Last checked at 18 Apr 2024 07:00
18 April 2024
BHP Group Limited
Operational review for the nine months ended 31 March 2024
Solid operational performance in copper, iron ore and energy coal.
"We remain on track to meet copper, iron ore and energy coal production for the year. Copper volumes have increased by 10 per cent reflecting strong performance and additional tonnes from Copper South Australia, record year-to-date performance from Spence, and improved grades and production at Escondida.
"Western Australia Iron Ore, the lowest cost iron ore producer globally, delivered another consistent period of production despite heavy rainfall. We continue to invest in improvements to our rail and port operations, which are essential for growth in the medium term to 305 million tonnes per annum and beyond.
"At our BMA metallurgical coal operations in Queensland, significant wet weather including the impact of two tropical cyclones and operational challenges impacted production and unit costs, and we have revised guidance for the year. We successfully completed the sale of the Blackwater and Daunia mines on 2 April for a total of up to US$4.1 bn (100%).
"In Canada, the Jansen Stage 1 project remains ahead of its initial schedule and is now 44 per cent complete. In Western Australia, we expect to announce a decision on the future of our nickel business in the coming months, where efforts to optimise operations and preserve value are underway."
Mike Henry
BHP Chief Executive Officer
Summary
Operational performance | Portfolio | ||||||||
Copper production increased 10% | Completed sale of Blackwater and Daunia | ||||||||
Increased copper production driven by record production at Spence, strong operational performance at Copper South Australia (and the contribution from Prominent Hill and Carrapateena), and improved performance and grade at Escondida. FY24 production guidance for BMA has been lowered to 21.5 - 22.5 Mt (43 - 45 Mt at 100%). Other updates to FY24 production guidance are reflected in the table below. FY24 unit cost guidance1 for BMA has been increased to US$119/t - US$125/t. | We completed the strategic reshaping of our metallurgical coal business with the divestment of BHP Mitsubishi Alliance's (BMA) Blackwater and Daunia mines to Whitehaven Coal on 2 April for a total cash consideration of up to US$4.1 bn (100%). BMA now has a more focused operational footprint and a greater portion of higher quality metallurgical coal (>85%) which is expected to achieve higher relative margins in a decarbonising world. | ||||||||
ESG | Governance | ||||||||
MSCI upgrade | Board update | ||||||||
In March 2024, ESG ratings provider MSCI upgraded BHP's overall company score based on their assessment of performance under the Social Pillar. This reflects the progress made in Brazil, including in negotiations, and our commitment to deliver full and fair remediation and compensation. | In March, we announced the appointment of Ross McEwan and Don Lindsay as Non-executive Directors, effective 3 April 2024 and 1 May 2024 respectively. We also announced the retirement of Ian Cockerill as a Non-executive Director, effective 4 April 2024. | ||||||||
Production | Quarter performance | YTD performance | FY24 production guidance | ||||||
Q3 FY24 | v Q2FY24 | v Q3FY23 | YTD Mar FY24 | v YTD Mar FY23 | Previous | Current | |||
Copper (kt) | 465.9 | 7% | 15% | 1,360.3 | 10% | 1,720 - 1,910 | 1,720 - 1,910 | ||
Escondida (kt) | 288.2 | 13% | 15% | 816.1 | 7% | 1,080 - 1,180 | 1,080 - 1,180 | Unchanged | |
Pampa Norte (kt) | 61.6 | 3% | (16%) | 199.7 | (9%) | 210 - 250i | 210 - 250i | Upper end | |
Copper South Australia (kt) | 79.0 | (4%) | 53% | 232.7 | 49% | 310 - 340 | 310 - 340 | Unchanged | |
Antamina (kt) | 33.9 | (14%) | 15% | 105.6 | 4% | 120 - 140 | 120 - 140 | Unchanged | |
Carajás (kt) | 3.2 | 78% | 6.2 | - | - | - | |||
Iron ore (Mt) | 61.5 | (7%) | 3% | 190.5 | (1%) | 254 - 264.5 | 254 - 264.5 | ||
WAIO (Mt) | 60.3 | (6%) | 3% | 186.8 | (1%) | 250 - 260 | 250 - 260 | Unchanged | |
WAIO (100% basis) (Mt) | 68.1 | (6%) | 3% | 210.2 | (1%) | 282 - 294 | 282 - 294 | Unchanged | |
Samarco (Mt) | 1.2 | (10%) | 12% | 3.7 | 13% | 4 - 4.5 | 4 - 4.5 | Upper end | |
Metallurgical coal - BMA (Mt) | 6.0 | 6% | (13%) | 17.4 | (16%) | 23 - 25 | 21.5 - 22.5 | Lowered | |
BMA (100% basis) (Mt) | 12.1 | 6% | (13%) | 34.7 | (16%) | 46 - 50 | 43 - 45 | Lowered | |
Energy coal - NSWEC (Mt) | 4.1 | 8% | 5% | 11.6 | 23% | 13 - 15 | 13 - 15 | Upper end | |
Nickel - Western Australia Nickel (kt) | 18.8 | (4%) | (4%) | 58.6 | 1% | 77 - 87 | 77 - 87 | Lower half | |
Note: changes made to FY24 production guidance since the Q2 FY24 Operational review are shown in italics.
i Production guidance for FY24 is for Spence only and excludes Cerro Colorado which produced 11 kt before ceasing production on 9 November 2023.
