Quarterly Activities Report

BHP Group Limited
17 July 2024
 


17 July 2024

Operational review for the year ended 30 June 2024

Strong operational performance with record iron ore production and highest copper production in over 15 years.

"We finished the year with a strong fourth quarter, achieving several production records and we are meeting current production and unit cost guidance for all commodities.

WAIO continued its strong performance, delivering a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain as we progress toward our medium-term goal of increasing production to greater than 305 Mtpa.

We achieved a strong performance across our copper business globally, underpinned by the highest production in four years at Escondida and another year of record production from Spence in Chile. Successful integration at Copper South Australia has delivered additional production tonnes, and exceeded the annualised synergies planned at the time of the OZL acquisition.

We successfully completed the sale of the Blackwater and Daunia metallurgical coal operations on 2 April 2024. After a challenging year at BMA, we have plans in place to increase production to between 43 and 45 Mtpa (100%) in the next five years.

We continued to execute against our strategy, progressing growth options in the commodities the world needs to meet the demands of the energy transition and population growth. This includes our Jansen potash mine in Canada, where construction of Stage 1 is now more than 50% complete and Stage 2 is underway. We will see first production in 2026 and will be a major global producer of potash by the end of the decade.

On 11 July we announced the temporary suspension of our Western Australia Nickel operations from October 2024 as a result of an oversupply in the global nickel market and protracted low nickel prices."

Mike Henry

BHP Chief Executive Officer

Summary

Operational excellence

Financial performance

Record production at WAIO and Spence

Strong prices in key commodities

FY24 production guidance achieved for all commodities, with metallurgical coal achieving the upper end of its revised guidance.

Record production at WAIO, Spence and Carrapateena and the highest production in four years at Escondida.

Total copper production increased 9% and is expected to increase a further 4% in FY25.1

Average realised prices for copper and iron ore were higher in FY24, while metallurgical coal prices remained relatively stable, and nickel and energy coal prices were lower.

Unit cost guidance for FY24 is expected to be met at Escondida, WAIO and Spence, and revised unit cost guidance is expected to be met at BMA.

Portfolio

Decarbonisation

Executing our strategy

Progress on Scope 1, 2 and 3 emissions

We completed the divestment of Blackwater and Daunia, and commenced construction of Jansen Stage 2, with Jansen Stage 1 now >50% complete. We also completed the scheduled ramp up of both South Flank to full production capacity of 80 Mtpa (100% basis) and the Carrapateena Crusher 2 project.

We held an investor roundtable to provide an update on our decarbonisation progress, including our collaborationscollaboration with Rio Tinto, Caterpillar and Komatsu collaboration with Rio Tinto, Caterpillar and Komatsuto trial battery electric haul trucks in the Pilbara and investigate a pilot electric smelting furnace (ESF).

Production

Quarter performance

YTD performance

Production guidance


Q4 FY24

v Q3 FY24

v Q4 FY23

FY24

v FY23

FY24
guidance

FY25
guidance

 FY25e v FY24 (actual)

Copper (kt)

 504.9

8%

6%

 1,865.2

9%

1,720 - 1,910

1,845 - 2,045

(1%) - 10%

  Escondida (kt)

309.2

7%

6%

1,125.3

7%

1,080 - 1,180

1,180 - 1,300

5% - 16%

  Pampa Norte (kt) i

65.9

7%

 (4%)

265.6

 (8%)

210 - 250i

240 - 270i

(6%) - 6%i

  Copper South Australia (kt)

 89.3

13%

17%

 322.0

39%

310 - 340

310 - 340

(4%) - 6%

  Antamina (kt)

38.3

13%

5%

143.9

4%

120 - 140

115 - 135

(20%) - (6%)

  Carajás (kt)

 2.2

(31%)

38%

 8.4


-

-

-

Iron ore (Mt)

 69.2

13%

6%

 259.7

1%

254 - 264.5

255 - 265.5

(2%) - 2%

  WAIO (Mt)

 68.2

13%

6%

 254.9

1%

250 - 260

250 - 260

(2%) - 2%

  WAIO (100% basis) (Mt)

 76.8

13%

6%

 287.0

1%

282 - 294

282 - 294

(2%) - 2%

  Samarco (Mt)

1.0

(11%)

(15%)

 4.7

5%

4 - 4.5

5 - 5.5

5% - 16%

Metallurgical coal - BMA (Mt) ii

 4.9

(18%)

(42%)

 22.3

(23%)

21.5 - 22.5

16.5 - 19

(26%) - (15%)

  BMA (100% basis) (Mt)

 9.8

(18%)

(42%)

 44.6

(23%)

43 - 45

33 - 38

(26%) - (15%)

Energy coal - NSWEC (Mt)

 3.8

(10%)

(21%)

 15.4

8%

13 - 15

13 - 15

(15%) - (2%)

Nickel - Western Australia Nickel (kt)

 23.0

22%

5%

 81.6

2%

77 - 87

-

-

i         Production guidance for FY24 and FY25 is for Spence only and excludes Cerro Colorado which produced 11 kt in FY24 before entering care and maintenance in December 2023.

ii        FY24 production includes 5 Mt (10 Mt on a 100% basis) from Blackwater and Daunia mines until their divestment on 2 April 2024. Refer to production and sales report and metallurgical coal for further information.

 

 

BHP | Operational review for the year ended 30 June 2024

Summary of disclosures                            

BHP expects its financial results for the second half of FY24 (H2 FY24) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 27 August 2024. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.

Description

H2 FY24 impacti

(US$M)

Classificationii

Unit costs (at guidance FX)



Unit costs for FY24 are expected to be within the guidance range at Escondida, in the lower half of the revised guidance range at BMA, in the upper half of the guidance range at WAIO, and at the top end of the guidance range at Spence

-

Operating costs

Note: Average realised exchange rates for FY24 of AUD/USD 0.66 (guidance rate AUD/USD 0.67) and USD/CLP 907 (guidance rate USD/CLP 810).



