Operational review for the quarter
ended 30 September 2024
Strong operational performance with
increased copper, iron ore and coal production.
"BHP had a strong start to the 2025
financial year, with production up across all major commodities for the quarter. Copper production was up 4% due to higher grade and recoveries at
Escondida, and WAIO production was
up
3% as we unlocked capacity by completing the debottlenecking work at the
port.
We are also
seeing signs of stabilisation in our steelmaking coal
business with production up 20% in the quarter, excluding the
recently divested Blackwater and Daunia
mines.
We added to our copper growth
prospects in the quarter, announcing a proposed 50/50 joint venture
in Argentina with Lundin Mining
to advance what we consider to be one of the most significant
global copper discoveries in decades.
In Canada, our Jansen Stage 1 potash project is
58% complete after a productive summer period with first production scheduled in
around two years.
China has announced a series of monetary
easing policies in an effort to support economic growth, and has
indicated more significant fiscal stimulus is on the horizon.
Upcoming stimulus is likely to focus on relieving local debt,
stabilising the property market and bolstering business
confidence."
Mike
Henry
BHP Chief
Executive Officer
Summary
|
Operational excellence
|
Social value
|
|
On track to meet FY25 production
guidance
|
Climate Transition Action
Plan
|
|
Strong operational performance with copper
production increasing 4% driven by higher concentrator feed grades
and recoveries at Escondida. Production at WAIO increased 2%
following commissioning of the Port Debottlenecking Project (PDP1)
and completion of the South Flank ramp up.
|
We released our
second Climate Transition Action Plan (CTAP) which lays
out our climate strategy and GHG emissions goals and targets, and
provides an in depth view of our plans and how we're progressing
against them. The CTAP will be put to a shareholder advisory vote
at our upcoming
AGM on 30 October 2024. We also announced collaborations
with
India's JSW Steel and Carbon Clean and
Steel Authority of India to support decarbonisation
technology in steelmaking.
|
|
Portfolio
|
Outlook
|
|
Increased exposure to
copper
|
Copper outlook supports growth
pipeline
|
|
In July, we
agreed to jointly acquire Filo Corp. with Lundin Mining
through a Canadian plan of arrangement. In September, the Filo Corp
shareholders approved the plan of arrangement. We also agreed to
form a 50/50 joint venture with Lundin Mining to consolidate and
advance the Filo del Sol and Josemaria copper projects. We expect
the transaction to complete in Q3 FY25, subject to regulatory
approvals.
|
We published
our outlook for the copper market, including copper
demand, copper supply and long-term copper pricing. We expect
copper demand to grow by 70% by 2050, as a result of traditional
economic growth, electrification and the energy transition, and
digital infrastructure (including data centres). We will be hosting
an investor site visit to our Chilean copper assets in November
2024 to outline our attractive organic copper growth pipeline in
the region.
|
|
Production
|
Quarter
performance
|
Production guidance
|
|
|
Q1 FY25
|
v Q4 FY24
|
v Q1 FY24
|
Current FY25
guidance
|
|
|
Copper (kt)
|
476.3
|
(6%)
|
4%
|
1,845 -
2,045
|
|
|
Escondida (kt)
|
304.2
|
(2%)
|
11%
|
1,180 -
1,300
|
Unchanged
|
|
Pampa Norte
(kt)i
|
60.1
|
(9%)
|
(23%)i
|
240 -
270i
|
Unchanged
|
|
Copper South Australia
(kt)
|
73.4
|
(18%)
|
2%
|
310 -
340
|
Unchanged
|
|
Antamina (kt)
|
36.3
|
(5%)
|
12%
|
115 -
135
|
Unchanged
|
|
Carajás (kt)
|
2.3
|
10%
|
10%
|
-
|
-
|
|
Iron ore (Mt)
|
64.6
|
(7%)
|
2%
|
255 -
265.5
|
|
|
WAIO (Mt)
|
63.4
|
(7%)
|
2%
|
250 -
260
|
Unchanged
|
|
WAIO (100% basis)
(Mt)
|
71.6
|
(7%)
|
3%
|
282 -
294
|
Unchanged
|
|
Samarco (Mt)
|
1.3
|
23%
|
4%
|
5 -
5.5
|
Unchanged
|
|
Steelmaking coal - BMA
(Mt)
|
4.5
|
(8%)
|
(19%)ii
|
16.5 -
19
|
|
|
BMA (100% basis)
(Mt)
|
9.0
|
(8%)
|
(19%)ii
|
33
- 38
|
Unchanged
|
|
Energy coal - NSWEC (Mt)
|
3.7
|
(2%)
|
2%
|
13 -
15
|
Unchanged
|
|
Nickel - Western Australia Nickel
(kt)
|
19.6
|
(15%)
|
(3%)
|
-
|
-
|
|
|
|
|
|
|
| |
i Q1 FY24
includes 9.5 kt from Cerro Colorado which entered care and
maintenance in December 2023. Excluding these volumes, Q1 FY25
production decreased 13%. Production guidance for FY25 is for
Spence only. Refer to production and sales report
and copper for further
information.
ii Q1 FY24
production includes 1.8 Mt (3.7 Mt on a 100% basis) from Blackwater
and Daunia mines which were divested on 2 April 2024. Excluding
these volumes, Q1 FY25 production increased 20%. Refer to
production and sales
report and steelmaking coal
for further information.
|
|
Further information in
Appendix
1
Detailed production and sales
information for all operations in Appendix 2
|
BHP
| Operational review for the year ended 30 September
2024
Segment and asset performance |
FY25 YTD v FY24 YTD
Copper
|
Production
476 kt Up 4%
Q1 FY24 457
kt
FY25e 1,845
- 2,045 kt
Average realised price
US$4.24/lb Up 17%
Q1 FY24
US$3.63/lb
|
Total copper production increased 4% to 476
kt. Copper production guidance for FY25 remains unchanged at
between 1,845 and 2,045 kt.
Escondida 304
kt Up 11% (100% basis)
Increased production primarily due to a higher
concentrator feed grade of 1.00% (Q1 FY24: 0.85%) and higher
recoveries as mining progressed into areas of higher-grade ore as
planned. This was partially offset by planned lower cathode
production, as the integration of the FullSaL project continued.
The project remains on track for first production later in
FY25.
A new collective agreement with Union N°1 of
Operators and Maintainers was signed and became effective for 36
months from 2 August 2024. The associated industrial action did not
have a material impact on production during the quarter as a result
of mitigating actions taken by management, including mine
resequencing and prioritisation of ore movement.
During Q1 FY25, one access ramp into the PL1
high grade mining area was impacted by geotechnical instability. We
utilised alternative access ramps and completed stabilisation
works, and as a result no material production impacts are
expected.
Production guidance for FY25 remains unchanged
at between 1,180 and 1,300 kt, weighted to the second half.
Concentrator feed grade for FY25 is expected to remain above
0.90%.
Pampa Norte 60 kt Down 23%
Spence production decreased 13% as expected, as
a result of lower cathode production in line with an expected
decline in stacked feed grade and planned quarterly maintenance at
the concentrator. Concentrator feed grade and recoveries are in
line with prior periods.
Production guidance for Spence remains
unchanged at between 240 and 270 kt for FY25.
Cerro Colorado remains in temporary care and
maintenance (having contributed 9.5 kt in Q1 FY24).
Copper South Australia 73 kt Up 2%
Higher production primarily driven by strong
underlying operational performance, particularly at Carrapateena
following the commissioning of Crusher 2 in Q3 FY24 which has
enabled higher productivity from the sub-level cave and resulted in
an increase in ore mined and milled. We also completed planned
major maintenance at Olympic Dam on the hoist and underground
materials handling system, and annual planned maintenance at the
refinery. Production was lower at Prominent Hill due to minor pit
geotechnical instability and ventilation constraints which impacted
trucking capacity and ore mined, both of which have since been
rectified.