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BHP | Operational review for the nine months ended 31 March 2024
Segment and asset performance | FY24 YTD v FY23 YTD
Further information in Appendix 1 Detailed production and sales information for all operations in Appendix 2 |
Copper
Production 1,360 kt Up 10% YTD Mar FY23 1,240 kt FY24e 1,720 - 1,910 kt
Average realised price US$3.72/lb Up 5% HY24 US$3.66/lb
| Total copper production increased by 10% to 1,360 kt. Copper production guidance for FY24 remains unchanged at between 1,720 and 1,910 kt. Escondida 816 kt Up 7% (100% basis)Increased production was primarily due to a higher concentrator feed grade of 0.85%, increasing from 0.79%, as mining progressed into areas of high grade ore as planned following the implementation of measures to manage geotechnical events. Concentrator feed grade for FY24 is expected to be between 0.85% and 0.90%, with 0.92% grade achieved in Q3 FY24. Production guidance for FY24 remains unchanged at between 1,080 and 1,180 kt. Pampa Norte 200 kt Down 9% Spence production increased by 3% to a nine-month record of 189 kt, driven by improved concentrator throughput and higher 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 are expected to be completed in FY24. In March 2024, Spence achieved fully autonomous mine haulage operations (ahead of the Q4 FY24 target date) and has deployed a total of 33 autonomous trucks. FY24 production for Spence is expected to be at the upper end of the guidance range of between 210 and 250kt. Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period. Copper South Australia 233 kt Up 49%Production increased by 49% due to the addition of volumes this year from Prominent Hill and Carrapateena, and strong underlying operational performance at Olympic Dam including the highest quarter of material mined in over 10 years in Q3 FY24. Strong smelter performance at Olympic Dam was supported by ongoing transfers of concentrate from Prominent Hill and initial transfers from Carrapateena in Q3 FY24, for processing to higher margin cathode. Crusher 2 at Carrapateena was commissioned in Q3 FY24 and remains on track to ramp up in Q4 FY24. Production guidance for FY24 remains unchanged at between 310 and 340 kt. We are continuing exploration drilling across the Copper South Australia province to enhance our resource knowledge in support of our growth studies. At Oak Dam, we are progressing the external approval process for an underground access decline to enable faster and lower cost resource definition drilling of the mineral deposit, and we expect to be able to provide an Inferred Mineral Resource for Oak Dam later this calendar year. Other copperAt Antamina, copper production increased by 4% to 106 kt, while zinc production was 2% higher at 88 kt, both as a result of higher throughput offsetting planned lower concentrator feed grades. Production guidance remains unchanged for FY24, with copper production of between 120 and 140 kt, and zinc production of between 85 and 105 kt. Carajás produced 6.2 kt of copper and 4.1 troy koz of gold. In Q3 FY24 operations continued to ramp back up, and shipments also resumed, following the temporary stoppage of operations between August and October 2023 due to a geotechnical event. |
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BHP | Operational review for the nine months ended 31 March 2024
Iron ore
Production 190 Mt Down 1% YTD Mar FY23 192 Mt FY24e 254 - 264.5 Mt
Average realised price US$104.53/wmt Up 3% HY24 US$103.70/wmt
| Total iron ore production decreased by 1% to 190 Mt. Production guidance for FY24 remains unchanged at between 254 and 264.5 Mt. WAIO 187 Mt Down 1% | 210 Mt (100% basis)Production was marginally lower due to heavy rainfall throughout Q3 FY24, the continued tie-in activity for the Rail Technology Programme (RTP1), the impacts of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining Area C) and a bushfire near Yandi. South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the end of FY24. The Port Debottlenecking Project (PDP1) was commissioned in December 2023 and ramp up remains on track to be completed in CY24. Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). Samarco 3.7 Mt Up 13% | 7.4 Mt (100% basis)Production increased as a result of higher concentrator throughput. FY24 production is expected to be at the upper end of the 4 - 4.5 Mt guidance range. |
Coal
Metallurgical coalProduction 17.4 Mt Down 16% YTD Mar FY23 20.5 Mt FY24e 21.5 - 22.5 Mt
Average realised price US$272.09/t Up 6% HY24 US$266.43/t | BMA 17.4 Mt Down 16% | 34.7 Mt (100% basis) Following the tragic fatality of a team member in January 2024, BMA operations were suspended for 24 hours while a safety stop was implemented across all mines, and for a further 3.5 days at Saraji. Production has been impacted by increased planned maintenance, an extended longwall move at Broadmeadow as well as increased stripping to improve supply chain stability at our open cut operations to restore depleted inventory positions arising from extended weather impacts and labour constraints over recent years. Our focus on restoring depleted inventory will continue into CY25. Despite improved production in Q3 FY24, the impacts of higher than planned wet weather, including two tropical cyclones in the region, and the temporary suspension of operations following the fatality at Saraji have impacted our FY24 production estimates. Production for FY24 is now expected to be between 21.5 and 22.5 Mt (43 and 45 Mt on a 100% basis). This has been lowered from 23 - 25 Mt (46 - 50 Mt on a 100% basis). As a result, unit cost guidance for FY241 has increased to between US$119/t and US$125/t, from US$110 - US$116/t.
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BHP | Operational review for the nine months ended 31 March 2024
Energy coalProduction 11.6 Mt Up 23% YTD Mar FY23 9.4 Mt FY24e 13 - 15 Mt
Average realised price US$120.97/t Down 6% HY24 US$123.29/t | NSWEC 11.6 Mt Up 23% Increased production as a result of continued strong operating performance as improved weather conditions enabled an uplift in truck productivity. Domestic sales under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice commenced in Q4 FY23, which has resulted in a lower proportion of washed coal and further contributed to the higher volumes. Production for FY24 is expected to be at the upper end of the guidance range of between 13 and 15 Mt. The approval process in relation to the modification request submitted to the NSW Government to extend mining approval to 30 June 2030 will continue into FY25. The approval would allow NSWEC to continue mining beyond its current mining consent that expires in 2026 and proceed with a managed process to cease mining at the asset by the end of FY30. |
Group & Unallocated
NickelProduction 59 kt Up 1% YTD Mar FY23 58 kt FY24e 77 - 87 kt
Average realised price US$18,104/t Down 1% HY24 US$18,602/t | Western Australia Nickel 59 kt Up 1% Production increased, despite significant wet weather impacts in Q3 FY24. Production for FY24 is expected to be in the lower half of the guidance range of between 77 and 87 kt. As announced in our HY24 results in February 2024, we continue to review our plans for Western Australia Nickel with a focus on preserving cash. This includes optimising operations and maintenance schedules, reviewing capital plans, and reducing contractor spend and equipment hire. Our review also includes assessing the potential to place Nickel West into a period of care and maintenance and the phasing and capital spend for the development of the West Musgrave project. We expect to provide an update on the longer-term future of Western Australia Nickel by the FY24 results in August 2024. |
Quarterly performance | Q3 FY24 v Q2 FY24
Copper | Iron ore | ||
466 kt Up 7% Q2 FY24 437 kt | Higher concentrator grade at Escondida and concentrator throughput at Spence, partially offset by lower volumes at Copper South Australia due to planned maintenance and the commissioning of Crusher 2 at Carrapateena in Q3 FY24. | 61 Mt Down 7% Q2 FY24 66 Mt | Lower production at WAIO as a result of wet weather, a bushfire near Yandi and the impacts of the RTP1 tie-in activity, partially offset by improved underlying mine performance. |
Metallurgical coal | Energy coal | ||
6.0 Mt Up 6% Q2 FY24 5.7 Mt | Production increased due to improved strip ratio and yield despite unfavourable weather. Operations were temporarily suspended for safety stops following the fatality of a team member at Saraji. | 4.1 Mt Up 8% Q2 FY24 3.9 Mt | Increased production as a result of favourable mining sequence, strong production performance and a reduced proportion of washed coal. |
Nickel | |||
19 kt Down 4% Q2 FY24 20 kt | Lower volumes due to planned maintenance at the Kwinana Refinery and a severe weather event in March. | ||
The following footnotes apply to this Operational Review:
1 FY24 unit cost guidance is based on exchange rate of AUD/USD 0.67.
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BHP | Operational review for the nine months ended 31 March 2024
Appendix 1
Average realised prices1
Q3 FY24 | YTD Mar FY24 | Q3 FY24 v Q2 FY24 | YTD Mar FY24 v H1 FY24 | |
Copper (US$/lb)2 | 3.85 | 3.72 | 5% | 5% |
Iron ore (US$/wmt, FOB) | 106.30 | 104.53 | (3)% | 3% |
Metallurgical coal (US$/t) | 281.51 | 272.09 | (4)% | 6% |
Hard coking coal (US$/t)3 | 293.94 | 281.98 | (4)% | 7% |
Weak coking coal (US$/t)3 | 208.91 | 206.38 | (2)% | 2% |
Thermal coal (US$/t)4 | 116.11 | 120.97 | (4)% | (6)% |
Nickel metal (US$/t)5 | 16,581 | 18,104 | (1)% | (1)% |
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.
5 Relates to refined nickel metal only, excludes intermediate products and nickel sulphate.
Current year unit cost guidance
Previous | Current | ||
FY24 guidance1 | FY24 guidance1 | ||
Escondida unit cost (US$/lb)2 | 1.40 - 1.70 | 1.40 - 1.70 | Unchanged |
Spence unit cost (US$/lb) | 2.00 - 2.30 | 2.00 - 2.30 | Unchanged |
WAIO unit cost (US$/t) | 17.40 - 18.90 | 17.40 - 18.90 | Unchanged |
BMA unit cost (US$/t) | 110 - 116 | 119 - 125 | Increased |
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 - $1.60/lb3 |
Spence4 | ~250 kt | |
WAIO (100% basis) | >305 Mt |
1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2 Medium term refers to an average across FY25 and FY26.
3 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
4 Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not impact operations.
Major projects
Commodity | Project and ownership | Project scope / capacity | CapitalexpenditureUS$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 4.15 Mtpa. | 5,723 | End-CY26 | Project is 44% complete |
Potash | Jansen Stage 2(Canada)100% | Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa. | 4,859 | FY29 | Approval announced October 2023 |
Exploration
Minerals exploration and evaluation expenditure was US$311 m for YTD March 24 (YTD Mar 23: US$239 m) of which US$267 m was expensed (YTD Mar 23: US$196 m).
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BHP | Operational review for the nine months ended 31 March 2024
Appendix 2
Production | Sales | ||||||||||||||||||||||
Quarter ended | Year to date | Quarter ended | Year to date | ||||||||||||||||||||
Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | ||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | ||||||||
Group production and sales summary |
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By commodity |
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Metals production is payable metal unless otherwise noted. |
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Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. |
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Copper | Payable metal in concentrate | kt | 262.4 | 310.7 | 317.3 | 308.7 | 339.1 | 965.1 | 807.2 | 20% | 268.4 | 323.1 | 298.0 | 316.5 | 281.6 | 896.1 | 801.4 | 12% | |||||
Escondida | kt | 200.8 | 220.5 | 221.3 | 207.7 | 239.2 | 668.2 | 612.2 | 9% | 197.3 | 220.3 | 209.5 | 211.7 | 204.0 | 625.2 | 610.0 | 2% | ||||||
Pampa Norte | kt | 32.0 | 32.2 | 38.8 | 32.6 | 39.5 | 110.9 | 93.1 | 19% | 38.7 | 38.6 | 31.3 | 34.9 | 26.9 | 93.1 | 86.7 | 7% | ||||||
Copper South Australia | kt | 19.9 | 23.5 | 27.4 | 23.3 | 74.2 | 27.6 | 22.2 | 31.6 | 17.1 | 70.9 | ||||||||||||
Antamina | kt | 29.6 | 36.5 | 32.5 | 39.2 | 33.9 | 105.6 | 101.9 | 4% | 32.4 | 34.5 | 32.8 | 38.3 | 31.3 | 102.4 | 104.7 | (2)% | ||||||
Carajás | kt | 1.6 | 1.2 | 1.8 | 3.2 | 6.2 | 2.1 | 2.2 | - | 2.3 | 4.5 | ||||||||||||
Cathode | kt | 143.5 | 165.5 | 139.7 | 128.7 | 126.8 | 395.2 | 433.1 | (9)% | 130.3 | 179.9 | 131.9 | 137.6 | 120.1 | 389.6 | 420.4 | (7)% | ||||||
Escondida | kt | 50.8 | 72.5 | 52.0 | 46.9 | 49.0 | 147.9 | 150.1 | (1)% | 43.8 | 78.0 | 49.2 | 52.2 | 44.3 | 145.7 | 143.2 | 2% | ||||||
Pampa Norte | kt | 41.0 | 36.3 | 39.5 | 27.2 | 22.1 | 88.8 | 127.2 | (30)% | 36.0 | 42.4 | 36.6 | 31.1 | 22.1 | 89.8 | 124.0 | (28)% | ||||||
Copper South Australia | kt | 51.7 | 56.7 | 48.2 | 54.6 | 55.7 | 158.5 | 155.8 | 2% | 50.5 | 59.5 | 46.1 | 54.3 | 53.7 | 154.1 | 153.2 | 1% | ||||||
Total | kt | 405.9 | 476.2 | 457.0 | 437.4 | 465.9 | 1,360.3 | 1,240.3 | 10% | 398.7 | 503.0 | 429.9 | 454.1 | 401.7 | 1,285.7 | 1,221.8 | 5% | ||||||
Lead | Payable metal in concentrate | t | 169 | 146 | 96 | 105 | - | 201 | 511 | (61)% | 181 | 143 | 154 | 91 | 108 | 353 | 402 | (12)% | |||||
Antamina | t | 169 | 146 | 96 | 105 | - | 201 | 511 | (61)% | 181 | 143 | 154 | 91 | 108 | 353 | 402 | (12)% | ||||||
