Last checked at 18 Oct 2023 07:00
| 18 October 2023 |
Operational review for the quarter ended 30 September 2023
We remain on track to deliver full year production and unit cost guidance at all assets.
First quarter operational performance was highlighted by a 11% uplift in copper production from the previous year. After completing a typically busy quarter of planned maintenance particularly at our Australian assets, we are on track to achieve full year production and unit cost guidance. BMA in particular was impacted by planned maintenance, an extended longwall move and low opening inventory following drawdowns in the prior year.
Jansen Stage 1 in Canada is approximately one-third complete after a productive summer. In South Australia, we saw strong operational performance in the first full quarter of production for the new province, as we bring our copper assets together and progress further exploration drilling.
Mike Henry
BHP Chief Executive Officer
Summary
Operational performance | Social value |
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On track to deliver production guidance | Operational decarbonisation |
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FY24 production guidance remains unchanged. Copper production increased 11%, including record quarterly production at Spence. BMA production was lower due to maintenance, an extended longwall move and low inventory. We also executed major planned maintenance across our Australian business. | BMA entered into a new renewable power purchase agreement (PPA) which is expected to provide half the forecasted electricity demand of BMA's operations over five years from January 2026; and we signed a memorandum of understanding (MoU) with Toyota to reduce GHG emissions from light vehicles in Australia. |
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Large, long-life, low-cost assets | Growth |
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3 Bt of iron ore shipped to China | Progress in copper and potash provinces |
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In September, BHP recognised the shipment of 3 Bt of high-quality iron ore to China. Since its initial investment over 30 years ago to the end of FY23, WAIO has delivered 15% average annual returns and, over the past decade, has increased production by >50% and lowered costs by >30%. | We saw strong underlying operational performance in the first full quarter of production from the newly-integrated Copper South Australia, while our Jansen Stage 1 project remains on budget and on track to deliver first production by the end of CY26 (32% complete). |
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Production | Q1 FY24 | FY24 YTD vFY23 YTD | Q1 FY24 vQ4 FY23 | Current FY24guidance | ||
Copper (kt) | 457.0 | 11% | (4%) | 1,720 - 1,910 | ||
Escondida (kt) | 273.3 | 8% | (7%) | 1,080 - 1,180 | Unchanged | |
Pampa Norte (kt) | 78.3 | 11% | 14% | 210 - 250i | Unchanged | |
Copper South Australia (kt)ii | 71.7 | 44% | (6%) | 310 - 340 | Unchanged | |
Antamina (kt) | 32.5 | (12%) | (11%) | 120 - 140 | Unchanged | |
Carajás (kt)ii | 1.2 | - | (25%) | - | - | |
Iron ore (Mt) | 63.2 | (3%) | (3%) | 254 - 264.5 | ||
WAIO (Mt) | 62.0 | (3%) | (3%) | 250 - 260 | Unchanged | |
WAIO (100% basis) (Mt) | 69.4 | (4%) | (4%) | 282 - 294 | Unchanged | |
Samarco (Mt) | 1.2 | 7% | 1% | 4 - 4.5 | Unchanged | |
Metallurgical coal - BMA (Mt) | 5.6 | (16%) | (34%) | 28 - 31 | ||
BMA (100% basis) (Mt) | 11.2 | (16%) | (34%) | 56 - 62 | Unchanged | |
Energy coal - NSWEC (Mt) | 3.6 | 38% | (24%) | 13 - 15 | Unchanged | |
Nickel - Nickel West (kt) | 20.2 | (2%) | (8%) | 77 - 87 | Unchanged | |
i Production guidance for FY24 is for Spence only and excludes Cerro Colorado which is now expected to produce ~11 kt, up from previous guidance of ~9 kt, as it transitions to closure by 31 December 2023.
ii Q4 FY23 production volumes for the operations acquired from OZL are for the period of 1 May to 30 June 2023.
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BHP | Operational review for the quarter ended 30 September 2023
Segment and asset performance | FY24 YTD v FY23 YTD
Copper
Production 457.0 kt Up 11% Q1 FY23 410.1 kt FY24e 1,720 - 1,910 kt
Average realised price1,2 US$3.63/lb Down 4% H2 FY23 US$3.80/lb
| Total copper production increased by 11% to 457 kt. Guidance for FY24 remains unchanged at between 1,720 and 1,910 kt. Escondida 273 kt Up 8% (100% basis)Increased production was primarily due to higher concentrator feed grade of 0.85%, compared to 0.83% in the September 2022 quarter. Concentrator feed grade is expected to be between 0.85% and 0.90% during FY24. Guidance for FY24 remains unchanged at between 1,080 and 1,180 kt, with production expected to be weighted towards the second half of the year. Escondida successfully completed negotiations for a new collective agreement with the Union N°2 of Supervisors, effective for 36 months from 1 October 2023. Pampa Norte 78 kt Up 11%Production at Spence increased 19% to a quarterly record of 69 kt, largely as a result of improved concentrator performance and recoveries. The concentrator plant modifications, which commenced in August 2022, are now expected to be completed in FY24. Guidance for Spence remains unchanged at between 210 and 250 kt for FY24, subject to the remediation of the previously identified anomalies in the Spence Tailings Storage Facility. Production at Cerro Colorado was 26% lower at 9 kt as it transitions towards closure by the end of December 2023. Production for H1 FY24 is now expected to be ~11 kt, up from a previous estimate of ~9 kt. Copper South Australia 72 kt Up 44%Production increased due to the additional 23 kt from Prominent Hill and Carrapateena. Pleasingly, integration of the Olympic Dam, Prominent Hill and Carrapateena assets has gone well, with strong operational performance and continued focus on safe and reliable production, in particular at Olympic Dam (record material mined since FY15) and Carrapateena (record development metres achieved in September). Planned maintenance was completed across the province. In addition, we upgraded a conveyor at Carrapateena, ahead of the planned commissioning of Crusher 2 in Q3 FY24. Olympic Dam also delivered record gold production (for the second time in three quarters) and gold sales in the quarter. Production guidance remains unchanged at between 310 and 340 kt for FY24. Exploration drilling continued beneath the Olympic Dam ore body with eight active drill rigs and at Oak Dam with 10 operating drill rigs. Other copperAntamina copper production decreased by 12% to 33 kt reflecting planned lower copper feed grades. Zinc production was 9% higher at 36 kt, reflecting higher grades. Copper guidance of 120 to 140 kt and zinc guidance of between 85 and 105 kt remains unchanged for FY24. Carajás produced 1.2 kt of copper and 0.8 troy koz of gold. Operations were suspended in August due to a geotechnical event, and are expected to recommence in Q2 FY24. |