Production guidance for FY25 remains unchanged
at between 310 and 340 kt, weighted to the second
half.
Other copper
At Antamina, copper production increased 12% to
36 kt as a result of higher ore grade and recoveries, partially
offset by planned lower concentrator throughput. Zinc production
was 46% lower at 19 kt, as a result of planned lower feed
grades. FY25 copper production guidance of between 115 and 135 kt
and zinc production guidance of between 90 and 110 kt remain
unchanged.
Carajás produced 2.3 kt of copper and 1.7 troy
koz of gold.
|
2
BHP
| Operational review for the year ended 30 September
2024
Iron ore
|
Production
65 Mt Up 2%
Q1 FY24 63
Mt
FY25e 255 -
265.5 Mt
Average realised price
US$80.10/wmt Down 18%
Q1 FY24
US$98.04/wmt
|
Iron ore production increased 2% to 65 Mt.
Production guidance for FY25 remains unchanged at between 255 and
265.5 Mt.
WAIO 63.4 Mt
Up 2% | 71.6 Mt (100% basis)
Production increased as a result of strong
supply chain performance with increased capacity unlocked by PDP1.
Higher volumes were delivered from the Central Pilbara hub (South
Flank and Mining Area C) following the completion of South Flank
ramp up in FY24. We continue to progress the multi-year Rail
Technology Program (RTP1), with tie-in activity increasing in
FY25.
Production guidance for FY25 remains unchanged
at between 250 and 260 Mt (282 and 294 Mt on a 100%
basis).
Samarco 1.3 Mt Up 4% | 2.6 Mt (100%
basis)]
Production increased due to early resumption of
Pelletizing Plant No. 4 enabling improved performance. Production
guidance for FY25 remains unchanged at between 5
and 5.5 Mt. The second concentrator at Samarco
is expected to come online during Q3 FY25, which will increase
production capacity to ~16 Mtpa of pellets (100% basis) once fully
ramped up, which is expected to be by the end of FY26.
BHP Brasil, Samarco and Vale have been engaging
in negotiations with the Brazilian State and Federal Governments
and other public entities to seek a settlement of obligations under
the Framework Agreement, the Federal Public Prosecution Office
Claim, and other claims by government entities relating to the
Samarco dam failure. Those negotiations are ongoing.
BHP Group Limited and BHP Group (UK) Limited
are defendants to a group action claim in the English High Court,
brought by over 600,000 claimants seeking damages in relation to
the Fundão Dam failure in 2015. The liability hearing for the group
action will begin on 21 October 2024.
|
Coal
Steelmaking coal
|
Production
4.5 Mt Down 19%
Q1 FY24 5.6
Mt
FY25e 16.5 -
19 Mt
Average realised price
US$214.86/t Down 9%
Q1 FY24
US$237.07/t
|
BMA 4.5 Mt
Down 19% | 9 Mt (100% basis)
Production increased 20% (excluding 1.8 Mt from
Blackwater and Daunia in Q1 FY24), due to increased stripping
enabled by improved truck productivity as well as Q1 FY24 being
impacted by the extended longwall move at Broadmeadow. We maintain
our focus on restoring value chain stability, with an increase in
raw coal inventory, which will continue into CY26.
During the quarter we completed planned
maintenance at Goonyella Riverside and Hay Point Coal Terminal, and
commenced a longwall move at Broadmeadow.
Production guidance for FY25 remains unchanged
at between 16.5 and 19 Mt (33 and 38 Mt on a 100%
basis).
|
3
BHP
| Operational review for the year ended 30 September
2024
Energy coal
|
Production
3.7 Mt Up 2%
Q1 FY24 3.6
Mt
FY25e 13 -
15 Mt
Average realised price
US$124.32/t Down 1%
Q1 FY24
US$125.66/t
|
NSWEC 3.7 Mt Up 2%
Production increased 2%, including a higher
proportion of washed coal in line with our strategy of prioritising
higher quality coals. This was enabled by a drawdown of inventory
to offset the impacts of reduced truck availability and
unfavourable weather conditions.
Production guidance for FY25 remains unchanged
at between 13 and 15 Mt.
The modification to extend mining consent to 30
June 2030 is currently being assessed by the NSW Government with an
outcome anticipated in Q3 FY25.
|
Group & Unallocated
Nickel
|
Production
19.6 kt Down 3%
Q1 FY24 20.2 kt
Average realised price
US$16,359/t Down 20%
Q1 FY24
US$20,354/t
|
Western Australia Nickel 19.6 kt Down 3%
Production decreased as we commenced the
temporary suspension of operations at Nickel West. Operations will
be suspended from October 2024 and handover activities will be
completed by December 2024. We continue to support the
workforce through this transition period and have made redeployment
offers to a large portion of our frontline employees.
We expect costs to remain elevated during the
transition to suspension in the first half and we plan to invest
~US$300 m per annum beginning in January 2025 to preserve
optionality for a potential restart.
No production guidance has been provided for
FY25.
|
Quarterly performance | Q1 FY25 v
Q4 FY24
|
Copper
|
Iron ore
|
|
476 kt Down 6%
Q4 FY24 505
kt
|
Lower production due to planned maintenance,
in particular across Copper SA, lower concentrator throughput and
production across leaching at Escondida due to mine sequencing, and
planned lower grades at Spence.
|
65 Mt Down 7%
Q4 FY24 69
Mt
|
Lower production at WAIO as a
result of planned equipment maintenance and increased RTP1 tie-in
activity.
|
|
Steelmaking coal
|
Energy coal
|
|
4.5 Mt Down 8%
Q4 FY24 4.9
Mt
|
Lower production as a
result of the ramp down and commencement of the longwall move at
Broadmeadow in Q1 FY25, and higher yield and lower strip ratio in
the prior quarter as a result of mine sequencing.
|
3.7 Mt Down 2%
Q4 FY24 3.8
Mt
|
Slightly lower production due to operational
challenges from truck availability and wet weather, partially
offset by a drawdown of inventory.
|
|
Nickel
|
|
|
19.6 kt Down 15%
Q4 FY24 23.0
kt
|
Lower production as transition of operations
to temporary suspension commenced.
|
|
|
4
BHP
| Operational review for the year ended 30 September
2024
Appendix 1
Average realised
pricesi
|
|
Quarter
|
|
|
Q1
FY25
|
v Q4
FY24
|
v Q1
FY24
|
|
Copper
(US$/lb)ii
|
4.24
|
(7%)
|
17%
|
|
Iron ore (US$/wmt, FOB)
|
80.10
|
(12%)
|
(18%)
|
|
Steelmaking coal
(US$/t)iii
|
214.86
|
(12%)
|
(9%)
|
|
Thermal coal
(US$/t)iv
|
124.32
|
1%
|
(1%)
|
|
Nickel metal
(US$/t)v
|
16,359
|
(11%)
|
(20%)
|
i Based on
provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example:
FOB, CIF and CFR), unless otherwise noted. Includes the impact of
provisional pricing and finalisation adjustments.
ii
Sales from Carrapateena and
Prominent Hill acquired through the purchase of OZL are included
from Q4 FY24.
iii From
FY25, steelmaking coal refers to hard coking coal which is
generally those steelmaking coals with a Coke Strength after
Reaction (CSR) of 35 and above, and includes coals across the
spectrum from Premium Coking to Semi Hard Coking coals. Comparative
periods include impacts from weak coking coal, which refers
generally to those steelmaking coals with a CSR below 35, which
were sold by Blackwater and Daunia mines, divested on 2 April
2024.
iv
Export sales only. Includes thermal coal sales from steelmaking
coal mines.
v Relates to refined
nickel metal only, excludes intermediate products and nickel
sulphate.