Zinc | Payable metal in concentrate | t | 23,612 | 38,822 | 35,669 | 33,475 | 18,409 | 87,553 | 86,226 | 2% | 25,851 | 37,629 | 33,912 | 37,092 | 17,559 | 88,563 | 88,798 | 0% | |||||
Antamina | t | 23,612 | 38,822 | 35,669 | 33,475 | 18,409 | 87,553 | 86,226 | 2% | 25,851 | 37,629 | 33,912 | 37,092 | 17,559 | 88,563 | 88,798 | 0% | ||||||
Gold | Payable metal in concentrate | troy oz | 57,106 | 96,655 | 89,024 | 94,794 | 79,284 | 263,102 | 153,140 | 72% | 57,106 | 108,552 | 87,703 | 98,969 | 70,493 | 257,165 | 153,140 | 68% | |||||
Escondida | troy oz | 48,954 | 53,503 | 48,063 | 48,633 | 38,955 | 135,651 | 135,592 | 0% | 48,954 | 53,503 | 48,063 | 48,633 | 38,955 | 135,651 | 135,592 | 0% | ||||||
Pampa Norte | troy oz | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | ||||||
Copper South Australia | troy oz | 32,736 | 36,228 | 42,051 | 36,427 | 114,706 | 44,098 | 34,176 | 47,482 | 28,136 | 109,794 | ||||||||||||
Carajás | troy oz | 1,153 | 802 | 1,256 | 2,083 | 4,141 | 1,688 | 1,533 | - | 1,583 | 3,116 | ||||||||||||
Refined gold | troy oz | 49,086 | 46,479 | 53,028 | 55,828 | 49,128 | 157,984 | 139,550 | 13% | 47,300 | 49,182 | 54,036 | 55,349 | 41,710 | 151,095 | 138,742 | 9% | ||||||
Copper South Australia | troy oz | 49,086 | 46,479 | 53,028 | 55,828 | 49,128 | 157,984 | 139,550 | 13% | 47,300 | 49,182 | 54,036 | 55,349 | 41,710 | 151,095 | 138,742 | 9% | ||||||
Total | troy oz | 106,192 | 143,134 | 142,052 | 150,622 | 128,412 | 421,086 | 292,690 | 44% | 104,406 | 157,734 | 141,739 | 154,318 | 112,203 | 408,260 | 291,882 | 40% | ||||||
Silver | Payable metal in concentrate | troy koz | 2,556 | 2,592 | 2,582 | 3,074 | 2,620 | 8,276 | 7,886 | 5% | 2,523 | 2,409 | 2,527 | 2,938 | 2,431 | 7,896 | 7,605 | 4% | |||||
Escondida | troy koz | 1,346 | 1,008 | 1,168 | 1,401 | 1,328 | 3,897 | 4,066 | (4)% | 1,346 | 1,008 | 1,168 | 1,401 | 1,328 | 3,897 | 4,066 | (4)% | ||||||
Pampa Norte | troy koz | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | ||||||
Copper South Australia | troy koz | 201 | 260 | 310 | 252 | 822 | 242 | 258 | 364 | 189 | 811 | ||||||||||||
Antamina | troy koz | 801 | 971 | 798 | 975 | 713 | 2,486 | 2,914 | (15)% | 768 | 747 | 745 | 785 | 587 | 2,117 | 2,633 | (20)% | ||||||
Refined silver | troy koz | 277 | 256 | 261 | 221 | 248 | 730 | 833 | (12)% | 307 | 270 | 219 | 222 | 188 | 629 | 860 | (27)% | ||||||
Copper South Australia | troy koz | 277 | 256 | 261 | 221 | 248 | 730 | 833 | (12)% | 307 | 270 | 219 | 222 | 188 | 629 | 860 | (27)% | ||||||
Total | troy koz | 2,833 | 2,848 | 2,843 | 3,295 | 2,868 | 9,006 | 8,719 | 3% | 2,830 | 2,679 | 2,746 | 3,160 | 2,619 | 16,421 | 16,070 | 2% | ||||||
Uranium | Payable metal in concentrate | t | 833 | 813 | 825 | 986 | 863 | 2,674 | 2,593 | 3% | 683 | 1,275 | 481 | 895 | 394 | 1,770 | 2,082 | (15)% | |||||
Copper South Australia | t | 833 | 813 | 825 | 986 | 863 | 2,674 | 2,593 | 3% | 683 | 1,275 | 481 | 895 | 394 | 1,770 | 2,082 | (15)% | ||||||
Molybdenum | Payable metal in concentrate | t | 636 | 666 | 612 | 481 | 824 | 1,917 | 1,496 | 28% | 789 | 594 | 564 | 468 | 677 | 1,709 | 1,578 | 8% | |||||
Pampa Norte | t | 407 | 333 | 329 | 145 | 203 | 677 | 657 | 3% | 492 | 367 | 303 | 162 | 219 | 684 | 733 | (7)% | ||||||
Antamina | t | 229 | 333 | 283 | 336 | 621 | 1,240 | 839 | 48% | 297 | 227 | 261 | 306 | 458 | 1,025 | 845 | 21% | ||||||
Iron ore | Western Australia Iron Ore (WAIO) | kt | 58,725 | 64,074 | 62,004 | 64,460 | 60,299 | 186,763 | 188,457 | (1)% | 59,204 | 62,926 | 64,180 | 62,606 | 61,868 | 188,654 | 185,957 | 1% | |||||
Samarco | kt | 1,048 | 1,221 | 1,231 | 1,302 | 1,174 | 3,707 | 3,291 | 13% | 1,111 | 1,160 | 1,136 | 1,329 | 1,258 | 3,723 | 3,354 | 11% | ||||||
Total | kt | 59,773 | 65,295 | 63,235 | 65,762 | 61,473 | 190,470 | 191,748 | (1)% | 60,315 | 64,086 | 65,316 | 63,935 | 63,126 | 192,377 | 189,311 | 2% | ||||||
Metallurgical coal¹ | BHP Mitsubishi Alliance (BMA) | kt | 6,929 | 8,477 | 5,601 | 5,717 | 6,035 | 17,353 | 20,543 | (16)% | 6,186 | 8,876 | 5,325 | 5,706 | 6,359 | 17,390 | 19,695 | (12)% | |||||
Energy coal | NSW Energy Coal (NSWEC) | kt | 3,934 | 4,765 | 3,613 | 3,855 | 4,149 | 11,617 | 9,407 | 23% | 3,667 | 4,894 | 3,307 | 4,250 | 3,932 | 11,489 | 8,970 | 28% | |||||
Nickel | Western Australia Nickel | kt | 19.6 | 22.0 | 20.2 | 19.6 | 18.8 | 58.6 | 58.0 | 1% | 19.6 | 23.4 | 18.9 | 20.0 | 18.8 | 57.7 | 58.7 | (2)% | |||||
Cobalt | Western Australia Nickel | t | 175 | 246 | 192 | 182 | 179 | 553 | 506 | 9% | 175 | 246 | 192 | 110 | 179 | 481 | 506 | (5)% | |||||
1 Includes BMA thermal coal sales. | |||||||||||||||||||||||
