| | 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 | FY25 | 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 copperAt 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 | First | Progress |
| Potash | Jansen Stage 1 | 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 | 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 | |||||||||
|
|
|
|
|
|
|
|
|
| |
| Production and sales summary |
|
| |||||||
| | | | | | | | | | |
| | | | | | | | | | |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| | | |
|
|
| |
|
|
|
| | | |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | ||
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 | ||||||||||||
| | | | | 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 | % |
| 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 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 | ||
13
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