Current year unit cost
guidance
|
|
Current
|
|
|
Unit cost
|
FY25
guidancei
|
|
|
Escondida (US$/lb)
|
1.30 - 1.60
|
Unchanged
|
|
Spence (US$/lb)
|
2.00 -
2.30
|
Unchanged
|
|
Copper South Australia
(US$/lb)
|
1.30 -
1.80ii
|
Unchanged
|
|
WAIO (US$/t)
|
18.00 -
19.50
|
Unchanged
|
|
BMA (US$/t)
|
112 -
124
|
Unchanged
|
i FY25
unit cost guidance is based on exchange rates of
AUD/USD 0.66 and USD/CLP 842.
Ii Calculated using
the following assumptions for by-products: gold US$2,000/oz, and
uranium US$80/lb
Medium term
guidancei
|
|
Production
|
Unit
cost
|
|
|
guidance
|
guidanceii
|
|
Escondidaiii
|
900 -
1,000 ktpa
|
US$1.50 -
1.80/lb
|
|
Spence
|
~250
ktpa
|
US$2.05 -
2.35/lb
|
|
WAIO (100% basis)
|
>305
Mtpa
|
<US$17.50/t
|
|
BMA (100% basis)
|
43 - 45
Mtpa
|
<US$110/t
|
i Medium term
refers to a five year time horizon unless otherwise
noted.
ii
Unit cost guidance is based on exchange rates of
AUD/USD 0.66 and USD/CLP 842.
iii Medium term refers to
FY27 onwards. Production for FY25 and FY26 are expected to average
between 1,200 and 1,300 kt.
Major projects
|
Commodity
|
Project
and ownership
|
Project
scope / capacity
|
Capital
expenditure
US$M
|
First
production
target date
|
Progress
|
|
Potash
|
Jansen Stage 1
(Canada)
100%
|
Design, engineering and
construction of an underground potash mine and surface
infrastructure, with capacity to produce 4.15 Mtpa.
|
5,723
|
End-CY26
|
Project
is 58% complete
|
|
Potash
|
Jansen Stage 2
(Canada)
100%
|
Development of additional mining
districts, completion of the second shaft hoist infrastructure,
expansion of processing facilities and addition of rail cars to
facilitate production of an incremental 4.36 Mtpa.
|
4,859
|
FY29
|
Project
is 4% complete
|
The operating expenditure related to Potash for
FY25 is expected to be ~US$300 m.
Exploration
Minerals exploration and evaluation expenditure
was US$104 m for Q1 FY25 (Q1 FY24: US$105 m) of which US$91 m was
expensed (Q1 FY24: US$93 m).
5
BHP
| Operational review for the year ended 30 September
2024
Appendix 2
|
NEWS RELEASE
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17 October 2024
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BHP OPERATIONAL REVIEW
FOR THE QUARTER ENDED 30 SEPTEMBER 2024
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Production and sales summary (Excel
version)
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www.bhp.com
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|
BHP
| Operational review for the year ended 30 September
2024
|
|
|
|
|
Production
|
|
|
Sales
|
|
|
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
Group production and sales
summary
|
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By commodity
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Metals production is payable metal
unless otherwise noted.
|
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|
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|
Throughout this report figures in
italics indicate that this figure has been adjusted since it was
previously reported.
|
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|
Copper
|
Payable metal in
concentrate
|
kt
|
|
317.3
|
308.7
|
339.1
|
370.5
|
361.0
|
|
361.0
|
317.3
|
14%
|
|
|
298.0
|
316.5
|
281.6
|
378.8
|
429.3
|
|
429.3
|
298.0
|
44%
|
|
|
Escondida
|
kt
|
|
221.3
|
207.7
|
239.2
|
258.5
|
264.8
|
|
264.8
|
221.3
|
20%
|
|
|
209.5
|
211.7
|
204.0
|
261.3
|
310.8
|
|
310.8
|
209.5
|
48%
|
|
|
Pampa Norte
|
kt
|
|
38.8
|
32.6
|
39.5
|
39.4
|
35.7
|
|
35.7
|
38.8
|
(8)%
|
|
|
31.3
|
34.9
|
26.9
|
49.3
|
44.0
|
|
44.0
|
31.3
|
41%
|
|
|
Copper South Australia
|
kt
|
|
23.5
|
27.4
|
23.3
|
32.1
|
21.8
|
|
21.8
|
23.5
|
(7)%
|
|
|
22.2
|
31.6
|
17.1
|
28.0
|
30.4
|
|
30.4
|
22.2
|
37%
|
|
|
Antamina
|
kt
|
|
32.5
|
39.2
|
33.9
|
38.3
|
36.3
|
|
36.3
|
32.5
|
12%
|
|
|
32.8
|
38.3
|
31.3
|
37.4
|
39.6
|
|
39.6
|
32.8
|
21%
|
|
|
Carajás
|
kt
|
|
1.2
|
1.8
|
3.2
|
2.2
|
2.4
|
|
2.4
|
1.2
|
100%
|
|
|
2.2
|
-
|
2.3
|
2.8
|
4.5
|
|
4.5
|
2.2
|
105%
|
|
|
Cathode
|
kt
|
|
139.7
|
128.7
|
126.8
|
134.4
|
115.4
|
|
115.4
|
139.7
|
(17)%
|
|
|
131.9
|
137.6
|
120.1
|
142.3
|
110.7
|
|
110.7
|
131.9
|
(16)%
|
|
|
Escondida
|
kt
|
|
52.0
|
46.9
|
49.0
|
50.7
|
39.4
|
|
39.4
|
52.0
|
(24)%
|
|
|
49.2
|
52.2
|
44.3
|
54.6
|
37.6
|
|
37.6
|
49.2
|
(24)%
|
|
|
Pampa Norte
|
kt
|
|
39.5
|
27.2
|
22.1
|
26.5
|
24.4
|
|
24.4
|
39.5
|
(38)%
|
|
|
36.6
|
31.1
|
22.1
|
26.5
|
24.1
|
|
24.1
|
36.6
|
(34)%
|
|
|
Copper South Australia
|
kt
|
|
48.2
|
54.6
|
55.7
|
57.2
|
51.6
|
|
51.6
|
48.2
|
7%
|
|
|
46.1
|
54.3
|
53.7
|
61.2
|
49.0
|
|
49.0
|
46.1
|
6%
|
|
|
Total
|
kt
|
|
457.0
|
437.4
|
465.9
|
504.9
|
476.4
|
|
476.4
|
457.0
|
4%
|
|
|
429.9
|
454.1
|
401.7
|
521.1
|
540.0
|
|
540.0
|
429.9
|
26%
|
|
Lead
|
Payable metal in
concentrate
|
t
|
|
96
|
105
|
-
|
131
|
21
|
|
21
|
96
|
(78)%
|
|
|
154
|
91
|
108
|
9
|
125
|
|
125
|
154
|
(19)%
|
|
|
Antamina
|
t
|
|
