BHP GROUP LIMITED - BHP enters US$2bn agreement with GIP on WAIO inland power

BHP enters US$2bn agreement with GIP on WAIO inland power

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



Exchange release
9 December 2025



BHP enters into a US$2 billion infrastructure agreement
with Global Infrastructure Partners on WAIO inland power

BHP has entered into a binding agreement with Global Infrastructure Partners (GIP), a part of
BlackRock, in relation to BHP's share of Western Australia Iron Ore's (WAIO) inland power network
(the Agreement).

WAIO comprises four main joint ventures in the Pilbara region of Western Australia. BHP holds an
85% interest in WAIO. Under the Agreement, a trust entity will be established that is 51% owned and
controlled by BHP and GIP will provide US$2 billion in funding for a 49% stake. BHP will pay the entity
a tariff linked to BHP's share of WAIO's inland power over a 25-year period.

Under the Agreement, BHP retains full operational control of WAIO including its inland power
infrastructure. The Agreement does not affect BHP's existing joint venture agreements or BHP's
obligations under its agreements with the State of Western Australia or affect ownership of any WAIO
assets (including the WAIO inland power infrastructure). WAIO will continue to plan and execute its
long-term strategy focused on increasing iron ore production to 305 million tonnes per annum,
supported by targeted investments, while retaining optionality for future growth.

Net proceeds will be incorporated into and evaluated in accordance with our capital allocation
framework.

Completion is expected towards the end of FY2026, subject to certain regulatory approvals including
Foreign Investment Review Board approval.

BHP Chief Executive Officer, Mike Henry

"We are pleased to partner with GIP on this arrangement that enables BHP to access capital and
maintain operational and strategic control of a critical part of WAIO's infrastructure."
BHP Chief Financial Officer, Vandita Pant

"This arrangement is an example of BHP's disciplined approach to capital portfolio management. It
strengthens our balance sheet flexibility, supports long-term value creation and enhances BHP's
shareholder value."

About GIP

Global Infrastructure Partners, a part of BlackRock, is an infrastructure investor with approximately
US$189 billion in assets under management across the energy, transport, digital infrastructure, and
water and waste management sectors. For more information, visit www.global-infra.com

BHP Group Limited ABN 49 004 028 077
Authorised for release by Stefanie Wilkinson, Group Company Secretary.


Sponsor: J.P. Morgan Equities South Africa Proprietary Limited




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 BHP Group Limited
 ABN 49 004 028 077
 LEI WZE1WSENV6JSZFK0JC28
 Registered in Australia
 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


 bhp.com




BHP Group Limited ABN 49 004 028 077

Date: 09-12-2025 07:05:00
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