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BHP | Operational review for the nine months ended 31 March 2024
Production | Sales |
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2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % |
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Production and sales | ||||||||||||||||||||||||||||
By asset | ||||||||||||||||||||||||||||
Copper | ||||||||||||||||||||||||||||
Metals production is payable metal unless otherwise noted. | ||||||||||||||||||||||||||||
Escondida, Chile¹ | BHP interest 57.5% | |||||||||||||||||||||||||||
Material mined | kt | 106,170 | 95,451 | 87,462 | 95,168 | 103,872 | 286,502 | 318,405 | (10)% | |||||||||||||||||||
Concentrator throughput | kt | 33,309 | 30,750 | 33,332 | 34,752 | 31,653 | 99,737 | 100,114 | 0% | |||||||||||||||||||
Average copper grade - concentrator | % | 0.78% | 0.93% | 0.85% | 0.78% | 0.92% | 0.85% | 0.79% | 8% | |||||||||||||||||||
Production ex mill | kt | 210.0 | 228.9 | 225.7 | 217.6 | 238.6 | 681.9 | 637.4 | 7% | |||||||||||||||||||
Payable copper | kt | 200.8 | 220.5 | 221.3 | 207.7 | 239.2 | 668.2 | 612.2 | 9% | 197.3 | 220.3 | 209.5 | 211.7 | 204.0 | 625.2 | 610.0 | 2% | |||||||||||
Copper cathode (EW) | kt | 50.8 | 72.5 | 52.0 | 46.9 | 49.0 | 147.9 | 150.1 | (1)% | 43.8 | 78.0 | 49.2 | 52.2 | 44.3 | 145.7 | 143.2 | 2% | |||||||||||
Oxide leach | kt | 14.7 | 29.3 | 17.5 | 17.0 | 14.4 | 48.9 | 47.5 | 3% | |||||||||||||||||||
Sulphide leach | kt | 36.1 | 43.2 | 34.5 | 29.9 | 34.6 | 99.0 | 102.6 | (4)% | |||||||||||||||||||
Total copper | kt | 251.6 | 293.0 | 273.3 | 254.6 | 288.2 | 816.1 | 762.3 | 7% | 241.1 | 298.3 | 258.7 | 263.9 | 248.3 | 770.9 | 753.2 | 2% | |||||||||||
Payable gold concentrate | troy oz | 48,954 | 53,503 | 48,063 | 48,633 | 38,955 | 135,651 | 135,592 | 0% | 48,954 | 53,503 | 48,063 | 48,633 | 38,955 | 135,651 | 135,592 | 0% | |||||||||||
Payable silver concentrate | troy koz | 1,346 | 1,008 | 1,168 | 1,401 | 1,328 | 3,897 | 4,066 | (4)% | 1,346 | 1,008 | 1,168 | 1,401 | 1,328 | 3,897 | 4,066 | (4)% | |||||||||||
1 Shown on a 100% basis. | ||||||||||||||||||||||||||||
Pampa Norte, Chile | BHP interest 100% | |||||||||||||||||||||||||||
Copper | Payable metal in concentrate | kt | 32.0 | 32.2 | 38.8 | 32.6 | 39.5 | 110.9 | 93.1 | 19% | 38.7 | 38.6 | 31.3 | 34.9 | 26.9 | 93.1 | 86.7 | 7% | ||||||||||
Cathode | kt | 41.0 | 36.3 | 39.5 | 27.2 | 22.1 | 88.8 | 127.2 | (30)% | 36.0 | 42.4 | 36.6 | 31.1 | 22.1 | 89.8 | 124.0 | (28)% | |||||||||||
Total copper | kt | 73.0 | 68.5 | 78.3 | 59.8 | 61.6 | 199.7 | 220.3 | (9)% | 74.7 | 81.0 | 67.9 | 66.0 | 49.0 | 182.9 | 210.7 | (13)% | |||||||||||
Gold | troy oz | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | |||||||||||
Silver | troy koz | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | |||||||||||
Molybdenum | t | 407 | 333 | 329 | 145 | 203 | 677 | 657 | 3% | 492 | 367 | 303 | 162 | 219 | 684 | 733 | (7)% | |||||||||||
Cerro Colorado¹ | ||||||||||||||||||||||||||||
Material mined | kt | 172 | 145 | - | - | - | - | 3,934 | (100)% | |||||||||||||||||||
Ore stacked | kt | 3,567 | 3,928 | 154 | - | - | 154 | 12,059 | (99)% | |||||||||||||||||||
Average copper grade - stacked | % | 0.57% | 0.53% | 0.58% | - | - | 0.58% | 0.56% | 4% | |||||||||||||||||||
Copper cathode (EW) | kt | 12.0 | 12.2 | 9.5 | 1.6 | - | 11.1 | 37.0 | (70)% | 10.9 | 14.1 | 8.8 | 3.7 | - | 12.5 | 36.4 | (66)% | |||||||||||
Spence | ||||||||||||||||||||||||||||
Material mined | kt | 24,858 | 25,622 | 27,654 | 25,973 | 15,968 | 69,595 | 78,794 | (12)% | |||||||||||||||||||
Ore stacked | kt | 4,947 | 5,625 | 5,113 | 4,744 | 6,008 | 15,865 | 15,679 | 1% | |||||||||||||||||||
Average copper grade - stacked | % | 0.60% | 0.58% | 0.60% | 0.59% | 0.56% | 0.58% | 0.66% | (12)% | |||||||||||||||||||
Concentrator throughput | kt | 7,290 | 6,927 | 8,473 | 7,151 | 8,055 | 23,679 | 21,325 | 11% | |||||||||||||||||||
Average copper grade - concentrator | % | 0.61% | 0.61% | 0.64% | 0.65% | 0.64% | 0.64% | 0.61% | 5% | |||||||||||||||||||
Payable copper | kt | 32.0 | 32.2 | 38.8 | 32.6 | 39.5 | 110.9 | 93.1 | 19% | 38.7 | 38.6 | 31.3 | 34.9 | 26.9 | 93.1 | 86.7 | 7% | |||||||||||
Copper cathode (EW) | kt | 29.0 | 24.1 | 30.0 | 25.6 | 22.1 | 77.7 | 90.2 | (14)% | 25.1 | 28.3 | 27.8 | 27.4 | 22.1 | 77.3 | 87.6 | (12)% | |||||||||||
Total copper | kt | 61.0 | 56.3 | 68.8 | 58.2 | 61.6 | 188.6 | 183.3 | 3% | 63.8 | 66.9 | 59.1 | 62.3 | 49.0 | 170.4 | 174.3 | (2)% | |||||||||||
Payable gold concentrate | troy oz | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | 8,152 | 9,263 | 3,931 | 2,854 | 1,819 | 8,604 | 17,548 | (51)% | |||||||||||