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BHP | Operational review for the quarter ended 30 September 2023
Iron ore
Production 63.2 Mt Down 3% Q1 FY23 65.1 Mt FY24e 254 - 264.5 Mt
Average realised price1 US$98.04/wmt Down 2% H2 FY23 US$99.88/wmt
| Total iron ore production decreased by 3% to 63 Mt. Guidance for FY24 remains unchanged at between 254 and 264.5 Mt. WAIO 62 Mt Down 3% | 69 Mt (100% basis)Production was lower due to tie-in activity for the Rail Technology Programme (RTP1), the ongoing ramp up and maintenance at the Central Pilbara hub (South Flank and Mining Area C), and the timing of track renewal maintenance. South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the end of FY24. The planned tie-in of the Port Debottlenecking Project (PDP1) continues to progress and remains on track to be completed in CY24. Guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). We are building inventory at the mines while we complete planned maintenance and with South Flank continuing to ramp up, volumes are expected to be weighted to the second half. Samarco 1.2 Mt Up 7% | 2.5 Mt (100% basis)Production increased as a result of higher concentrator throughput. Guidance for FY24 remains unchanged at between 4 and 4.5 Mt. |
Coal
Metallurgical coalProduction 5.6 Mt Down 16% Q1 FY23 6.7 Mt FY24e 28 - 31 Mt
Average realised price1 US$237.07/t Down 13% H2 FY23 US$273.08/t | BMA 5.6 Mt Down 16% | 11.2 Mt (100% basis) Lower production was due to planned wash plant maintenance at Goonyella, mining in higher strip ratio areas, an extended longwall move at Broadmeadow, and a stoppage at Peak Downs. This was partially offset by strong underlying truck productivity and favourable weather conditions. BMA also opened the period with low inventory levels compared with an inventory drawdown in the prior year due to wet weather. Guidance for FY24 remains unchanged at between 28 and 31 Mt (56 and 62 Mt on a 100% basis). Planned wash plant maintenance at Peak Downs and Caval Ridge and the ramp up of Broadmeadow from the longwall move will continue into Q2. Once completed, we expect underlying operating performance to deliver increased production in the second half. In February 2023, we announced our intention to pursue options to divest the Daunia and Blackwater mines together with our joint venture partner Mitsubishi Development Pty Ltd. BHP confirms that Whitehaven Coal has been selected as the preferred bidder in the divestment process. |
Production 3.6 Mt Up 38% Q1 FY23 2.6 Mt FY24e 13 - 15 Mt
Average realised price1,3 US$125.66/t Down 20% H2 FY23 US$157.21/t | NSWEC 3.6 Mt Up 38% Production increased due to favourable weather conditions and eased labour constraints, which enabled record annualised truck hours for the quarter. This was partially offset by planned wash plant maintenance completed in August. Guidance for FY24 remains unchanged at between 13 and 15 Mt. On 6 September 2023, the NSW Government announced a 2.6% point increase in coal royalties (from 8.2% to 10.8% for open cut mines), which will become effective from 1 July 2024, coinciding with the end of the legislated period for the domestic reservation policy. We have submitted a consent modification to mine beyond FY26 to closure in FY30, and will take into consideration the increase to NSW royalties in the plans for closure. |
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BHP | Operational review for the quarter ended 30 September 2023
Group & Unallocated
NickelProduction 20.2 kt Down 2% Q1 FY23 20.7 kt FY24e 77 - 87 kt
Average realised price1 US$20,354/t Down 14% H2 FY23 US$23,652/t | Nickel West 20.2 kt Down 2% Production decreased marginally in line with higher stripping activity at Mt Keith mining operations. Guidance remains unchanged at between 77 and 87 kt for FY24. The refinery shutdown planned for October 2023 will now largely be completed in February 2024, and as a result production is expected to be relatively flat across the remainder of the year.
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Quarterly performance | Q1 FY24 v Q4 FY23
Copper | Iron ore |
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457 kt Down 4% Q4 FY23 476.2 kt | Strong underlying operational performance, including record quarterly production at Spence, was offset by planned maintenance across Copper South Australia and lower concentrator and stacking grades at Escondida. | 63.2 Mt Down 3% Q4 FY23 65.3 Mt | Lower production at WAIO as a result of planned equipment maintenance and the ongoing ramp-up of the Central Pilbara hub, partially offset by favourable weather following Tropical Cyclone Ilsa in the prior quarter. | |
Metallurgical coal | Energy coal |
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5.6 Mt Down 34% Q4 FY23 8.5 Mt | The low opening inventory position following drawdowns in Q4 FY23, along with planned wash plant maintenance at Blackwater and Goonyella, a higher strip ratio, a longer than planned longwall move at Broadmeadow and an unexpected stoppage at Peak Downs resulted in lower volumes at BMA. | 3.6 Mt Down 24% Q4 FY23 4.8 Mt | Lower volumes at NSWEC reflected planned wash plant maintenance, and a focus on additional stripping volumes which resulted in higher strip ratios. | |
Nickel |
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20.2 kt Down 8% Q4 FY23 22.0 kt | Lower volumes in line with higher stripping activity at Mt Keith in the quarter. | |||
Further information in Appendix 1 Detailed production and sales information for all operations in Appendix 2 |
The following footnotes apply to this Operational Review:
1 Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.