96
|
105
|
-
|
131
|
21
|
|
21
|
96
|
(78)%
|
|
|
154
|
91
|
108
|
9
|
125
|
|
125
|
154
|
(19)%
|
|
Zinc
|
Payable metal in
concentrate
|
t
|
|
35,669
|
33,475
|
18,409
|
15,839
|
19,374
|
|
19,374
|
35,669
|
(46)%
|
|
|
33,912
|
37,092
|
17,559
|
14,118
|
19,609
|
|
19,609
|
33,912
|
(42)%
|
|
|
Antamina
|
t
|
|
35,669
|
33,475
|
18,409
|
15,839
|
19,374
|
|
19,374
|
35,669
|
(46)%
|
|
|
33,912
|
37,092
|
17,559
|
14,118
|
19,609
|
|
19,609
|
33,912
|
(42)%
|
|
Gold
|
Payable metal in
concentrate
|
troy oz
|
|
89,024
|
94,794
|
79,284
|
100,113
|
85,779
|
|
85,779
|
89,024
|
(4)%
|
|
|
87,703
|
98,969
|
70,493
|
92,433
|
99,138
|
|
99,138
|
87,703
|
13%
|
|
|
Escondida
|
troy oz
|
|
48,063
|
48,633
|
38,955
|
45,410
|
46,963
|
|
46,963
|
48,063
|
(2)%
|
|
|
48,063
|
48,633
|
38,955
|
45,410
|
46,963
|
|
46,963
|
48,063
|
(2)%
|
|
|
Pampa Norte
|
troy oz
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
|
Copper South Australia
|
troy oz
|
|
36,228
|
42,051
|
36,427
|
48,355
|
32,928
|
|
32,928
|
36,228
|
(9)%
|
|
|
34,176
|
47,482
|
28,136
|
40,507
|
44,761
|
|
44,761
|
34,176
|
31%
|
|
|
Carajás
|
troy oz
|
|
802
|
1,256
|
2,083
|
1,672
|
1,845
|
|
1,845
|
802
|
130%
|
|
|
1,533
|
-
|
1,583
|
1,840
|
3,371
|
|
3,371
|
1,533
|
120%
|
|
|
Refined gold
|
troy oz
|
|
53,028
|
55,828
|
49,128
|
49,139
|
37,385
|
|
37,385
|
53,028
|
(29)%
|
|
|
54,036
|
55,349
|
41,710
|
52,687
|
40,326
|
|
40,326
|
54,036
|
(25)%
|
|
|
Copper South Australia
|
troy oz
|
|
53,028
|
55,828
|
49,128
|
49,139
|
37,385
|
|
37,385
|
53,028
|
(29)%
|
|
|
54,036
|
55,349
|
41,710
|
52,687
|
40,326
|
|
40,326
|
54,036
|
(25)%
|
|
|
Total
|
troy oz
|
|
142,052
|
150,622
|
128,412
|
149,252
|
123,164
|
|
123,164
|
142,052
|
(13)%
|
|
|
141,739
|
154,318
|
112,203
|
145,120
|
139,464
|
|
139,464
|
141,739
|
(2)%
|
|
Silver
|
Payable metal in
concentrate
|
troy koz
|
|
2,582
|
3,074
|
2,620
|
3,317
|
3,150
|
|
3,150
|
2,582
|
22%
|
|
|
2,527
|
2,938
|
2,431
|
3,137
|
3,126
|
|
3,126
|
2,527
|
24%
|
|
|
Escondida
|
troy koz
|
|
1,168
|
1,401
|
1,328
|
1,549
|
1,546
|
|
1,546
|
1,168
|
32%
|
|
|
1,168
|
1,401
|
1,328
|
1,549
|
1,546
|
|
1,546
|
1,168
|
32%
|
|
|
Pampa Norte
|
troy koz
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
|
Copper South Australia
|
troy koz
|
|
260
|
310
|
252
|
312
|
223
|
|
223
|
260
|
(14)%
|
|
|
258
|
364
|
189
|
311
|
295
|
|
295
|
258
|
14%
|
|
|
Antamina
|
troy koz
|
|
798
|
975
|
713
|
873
|
878
|
|
878
|
798
|
10%
|
|
|
745
|
785
|
587
|
694
|
782
|
|
782
|
745
|
5%
|
|
|
Refined silver
|
troy koz
|
|
261
|
221
|
248
|
265
|
206
|
|
206
|
261
|
(21)%
|
|
|
219
|
222
|
188
|
329
|
202
|
|
202
|
219
|
(8)%
|
|
|
Copper South Australia
|
troy koz
|
|
261
|
221
|
248
|
265
|
206
|
|
206
|
261
|
(21)%
|
|
|
219
|
222
|
188
|
329
|
202
|
|
202
|
219
|
(8)%
|
|
|
Total
|
troy koz
|
|
2,843
|
3,295
|
2,868
|
3,582
|
3,356
|
|
3,356
|
2,843
|
18%
|
|
|
2,746
|
3,160
|
2,619
|
3,466
|
3,328
|
|
6,454
|
5,273
|
22%
|
|
Uranium
|
Payable metal in
concentrate
|
t
|
|
825
|
986
|
863
|
929
|
672
|
|
672
|
825
|
(19)%
|
|
|
481
|
895
|
394
|
1,554
|
677
|
|
677
|
481
|
41%
|
|
|
Copper South Australia
|
t
|
|
825
|
986
|
863
|
929
|
672
|
|
672
|
825
|
(19)%
|
|
|
481
|
895
|
394
|
1,554
|
677
|
|
677
|
481
|
41%
|
|
Molybdenum
|
Payable metal in
concentrate
|
t
|
|
612
|
481
|
824
|
699
|
1,084
|
|
1,084
|
612
|
77%
|
|
|
564
|
468
|
677
|
678
|
862
|
|
862
|
564
|
53%
|
|
|
Pampa Norte
|
t
|
|
329
|
145
|
203
|
117
|
182
|
|
182
|
329
|
(45)%
|
|
|
303
|
162
|
219
|
134
|
181
|
|
181
|
303
|
(40)%
|
|
|
Antamina
|
t
|
|
283
|
336
|
621
|
582
|
902
|
|
902
|
283
|
219%
|
|
|
261
|
306
|
458
|
544
|
681
|
|
681
|
261
|
161%
|
|
Iron ore
|
Western Australia Iron Ore
(WAIO)
|
kt
|
|
62,004
|
64,460
|
60,299
|
68,173
|
63,363
|
|
63,363
|
62,004
|
2%
|
|
|
64,180
|
62,606
|
61,868
|
67,323
|
63,408
|
|
63,408
|
64,180
|
(1)%
|
|
|
Samarco
|
kt
|
|
1,231
|
1,302
|
1,174
|
1,041
|
1,285
|
|
1,285
|
1,231
|
4%
|
|
|
1,136
|
1,329
|
1,258
|
1,043
|
1,002
|
|
1,002
|
1,136
|
(12)%
|
|
|
Total
|
kt
|
|
63,235
|
65,762
|
61,473
|
69,214
|
64,648
|
|
64,648
|
63,235
|
2%
|
|
|
65,316
|
63,935
|
63,126
|
68,366
|
64,410
|
|
64,410
|
65,316
|
(1)%
|
|
Steelmaking coal¹
|
BHP Mitsubishi Alliance
(BMA)
|
kt
|
|
5,601
|
5,717
|
6,035
|
4,922
|
4,515
|
|
4,515
|
5,601
|
(19)%
|
|
|
5,325
|
5,706
|
6,359
|
4,904
|
4,273
|
|
4,273
|
5,325
|
(20)%
|
|
Energy coal
|
NSW Energy Coal (NSWEC)
|
kt
|
|
3,613
|
3,855
|
4,149
|
3,751
|
3,675
|
|
3,675
|
3,613
|
2%
|
|
|
3,307
|
4,250
|
3,932
|
3,678
|
3,951
|
|
3,951
|
3,307
|
19%
|
|
Nickel
|
Western Australia Nickel
|
kt
|
|
20.2
|
19.6
|
18.8
|
23.0
|
19.6
|
|
19.6
|
20.2
|
(3)%
|
|
|
18.9
|
20.0
|
18.8
|
23.2
|
19.9
|
|
19.9
|
18.9
|
5%
|
|
Cobalt
|
Western Australia Nickel
|
t
|
|
192
|
182
|
179
|
181
|
294
|
|
294
|
192
|
53%
|
|
|
192
|
110
|
179
|
181
|
294
|
|
294
|
192
|
53%
|
1 Includes BMA thermal coal
sales.