Income statement



The Group's adjusted effective tax rate for FY24 is expected to be around the midpoint of the guidance range of 30 - 35%

-

Taxation expense

Increase in closure and rehabilitation provision for closed sites (predominantly in Group and Unallocated)

~100

Operating costs

Cash flow statement



Working capital movements largely relating to the timing of receivables

~150 - 350

Operating cash flow

Cash tax paid

~3,350 - 3,450

Operating cash flow

Dividends received from equity-accounted investments

~200

Operating cash flow

Capital and exploration spend is expected to be approximately US$9.3 bn, below full year guidance of ~US$10 bn, primarily driven by favourable FX and cash preservation decisions at Western Australia Nickel

-

Investing cash flow

Proceeds received from the sale of BHP's 50% interest in the Blackwater and Daunia minesiii

~1,000

Investing cash flow

Dividends paid to non-controlling interests

~800

Financing cash flow

Payment of the H1 FY24 dividend

~3,600

Financing cash flow

Exceptional items



Gain on sale of BHP's 50% interest in the Blackwater and Daunia mines (after tax)

~[650 - 750]

Exceptional item

Impairment of Western Australia Nickel following the decision to temporarily suspend operations. See Nickel section for further information.

~300

Exceptional item

Financial impact on BHP Brasil of the Samarco dam failure is subject to ongoing work. See Iron ore section for further information on Samarco operations.

-

Exceptional item

i         Numbers are not tax effected, unless otherwise noted.

ii        There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.

iii       A US$50 m deposit was received during H1 FY24. For detail on future payments in relation to the divestment please refer to: BHP completes the divestment of Daunia and Blackwater.

 


Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2

 

 

 

 

 

 

 

 

 

 

 

2

BHP | Operational review for the year ended 30 June 2024

Segment and asset performance | FY24 YTD v FY23 YTD

Copper

Production

1,865 kt Up 9%

FY23 1,717 kt

FY25e 1,845 - 2,045 kt

 

Average realised price

US$3.98/lb Up 9%

FY23 US$3.65/lb

 

 

Total copper production increased 9% to 1,865 kt. Copper production for FY25 is expected to be between 1,845 and 2,045 kt.

Escondida 1,125 kt Up 7% (100% basis)

Increased production was primarily due to a higher concentrator feed grade of 0.88% (including grade of 0.99% achieved in Q4 FY24), up from 0.82% in FY23, as mining progressed into areas of higher-grade ore as planned following the implementation of measures to manage geotechnical events in FY23. This was partially offset by planned lower cathode production, as a result of prioritising concentrator throughput in prior years.

Production for FY25 is expected to be between 1,180 and 1,300 kt, driven by higher grades and throughput, and is expected to be weighted to the second half. Concentrator feed grade for FY25 is expected to be greater than 0.90%.

Pampa Norte 266 kt Down 8%

Spence production increased 6% to a record 255 kt, driven by improved concentrator throughput and increases in both concentrator feed grade and 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 were completed in June 2024.

Spence successfully completed negotiations for a new collective agreement with the Union N°1 of Operators and Maintainers, effective for 36 months from 1 June 2024.  

Production at Spence for FY25 is expected to be between 240 and 270 kt.

Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period.

Copper South Australia 322 kt Up 39%

Successful integration following the acquisition of OZL in FY23 and strong underlying operational performance across the asset delivered increased production, as well as record material mined and concentrate smelted at Olympic Dam.  We have exceeded our planned annualised synergies, such as the processing of Prominent Hill and Carrapateena concentrate at Olympic Dam into higher-margin cathode and refined gold, resulting in annual records for cathode and gold production at Olympic Dam. The successful commissioning and ramp up of Crusher 2 led to record material mined and concentrate produced at Carrapateena.

Production for FY25 is expected to be between 310 and 340 kt, weighted to the second half.

We continued exploration drilling at OD Deeps and Oak Dam to enhance our resource knowledge in support of our growth studies and we expect to provide an Inferred Mineral Resource at Oak Dam later this calendar year.

Other copper

At Antamina, copper production increased 4% to 144 kt, as a result of record concentrator throughput offsetting planned lower feed grades. Zinc production was 17% lower at 103 kt, as a result of planned lower feed grades. Copper production for FY25 is expected to be between 115 and 135 kt, due to mine sequencing which will result in lower throughput, and zinc production is expected to be between 90 and 110 kt.

Carajás produced 8.4 kt of copper and 5.8 troy koz of gold.

3

BHP | Operational review for the year ended 30 June 2024

Iron ore

Production

260 Mt Up 1%

FY23 257 Mt

FY25e 255 - 265.5 Mt

 

Average realised price

US$101.04/wmt Up 9%

FY23 US$92.54/wmt

 

 

 

Iron ore production increased 1% to a record 260 Mt. Production for FY25 is expected to be between 255 and 265.5 Mt.

WAIO 255 Mt Up 1% | 287 Mt (100% basis)

WAIO achieved another full year production record of 255 Mt (287 Mt on a 100% basis), reflecting strong supply chain performance with increased capacity unlocked by the Port Debottlenecking Project 1 (PDP1) and record production at South Flank. These more than offset the impacts of the continued tie-in activity for the Rail Technology Programme 1 (RTP1).

South Flank completed ramp up to full production capacity of 80 Mtpa (100% basis) in FY24 as planned, which contributed to WAIO achieving record lump sales for the year.

Following commissioning in December 2023, PDP1 has enabled higher production volumes and contributed to record sales for the year. Ramp up remains on track to be completed in CY24.

Production for FY25 is expected to be between 250 and 260 Mt (282 and 294 Mt on a 100% basis) as we ramp up the planned tie-in activities for RTP1.