2 Does not include sales from assets acquired through the purchase of OZL.
3 Export sales only. Includes thermal coal sales from metallurgical coal mines.
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BHP | Operational review for the quarter ended 30 September 2023
Appendix 1
Average realised prices1
Q1 FY24 | H2 FY23 | Q1 FY24 vH2 FY23 | |
Copper (US$/lb)2 | 3.63 | 3.80 | (4%) |
Iron ore (US$/wmt, FOB) | 98.04 | 99.88 | (2%) |
Metallurgical coal (US$/t) | 237.07 | 273.08 | (13%) |
Hard coking coal (US$/t)3 | 242.52 | 276.22 | (12%) |
Weak coking coal (US$/t)3 | 190.74 | 250.38 | (24%) |
Thermal coal (US$/t)4 | 125.66 | 157.21 | (20%) |
Nickel metal (US$/t) | 20,354 | 23,652 | (14%) |
1 Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.
2 Does not include sales from assets acquired through the purchase of OZL.
3 Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.
4 Export sales only. Includes thermal coal sales from metallurgical coal mines.
Current year unit cost guidance
Current | ||
FY24 guidance1 | ||
Escondida unit cost (US$/lb)2 | 1.40 - 1.70 | Unchanged |
Spence unit cost (US$/lb) | 2.00 - 2.30 | Unchanged |
WAIO unit cost (US$/t) | 17.40 - 18.90 | Unchanged |
BMA unit cost (US$/t) | 95 - 105 | Unchanged |
1 FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
Medium term guidance
Production | Unit cost | |
guidance | guidance1 | |
Escondida2 | 1,200 - 1,300 kt | US$1.30 - $1.60/lb3 |
Spence4 | ~250 kt | |
WAIO (100% basis) | >305 Mt |
1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2 Medium term refers to FY25 and FY26.
3 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
4 Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not impact operations.
Major projects
Commodity | Project and ownership | Project scope / capacity | CapitalexpenditureUS$M | Firstproductiontarget date | Progress |
Potash | Jansen Stage 1(Canada)100% | Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.35 Mtpa. | 5,723 | End-CY26 | Project is 32% complete |
Exploration
Minerals exploration and evaluation expenditure was US$105 m for Q1 FY24, of which US$93 m was expensed.
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BHP | Operational Review for the quarter ended 30 September 2023
Appendix 2
Production |
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| Sales | |||||||||||||||||||
Quarter ended |
| Year to date |
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| Quarter ended |
| Year to date | |||||||||||||||
Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | |||||||
2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | % | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | % | |||||||
Group Production and Sales Summary | ||||||||||||||||||||||
By Commodity | ||||||||||||||||||||||
Metals production is payable metal unless otherwise noted | ||||||||||||||||||||||
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | ||||||||||||||||||||||
Copper | Payable metal in concentrate | kt | 268.8 | 276.0 | 262.4 | 310.7 | 319.0 |
| 319.0 | 268.8 | 19% |
|
| 260.3 | 272.7 | 268.4 | 323.1 | 298.0 |
| 298.0 | 260.3 | 14% |
Escondida | kt | 203.1 | 208.3 | 200.8 | 220.5 | 221.3 | 221.3 | 203.1 | 9% | 196.7 | 216.0 | 197.3 | 220.3 | 209.5 | 209.5 | 196.7 | 7% | |||||
Pampa Norte | kt | 28.6 | 32.5 | 32.0 | 32.2 | 38.8 | 38.8 | 28.6 | 36% | 26.0 | 22.0 | 38.7 | 38.6 | 31.3 | 31.3 | 26.0 | 20% | |||||
Copper South Australia | kt | 19.9 | 25.2 | 25.2 | 27.6 | 22.2 | 22.2 | |||||||||||||||
Antamina | kt | 37.1 | 35.2 | 29.6 | 36.5 | 32.5 | 32.5 | 37.1 | (12)% | 37.6 | 34.7 | 32.4 | 34.5 | 32.8 | 32.8 | 37.6 | (13)% | |||||
Carajás | kt | 1.6 | 1.2 | 1.2 | 2.1 | 2.2 | 2.2 | |||||||||||||||
Cathode | kt | 141.3 | 148.3 | 143.5 | 165.5 | 139.7 |
| 139.7 | 141.3 | (1)% |
|
| 134.2 | 155.9 | 130.3 | 179.9 | 131.9 |
| 131.9 | 134.2 | (2)% | |
Escondida | kt | 49.6 | 49.7 | 50.8 | 72.5 | 52.0 | 52.0 | 49.6 | 5% | 45.9 | 53.5 | 43.8 | 78.0 | 49.2 | 49.2 | 45.9 | 7% | |||||
Pampa Norte | kt | 42.0 | 44.2 | 41.0 | 36.3 | 39.5 | 39.5 | 42.0 | (6)% | 42.4 | 45.6 | 36.0 | 42.4 | 36.6 | 36.6 | 42.4 | (14)% | |||||
Copper South Australia | kt | 49.7 | 54.4 | 51.7 | 56.7 | 48.2 | 48.2 | 49.7 | (3)% | 45.9 | 56.8 | 50.5 | 59.5 | 46.1 | 46.1 | 45.9 | - | |||||
Total | kt | 410.1 | 424.3 | 405.9 | 476.2 | 458.7 |
| 458.7 | 410.1 | 12% |
|
| 394.5 | 428.6 | 398.7 | 503.0 | 429.9 |
| 429.9 | 394.5 | 9% | |