Payable silver concentrate | troy koz | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | 409 | 412 | 356 | 388 | 327 | 1,071 | 906 | 18% | |||||||||||
Payable molybdenum | t | 407 | 333 | 329 | 145 | 203 | 677 | 657 | 3% | 492 | 367 | 303 | 162 | 219 | 684 | 733 | (7)% | |||||||||||
1 Cerro Colorado entered temporary care and maintenance in December 2023. | ||||||||||||||||||||||||||||
7
BHP | Operational review for the nine months ended 31 March 2024
Production | Sales | ||||||||||||||||||||||||
Quarter ended | Year to date | Quarter ended | Year to date | ||||||||||||||||||||||
Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | ||||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | 2023 | 2023 | 2023 | 2023 | 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 | 84.2 | 27.6 | 22.2 | 31.6 | 17.1 | 70.9 | |||||||||||||
Cathode | kt | 51.7 | 56.7 | 48.2 | 54.6 | 55.7 | 158.5 | 155.8 | 2% | 50.5 | 59.5 | 46.1 | 54.3 | 53.7 | 154.1 | 153.2 | 1% | ||||||||
Total copper | kt | 51.7 | 76.6 | 74.4 | 85.2 | 83.1 | 242.7 | 155.8 | 56% | 50.5 | 87.1 | 68.3 | 85.9 | 70.8 | 225.0 | 153.2 | 47% | ||||||||
Payable metal in concentrate transfer to Olympic Dam¹ | kt | - | (2.7) | (3.2) | (4.1) | (10.0) | |||||||||||||||||||
Net copper | kt | 51.7 | 76.6 | 71.7 | 82.0 | 79.0 | 232.7 | 155.8 | 49% | ||||||||||||||||
Gold | Payable metal in concentrate | troy oz | 32,736 | 41,424 | 48,051 | 43,209 | 132,684 | 44,098 | 34,176 | 47,482 | 28,136 | 109,794 | |||||||||||||
Refined gold | troy oz | 49,086 | 46,479 | 53,028 | 55,828 | 49,128 | 157,984 | 139,550 | 13% | 47,300 | 49,182 | 54,036 | 55,349 | 41,710 | 151,095 | 138,742 | 9% | ||||||||
Total gold | troy oz | 49,086 | 79,215 | 94,452 | 103,879 | 92,337 | 290,668 | 139,550 | 108% | 47,300 | 93,280 | 88,212 | 102,831 | 69,846 | 260,889 | 138,742 | 88% | ||||||||
Payable metal in concentrate transfer to Olympic Dam¹ | troy oz | - | (5,196) | (6,000) | (6,782) | (17,978) | |||||||||||||||||||
Net gold | troy oz | 49,086 | 79,215 | 89,256 | 97,879 | 85,555 | 272,690 | 139,550 | 95% | ||||||||||||||||
Silver | Payable metal in concentrate | troy koz | 201 | 271 | 323 | 282 | 876 | 242 | 258 | 364 | 189 | 811 | |||||||||||||
Refined silver | troy koz | 277 | 256 | 261 | 221 | 248 | 730 | 833 | (12)% | 307 | 270 | 219 | 222 | 188 | 629 | 860 | (27)% | ||||||||
Total silver | troy koz | 277 | 457 | 532 | 544 | 530 | 1,606 | 833 | 93% | 307 | 512 | 477 | 586 | 377 | 1,440 | 860 | 67% | ||||||||
Payable metal in concentrate transfer to Olympic Dam¹ | troy koz | - | (11) | (13) | (30) | (54) | |||||||||||||||||||
Net silver | troy koz | 277 | 457 | 521 | 531 | 500 | 1,552 | 833 | 86% | ||||||||||||||||
Uranium | t | 833 | 813 | 825 | 986 | 863 | 2,674 | 2,593 | 3% | 683 | 1,275 | 481 | 895 | 394 | 1,770 | 2,082 | (15)% | ||||||||
Olympic Dam | |||||||||||||||||||||||||
Material mined | kt | 2,317 | 2,356 | 2,655 | 2,537 | 2,747 | 7,939 | 6,993 | 14% | ||||||||||||||||
Ore milled | kt | 2,433 | 2,755 | 2,596 | 2,634 | 2,511 | 7,741 | 7,690 | 1% | ||||||||||||||||
Average copper grade | % | 1.95% | 2.00% | 1.96% | 2.12% | 1.96% | 2.01% | 2.06% | (2)% | ||||||||||||||||
Average uranium grade | kg/t | 0.59 | 0.55 | 0.56 | 0.62 | 0.57 | 0.58 | 0.58 | 0% | ||||||||||||||||
Copper cathode (ER and EW) | kt | 51.7 | 56.7 | 48.2 | 54.6 | 55.7 | 158.5 | 155.8 | 2% | 50.5 | 59.5 | 46.1 | 54.3 | 53.7 | 154.1 | 153.2 | 1% | ||||||||
Refined gold | troy oz | 49,086 | 46,479 | 53,028 | 55,828 | 49,128 | 157,984 | 139,550 | 13% | 47,300 | 49,182 | 54,036 | 55,349 | 41,710 | 151,095 | 138,742 | 9% | ||||||||
Refined silver | troy koz | 277 | 256 | 261 | 221 | 248 | 730 | 833 | (12)% | 307 | 270 | 219 | 222 | 188 | 629 | 860 | (27)% | ||||||||
Payable uranium | t | 833 | 813 | 825 | 986 | 863 | 2,674 | 2,593 | 3% | 683 | 1,275 | 481 | 895 | 394 | 1,770 | 2,082 | (15)% | ||||||||
Prominent Hill² | |||||||||||||||||||||||||
Material mined | kt | 661 | 1,110 | 1,125 | 1,094 | 3,329 | |||||||||||||||||||
Ore milled | kt | 1,228 | 1,652 | 1,800 | 1,473 | 4,925 | |||||||||||||||||||
Average copper grade | % | 0.77% | 0.85% | 0.83% | 0.86% | 0.85% | |||||||||||||||||||
Production ex mill | kt | 16.3 | 23.8 | 23.6 | 22.3 | 69.7 | |||||||||||||||||||
Payable copper | kt | 8.2 | 12.1 | 12.9 | 10.9 | 35.9 | 15.7 | 8.4 | 10.6 | 6.5 | 25.5 | ||||||||||||||
Payable gold concentrate | troy oz | 17,432 | 22,031 | 25,779 | 21,019 | 68,829 | 28,856 | 15,524 | 20,045 | 14,644 | 50,213 | ||||||||||||||
Payable silver concentrate | troy koz | 44 | 63 | 65 | 62 | 190 | 87 | 53 | 59 | 38 | 150 | ||||||||||||||