Samarco 4.7 Mt Up 5% | 9.5 Mt (100% basis)

Production increased as a result of higher concentrator throughput. FY25 production is expected to be between 5 and 5.5 Mt. The second concentrator at Samarco is expected to come online during Q3 FY25, increasing production capacity to approximately 16 Mtpa (100% basis) of pellets once fully ramped up.

Coal

Metallurgical coal

Production

22.3 Mt Down 23%

FY23 29.0 Mt

FY25e 16.5 - 19 Mt

 

Average realised price

US$266.06/t È2%

FY23 US$271.05/t  

BMA 22.3 Mt Down 23% | 44.6 Mt (100% basis)

Production decreased as a result of increased stripping to improve supply chain stability and restore depleted inventory positions which arose from extended weather impacts and labour constraints over recent years, and the divestment of Blackwater and Daunia on 2 April 2024. Production was also impacted by an extended longwall move and geotechnical faulting at Broadmeadow during H1 FY24, and the temporary suspension of operations following the fatality of a team member at Saraji.

Blackwater and Daunia produced 5 Mt (10 Mt on a 100% basis) in FY24 prior to their divestment.

Production for FY25 is expected to be between 16.5 and 19 Mt (33 and 38 Mt on a 100% basis) reflecting the divestment of Blackwater and Daunia and impact of elevated strip ratios as we continue to improve supply chain stability and re-establish raw coal inventory positions.  

In the next five years, we expect to increase production to between 21.5 and 22.5 Mtpa (43 and 45 Mtpa on a 100% basis) once BMA is operating with sustainable inventory levels and strip ratios normalise.

Energy coal

Production

15.4 Mt Up 8%

FY23 14.2 Mt

FY25e 13 - 15 Mt

 

Average realised price

US$121.52/t Down 49%

FY23 US$236.51/t

NSWEC 15.4 Mt Up 8%

Production increased due to strong operating performance across the year as improved weather and labour availability enabled an uplift in truck productivity. This included 1.3 Mt to support regional coal-fired power stations in line with the NSW Government Market Price Emergency (Directions for Coal Mines) Notice (Directions). The Directions ceased on 1 July 2024, with the change in royalty rates for open cut mines increasing 2.6% points, from 8.2% to 10.8%.

Production for FY25 is expected to be between 13 and 15 Mt.

We continue to progress our plans to cease mining at the asset in FY30, including delivering on our progressive rehabilitation commitments during FY24.

4

BHP | Operational review for the year ended 30 June 2024

Group & Unallocated

Nickel

Production

81.6 kt Up 2%

FY23 80.0 kt

 

Average realised price

US$18,197/t Down 24%

FY23 US$24,021/t

Western Australia Nickel 81.6 kt Up 2%

Nickel West production was in line with the prior year. We produced a higher proportion of the lower-value matte products as a result of increased maintenance at Kwinana Refinery and severe weather events in March 2024.

On 11 July 2024, we announced the temporary suspension of operations at Western Australia Nickel with a transition period to commence from July 2024.  Operations will be suspended by October 2024 and handover activities for temporary suspension will be completed by December 2024. During the temporary suspension, we will invest ~US$300 m per annum in the facilities to enable a potential restart.

We are expecting to report an underlying EBITDA loss of ~US$300 m at Western Australia Nickel for FY24 and to recognise a further non-cash impairment charge of US$0.3 bn (pre-tax) as an exceptional item in the Group's FY24 Financial Statements.

Quarterly performance | Q4 FY24 v Q3 FY24

Copper

Iron ore

505 kt Up 8%

Q3 FY24 466 kt

Higher concentrator grade and throughput at Escondida, and higher volumes at Copper SA with record production at Carrapateena following the commissioning of Crusher 2 in Q3 FY24.

69 Mt Up 13%

Q3 FY24 61 Mt

Record monthly and quarterly production achieved at WAIO as a result of strong underlying performance at the mines and the benefits of PDP1, as well as the prior quarter impacts of wet weather and a bushfire near Yandi.

Metallurgical coal

Energy coal

4.9 Mt Down 18%

Q3 FY24 6.0 Mt

 

Production decreased following the divestment of the Blackwater and Daunia mines on 2 April 2024. Production increased at the remaining operations as a result of improved truck productivity and favourable weather conditions.

3.8 Mt Down 10%

Q3 FY24 4.1 Mt

Lower production as a result of unfavourable weather, maintenance works brought forward from Q1 FY25, and a higher proportion of washed coal.

Nickel


23 kt Up 22%

Q3 FY24 19 kt

Higher production following prior period impacts from planned maintenance at the Kwinana Refinery and a severe weather event in March.



 

 

The following footnotes apply to this Operational Review:

1       At the midpoint of total copper production guidance for FY25 of 1,845 - 2,045 kt

 

 

 

5

BHP | Operational review for the year ended 30 June 2024

Appendix 1

Average realised pricesi


Quarter

H2 FY24

YTD


Q4 FY24

v Q3 FY24

H2 FY24

v H1 FY24

v H2 FY23

FY24

v FY23

Copper (US$/lb)ii,iii,iv

 4.58

19%

 4.27

17%

12%

 3.98

9%

Iron ore (US$/wmt, FOB)v

 91.31

(14%)

 98.49

(5%)

(1%)

 101.04

9%

Metallurgical coal (US$/t)vi

 245.29

(13%)

 265.71

(0%)

(3%)

 266.06

(2%)

Hard coking coal (US$/t)vii

 246.02

(16%)

 271.26

(1%)

(2%)

 273.03

(0%)

Weak coking coal (US$/t) vii

 161.70

(23%)

 206.84

1%

(17%)

 205.54

(18%)

Thermal coal (US$/t)vi,viii

 123.38

6%

 119.57

(3%)

(24%)

 121.52

(49%)

Nickel metal (US$/t)ix

 18,414

11%

 17,744

(5%)

(25%)

 18,197

(24%)

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        At 30 June 2024, the Group had 430 kt of outstanding copper sales that were revalued at a weighted average price of US$4.33/lb. The final price of these sales will be determined in FY25. In addition, 342 kt of copper sales from FY23 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.

iii       The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.

iv       Sales from Carrapateena and Prominent Hill acquired through the purchase of OZL are included for Q4 FY24.

v        The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for FY24 and Q4 FY24 were based on an average moisture rate of 6.7% and 6.9% respectively.

vi       The large majority of metallurgical coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.

vii      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.

viii     Export sales only. Includes thermal coal sales from metallurgical coal mines.

ix       Relates to refined nickel metal only, excludes intermediate products and nickel sulphate.