Lead | Payable metal in concentrate | t | 228 | 114 | 169 | 146 | 96 | 96 | 228 | (58)% | 130 | 91 | 181 | 143 | 154 | 154 | 130 | 18% | ||||
Antamina | t | 228 | 114 | 169 | 146 | 96 | 96 | 228 | (58)% | 130 | 91 | 181 | 143 | 154 | 154 | 130 | 18% | |||||
Zinc | Payable metal in concentrate | t | 32,685 | 29,929 | 23,612 | 38,822 | 35,669 | 35,669 | 32,685 | 9% | 33,820 | 29,127 | 25,851 | 37,629 | 33,912 | 33,912 | 33,820 | - | ||||
Antamina | t | 32,685 | 29,929 | 23,612 | 38,822 | 35,669 | 35,669 | 32,685 | 9% | 33,820 | 29,127 | 25,851 | 37,629 | 33,912 | 33,912 | 33,820 | - | |||||
Gold | Payable metal in concentrate | troy oz | 43,757 | 52,277 | 57,106 | 96,655 | 89,024 |
| 89,024 | 43,757 | 115% |
|
| 43,757 | 52,277 | 57,106 | 108,552 | 87,703 |
| 87,703 | 43,757 | 100% |
Escondida | troy oz | 38,236 | 48,402 | 48,954 | 53,503 | 48,063 | 48,063 | 38,236 | 26% | 38,236 | 48,402 | 48,954 | 53,503 | 48,063 | 48,063 | 38,236 | 26% | |||||
Pampa Norte | troy oz | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | |||||
Copper South Australia | troy oz | 32,736 | 36,228 | 36,228 | 44,098 | 34,176 | 34,176 | |||||||||||||||
Carajás | troy oz | 1,153 | 802 | 802 | 1,688 | 1,533 | 1,533 | |||||||||||||||
Refined gold | troy oz | 47,184 | 43,280 | 49,086 | 46,479 | 53,028 |
| 53,028 | 47,184 | 12% |
|
| 49,542 | 41,900 | 47,300 | 49,182 | 54,036 |
| 54,036 | 49,542 | 9% | |
Copper South Australia | troy oz | 47,184 | 43,280 | 49,086 | 46,479 | 53,028 | 53,028 | 47,184 | 12% | 49,542 | 41,900 | 47,300 | 49,182 | 54,036 | 54,036 | 49,542 | 9% | |||||
Total | troy oz | 90,941 | 95,557 | 106,192 | 143,134 | 142,052 |
| 142,052 | 90,941 | 62% |
|
| 93,299 | 94,177 | 104,406 | 157,734 | 141,739 |
| 141,739 | 93,299 | 52% | |
Silver | Payable metal in concentrate | troy koz | 2,652 | 2,678 | 2,556 | 2,592 | 2,582 |
| 2,582 | 2,652 | (2)% |
|
| 2,477 | 2,605 | 2,523 | 2,409 | 2,527 |
| 2,527 | 2,477 | 2% |
Escondida | troy koz | 1,210 | 1,510 | 1,346 | 1,008 | 1,168 | 1,168 | 1,210 | (3)% | 1,210 | 1,510 | 1,346 | 1,008 | 1,168 | 1,168 | 1,210 | (3)% | |||||
Pampa Norte | troy koz | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | |||||
Copper South Australia | troy koz | 201 | 260 | 271 | 242 | 258 | 258 | |||||||||||||||
Antamina | troy koz | 1,190 | 923 | 801 | 971 | 798 | 798 | 1,190 | (33)% | 1,015 | 850 | 768 | 747 | 745 | 745 | 1,015 | (27)% | |||||
Refined silver | troy koz | 295 | 261 | 277 | 256 | 261 |
| 261 | 295 | (12)% |
|
| 320 | 233 | 307 | 270 | 219 |
| 219 | 320 | (32)% | |
Copper South Australia | troy koz | 295 | 261 | 277 | 256 | 260 | 260 | 295 | (12)% | 320 | 233 | 307 | 270 | 219 | 219 | 320 | (32)% | |||||
Total | troy koz | 2,947 | 2,939 | 2,833 | 2,848 | 2,843 |
| 2,843 | 2,947 | (3)% |
|
| 2,797 | 2,838 | 2,830 | 2,679 | 2,746 |
| 5,273 | 5,274 | - | |
Uranium | Payable metal in concentrate | t | 817 | 943 | 833 | 813 | 825 |
| 825 | 817 | 1% |
|
| 272 | 1,127 | 683 | 1,275 | 481 |
| 481 | 272 | 77% |
Copper South Australia | t | 817 | 943 | 833 | 813 | 825 | 825 | 817 | 1% | 272 | 1,127 | 683 | 1,275 | 481 | 481 | 272 | 77% | |||||
Molybdenum | Payable metal in concentrate | t | 296 | 564 | 636 | 666 | 612 |
| 612 | 296 | 107% |
|
| 275 | 514 | 789 | 594 | 564 |
| 564 | 275 | 105% |
Pampa Norte | t | 34 | 216 | 407 | 333 | 329 | 329 | 34 | 868% | 25 | 216 | 492 | 367 | 303 | 303 | 25 | 1,112% | |||||
Antamina | t | 262 | 348 | 229 | 333 | 283 | 283 | 262 | 8% | 250 | 298 | 297 | 227 | 261 | 261 | 250 | 4% | |||||
Iron Ore | Western Australia Iron Ore (WAIO) | kt | 63,925 | 65,807 | 58,725 | 64,074 | 62,004 | 62,004 | 63,925 | (3)% | 62,257 | 64,496 | 59,204 | 62,926 | 64,180 | 64,180 | 62,257 | 3% | ||||
Samarco | kt | 1,148 | 1,095 | 1,048 | 1,221 | 1,231.0 | 1,231.0 | 1,148 | 7% | 1,146 | 1,097 | 1,111 | 1,160 | 1,136 | 1,136 | 1,146 | (1)% | |||||
Total | kt | 65,073 | 66,902 | 59,773 | 65,295 | 63,235 |
| 63,235 | 65,073 | (3)% |
|
| 63,403 | 65,593 | 60,315 | 64,086 | 65,316 |
| 65,316 | 63,403 | 3% | |
Metallurgical coal¹ | BHP Mitsubishi Alliance (BMA) | kt | 6,662 | 6,952 | 6,929 | 8,477 | 5,601 |
| 5,601 | 6,662 | (16)% |
|
| 6,482 | 7,027 | 6,186 | 8,876 | 5,325 |
| 5,325 | 6,482 | (18)% |
Energy coal | NSW Energy Coal (NSWEC) | kt | 2,622 | 2,851 | 3,934 | 4,765 | 3,613 |
| 3,613 | 2,622 | 38% |
|
| 2,441 | 2,862 | 3,667 | 4,894 | 3,307 |
| 3,307 | 2,441 | 35% |