6
BHP
| Operational review for the year ended 30 September
2024
|
|
|
|
|
Production
|
|
|
Sales
|
|
|
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
Production and sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By asset
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals production is payable metal
unless otherwise noted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Escondida, Chile¹
|
|
BHP interest 57.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
87,462
|
95,168
|
103,872
|
102,752
|
100,416
|
|
100,416
|
87,462
|
15%
|
|
|
|
|
|
|
|
Concentrator throughput
|
kt
|
|
33,332
|
34,752
|
31,653
|
34,377
|
32,488
|
|
32,488
|
33,332
|
(3)%
|
|
|
|
|
|
Average copper grade -
concentrator
|
%
|
|
0.85%
|
0.78%
|
0.92%
|
0.99%
|
1.00%
|
|
1.00%
|
0.85%
|
18%
|
|
|
|
|
|
Production ex mill
|
kt
|
|
225.7
|
217.6
|
238.6
|
279.5
|
269.9
|
|
269.9
|
225.7
|
20%
|
|
|
|
|
|
Payable copper
|
kt
|
|
221.3
|
207.7
|
239.2
|
258.5
|
264.8
|
|
264.8
|
221.3
|
20%
|
|
|
209.5
|
211.7
|
204.0
|
261.3
|
310.8
|
|
310.8
|
209.5
|
48%
|
|
|
Copper cathode (EW)
|
kt
|
|
52.0
|
46.9
|
49.0
|
50.7
|
39.4
|
|
39.4
|
52.0
|
(24)%
|
|
|
49.2
|
52.2
|
44.3
|
54.6
|
37.6
|
|
37.6
|
49.2
|
(24)%
|
|
|
Oxide leach
|
kt
|
|
17.5
|
17.0
|
14.4
|
13.8
|
7.8
|
|
7.8
|
17.5
|
(55)%
|
|
|
|
|
|
|
|
Sulphide leach
|
kt
|
|
34.5
|
29.9
|
34.6
|
36.9
|
31.6
|
|
31.6
|
34.5
|
(8)%
|
|
|
|
|
|
Total copper
|
kt
|
|
273.3
|
254.6
|
288.2
|
309.2
|
304.2
|
|
304.2
|
273.3
|
11%
|
|
|
258.7
|
263.9
|
248.3
|
315.9
|
348.4
|
|
348.4
|
258.7
|
35%
|
|
|
Payable gold concentrate
|
troy oz
|
|
48,063
|
48,633
|
38,955
|
45,410
|
46,963
|
|
46,963
|
48,063
|
(2)%
|
|
|
48,063
|
48,633
|
38,955
|
45,410
|
46,963
|
|
46,963
|
48,063
|
(2)%
|
|
|
Payable silver
concentrate
|
troy koz
|
|
1,168
|
1,401
|
1,328
|
1,549
|
1,546
|
|
1,546
|
1,168
|
32%
|
|
|
1,168
|
1,401
|
1,328
|
1,549
|
1,546
|
|
1,546
|
1,168
|
32%
|
|
1 Shown on a 100% basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pampa Norte, Chile
|
|
BHP interest 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
Payable metal in
concentrate
|
kt
|
|
38.8
|
32.6
|
39.5
|
39.4
|
35.7
|
|
35.7
|
38.8
|
(8)%
|
|
|
31.3
|
34.9
|
26.9
|
49.3
|
44.0
|
|
44.0
|
31.3
|
41%
|
|
|
Cathode
|
kt
|
|
39.5
|
27.2
|
22.1
|
26.5
|
24.4
|
|
24.4
|
39.5
|
(38)%
|
|
|
36.6
|
31.1
|
22.1
|
26.5
|
24.1
|
|
24.1
|
36.6
|
(34)%
|
|
|
Total copper
|
kt
|
|
78.3
|
59.8
|
61.6
|
65.9
|
60.1
|
|
60.1
|
78.3
|
(23)%
|
|
|
67.9
|
66.0
|
49.0
|
75.8
|
68.1
|
|
68.1
|
67.9
|
0%
|
|
Gold
|
|
troy oz
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
Silver
|
|
troy koz
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
Molybdenum
|
|
t
|
|
329
|
145
|
203
|
117
|
182
|
|
182
|
329
|
(45)%
|
|
|
303
|
162
|
219
|
134
|
181
|
|
181
|
303
|
(40)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerro Colorado¹
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
Ore stacked
|
kt
|
|
154
|
-
|
-
|
-
|
-
|
|
-
|
154
|
(100)%
|
|
|
|
|
|
Average copper grade -
stacked
|
%
|
|
0.58%
|
-
|
-
|
-
|
-
|
|
-
|
0.58%
|
(100)%
|
|
|
|
|
|
Copper cathode (EW)
|
kt
|
|
9.5
|
1.6
|
-
|
-
|
-
|
|
-
|
9.5
|
(100)%
|
|
|
8.8
|
3.7
|
-
|
-
|
-
|
|
-
|
8.8
|
(100)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spence
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
27,654
|
25,973
|
15,968
|
19,951
|
23,260
|
|
23,260
|
27,654
|
(16)%
|
|
|
|
|
|
|
|
Ore stacked
|
kt
|
|
5,113
|
4,744
|
6,008
|
5,926
|
4,928
|
|
4,928
|
5,113
|
(4)%
|
|
|
|
|
|
Average copper grade -
stacked
|
%
|
|
0.60%
|
0.59%
|
0.56%
|
0.54%
|
0.73%
|
|
0.73%
|
0.60%
|
22%
|
|
|
|
|
|
Concentrator throughput
|
kt
|
|
8,473
|
7,151
|
8,055
|
7,766
|
7,547
|
|
7,547
|
8,473
|
(11)%
|
|
|
|
|
|
Average copper grade -
concentrator
|
%
|
|
0.64%
|
0.65%
|
0.64%
|
0.70%
|
0.64%
|
|
0.64%
|
0.64%
|
0%
|
|
|
|
|
|
Payable copper
|
kt
|
|
38.8
|
32.6
|
39.5
|
39.4
|
35.7
|
|
35.7
|
38.8
|
(8)%
|
|
|
31.3
|
34.9
|
26.9
|
49.3
|
44.0
|
|
44.0
|
31.3
|
41%
|
|
|
Copper cathode (EW)
|
kt
|
|
30.0
|
25.6
|
22.1
|
26.5
|
24.4
|
|
24.4
|
30.0
|
(19)%
|
|
|
27.8
|
27.4
|
22.1
|
26.5
|
24.1
|
|
24.1
|
27.8
|
(13)%
|
|
|
Total copper
|
kt
|
|
68.8
|
58.2
|
61.6
|
65.9
|
60.1
|
|
60.1
|
68.8
|
(13)%
|
|
|
59.1
|
62.3
|
49.0
|
75.8
|
68.1
|
|
68.1
|
59.1
|
15%
|
|
|
Payable gold concentrate
|
troy oz
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
|
3,931
|
2,854
|
1,819
|
4,676
|
4,043
|
|
4,043
|
3,931
|
3%
|
|
|
Payable silver
concentrate
|
troy koz
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
|
356
|
388
|
327
|
583
|
503
|
|
503
|
356
|
41%
|
|
|
Payable molybdenum
|
t
|
|
329
|
145
|
203
|
117
|
182
|
|
182
|
329
|
(45)%
|
|
|
303
|
162
|
219
|
134
|
181
|
|
181
|
303
|
(40)%
|
1 Cerro Colorado entered temporary
care and maintenance in December 2023.