Current year unit cost guidance


Current



FY24 guidancei


Escondida unit cost (US$/lb) )ii

1.40 - 1.70

Unchanged

Spence unit cost (US$/lb)

2.00 - 2.30

Top end

WAIO unit cost (US$/t)

17.40 - 18.90

Upper half

BMA unit cost (US$/t)

119 - 125

Lower half

i         FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

ii        Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

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 52% 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 2% complete

The operating expenditure related to Potash for FY24 is expected to be ~US$250 m.

Exploration

Minerals exploration and evaluation expenditure was US$457 m for FY24 (FY23: US$350 m) of which US$399 m was expensed (FY23: US$294 m).

 

6

BHP | Operational review for the year ended 30 June 2024

Appendix 2

 

 
























17 July 2024


































 

 

 

 

 

 

 

 

 










BHP OPERATIONAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2024

 

 

 

 

 

 

 

 

 

Production and sales summary

 

 



















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




 

 

 

 

 

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



























www.bhp.com

 

7


BHP | Operational review for the year ended 30 June 2024





Production



Sales

 





Quarter ended


Year to date



Quarter ended


Year to date

 





Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var



Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var





2023

2023

2023

2024

2024


2024

2023

%



2023

2023

2023

2024

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


310.7

317.3

308.7

339.1

370.5


1,335.6

1,117.9

19%



323.1

298.0

316.5

281.6

378.8


1,274.9

1,124.5

13%


Escondida

kt


220.5

221.3

207.7

239.2

258.5

 

926.7

832.7

11%



220.3

209.5

211.7

204.0

261.3

 

886.5

830.3

7%

 

Pampa Norte

kt


32.2

38.8

32.6

39.5

39.4

 

150.3

125.3

20%



38.6

31.3

34.9

26.9

49.3

 

142.4

125.3

14%

 

Copper South Australia

kt


19.9

23.5

27.4

23.3

32.1

 

106.3

19.9

434%



27.6

22.2

31.6

17.1

28.0

 

98.9

27.6

258%

 

Antamina

kt


36.5

32.5

39.2

33.9

38.3

 

143.9

138.4

4%



34.5

32.8

38.3

31.3

37.4

 

139.8

139.2

0%

 

Carajás

kt


1.6

1.2

1.8

3.2

2.2

 

8.4

1.6

425%



2.1

2.2

-

2.3

2.8

 

7.3

2.1

248%

 

Cathode

kt


165.5

139.7

128.7

126.8

134.4


529.6

598.6

(12)%



179.9

131.9

137.6

120.1

142.3


531.9

600.3

(11)%


Escondida

kt


72.5

52.0

46.9

49.0

50.7

 

198.6

222.6

(11)%



78.0

49.2

52.2

44.3

54.6

 

200.3

221.2

(9)%

 

Pampa Norte

kt


36.3

39.5

27.2

22.1

26.5

 

115.3

163.5

(29)%



42.4

36.6

31.1

22.1

26.5

 

116.3

166.4

(30)%

 

Copper South Australia

kt


56.7

48.2

54.6

55.7

57.2

 

215.7

212.5

2%



59.5

46.1

54.3

53.7

61.2

 

215.3

212.7

1%

 

Total

kt


476.2

457.0

437.4

465.9

504.9


1,865.2

1,716.5

9%



503.0

429.9

454.1

401.7

521.1


1,806.8

1,724.8

5%

Lead

Payable metal in concentrate

t


146

96

105

-

131


332

657

(49)%



143

154

91

108

9


362

545

(34)%


Antamina

t

 

146

96

105

-

131

 

332

657

(49)%



143

154

91

108

9

 

362

545

(34)%

Zinc

Payable metal in concentrate

t


38,822

35,669

33,475

18,409

15,839


103,392

125,048

(17)%



37,629

33,912

37,092

17,559

14,118


102,681

126,427

(19)%


Antamina

t

 

38,822

35,669

33,475

18,409

15,839

 

103,392

125,048

(17)%



37,629

33,912

37,092

17,559

14,118

 

102,681

126,427

(19)%

Gold

Payable metal in concentrate

troy oz


96,655

89,024

94,794

79,284

100,113


363,215

249,795

45%



108,552

87,703

98,969

70,493

92,433


349,598

261,692

34%


Escondida

troy oz


53,503

48,063

48,633

38,955

45,410

 

181,061

189,095

(4)%



53,503

48,063

48,633

38,955

45,410

 

181,061

189,095

(4)%

 

Pampa Norte

troy oz


9,263

3,931

2,854

1,819

4,676

 

13,280

26,811

(50)%



9,263

3,931

2,854

1,819

4,676

 

13,280

26,811

(50)%

 

Copper South Australia

troy oz


32,736

36,228

42,051

36,427

48,355

 

163,061

32,736

398%



44,098

34,176

47,482

28,136

40,507

 

150,301

44,098

241%

 

Carajás

troy oz


1,153

802

1,256

2,083

1,672

 

5,813

1,153

404%



1,688

1,533

-

1,583

1,840

 

4,956

1,688

194%

 

Refined gold

troy oz


46,479

53,028

55,828

49,128

49,139


207,123

186,029

11%



49,182

54,036

55,349

41,710

52,687


203,782

187,924

8%


Copper South Australia

troy oz

 