Nickel | Nickel West | kt | 20.7 | 17.7 | 19.6 | 22.0 | 20.2 |
| 20.2 | 20.7 | (2)% |
|
| 20.7 | 18.4 | 19.6 | 23.4 | 18.9 |
| 18.9 | 20.7 | (9)% |
Cobalt | Nickel West | t | 238 | 93 | 175 | 246 | 192 |
| 192 | 238 | (19)% |
|
| 238 | 93 | 175 | 246 | 192 |
| 192 | 238 | (19)% |
1 Includes BMA thermal coal sales. | ||||||||||||||||||||||
7
BHP | Operational Review for the quarter ended 30 September 2023
Production |
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| Sales | ||||||||||||||||||||
Quarter ended |
| Year to date |
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| Quarter ended |
| Year to date | ||||||||||||||||
Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | ||||||||
2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | % | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | % | ||||||||
Production and Sales | |||||||||||||||||||||||
By Asset | |||||||||||||||||||||||
Copper | |||||||||||||||||||||||
Metals production is payable metal unless otherwise noted | |||||||||||||||||||||||
Escondida, Chile¹ | BHP interest 57.5% | ||||||||||||||||||||||
Material mined | kt | 110,248 | 101,987 | 106,170 | 95,451 | 87,462 | 87,462 | 110,248 | (21)% | ||||||||||||||
Concentrator throughput | kt | 32,894 | 33,911 | 33,309 | 30,750 | 33,332 | 33,332 | 32,894 | 1% | ||||||||||||||
Average copper grade - concentrator | % | 0.83% | 0.76% | 0.78% | 0.93% | 0.85% | 0.85% | 0.83% | 2% | ||||||||||||||
Production ex mill | kt | 214.6 | 212.8 | 210.0 | 228.9 | 225.7 | 225.7 | 214.6 | 5% | ||||||||||||||
Payable copper | kt | 203.1 | 208.3 | 200.8 | 220.5 | 221.3 | 221.3 | 203.1 | 9% | 196.7 | 216.0 | 197.3 | 220.3 | 209.5 | 209.5 | 196.7 | 7% | ||||||
Copper cathode (EW) | kt | 49.6 | 49.7 | 50.8 | 72.5 | 52.0 | 52.0 | 49.6 | 5% | 45.9 | 53.5 | 43.8 | 78.0 | 49.2 | 49.2 | 45.9 | 7% | ||||||
Oxide leach | kt | 15.2 | 17.6 | 14.7 | 29.3 | 17.5 | 17.5 | 15.2 | 15% | ||||||||||||||
Sulphide leach | kt | 34.4 | 32.1 | 36.1 | 43.2 | 34.5 | 34.5 | 34.4 | - | ||||||||||||||
Total copper | kt | 252.7 | 258.0 | 251.6 | 293.0 | 273.3 |
| 273.3 | 252.7 | 8% |
|
| 242.6 | 269.5 | 241.1 | 298.3 | 258.7 |
| 258.7 | 242.6 | 7% | ||
Payable gold concentrate | troy oz | 38,236 | 48,402 | 48,954 | 53,503 | 48,063 | 48,063 | 38,236 | 26% | 38,236 | 48,402 | 48,954 | 53,503 | 48,063 | 48,063 | 38,236 | 26% | ||||||
Payable silver concentrate | troy koz | 1,210 | 1,510 | 1,346 | 1,008 | 1,168 | 1,168 | 1,210 | (3)% | 1,210 | 1,510 | 1,346 | 1,008 | 1,168 | 1,168 | 1,210 | (3)% | ||||||
1 Shown on a 100% basis. | |||||||||||||||||||||||
Pampa Norte, Chile | BHP interest 100% | ||||||||||||||||||||||
Copper | Payable metal in concentrate | kt | 28.6 | 32.5 | 32.0 | 32.2 | 38.8 | 38.8 | 28.6 | 36% | 26.0 | 22.0 | 38.7 | 38.6 | 31.3 | 31.3 | 26.0 | 20% | |||||
Cathode | kt | 42.0 | 44.2 | 41.0 | 36.3 | 39.5 | 39.5 | 42.0 | (6)% | 42.4 | 45.6 | 36.0 | 42.4 | 36.6 | 36.6 | 42.4 | (14)% | ||||||
Total copper | kt | 70.6 | 76.7 | 73.0 | 68.5 | 78.3 |
| 78.3 | 70.6 | 11% |
|
| 68.4 | 67.6 | 74.7 | 81.0 | 67.9 |
| 67.9 | 68.4 | (1)% | ||
Gold | troy oz | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | ||||||
Silver | troy koz | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | ||||||
Molybdenum | t | 34 | 216 | 407 | 333 | 329 | 329 | 34 | 868% | 25 | 216 | 492 | 367 | 303 | 303 | 25 | 1,112% | ||||||
Cerro Colorado | |||||||||||||||||||||||
Material mined | kt | 3,179 | 583 | 172 | 145 | - | - | 3,179 | (100)% | ||||||||||||||
Ore stacked | kt | 4,373 | 4,119 | 3,567 | 3,928 | 154 | 154 | 4,373 | (96)% | ||||||||||||||
Average copper grade - stacked | % | 0.54% | 0.56% | 0.57% | 0.53% | 0.58% | 0.58% | 0.54% | 7% | ||||||||||||||
Copper cathode (EW) | kt | 12.8 | 12.2 | 12.0 | 12.2 | 9.5 | 9.5 | 12.8 | (26)% | 13.3 | 12.2 | 10.9 | 14.1 | 8.8 | 8.8 | 13.3 | (34)% | ||||||
Spence | |||||||||||||||||||||||
Material mined | kt | 26,956 | 26,980 | 24,858 | 25,622 | 27,654 | 27,654 | 26,956 | 3% | ||||||||||||||
Ore stacked | kt | 5,577 | 5,155 | 4,947 | 5,625 | 5,113 | 5,113 | 5,577 | (8)% | ||||||||||||||
Average copper grade - stacked | % | 0.70% | 0.66% | 0.60% | 0.58% | 0.60% | 0.60% | 0.70% | (14)% | ||||||||||||||
Concentrator throughput | kt | 6,433 | 7,602 | 7,290 | 6,927 | 8,473 | 8,473 | 6,433 | 32% | ||||||||||||||
Average copper grade - concentrator | % | 0.63% | 0.60% | 0.61% | 0.61% | 0.64% | 0.64% | 0.63% | 2% | ||||||||||||||
