 352
Ore milled kt 100 70 119 163 352
Average copper grade % 1.71% 1.91% 1.69% 1.93% 1.84%
Production ex mill kt 6.6 5.2 7.6 12.9 25.7
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 1.6 1.2 1.8 3.2 6.2
Payable gold concentrate troy oz 1,153 802 1,256 2,083 4,141
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 11,925 14,795 13,234 15,468 15,032 43,734 42,150 4%
Area C Joint Venture kt 25,284 28,818 25,804 26,074 24,920 76,798 78,557 (2)%
Yandi Joint Venture kt 4,941 5,359 3,150 4,978 4,434 12,562 16,051 (22)%
Jimblebar/1/ kt 16,575 15,102 19,816 17,940 15,913 53,669 51,699 4%
Total kt 58,725 64,074 62,004 64,460 60,299 186,763 188,457 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 66,163 72,717 69,448 72,670 68,131 210,249 212,590 (1)%
------- ------- ------- ------- ------- ------- ------- -------
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 1,048 1,221 1,231 1,302 1,174 3,707 3,291 13%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 32.4 34.5 32.8 38.3 31.3 102.4 104.7 (2)%
Payable zinc t 25,851 37,629 33,912 37,092 17,559 88,563 88,798 0%
Payable silver troy koz 768 747 745 785 587 2,117 2,633 (20)%
Payable lead t 181 143 154 91 108 353 402 (12)%
Payable molybdenum t 297 227 261 306 458 1,025 845 21%
------- ------- ------- ------- ------- ------- ------- -------
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 -- 2.3 4.5
Payable gold concentrate troy oz 1,688 1,533 -- 1,583 3,116
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 18,021 20,022 20,969 19,176 19,175 59,320 57,957 2%
Fines kt 41,183 42,904 43,211 43,430 42,693 129,334 128,000 1%
Total kt 59,204 62,926 64,180 62,606 61,868 188,654 185,957 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 66,580 71,172 71,748 70,340 69,775 211,863 209,544 1%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,111 1,160 1,136 1,329 1,258 3,723 3,354 11%
------- ------- ------- ------- ------- ------- ------- -------
9
--------------------------------------------------------------------------------
BHP | Operational Review for the nine months ended 31 March 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater kt 1,107 1,505 1,295 1,182 1,070 3,547 3,550 0%
Goonyella kt 2,185 2,348 827 1,736 1,824 4,387 5,962 (26)%
Peak Downs kt 1,251 1,424 1,121 846 1,012 2,979 4,056 (27)%
Saraji kt 1,007 1,326 1,010 701 759 2,470 3,270 (24)%
Daunia kt 607 617 545 431 524 1,500 1,372 9%
Caval Ridge kt 772 1,257 803 821 846 2,470 2,333 6%
Total/1/ kt 6,929 8,477 5,601 5,717 6,035 17,353 20,543 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 13,858 16,954 11,202 11,434 12,070 34,706 41,086 (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 3,934 4,765 3,613 3,855 4,149 11,617 9,407 23%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales are made under the NSW Government Coal Market Price Emergency
(Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia BHP interest 100%
Mt Keith Nickel concentrate kt 38.8 44.5 42.7 43.8 32.4 118.9 121.0 (2)%
Average nickel grade % 16.5 16.2 16.7 16.8 15.2 16.3 16.3 0%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 68.4 71.1 66.0 63.4 60.3 189.7 183.1 4%
Average nickel grade % 8.6 8.5 8.1 8.0 7.8 8.0 9.3 (14)%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.2 13.1 13.8 12.6 8.8 35.2 41.5 (15)%
Nickel sulphate/2/ kt 0.9 0.7 0.9 0.7 1.0 2.6 2.5 4%
Intermediates and nickel
by-products/3/ kt 5.5 8.2 5.5 6.3 9.0 20.8 14.0 49%
Total nickel kt 19.6 22.0 20.2 19.6 18.8 58.6 58.0 1%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 175 246 192 182 179 553 506 9%
------- ------- ------- ------- ------- ------- ------- -------
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
------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2023 2023 2023 2023 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
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 5,372 7,448 4,497 4,756 5,410 14,663 16,859 (13)%
Weak coking coal kt 710 1,064 529 752 927 2,208 2,037 8%
Thermal coal kt 104 364 299 198 22 519 799 (35)%
Total kt 6,186 8,876 5,325 5,706 6,359 17,390 19,695 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 12,372 17,752 10,650 11,412 12,718 34,780 39,390 (12)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt 3,667 4,693 3,087 3,942 3,558 10,587 8,970 18%
Domestic/1/ kt 201 220 308 374 902
Total kt 3,667 4,894 3,307 4,250 3,932 11,489 8,970 28%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales are made under the NSW Government Coal Market Price Emergency
(Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.0 13.1 13.2 13.0 8.6 34.8 41.3 (16)%
Nickel sulphate/2/ kt 0.9 0.8 0.8 0.7 0.8 2.3 2.2 5%
Intermediates and nickel
by-products/3/ kt 5.7 9.5 4.9 6.3 9.4 20.6 15.2 36%
Total nickel kt 19.6 23.4 18.9 20.0 18.8 57.7 58.7 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 175 246 192 110 179 481 506 (5)%
------- ------- ------- ------- ------- ------- ------- -------
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 nine months ended 31 March 2024
Variance analysis relates to the relative performance of BHP and/or its
operations during the nine months ended March 2024 compared with the nine months
ended March 2023, unless otherwise noted. Production volumes, sales volumes and
capital and exploration expenditure from subsidiaries are reported on a 100%
basis; production and sales volumes from equity accounted investments and other
operations are reported on a proportionate consolidation basis. Numbers
presented may not add up precisely to the totals provided due to rounding.
The following abbreviations may have been used throughout this report: billion
tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon
dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB);
giga litres (GL); greenhouse gas (GHG); grams per cubic centimeter (g/cm3),
grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t);
kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds
(Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ
Minerals Limited (OZL); part per million (ppm), pounds (lb); thousand ounces
(koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes
per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable
injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).
In this release, the terms `BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and 'ourselves' are used to refer to BHP Group Limited and, except where the
context otherwise requires, our subsidiaries. Refer to note 30 `Subsidiaries' of
the Financial Statements in BHP's 30 June 2023 Annual Report for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets and
values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina and Samarco. BHP Group cautions against
undue reliance on any forward-looking statement or guidance in this release.
These forward-looking statements are based on information available as at the
date of this release and are not guarantees or predictions of future performance
and involve known and unknown risks, uncertainties and other factors, many of
which are beyond our control and which may cause actual results to differ
materially from those expressed in the statements contained in this release.
Further information on BHP can be found at bhp.com
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
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
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11
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BHP | Operational review for the nine months ended 31 March 2024
Date: 18-04-2024 07:05:00
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