46,479

53,028

55,828

49,128

49,139

 

207,123

186,029

11%



49,182

54,036

55,349

41,710

52,687

 

203,782

187,924

8%

 

Total

troy oz


143,134

142,052

150,622

128,412

149,252


570,338

435,824

31%



157,734

141,739

154,318

112,203

145,120


553,380

449,616

23%

Silver

Payable metal in concentrate

troy koz


2,592

2,582

3,074

2,620

3,317


11,593

10,478

11%



2,409

2,527

2,938

2,431

3,137


11,033

10,014

10%


Escondida

troy koz


1,008

1,168

1,401

1,328

1,549

 

5,446

5,074

7%



1,008

1,168

1,401

1,328

1,549

 

5,446

5,074

7%

 

Pampa Norte

troy koz


412

356

388

327

583

 

1,654

1,318

25%



412

356

388

327

583

 

1,654

1,318

25%

 

Copper South Australia

troy koz


201

260

310

252

312

 

1,134

201

464%



242

258

364

189

311

 

1,122

242

364%

 

Antamina

troy koz


971

798

975

713

873

 

3,359

3,885

(14)%



747

745

785

587

694

 

2,811

3,380

(17)%

 

Refined silver

troy koz


256

261

221

248

265


995

1,089

(9)%



270

219

222

188

329


958

1,130

(15)%


Copper South Australia

troy koz

 

256

261

221

248

265

 

995

1,089

(9)%



270

219

222

188

329

 

958

1,130

(15)%

 

Total

troy koz


2,848

2,843

3,295

2,868

3,582


12,588

11,567

9%



2,679

2,746

3,160

2,619

3,466


23,024

21,158

9%

Uranium

Payable metal in concentrate

t


813

825

986

863

929


3,603

3,406

6%



1,275

481

895

394

1,554


3,324

3,357

(1)%


Copper South Australia

t


813

825

986

863

929

 

3,603

3,406

6%



1,275

481

895

394

1,554

 

3,324

3,357

(1)%

Molybdenum

Payable metal in concentrate

t


666

612

481

824

699


2,616

2,162

21%



594

564

468

677

678


2,387

2,172

10%


Pampa Norte

t


333

329

145

203

117

 

794

990

(20)%



367

303

162

219

134

 

818

1,100

(26)%

 

Antamina

t


333

283

336

621

582

 

1,822

1,172

55%



227

261

306

458

544

 

1,569

1,072

46%

Iron ore

Western Australia Iron Ore (WAIO)

kt


64,074

62,004

64,460

60,299

68,173

 

254,936

252,531

1%



62,926

64,180

62,606

61,868

67,323

 

255,977

248,883

3%

 

Samarco

kt


1,221

1,231

1,302

1,174

1,041

 

4,748

4,512

5%



1,160

1,136

1,329

1,258

1,043

 

4,766

4,514

6%

 

Total

kt


65,295

63,235

65,762

61,473

69,214


259,684

257,043

1%



64,086

65,316

63,935

63,126

68,366


260,743

253,397

3%

Metallurgical coal¹

BHP Mitsubishi Alliance (BMA)

kt


8,477

5,601

5,717

6,035

4,922


22,275

29,020

(23)%



8,876

5,325

5,706

6,359

4,904


22,294

28,571

(22)%

Energy coal

NSW Energy Coal (NSWEC)

kt


4,765

3,613

3,855

4,149

3,751


15,368

14,172

8%



4,894

3,307

4,250

3,932

3,678


15,167

13,864

9%

Nickel

Western Australia Nickel

kt


22.0

20.2

19.6

18.8

23.0


81.6

80.0

2%



23.4

18.9

20.0

18.8

23.2


80.9

82.1

(1)%

Cobalt

Western Australia Nickel

t


246

192

182

179

181


734

752

(2)%



246

192

110

179

181


662

752

(12)%

1 Includes BMA thermal coal sales.

8

BHP | Operational review for the year ended 30 June 2024





Production


 

Sales





Quarter ended


Year to date


 

Quarter ended


Year to date





Sep

Dec

Mar

Jun


Jun

Jun

Var

 

 

Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var





2023

2023

2023

2024

2024


2024

2023

%

 

 

2023

2023

2023

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

 

95,451

87,462

95,168

103,872

102,752


389,254

413,856

(6)%

 

 





Concentrator throughput

kt

 

30,750

33,332

34,752

31,653

34,377


134,114

130,864

2%

 

 



Average copper grade - concentrator

%

 

0.93%

0.85%

0.78%

0.92%

0.99%


0.88%

0.82%

7%

 

 



Production ex mill

kt

 

228.9

225.7

217.6

238.6

279.5


961.4

866.3

11%

 

 



Payable copper

kt

 

220.5

221.3

207.7

239.2

258.5


926.7

832.7

11%

 

 

220.3

209.5

211.7

204.0

261.3


886.5

830.3

7%


Copper cathode (EW)

kt

 

72.5

52.0

46.9

49.0

50.7


198.6

222.6

(11)%

 

 

78.0

49.2

52.2

44.3

54.6


200.3

221.2

(9)%


 Oxide leach

kt

 

29.3

17.5

17.0

14.4

13.8


62.7

76.8

(18)%

 

 

 


 


 Sulphide leach

kt

 

43.2

34.5

29.9

34.6

36.9


135.9

145.8

(7)%

 

 



Total copper

kt


293.0

273.3

254.6

288.2

309.2


1,125.3

1,055.3

7%



298.3

258.7

263.9

248.3

315.9


1,086.8

1,051.5

3%


Payable gold concentrate

troy oz

 

53,503

48,063

48,633

38,955

45,410


181,061

189,095

(4)%

 

 

53,503

48,063

48,633

38,955

45,410


181,061

189,095

(4)%

 

Payable silver concentrate

troy koz

 

1,008

1,168

1,401

1,328

1,549


5,446

5,074

7%

 