Carrapateena² | |||||||||||||||||||||||||
Material mined | kt | 880 | 1,201 | 1,310 | 1,232 | 3,743 | |||||||||||||||||||
Ore milled | kt | 856 | 1,230 | 1,307 | 1,226 | 3,763 | |||||||||||||||||||
Average copper grade | % | 1.52% | 1.29% | 1.52% | 1.52% | 1.44% | |||||||||||||||||||
Production ex mill | kt | 30.1 | 37.6 | 49.2 | 45.9 | 132.7 | |||||||||||||||||||
Payable copper | kt | 11.7 | 14.1 | 17.7 | 16.5 | 48.3 | 11.9 | 13.8 | 21.0 | 10.6 | 45.4 | ||||||||||||||
Payable gold concentrate | troy oz | 15,304 | 19,393 | 22,272 | 22,190 | 63,855 | 15,242 | 18,652 | 27,437 | 13,492 | 59,581 | ||||||||||||||
Payable silver concentrate | troy koz | 157 | 208 | 258 | 220 | 686 | 155 | 205 | 305 | 151 | 661 | ||||||||||||||
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. | |||||||||||||||||||||||||
8
BHP | Operational review for the nine months ended 31 March 2024
Production | Sales | |||||||||||||||||||||||||
Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||
Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | |||||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | |||||||||||
Copper (continued) |
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Antamina, Peru | BHP interest 33.75% |
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Material mined | kt | 57,939 | 62,894 | 63,310 | 61,539 | 56,233 | 181,082 | 190,554 | (5)% |
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Concentrator throughput | kt | 12,349 | 13,897 | 14,246 | 14,824 | 14,312 | 43,382 | 40,479 | 7% |
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Average head grade - copper | % | 0.88% | 0.88% | 0.83% | 0.90% | 0.83% | 0.85% | 0.89% | (4)% |
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Average head grade - zinc | % | 1.06% | 1.25% | 1.17% | 1.03% | 0.68% | 0.96% | 1.05% | (9)% |
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Payable copper | kt | 29.6 | 36.5 | 32.5 | 39.2 | 33.9 | 105.6 | 101.9 | 4% | 32.4 | 34.5 | 32.8 | 38.3 | 31.3 | 102.4 | 104.7 | (2)% |
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Payable zinc | t | 23,612 | 38,822 | 35,669 | 33,475 | 18,409 | 87,553 | 86,226 | 2% | 25,851 | 37,629 | 33,912 | 37,092 | 17,559 | 88,563 | 88,798 | 0% |
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Payable silver | troy koz | 801 | 971 | 798 | 975 | 713 | 2,486 | 2,914 | (15)% | 768 | 747 | 745 | 785 | 587 | 2,117 | 2,633 | (20)% |
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Payable lead | t | 169 | 146 | 96 | 105 | - | 201 | 511 | (61)% | 181 | 143 | 154 | 91 | 108 | 353 | 402 | (12)% |
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Payable molybdenum | t | 229 | 333 | 283 | 336 | 621 | 1,240 | 839 | 48% | 297 | 227 | 261 | 306 | 458 | 1,025 | 845 | 21% |
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Carajás, Brazil¹ | BHP interest 100% |
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Material mined | kt | 103 | 74 | 115 | 163 | 352 |
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Ore milled | kt | 100 | 70 | 119 | 163 | 352 |
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Average copper grade | % | 1.71% | 1.91% | 1.69% | 1.93% | 1.84% |
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Production ex mill | kt | 6.6 | 5.2 | 7.6 | 12.9 | 25.7 |
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Payable copper | kt | 1.6 | 1.2 | 1.8 | 3.2 | 6.2 | 2.1 | 2.2 | - | 2.3 | 4.5 |
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Payable gold concentrate | troy oz | 1,153 | 802 | 1,256 | 2,083 | 4,141 | 1,688 | 1,533 | - | 1,583 | 3,116 |
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1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023. |
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Iron ore |
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Iron ore production and sales are reported on a wet tonnes basis. |
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WAIO, Australia | BHP interest 85% |
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Newman Joint Venture | kt | 11,925 | 14,795 | 13,234 | 15,468 | 15,032 | 43,734 | 42,150 | 4% |
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Area C Joint Venture | kt | 25,284 | 28,818 | 25,804 | 26,074 | 24,920 | 76,798 | 78,557 | (2)% |
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Yandi Joint Venture | kt | 4,941 | 5,359 | 3,150 | 4,978 | 4,434 | 12,562 | 16,051 | (22)% |
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Jimblebar¹ | kt | 16,575 | 15,102 | 19,816 | 17,940 | 15,913 | 53,669 | 51,699 | 4% |