7
BHP
| Operational review for the year ended 30 September
2024
|
|
|
|
|
Production
|
|
|
Sales
|
|
|
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
Copper (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper South Australia,
Australia
|
BHP interest 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
Payable metal in
concentrate
|
kt
|
|
26.2
|
30.6
|
27.4
|
34.7
|
27.9
|
|
27.9
|
26.2
|
6%
|
|
|
22.2
|
31.6
|
17.1
|
28.0
|
30.4
|
|
30.4
|
22.2
|
37%
|
|
|
Cathode
|
kt
|
|
48.2
|
54.6
|
55.7
|
57.2
|
51.6
|
|
51.6
|
48.2
|
7%
|
|
|
46.1
|
54.3
|
53.7
|
61.2
|
49.0
|
|
49.0
|
46.1
|
6%
|
|
|
Total copper
|
kt
|
|
74.4
|
85.2
|
83.1
|
91.9
|
79.5
|
|
79.5
|
74.4
|
7%
|
|
|
68.3
|
85.9
|
70.8
|
89.2
|
79.4
|
|
79.4
|
68.3
|
16%
|
|
|
Payable metal in concentrate
transfer to Olympic Dam¹
|
kt
|
|
(2.7)
|
(3.2)
|
(4.1)
|
(2.6)
|
(6.1)
|
|
(6.1)
|
(2.7)
|
126%
|
|
|
|
|
|
Net copper
|
kt
|
|
71.7
|
82
|
79
|
89.3
|
73.4
|
|
73.4
|
71.7
|
2%
|
|
|
|
Gold
|
Payable metal in
concentrate
|
troy oz
|
|
41,424
|
48,051
|
43,209
|
52,045
|
46,452
|
|
46,452
|
41,424
|
12%
|
|
|
34,176
|
47,482
|
28,136
|
40,507
|
44,761
|
|
44,761
|
34,176
|
31%
|
|
|
Refined gold
|
troy oz
|
|
53,028
|
55,828
|
49,128
|
49,139
|
37,385
|
|
37,385
|
53,028
|
(29)%
|
|
|
54,036
|
55,349
|
41,710
|
52,687
|
40,326
|
|
40,326
|
54,036
|
(25)%
|
|
|
Total gold
|
troy oz
|
|
94,452
|
103,879
|
92,337
|
101,184
|
83,837
|
|
83,837
|
94,452
|
(11)%
|
|
|
88,212
|
102,831
|
69,846
|
93,194
|
85,087
|
|
85,087
|
88,212
|
(4)%
|
|
|
Payable metal in concentrate
transfer to Olympic Dam¹
|
troy oz
|
|
(5,196)
|
(6,000)
|
(6,782)
|
(3,690)
|
(13,524)
|
|
(13,524)
|
(5,196)
|
160%
|
|
|
|
|
|
Net gold
|
troy oz
|
|
89,256
|
97,879
|
85,555
|
97,494
|
70,313
|
|
70,313
|
89,256
|
(21)%
|
|
|
|
Silver
|
Payable metal in
concentrate
|
troy koz
|
|
271
|
323
|
282
|
333
|
254
|
|
254
|
271
|
(6)%
|
|
|
258
|
364
|
189
|
311
|
295
|
|
295
|
258
|
14%
|
|
|
Refined silver
|
troy koz
|
|
261
|
221
|
248
|
265
|
206
|
|
206
|
261
|
(21)%
|
|
|
219
|
222
|
188
|
329
|
202
|
|
202
|
219
|
(8)%
|
|
|
Total silver
|
troy koz
|
|
532
|
544
|
530
|
598
|
460
|
|
460
|
532
|
(14)%
|
|
|
477
|
586
|
377
|
640
|
497
|
|
497
|
477
|
4%
|
|
|
Payable metal in concentrate
transfer to Olympic Dam¹
|
troy koz
|
|
(11)
|
(13)
|
(30)
|
(21)
|
(31)
|
|
(31)
|
(11)
|
182%
|
|
|
|
|
|
Net silver
|
troy koz
|
|
521
|
531
|
500
|
577
|
429
|
|
429
|
521
|
(18)%
|
|
|
|
Uranium
|
|
t
|
|
825
|
986
|
863
|
929
|
672
|
|
672
|
825
|
(19)%
|
|
|
481
|
895
|
394
|
1,554
|
677
|
|
677
|
481
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympic Dam
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
2,655
|
2,537
|
2,747
|
2,815
|
2,734
|
|
2,734
|
2,655
|
3%
|
|
|
|
|
|
|
|
Ore milled
|
kt
|
|
2,596
|
2,634
|
2,511
|
2,912
|
2,617
|
|
2,617
|
2,596
|
1%
|
|
|
|
|
|
Average copper grade
|
%
|
|
1.96%
|
2.12%
|
1.96%
|
2.00%
|
1.99%
|
|
1.99%
|
1.96%
|
2%
|
|
|
|
|
|
Average uranium grade
|
kg/t
|
|
0.56
|
0.62
|
0.57
|
0.58
|
0.60
|
|
0.60
|
0.56
|
7%
|
|
|
|
|
|
Copper cathode (ER and
EW)
|
kt
|
|
48.2
|
54.6
|
55.7
|
57.2
|
51.6
|
|
51.6
|
48.2
|
7%
|
|
|
46.1
|
54.3
|
53.7
|
61.2
|
49.0
|
|
49.0
|
46.1
|
6%
|
|
|
Refined gold
|
troy oz
|
|
53,028
|
55,828
|
49,128
|
49,139
|
37,385
|
|
37,385
|
53,028
|
(29)%
|
|
|
54,036
|
55,349
|
41,710
|
52,687
|
40,326
|
|
40,326
|
54,036
|
(25)%
|
|
|
Refined silver
|
troy koz
|
|
261
|
221
|
248
|
265
|
206
|
|
206
|
261
|
(21)%
|
|
|
219
|
222
|
188
|
329
|
202
|
|
202
|
219
|
(8)%
|
|
|
Payable uranium
|
t
|
|
825
|
986
|
863
|
929
|
672
|
|
672
|
825
|
(19)%
|
|
|
481
|
895
|
394
|
1,554
|
677
|
|
677
|
481
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prominent Hill²
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
1,110
|
1,125
|
1,094
|
1,175
|
927
|
|
927
|
1,110
|
(16)%
|
|
|
|
|
|
|
|
Ore milled
|
kt
|
|
1,652
|
1,800
|
1,473
|
1,815
|
1,559
|
|
1,559
|
1,652
|
(6)%
|
|
|
|
|
|
Average copper grade
|
%
|
|
0.85%
|
0.83%
|
0.86%
|
0.94%
|
0.73%
|
|
0.73%
|
0.85%
|
(14)%
|
|
|
|
|
|
Concentrate produced
|
kt
|
|
23.8
|
23.6
|
22.3
|
28.4
|
19.6
|
|
19.6
|
23.8
|
(18)%
|
|
|
|
|
|
Payable copper
|
kt
|
|
12.1
|
12.9
|
10.9
|
14.6
|
9.5
|
|
9.5
|
12.1
|
(21)%
|
|
|
8.4
|
10.6
|
6.5
|
7.3
|
10.9
|
|
10.9
|
8.4
|
30%
|
|
|
Payable gold concentrate
|
troy oz
|
|
22,031
|
25,779
|
21,019
|
25,357
|
20,976
|
|
20,976
|
22,031
|
(5)%
|
|
|
15,524
|
20,045
|
14,644
|
12,955
|
18,719
|
|
18,719
|
15,524
|
21%
|
|
|
Payable silver
concentrate
|
troy koz
|
|
63
|
65
|
62
|
90
|
63
|
|
63
|
63
|
0%
|
|
|
53
|
59
|
38
|
48
|
73
|
|
73
|
53
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrapateena²
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
1,201
|
1,310
|
1,232
|
1,486
|
1,470
|
|
1,470
|
1,201
|
22%
|
|
|
|
|
|
|
|
Ore milled
|
kt
|
|
1,230
|
1,307
|
1,226
|
1,450
|
1,446
|
|
1,446
|
1,230
|
18%
|
|
|
|
|
|
Average copper grade
|
%
|
|
1.29%
|
1.52%
|
1.52%
|
1.57%
|
1.45%
|
|
1.45%
|
1.29%
|
12%
|
|
|
|
|
|
Concentrate produced
|
kt
|
|
37.6
|
49.2
|
45.9
|
62.0
|
59.2
|
|
59.2
|
37.6
|
57%
|
|
|
|
|
|
Payable copper
|
kt
|
|
14.1
|
17.7
|
16.5
|
20.1
|
18.4
|
|
18.4
|
14.1
|
30%
|
|
|
13.8
|
21.0
|
10.6
|
20.7
|
19.5
|
|
19.5
|
13.8
|
41%
|
|
|
Payable gold concentrate
|
troy oz
|
|
19,393
|
22,272
|
22,190
|
26,688
|
25,476
|
|
25,476
|
19,393
|
31%
|
|
|
18,652
|
27,437
|
13,492
|
27,552
|
26,042
|
|
26,042
|
18,652
|
40%
|
|
|
Payable silver
concentrate
|
troy koz
|
|
208
|
258
|
220
|
243
|
191
|
|
191
|
208
|
(8)%
|
|
|
205
|
305
|
151
|
263
|
222
|
|
222
|
205
|
8%
|
1 Excludes prior year production
previously reported and transferred during the period.