Payable copper | kt | 28.6 | 32.5 | 32.0 | 32.2 | 38.8 | 38.8 | 28.6 | 36% | 26.0 | 22.0 | 38.7 | 38.6 | 31.3 | 31.3 | 26.0 | 20% | ||||||
Copper cathode (EW) | kt | 29.2 | 32.0 | 29.0 | 24.1 | 30.0 | 30.0 | 29.2 | 3% | 29.1 | 33.4 | 25.1 | 28.3 | 27.8 | 27.8 | 29.1 | (4)% | ||||||
Total copper | kt | 57.8 | 64.5 | 61.0 | 56.3 | 68.8 |
| 68.8 | 57.8 | 19% |
|
| 55.1 | 55.4 | 63.8 | 66.9 | 59.1 |
| 59.1 | 55.1 | 7% | ||
Payable gold concentrate | troy oz | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | 5,521 | 3,875 | 8,152 | 9,263 | 3,931 | 3,931 | 5,521 | (29)% | ||||||
Payable silver concentrate | troy koz | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | 252 | 245 | 409 | 412 | 356 | 356 | 252 | 41% | ||||||
Payable molybdenum | t | 34 | 216 | 407 | 333 | 329 | 329 | 34 | 868% | 25 | 216 | 492 | 367 | 303 | 303 | 25 | 1,112% | ||||||
8
BHP | Operational Review for the quarter ended 30 September 2023
Production |
|
| Sales | |||||||||||||||||||
Quarter ended |
| Year to date |
|
| Quarter ended |
| Year to date | |||||||||||||||
Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | |||||
2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | 2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | |||||
Copper (continued) | ||||||||||||||||||||||
Copper South Australia, Australia BHP interest 100% | ||||||||||||||||||||||
Copper | Payable metal in concentrate | kt | 19.9 | 26.2 | 26.2 | 27.6 | 22.2 | 22.2 | ||||||||||||||
Cathode | kt | 49.7 | 54.4 | 51.7 | 56.7 | 48.2 | 48.2 | 49.7 | (3)% | 45.9 | 56.8 | 50.5 | 59.5 | 46.1 | 46.1 | 45.9 | - | |||||
Total copper | kt | 49.7 | 54.4 | 51.7 | 76.6 | 74.4 |
| 74.4 | 49.7 | 50% |
|
| 45.9 | 56.8 | 50.5 | 87.1 | 68.3 |
| 68.3 | 45.9 | 49% | |
Payable metal in concentrate transfer to Olympic Dam1 | kt | (1.0) | (1.0) | |||||||||||||||||||
Net copper | 49.7 | 54.4 | 51.7 | 76.6 | 73.4 |
| 73.4 | 49.7 | 48% | |||||||||||||
Gold | Payable metal in concentrate | troy oz | 32,736 | 41,424 | 41,424 | 44,098 | 34,176 | 34,176 | ||||||||||||||
Refined gold | troy oz | 47,184 | 43,280 | 49,086 | 46,479 | 53,028 | 53,028 | 47,184 | 12% | 49,542 | 41,900 | 47,300 | 49,182 | 54,036 | 54,036 | 49,542 | 9% | |||||
Total gold | troy oz | 47,184 | 43,280 | 49,086 | 79,215 | 94,452 |
| 94,452 | 47,184 | 100% |
|
| 49,542 | 41,900 | 47,300 | 93,280 | 88,212 |
| 88,212 | 49,542 | 78% | |
Payable metal in concentrate transfer to Olympic Dam1 | troy oz |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net gold | troy oz | 47,184 | 43,280 | 49,086 | 79,215 | 94,452 |
| 94,452 | 47,184 | 100% |
|
|
|
|
|
|
|
|
|
|
| |
Silver | Payable metal in concentrate | troy koz | 201 | 271 | 271 | 242 | 258 | 258 | ||||||||||||||
Refined silver | troy koz | 295 | 261 | 277 | 256 | 261 | 261 | 295 | (12)% | 320 | 233 | 307 | 270 | 219 | 219 | 320 | (32)% | |||||
Total silver | troy koz | 295 | 261 | 277 | 457 | 532 |
| 532 | 295 | 80% |
|
| 320 | 233 | 307 | 512 | 477 |
| 477 | 320 | 49% | |
Payable metal in concentrate transfer to Olympic Dam1 | troy koz |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net silver | troy koz | 295 | 261 | 277 | 457 | 532 |
| 532 | 295 | 80% |
|
|
|
|
|
|
|
|
|
|
| |
Uranium | t | 817 | 943 | 833 | 813 | 825 |
| 825 | 817 | 1% |
|
| 272 | 1,127 | 683 | 1,275 | 481 |
| 481 | 272 | 77% | |
Olympic Dam | ||||||||||||||||||||||
Material mined | kt | 2,412 | 2,264 | 2,317 | 2,356 | 2,639 | 2,639 | 2,412 | 9% | |||||||||||||
Ore milled | kt | 2,570 | 2,687 | 2,433 | 2,755 | 2,596 | 2,596 | 2,570 | 1% | |||||||||||||
Average copper grade | % | 2.13% | 2.08% | 1.95% | 2.00% | 1.96% | 1.96% | 2.13% | (8)% | |||||||||||||
Average uranium grade | kg/t | 0.58 | 0.58 | 0.59 | 0.55 | 0.56 | 0.56 | 0.58 | (3)% | |||||||||||||
Copper cathode (ER and EW) | kt | 49.7 | 54.4 | 51.7 | 56.7 | 48.2 | 48.2 | 49.7 | (3)% | 45.9 | 56.8 | 50.5 | 59.5 | 46.1 | 46.1 | 45.9 | - | |||||
Payable uranium | t | 817 | 943 | 833 | 813 | 825 | 825 | 817 | 1% | 272 | 1,127 | 683 | 1,275 | 481 | 481 | 272 | 77% | |||||
Refined gold | troy oz | 47,184 | 43,280 | 49,086 | 46,479 | 53,028 | 53,028 | 47,184 | 12% | 49,542 | 41,900 | 47,300 | 49,182 | 54,036 | 54,036 | 49,542 | 9% | |||||
Refined silver | troy koz | 295 | 261 | 277 | 256 | 261 | 261 | 295 | (12)% | 320 | 233 | 307 | 270 | 219 | 219 | 320 | (32)% | |||||
Prominent Hill2 | ||||||||||||||||||||||
Material mined | kt | 661 | 1,110 | 1,110 | ||||||||||||||||||