 

1,008

1,168

1,401

1,328

1,549


5,446

5,074

7%

1 Shown on a 100% basis.

Pampa Norte, Chile

 

BHP interest 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper

Payable metal in concentrate

kt

 

32.2

38.8

32.6

39.5

39.4


150.3

125.3

20%

 

 

38.6

31.3

34.9

26.9

49.3


142.4

125.3

14%


Cathode

kt

 

36.3

39.5

27.2

22.1

26.5


115.3

163.5

(29)%

 

 

42.4

36.6

31.1

22.1

26.5


116.3

166.4

(30)%


Total copper

kt


68.5

78.3

59.8

61.6

65.9


265.6

288.8

(8)%



81.0

67.9

66.0

49.0

75.8


258.7

291.7

(11)%

Gold

 

troy oz

 

9,263

3,931

2,854

1,819

4,676


13,280

26,811

(50)%

 

 

9,263

3,931

2,854

1,819

4,676


13,280

26,811

(50)%

Silver

 

troy koz

 

412

356

388

327

583


1,654

1,318

25%

 

 

412

356

388

327

583


1,654

1,318

25%

Molybdenum

 

t

 

333

329

145

203

117


794

990

(20)%

 

 

367

303

162

219

134


818

1,100

(26)%














 

 










Cerro Colorado¹

























Material mined

kt

 

145

-

-

-

-


-

4,079

(100)%

 

 

 




Ore stacked

kt

 

3,928

154

-

-

-


154

15,987

(99)%

 

 



Average copper grade - stacked

%

 

0.53%

0.58%

-

-

-


0.58%

0.55%

6%

 

 



Copper cathode (EW)

kt

 

12.2

9.5

1.6

-

-


11.1

49.2

(77)%

 

 

14.1

8.8

3.7

-

-


12.5

50.5

(75)%














 

 










Spence

























Material mined

kt

 

25,622

27,654

25,973

15,968

19,951


89,546

104,416

(14)%

 

 

 




Ore stacked

kt

 

5,625

5,113

4,744

6,008

5,926


21,791

21,304

2%

 

 



Average copper grade - stacked

%

 

0.58%

0.60%

0.59%

0.56%

0.54%


0.57%

0.64%

(10)%

 

 



Concentrator throughput

kt

 

6,927

8,473

7,151

8,055

7,766


31,445

28,252

11%

 

 



Average copper grade - concentrator

%

 

0.61%

0.64%

0.65%

0.64%

0.70%


0.66%

0.61%

7%

 

 



Payable copper

kt

 

32.2

38.8

32.6

39.5

39.4


150.3

125.3

20%

 

 

38.6

31.3

34.9

26.9

49.3


142.4

125.3

14%


Copper cathode (EW)

kt

 

24.1

30.0

25.6

22.1

26.5


104.2

114.3

(9)%

 

 

28.3

27.8

27.4

22.1

26.5


103.8

115.9

(10)%


Total copper

kt


56.3

68.8

58.2

61.6

65.9


254.5

239.6

6%



66.9

59.1

62.3

49.0

75.8


246.2

241.2

2%


Payable gold concentrate

troy oz

 

9,263

3,931

2,854

1,819

4,676


13,280

26,811

(50)%

 

 

9,263

3,931

2,854

1,819

4,676


13,280

26,811

(50)%


Payable silver concentrate

troy koz

 

412

356

388

327

583


1,654

1,318

25%

 

 

412

356

388

327

583


1,654

1,318

25%

 

Payable molybdenum

t

 

333

329

145

203

117


794

990

(20)%

 

 

367

303

162

219

134


818

1,100

(26)%

1 Cerro Colorado entered temporary care and maintenance in December 2023.

9

BHP | Operational review for the year ended 30 June 2024





Production



Sales





Quarter ended


Year to date



Quarter ended


Year to date





Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var



Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var





2023

2023

2023

2024

2024


2024

2023

%



2023

2023

2023

2024

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

34.7


118.9

19.9

497%



27.6

22.2

31.6

17.1

28.0


98.9

27.6

258%


Cathode

kt


56.7

48.2

54.6

55.7

57.2


215.7

212.5

2%



59.5

46.1

54.3

53.7

61.2


215.3

212.7

1%


Total copper

kt


76.6

74.4

85.2

83.1

91.9


334.6

232.4

44%



87.1

68.3

85.9

70.8

89.2


314.2

240.3

31%


Payable metal in concentrate transfer to Olympic Dam¹

kt


-

          (2.7)

(3.2)

(4.1)

(2.6)


(12.6)

0.0






Net copper

kt


76.6

71.7

82

79.0

89.3


322.0

232.4

39%



Gold

Payable metal in concentrate

troy oz


32,736

41,424

48,051

43,209

52,045


184,729

32,736

464%



44,098

34,176

47,482

28,136

40,507


150,301

44,098

241%


Refined gold

troy oz


46,479

53,028

55,828

49,128

49,139


207,123

186,029

11%



49,182

54,036

55,349

41,710

52,687


203,782

187,924

8%


Total gold

troy oz


79,215

94,452

103,879

92,337

101,184


391,852

218,765

79%



93,280

88,212

102,831

69,846

93,194


354,083

232,022

53%


Payable metal in concentrate transfer to Olympic Dam¹

troy oz


-

(5,196)

(6,000)

(6,782)

(3,690)


(21,668)

-






Net gold

troy oz


79,215

89,256

97,879

85,555

97,494


370,184

218,765

69%



Silver

Payable metal in concentrate

troy koz


201

271

323

282

333


1,209

201

501%



242

258

364

189

311


1,122

242

364%


Refined silver

troy koz


256

261

221

248

265


995

1,089

(9)%



270

219

222

188

329


958

1,130

(15)%


Total silver

troy koz


457

532

544

530

598


2,204

1,290

71%



512

477

586

377

640


2,080

1,372

52%


Payable metal in concentrate transfer to Olympic Dam¹

troy koz


-

(11)