8
BHP
| Operational review for the year ended 30 September
2024
|
|
|
|
|
Production
|
|
|
Sales
|
|
|
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
Copper (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antamina, Peru
|
|
BHP interest 33.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
63,310
|
61,539
|
56,233
|
62,481
|
64,094
|
|
64,094
|
63,310
|
1%
|
|
|
|
|
|
|
|
Concentrator throughput
|
kt
|
|
14,246
|
14,824
|
14,312
|
14,534
|
13,096
|
|
13,096
|
14,246
|
(8)%
|
|
|
|
|
|
Average head grade -
copper
|
%
|
|
0.83%
|
0.90%
|
0.83%
|
0.91%
|
0.91%
|
|
0.91%
|
0.83%
|
10%
|
|
|
|
|
|
Average head grade -
zinc
|
%
|
|
1.17%
|
1.03%
|
0.68%
|
0.68%
|
0.67%
|
|
0.67%
|
1.17%
|
(43)%
|
|
|
|
|
|
Payable copper
|
kt
|
|
32.5
|
39.2
|
33.9
|
38.3
|
36.3
|
|
36.3
|
32.5
|
12%
|
|
|
32.8
|
38.3
|
31.3
|
37.4
|
39.6
|
|
39.6
|
32.8
|
21%
|
|
|
Payable zinc
|
t
|
|
35,669
|
33,475
|
18,409
|
15,839
|
19,374
|
|
19,374
|
35,669
|
(46)%
|
|
|
33,912
|
37,092
|
17,559
|
14,118
|
19,609
|
|
19,609
|
33,912
|
(42)%
|
|
|
Payable silver
|
troy koz
|
|
798
|
975
|
713
|
873
|
878
|
|
878
|
798
|
10%
|
|
|
745
|
785
|
587
|
694
|
782
|
|
782
|
745
|
5%
|
|
|
Payable lead
|
t
|
|
96
|
105
|
-
|
131
|
21
|
|
21
|
96
|
(78)%
|
|
|
154
|
91
|
108
|
9
|
125
|
|
125
|
154
|
(19)%
|
|
|
Payable molybdenum
|
t
|
|
283
|
336
|
621
|
582
|
902
|
|
902
|
283
|
219%
|
|
|
261
|
306
|
458
|
544
|
681
|
|
681
|
261
|
161%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carajás, Brazil¹
|
|
BHP interest 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined
|
kt
|
|
74
|
115
|
163
|
134
|
180
|
|
180
|
74
|
143%
|
|
|
|
|
|
|
|
Ore milled
|
kt
|
|
70
|
119
|
163
|
135
|
161
|
|
161
|
70
|
130%
|
|
|
|
|
|
Average copper grade
|
%
|
|
1.91%
|
1.69%
|
2.07%
|
1.68%
|
1.61%
|
|
1.61%
|
1.91%
|
(16)%
|
|
|
|
|
|
Production ex mill
|
kt
|
|
5.2
|
7.6
|
12.9
|
8.8
|
9.9
|
|
9.9
|
5.2
|
90%
|
|
|
|
|
|
Payable copper
|
kt
|
|
1.2
|
1.8
|
3.2
|
2.2
|
2.4
|
|
2.4
|
1.2
|
100%
|
|
|
2.2
|
-
|
2.3
|
2.8
|
4.5
|
|
4.5
|
2.2
|
105%
|
|
|
Payable gold concentrate
|
troy oz
|
|
802
|
1,256
|
2,083
|
1,672
|
1,845
|
|
1,845
|
802
|
130%
|
|
|
1,533
|
-
|
1,583
|
1,840
|
3,371
|
|
3,371
|
1,533
|
120%
|
|
Iron ore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore production and sales are
reported on a wet tonnes basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAIO, Australia
|
|
BHP interest 85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newman Joint Venture
|
kt
|
|
13,234
|
15,468
|
15,032
|
14,368
|
13,358
|
|
13,358
|
13,234
|
1%
|
|
|
|
|
|
|
|
Area C Joint Venture
|
kt
|
|
25,804
|
26,074
|
24,920
|
29,070
|
28,839
|
|
28,839
|
25,804
|
12%
|
|
|
|
|
|
Yandi Joint Venture
|
kt
|
|
3,150
|
4,978
|
4,434
|
5,293
|
4,440
|
|
4,440
|
3,150
|
41%
|
|
|
|
|
|
Jimblebar¹
|
kt
|
|
19,816
|
17,940
|
15,913
|
19,442
|
16,726
|
|
16,726
|
19,816
|
(16)%
|
|
|
|
|
|
Total
|
kt
|
|
62,004
|
64,460
|
60,299
|
68,173
|
63,363
|
|
63,363
|
62,004
|
2%
|
|
|
|
|
|
Total (100%)
|
kt
|
|
69,448
|
72,670
|
68,131
|
76,773
|
71,593
|
|
71,593
|
69,448
|
3%
|
|
|
|
|
|
Lump
|
kt
|
|
|
|
|
|
|
20,969
|
19,176
|
19,175
|
20,260
|
19,377
|
|
19,377
|
20,969
|
(8)%
|
|
|
Fines
|
kt
|
|
|
|
|
43,211
|
43,430
|
42,693
|
47,063
|
44,031
|
|
44,031
|
43,211
|
2%
|
|
|
Total
|
kt
|
|
|
|
|
64,180
|
62,606
|
61,868
|
67,323
|
63,408
|
|
63,408
|
64,180
|
(1)%
|
|
|
Total (100%)
|
kt
|
|
|
|
|
71,748
|
70,340
|
69,775
|
75,898
|
71,543
|
|
71,543
|
71,748
|
0%
|
1 Shown on a 100% basis. BHP interest
in saleable production is 85%.