Ore milled | kt | 1,228 | 1,652 | 1,652 | ||||||||||||||||||
Average copper grade | % | 0.77% | 0.85% | 0.85% | ||||||||||||||||||
Production ex mill | kt | 16.3 | 23.8 | 23.8 | ||||||||||||||||||
Payable copper | kt | 8.2 | 12.1 | 12.1 | 15.7 | 8.4 | 8.4 | |||||||||||||||
Payable gold concentrate | troy oz | 17,432 | 22,031 | 22,031 | 28,856 | 15,524 | 15,524 | |||||||||||||||
Payable silver concentrate | troy koz | 44 | 63 | 63 | 87 | 53 | 53 | |||||||||||||||
Carrapateena2 | ||||||||||||||||||||||
Material mined | kt | 880 | 969 | 969 | ||||||||||||||||||
Ore milled | kt | 856 | 1,230 | 1,230 | ||||||||||||||||||
Average copper grade | % | 1.52% | 1.29% | 1.29% | ||||||||||||||||||
Production ex mill | kt | 30.1 | 37.6 | 37.6 | ||||||||||||||||||
Payable copper | kt | 11.7 | 14.1 | 14.1 | 11.9 | 13.8 | 13.8 | |||||||||||||||
Payable gold concentrate | troy oz | 15,304 | 19,393 | 19,393 | 15,242 | 18,652 | 18,652 | |||||||||||||||
Payable silver concentrate | troy koz | 157 | 208 | 208 | 155 | 205 | 205 | |||||||||||||||
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. | ||||||||||||||||||||||
9
BHP | Operational Review for the quarter ended 30 September 2023
Production |
|
| Sales | |||||||||||||||||||
Quarter ended |
| Year to date |
|
| Quarter ended |
| Year to date | |||||||||||||||
Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | |||||
2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | 2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | |||||
Copper (continued) | ||||||||||||||||||||||
Antamina, Peru | BHP interest 33.75% | |||||||||||||||||||||
Material mined | kt | 63,865 | 68,750 | 57,939 | 62,894 | 63,310 | 63,310 | 63,865 | (1)% | |||||||||||||
Concentrator throughput | kt | 13,858 | 14,272 | 12,349 | 13,897 | 14,246 | 14,246 | 13,858 | 3% | |||||||||||||
Average head grades | ||||||||||||||||||||||
Average head grade - copper | % | 0.93% | 0.86% | 0.88% | 0.88% | 0.83% | 0.83% | 0.93% | (11)% | |||||||||||||
Average head grade - zinc | % | 1.09% | 0.99% | 1.06% | 1.25% | 1.17% | 1.17% | 1.09% | 7% | |||||||||||||
Payable copper | kt | 37.1 | 35.2 | 29.6 | 36.5 | 32.5 | 32.5 | 37.1 | (12)% | 37.6 | 34.7 | 32.4 | 34.5 | 32.8 | 32.8 | 37.6 | (13)% | |||||
Payable zinc | t | 32,685 | 29,929 | 23,612 | 38,822 | 35,669 | 35,669 | 32,685 | 9% | 33,820 | 29,127 | 25,851 | 37,629 | 33,912 | 33,912 | 33,820 | - | |||||
Payable silver | troy koz | 1,190 | 923 | 801 | 971 | 798 | 798 | 1,190 | (33)% | 1,015 | 850 | 768 | 747 | 745 | 745 | 1,015 | (27)% | |||||
Payable lead | t | 228 | 114 | 169 | 146 | 96 | 96 | 228 | (58)% | 130 | 91 | 181 | 143 | 154 | 154 | 130 | 18% | |||||
Payable molybdenum | t | 262 | 348 | 229 | 333 | 283 | 283 | 262 | 8% | 250 | 298 | 297 | 227 | 261 | 261 | 250 | 4% | |||||
Carajás, Brazil¹ | BHP interest 100% | |||||||||||||||||||||
Material mined | kt | 103 | 74 | 74 | ||||||||||||||||||
Ore milled | kt | 100 | 70 | 70 | ||||||||||||||||||
Average copper grade | % | 1.71% | 1.91% | 1.91% | ||||||||||||||||||
Production ex mill | kt | 6.6 | 5.2 | 5.2 | ||||||||||||||||||
Payable copper | kt | 1.6 | 1.2 | 1.2 | 2.1 | 2.2 | 2.2 | |||||||||||||||
Payable gold concentrate | troy oz | 1,153 | 802 | 802 | 1,688 | 1,533 | 1,533 | |||||||||||||||
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 | kt | 14,053 | 16,172 | 11,925 | 14,795 | 13,234 | 13,234 | 14,053 | (6)% | |||||||||||||
Area C Joint Venture | kt | 26,971 | 26,302 | 25,284 | 28,818 | 25,804 | 25,804 | 26,971 | (4)% | |||||||||||||
Yandi Joint Venture | kt | 5,497 | 5,613 | 4,941 | 5,359 | 3,150 | 3,150 | 5,497 | (43)% | |||||||||||||
Jimblebar¹ | kt | 17,404 | 17,720 | 16,575 | 15,102 | 19,816 | 19,816 | 17,404 | 14% | |||||||||||||
Total | kt | 63,925 | 65,807 | 58,725 | 64,074 | 62,004 |
| 62,004 | 63,925 | (3)% | ||||||||||||
Total (100%) | kt | 72,135 | 74,292 | 66,163 | 72,717 | 69,448 |
| 69,448 | 72,135 | (4)% | ||||||||||||
Lump | kt | 19,561 | 20,375 | 18,021 | 20,022 | 20,969 | 20,969 | 19,561 | 7% | |||||||||||||
Fines | kt | 42,696 | 44,121 | 41,183 | 42,904 | 43,211 | 43,211 | 42,696 | 1% | |||||||||||||
Total | kt |
|
| 62,257 | 64,496 | 59,204 | 62,926 | 64,180 |
| 64,180 | 62,257 | 3% | ||||||||||
Total (100%) | kt |
|
| 70,276 | 72,688 | 66,580 | 71,172 | 71,748 |
| 71,748 | 70,276 | 2% | ||||||||||
1 Shown on a 100% basis. BHP interest in saleable production is 85%. | ||||||||||||||||||||||