(13)

(30)

(21)


(75)

-






Net silver

troy koz


457

521

531

500

577


2,129

1,290

65%



Uranium


t


813

825

986

863

929


3,603

3,406

6%



1,275

481

895

394

1,554


3,324

3,357

(1)%

























Olympic Dam

























Material mined

kt


2,356

2,655

2,537

2,747

2,815


10,754

9,349

15%







Ore milled

kt


2,755

2,596

2,634

2,511

2,912


10,653

10,445

2%





Average copper grade

%


2.00%

1.96%

2.12%

1.96%

2.00%


2.01%

2.04%

(1)%





Average uranium grade

kg/t


0.55

0.56

0.62

0.57

0.58


0.58

0.57

1%





Copper cathode (ER and EW)

kt


56.7

48.2

54.6

55.7

57.2


215.7

212.5

2%



59.5

46.1

54.3

53.7

61.2


215.3

212.7

1%


Refined gold

troy oz


46,479

53,028

55,828

49,128

49,139


207,123

186,029

11%



49,182

54,036

55,349

41,710

52,687


203,782

187,924

8%


Refined silver

troy koz


256

261

221

248

265


995

1,089

(9)%



270

219

222

188

329


958

1,130

(15)%


Payable uranium

t


813

825

986

863

929


3,603

3,406

6%



1,275

481

895

394

1,554


3,324

3,357

(1)%

























Prominent Hill²

























Material mined

kt


661

1,110

1,125

1,094

1,175


4,504

661

581%







Ore milled

kt


1,228

1,652

1,800

1,473

1,815


6,740

1,228

449%





Average copper grade

%


0.77%

0.85%

0.83%

0.86%

0.94%


0.87%

0.77%

13%





Concentrate produced

kt


16.3

23.8

23.6

22.3

28.4


98.1

16.3

502%





Payable copper

kt


8.2

12.1

12.9

10.9

14.6


50.5

8.2

516%



15.7

8.4

10.6

6.5

7.3


32.8

15.7

109%


Payable gold concentrate

troy oz


17,432

22,031

25,779

21,019

25,357


94,186

17,432

440%



28,856

15,524

20,045

14,644

12,955


63,168

28,856

119%


Payable silver concentrate

troy koz


44

63

65

62

90


280

44

536%



87

53

59

38

48


198

87

128%

























Carrapateena²

























Material mined

kt


880

1,201

1,310

1,232

1,486


5,229

880

494%







Ore milled

kt


856

1,230

1,307

1,226

1,450


5,213

856

509%





Average copper grade

%


1.52%

1.29%

1.52%

1.52%

1.57%


1.48%

1.52%

(3)%





Concentrate produced

kt


30.1

37.6

49.2

45.9

62.0


194.7

30.1

547%





Payable copper

kt


11.7

14.1

17.7

16.5

20.1


68.4

11.7

485%



11.9

13.8

21.0

10.6

20.7


66.1

11.9

455%


Payable gold concentrate

troy oz


15,304

19,393

22,272

22,190

26,688


90,543

15,304

492%



15,242

18,652

27,437

13,492

27,552


87,133

15,242

472%


Payable silver concentrate

troy koz


157

208

258

220

243


929

157

492%



155

205

305

151

263


924

155

496%

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.

 

10

BHP | Operational review for the year ended 30 June 2024

 





Production


 

Sales





Quarter ended


Year to date


 

Quarter ended


Year to date





Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var

 

 

Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var





2023

2023

2023

2024

2024


2024

2023

%

 

 

2023

2023

2023

2024

2024


2024

2023

%

Copper (continued)



















 




Antamina, Peru


BHP interest 33.75%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


Material mined

kt

 

62,894

63,310

61,539

56,233

62,481


243,563

253,448

(4)%

 

 

 




Concentrator throughput

kt

 

13,897

14,246

14,824

14,312

14,534


57,916

54,376

7%

 

 



Average head grade - copper

%

 

0.88%

0.83%

0.90%

0.83%

0.91%


0.87%

0.89%

(2)%

 

 



Average head grade - zinc

%

 

1.25%

1.17%

1.03%

0.68%

0.68%


0.89%

1.10%

(19)%

 

 



Payable copper

kt

 

36.5

32.5

39.2

33.9

38.3


143.9

138.4

4%

 

 

34.5

32.8

38.3

31.3

         37.4

 

139.8

139.2

0%


Payable zinc

t

 

38,822

35,669

33,475

18,409

15,839


103,392

125,048

(17)%

 

 

37,629

33,912

37,092

17,559

14,118


102,681

126,427

(19)%


Payable silver

troy koz

 

971

798

975

713

873


3,359

3,885

(14)%

 

 

747

745

785

587

694


2,811

3,380

(17)%


Payable lead

t

 

146

96

105

-

131


332

657

(49)%

 

 

143

154

91

108

9


362

545

(34)%

 

Payable molybdenum

t

 

333

283

336

621

582


1,822

1,172

55%

 

 

227

261

306

458

544


1,569

1,072

46%














 

 










Carajás, Brazil¹

 

BHP interest 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Material mined

kt

 

103

74

115

163

134


486

103

372%

 

 

 




Ore milled

kt

 

100

70

119

163

135


487

100

387%

 

 



Average copper grade

%

 

1.71%

1.91%

1.69%

2.07%

1.68%


1.85%

1.71%

8%

 

 



Production ex mill

kt

 

6.6

5.2

7.6

12.9

8.8


34.5

6.6

423%

 

 



Payable copper

kt

 

1.6

1.2

1.8

3.2

2.2


8.4

1.6

425%

 

 

2.1

2.2

-

2.3

2.8


7.3

2.1

248%

 

Payable gold concentrate

troy oz

 

1,153

802

1,256

2,083

1,672


5,813

1,153

404%

 