9
BHP
| Operational review for the year ended 30 September
2024
|
|
|
|
|
Production
|
|
|
Sales
|
|
|
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
Quarter
ended
|
|
Year to
date
|
|
|
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
Sep
|
Dec
|
Mar
|
Jun
|
Sep
|
|
Sep
|
Sep
|
Var
|
|
|
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
|
2023
|
2023
|
2024
|
2024
|
2024
|
|
2024
|
2023
|
%
|
|
Samarco, Brazil
|
|
BHP interest 50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
kt
|
|
1,231
|
1,302
|
1,174
|
1,041
|
1,285
|
|
1,285
|
1,231
|
4%
|
|
|
1,136
|
1,329
|
1,258
|
1,043
|
1,002
|
|
1,002
|
1,136
|
(12)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal production is reported on the
basis of saleable product.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BMA, Australia
|
|
BHP interest 50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackwater¹
|
kt
|
|
1,295
|
1,182
|
1,070
|
25
|
-
|
|
-
|
1,295
|
(100)%
|
|
|
|
|
|
|
|
Goonyella
|
kt
|
|
827
|
1,736
|
1,824
|
2,047
|
1,359
|
|
1,359
|
827
|
64%
|
|
|
|
|
|
Peak Downs
|
kt
|
|
1,121
|
846
|
1,012
|
1,238
|
1,249
|
|
1,249
|
1,121
|
11%
|
|
|
|
|
|
Saraji
|
kt
|
|
1,010
|
701
|
759
|
817
|
940
|
|
940
|
1,010
|
(7)%
|
|
|
|
|
|
Daunia¹
|
kt
|
|
545
|
431
|
524
|
13
|
-
|
|
-
|
545
|
(100)%
|
|
|
|
|
|
Caval Ridge
|
kt
|
|
803
|
821
|
846
|
782
|
967
|
|
967
|
803
|
20%
|
|
|
|
|
|
Total2
|
kt
|
|
5,601
|
5,717
|
6,035
|
4,922
|
4,515
|
|
4,515
|
5,601
|
(19)%
|
|
|
|
|
|
Total (100%)
|
kt
|
|
11,202
|
11,434
|
12,070
|
9,844
|
9,030
|
|
9,030
|
11,202
|
(19)%
|
|
|
|
|
|
Coking coal
|
kt
|
|
|
|
|
|
|
4,497
|
4,756
|
5,410
|
4,862
|
4,273
|
|
4,273
|
4,497
|
(5)%
|
|
|
Weak coking coal
|
kt
|
|
|
|
|
529
|
752
|
927
|
42
|
-
|
|
-
|
529
|
(100)%
|
|
|
Thermal coal
|
kt
|
|
|
|
|
299
|
198
|
22
|
-
|
-
|
|
-
|
299
|
(100)%
|
|
|
Total
|
kt
|
|
|
|
|
5,325
|
5,706
|
6,359
|
4,904
|
4,273
|
|
4,273
|
5,325
|
(20)%
|
|
|
Total (100%)
|
kt
|
|
|
|
|
10,650
|
11,412
|
12,718
|
9,808
|
8,546
|
|
8,546
|
10,650
|
(20)%
|
1 Production and sales included
contribution from Blackwater and Daunia mines until their
divestment on 2 April 2024.
2 Production figures include some
thermal coal.
|
NSWEC, Australia
|
|
BHP interest 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export
|
kt
|
|
|
|
|
|
|
3,087
|
3,942
|
3,558
|
3,254
|
3,416
|
|
3,416
|
3,087
|
11%
|
|
|
Domestic¹
|
kt
|
|
|
|
|
220
|
308
|
374
|
424
|
535
|
|
535
|
220
|
143%
|
|
|
Total
|
kt
|
|
3,613
|
3,855
|
4,149
|
3,751
|
3,675
|
|
3,675
|
3,613
|
2%
|
|
|
3,307
|
4,250
|
3,932
|
3,678
|
3,951
|
|
3,951
|
3,307
|
19%
|
1 Domestic sales in FY24 were 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
|
|
42.7
|
43.8
|
32.4
|
42.6
|
35.9
|
|
35.9
|
42.7
|
(16)%
|
|
|
|
|
|
|
|
Average nickel grade
|
%
|
|
16.7
|
16.8
|
15.2
|
17.8
|
17.1
|
|
17.1
|
16.7
|
2%
|
|
|
|
|
Leinster
|
Nickel concentrate
|
kt
|
|
66.0
|
63.4
|
60.3
|
76.6
|
72.5
|
|
72.5
|
66.0
|
10%
|
|
|
|
|
|
Average nickel grade
|
%
|
|
8.1
|
8.0
|
7.8
|
9.0
|
8.8
|
|
8.8
|
8.1
|
9%
|
|
|
|
|
|
Refined nickel¹
|
kt
|
|
13.8
|
12.6
|
8.8
|
14.7
|
12.1
|
|
12.1
|
13.8
|
(12)%
|
|
|
13.2
|
13.0
|
8.6
|
14.8
|
13.5
|
|
13.5
|
13.2
|
2%
|
|
|
Nickel sulphate²
|
kt
|
|
0.9
|
0.7
|
1.0
|
1.6
|
0.3
|
|
0.3
|
0.9
|
(67)%
|
|
|
0.8
|
0.7
|
0.8
|
1.5
|
0.6
|
|
0.6
|
0.8
|
(25)%
|
|
|
Intermediates and nickel
by-products³
|
kt
|
|
5.5
|
6.3
|
9.0
|
6.7
|
7.2
|
|
7.2
|
5.5
|
31%
|
|
|
4.9
|
6.3
|
9.4
|
6.9
|
5.8
|
|
5.8
|
4.9
|
18%
|
|
|
Total nickel
|
kt
|
|
20.2
|
19.6
|
18.8
|
23.0
|
19.6
|
|
19.6
|
20.2
|
(3)%
|
|
|
18.9
|
20.0
|
18.8
|
23.2
|
19.9
|
|
19.9
|
18.9
|
5%
|
|
|
Cobalt by-products
|
t
|
|
192
|
182
|
179
|
181
|
294
|
|
294
|
192
|
53%
|
|
|
192
|
110
|
179
|
181
|
294
|
|
294
|
192
|
53%
|
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 year ended 30 September
2024
Variance analysis relates to the
relative performance of BHP and/or its operations during the
three months ended September 2024 compared with
the three
months ended September
2023, unless otherwise noted.
Production volumes, sales volumes and capital and
exploration expenditure from subsidiaries are reported on a
100% basis; production and sales volumes from equity accounted
investments and other operations are reported on a proportionate
consolidation basis. Numbers presented may not add up precisely to
the totals provided due to rounding. Medium term refers to a
five-year horizon, unless otherwise noted.
The following abbreviations may
have been used throughout this report:
billion tonnes (Bt); cost and freight (CFR); cost, insurance and
freight (CIF), carbon dioxide equivalent (CO2-e), dry metric tonne
unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas
(GHG); grams per cubic centimeter (g/cm3), grams per tonne (g/t);
high-potential injury (HPI); kilograms per tonne (kg/t); kilometre
(km); million ounces per annum (Mozpa); metres (m), million pounds
(Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces
(oz); OZ Minerals Limited (OZL); part per million (ppm), pounds
(lb); thousand ounces (koz); thousand ounces per annum (kozpa);
thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand
tonnes per day (ktpd); tonnes (t); total recordable injury
frequency (TRIF); wet metric tonnes (wmt); and year to date
(YTD).
In this release, the terms 'BHP',
the 'Group', 'BHP Group', 'we', 'us', 'our' and 'ourselves' are
used to refer to BHP Group Limited and, except where the context
otherwise requires, our subsidiaries. Refer to Note 30 -
Subsidiaries of the Financial Statements in BHP's 2024 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
Email: media.relations@bhp.com
|
|
Investor Relations
Email: investor.relations@bhp.com
|
|
|
|
|
|
Australia and Asia
Josie Brophy
Mobile: +61 417 622 839
Europe, Middle East and
Africa
Gabrielle Notley
Mobile: +61
411 071 715
North America
Megan Hjulfors
Mobile: +1 403 605 2314
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
|
|
Australia and Asia
John-Paul Santamaria
Mobile: +61 499 006 018
Europe, Middle East and
Africa
James Bell
Tel: +44 20 7802 7144 Mobile:
+44 7961 636 432
Americas
Monica Nettleton
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
|
11