Samarco, Brazil | BHP interest 50% | |||||||||||||||||||||
Total | kt | 1,148 | 1,095 | 1,048 | 1,221 | 1,231 |
| 1,231 | 1,148 | 7% |
|
| 1,146 | 1,097 | 1,111 | 1,160 | 1,136 |
| 1,136 | 1,146 | (1)% | |
10
BHP | Operational Review for the quarter ended 30 September 2023
Production |
|
| Sales | |||||||||||||||||||
Quarter ended |
| Year to date |
|
| Quarter ended |
| Year to date | |||||||||||||||
Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep |
| Sep | Sep | Var | |||||
2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | 2022 | 2022 | 2023 | 2023 | 2023 |
| 2023 | 2022 | % | |||||
Coal | ||||||||||||||||||||||
Coal production is reported on the basis of saleable product. | ||||||||||||||||||||||
BMA, Australia | BHP interest 50% | |||||||||||||||||||||
Blackwater | kt | 1,283 | 1,160 | 1,107 | 1,505 | 1,295 | 1,295 | 1,283 | 1% | |||||||||||||
Goonyella | kt | 1,780 | 1,997 | 2,185 | 2,348 | 827 | 827 | 1,780 | (54)% | |||||||||||||
Peak Downs | kt | 1,325 | 1,480 | 1,251 | 1,424 | 1,121 | 1,121 | 1,325 | (15)% | |||||||||||||
Saraji | kt | 1,020 | 1,243 | 1,007 | 1,326 | 1,010 | 1,010 | 1,020 | (1)% | |||||||||||||
Daunia | kt | 324 | 441 | 607 | 617 | 545 | 545 | 324 | 68% | |||||||||||||
Caval Ridge | kt | 930 | 631 | 772 | 1,257 | 803 | 803 | 930 | (14)% | |||||||||||||
Total¹ | kt | 6,662 | 6,952 | 6,929 | 8,477 | 5,601 |
| 5,601 | 6,662 | (16)% | ||||||||||||
Total (100%) | kt | 13,324 | 13,904 | 13,858 | 16,954 | 11,202 |
| 11,202 | 13,324 | (16)% | ||||||||||||
Coking coal | kt | 5,615 | 5,872 | 5,372 | 7,448 | 4,497 | 4,497 | 5,615 | (20)% | |||||||||||||
Weak coking coal | kt | 600 | 727 | 710 | 1,064 | 529 | 529 | 600 | (12)% | |||||||||||||
Thermal coal | kt | 267 | 428 | 104 | 364 | 299 | 299 | 267 | 12% | |||||||||||||
Total | kt |
|
| 6,482 | 7,027 | 6,186 | 8,876 | 5,325 |
| 5,325 | 6,482 | (18)% | ||||||||||
Total (100%) | kt |
|
| 12,964 | 14,054 | 12,372 | 17,752 | 10,650 |
| 10,650 | 12,964 | (18)% | ||||||||||
1 Production figures include some thermal coal. | ||||||||||||||||||||||
NSWEC, Australia | BHP interest 100% | |||||||||||||||||||||
Export | kt | 2,441 | 2,862 | 3,667 | 4,693 | 3,087 | 3,087 | 2,441 | 26% | |||||||||||||
Domestic1 | kt | 201 | 220 | 220 | ||||||||||||||||||
Total | kt | 2,622 | 2,851 | 3,934 | 4,765 | 3,613 |
| 3,613 | 2,622 | 38% |
|
| 2,441 | 2,862 | 3,667 | 4,894 | 3,307 |
| 3,307 | 2,441 | 35% | |
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. | ||||||||||||||||||||||
Nickel West, Australia | BHP interest 100% | |||||||||||||||||||||
Mt Keith | Nickel concentrate | kt | 42.6 | 39.6 | 38.8 | 44.5 | 42.7 | 42.7 | 42.6 | - | ||||||||||||
Average nickel grade | % | 17.0 | 15.5 | 16.5 | 16.2 | 16.7 | 16.7 | 17.0 | (2)% | |||||||||||||
Leinster | Nickel concentrate | kt | 66.8 | 47.9 | 68.4 | 71.1 | 66.0 | 66.0 | 66.8 | (1)% | ||||||||||||
Average nickel grade | % | 9.9 | 9.4 | 8.6 | 8.5 | 8.1 | 8.1 | 9.9 | (18)% | |||||||||||||
Refined nickel¹ | kt | 17.5 | 10.8 | 13.2 | 13.1 | 13.8 | 13.8 | 17.5 | (21)% | 18.1 | 10.2 | 13.0 | 13.1 | 13.2 | 13.2 | 18.1 | (27)% | |||||
Nickel sulphate² | kt | 1.2 | 0.4 | 0.9 | 0.7 | 0.9 | 0.9 | 1.2 | (25)% | 0.8 | 0.5 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | - | |||||
Intermediates and nickel by-products³ | kt | 2.0 | 6.5 | 5.5 | 8.2 | 5.5 | 5.5 | 2.0 | 175% | 1.8 | 7.7 | 5.7 | 9.5 | 4.9 | 4.9 | 1.8 | 172% | |||||
Total nickel | kt | 20.7 | 17.7 | 19.6 | 22.0 | 20.2 |
| 20.2 | 20.7 | (2)% |
|
| 20.7 | 18.4 | 19.6 | 23.4 | 18.9 |
| 18.9 | 20.7 | (9)% | |
Cobalt by-products | t | 238 | 93 | 175 | 246 | 192 | 192 | 238 | (19)% | 238 | 93 | 175 | 246 | 192 | 192 | 238 | (19)% | |||||
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.
11
BHP | Operational review for the quarter ended 30 September 2023
Variance analysis relates to the relative performance of BHP and/or its operations during the three months ended September 2023 compared with the three months ended September 2022, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding.
The following abbreviations may have been used throughout this report: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ Minerals Limited (OZL); 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
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Monica Nettleton Mobile: +1 416 518 6293 | |
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