 

1,688

1,533

-

1,583

1,840


4,956

1,688

194%

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

 

14,795

13,234

15,468

15,032

14,368


58,102

56,945

2%

 

 

 




Area C Joint Venture

kt

 

28,818

25,804

26,074

24,920

29,070


105,868

107,375

(1)%

 

 



Yandi Joint Venture

kt

 

5,359

3,150

4,978

4,434

5,293


17,855

21,410

(17)%

 

 



Jimblebar¹

kt

 

15,102

19,816

17,940

15,913

19,442


73,111

66,801

9%

 

 



Total

kt


64,074

62,004

64,460

60,299

68,173


254,936

252,531

1%

 

 



Total (100%)

kt


72,717

69,448

72,670

68,131

76,773


287,022

285,307

1%

 

 



Lump

kt

 

 



 

 

20,022

20,969

19,176

19,175

20,260


79,580

77,979

2%


Fines

kt



 

 

42,904

43,211

43,430

42,693

47,063


176,397

170,904

3%


Total

kt



 

 

62,926

64,180

62,606

61,868

67,323


255,977

248,883

3%

 

Total (100%)

kt

 


 

 

71,172

71,748

70,340

69,775

75,898


287,761

280,716

3%

Samarco, Brazil

 

BHP interest 50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Total

kt


1,221

1,231

1,302

1,174

1,041


4,748

4,512

5%



1,160

1,136

1,329

1,258

1,043


4,766

4,514

6%

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

11

 

BHP | Operational review for the year ended 30 June 2024





Production


 

Sales





Quarter ended


Year to date


 

Quarter ended


Year to date





Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var

 

 

Jun

Sep

Dec

Mar

Jun


Jun

Jun

Var





2023

2023

2023

2024

2024


2024

2023

%

 

 

2023

2023

2023

2024

2024


2024

2023

%

Coal













 

 










Coal production is reported on the basis of saleable product.

 











 

 










BMA, Australia

 

BHP interest 50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Blackwater¹

kt

 

1,505

1,295

1,182

1,070

25


3,572

5,055

(29)%

 

 

 




Goonyella

kt

 

2,348

827

1,736

1,824

2,047


6,434

8,310

(23)%

 

 



Peak Downs

kt

 

1,424

1,121

846

1,012

1,238


4,217

5,480

(23)%

 

 



Saraji

kt

 

1,326

1,010

701

759

817


3,287

4,596

(28)%

 

 



Daunia¹

kt

 

617

545

431

524

13


1,513

1,989

(24)%

 

 



Caval Ridge

kt

 

1,257

803

821

846

782


3,252

3,590

(9)%

 

 



Total2

kt


8,477

5,601

5,717

6,035

4,922


22,275

29,020

(23)%

 

 



Total  (100%)

kt


16,954

11,202

11,434

12,070

9,844


44,550

58,040

(23)%

 

 



Coking coal

kt


 



 

 

7,448

4,497

4,756

5,410

4,862


19,525

24,307

(20)%


Weak coking coal

kt



 

 

1,064

529

752

927

42


2,250

3,101

(27)%


Thermal coal

kt



 

 

364

299

198

22

-


519

1,163

(55)%


Total

kt



 

 

8,876

5,325

5,706

6,359

4,904


22,294

28,571

(22)%

 

Total (100%)

kt

 


 

 

17,752

10,650

11,412

12,718

9,808


44,588

57,142

(22)%

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


 



 

 

4,693

3,087

3,942

3,558

3,254


13,841

13,663

1%


Domestic¹

kt



 

 

201

220

308

374

424


1,326

201

560%


Total

kt


4,765

3,613

3,855

4,149

3,751


15,368

14,172

8%



4,894

3,307

4,250

3,932

3,678


15,167

13,864

9%

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

 

44.5

42.7

43.8

32.4

42.6


161.5

165.5

(2)%

 

 

 




Average nickel grade

%

 

16.2

16.7

16.8

15.2

17.8


16.7

16.3

2%

 

 


Leinster

Nickel concentrate

kt

 

71.1

66.0

63.4

60.3

76.6


266.3

254.2

5%

 

 


 

Average nickel grade

%

 

8.5

8.1

8.0

7.8

9.0


8.3

9.1

(9)%

 

 



Refined nickel¹

kt

 

13.1

13.8

12.6

8.8

14.7


49.9

54.6

(9)%

 

 

13.1

13.2

13.0

8.6

14.8


49.6

54.4

(9)%


Nickel sulphate²

kt

 

0.7

0.9

0.7

1.0

1.6


4.2

3.2

31%

 

 

0.8

0.8

0.7

0.8

1.5


3.8

3.0

27%


Intermediates and nickel by-products³

kt

 

8.2

5.5

6.3

9.0

6.7


27.5

22.2

24%

 

 

9.5

4.9

6.3

9.4

6.9


27.5

24.7

11%


Total nickel

kt


22.0

20.2

19.6

18.8

23.0


81.6

80.0

2%



23.4

18.9

20.0

18.8

23.2


80.9

82.1

(1)%

 

Cobalt by-products

t

 

246

192

182

179

181


734

752

(2)%

 

 

246

192

110

179

181


662

752

(12)%

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.

12


Variance analysis relates to the relative performance of BHP and/or its operations during the 12 months ended June 2024 compared with the 12 months ended June 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 30 June 2023 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina and Samarco. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

 

 

 

 

 

 

Further information on BHP can be found at bhp.com

 

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

Media Relations

 

Email: media.relations@bhp.com


Investor Relations

 

Email: investor.relations@bhp.com




Australia and Asia

 

Gabrielle Notley

Tel: +61 3 9609 3830  Mobile: +61 411 071 715

 

Europe, Middle East and Africa

 

Neil Burrows

Tel: +44 20 7802 7484  Mobile: +44 7786 661 683

 

Americas

 

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

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