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Total | kt | 58,725 | 64,074 | 62,004 | 64,460 | 60,299 | 186,763 | 188,457 | (1)% |
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Total (100%) | kt | 66,163 | 72,717 | 69,448 | 72,670 | 68,131 | 210,249 | 212,590 | (1)% |
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Lump | kt | 18,021 | 20,022 | 20,969 | 19,176 | 19,175 | 59,320 | 57,957 | 2% |
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Fines | kt | 41,183 | 42,904 | 43,211 | 43,430 | 42,693 | 129,334 | 128,000 | 1% |
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Total | kt | 59,204 | 62,926 | 64,180 | 62,606 | 61,868 | 188,654 | 185,957 | 1% |
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Total (100%) | kt | 66,580 | 71,172 | 71,748 | 70,340 | 69,775 | 211,863 | 209,544 | 1% |
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1 Shown on a 100% basis. BHP interest in saleable production is 85%. |
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Samarco, Brazil | BHP interest 50% |
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Total | kt | 1,048 | 1,221 | 1,231 | 1,302 | 1,174 | 3,707 | 3,291 | 13% | 1,111 | 1,160 | 1,136 | 1,329 | 1,258 | 3,723 | 3,354 | 11% |
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Coal |
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Coal production is reported on the basis of saleable product. |
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BMA, Australia | BHP interest 50% |
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Blackwater | kt | 1,107 | 1,505 | 1,295 | 1,182 | 1,070 | 3,547 | 3,550 | 0% |
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Goonyella | kt | 2,185 | 2,348 | 827 | 1,736 | 1,824 | 4,387 | 5,962 | (26)% |
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Peak Downs | kt | 1,251 | 1,424 | 1,121 | 846 | 1,012 | 2,979 | 4,056 | (27)% |
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Saraji | kt | 1,007 | 1,326 | 1,010 | 701 | 759 | 2,470 | 3,270 | (24)% |
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Daunia | kt | 607 | 617 | 545 | 431 | 524 | 1,500 | 1,372 | 9% |
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Caval Ridge | kt | 772 | 1,257 | 803 | 821 | 846 | 2,470 | 2,333 | 6% |
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Total¹ | kt | 6,929 | 8,477 | 5,601 | 5,717 | 6,035 | 17,353 | 20,543 | (16)% |
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Total (100%) | kt | 13,858 | 16,954 | 11,202 | 11,434 | 12,070 | 34,706 | 41,086 | (16)% |
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Coking coal | kt | 5,372 | 7,448 | 4,497 | 4,756 | 5,410 | 14,663 | 16,859 | (13)% |
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Weak coking coal | kt | 710 | 1,064 | 529 | 752 | 927 | 2,208 | 2,037 | 8% |
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Thermal coal | kt | 104 | 364 | 299 | 198 | 22 | 519 | 799 | (35)% |
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Total | kt | 6,186 | 8,876 | 5,325 | 5,706 | 6,359 | 17,390 | 19,695 | (12)% |
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Total (100%) | kt | 12,372 | 17,752 | 10,650 | 11,412 | 12,718 | 34,780 | 39,390 | (12)% |
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1 Production figures include some thermal coal. |
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9
BHP | Operational review for the nine months ended 31 March 2024
Production | Sales | |||||||||||||||||||||||||
Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||
Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | Mar | Jun | Sep | Dec | Mar | Mar | Mar | Var | |||||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | % | |||||||||||
NSWEC, Australia | BHP interest 100% | |||||||||||||||||||||||||
Export | kt | 3,667 | 4,693 | 3,087 | 3,942 | 3,558 | 10,587 | 8,970 | 18% | |||||||||||||||||
Domestic¹ | kt | 201 | 220 | 308 | 374 | 902 | ||||||||||||||||||||
Total | kt | 3,934 | 4,765 | 3,613 | 3,855 | 4,149 | 11,617 | 9,407 | 23% | 3,667 | 4,894 | 3,307 | 4,250 | 3,932 | 11,489 | 8,970 | 28% | |||||||||
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 | 38.8 | 44.5 | 42.7 | 43.8 | 32.4 | 118.9 | 121.0 | (2)% | ||||||||||||||||
Average nickel grade | % | 16.5 | 16.2 | 16.7 | 16.8 | 15.2 | 16.3 | 16.3 | 0% | |||||||||||||||||
Leinster | Nickel concentrate | kt | 68.4 | 71.1 | 66.0 | 63.4 | 60.3 | 189.7 | 183.1 | 4% | ||||||||||||||||
Average nickel grade | % | 8.6 | 8.5 | 8.1 | 8.0 | 7.8 | 8.0 | 9.3 | (14)% | |||||||||||||||||
Refined nickel¹ | kt | 13.2 | 13.1 | 13.8 | 12.6 | 8.8 | 35.2 | 41.5 | (15)% | 13.0 | 13.1 | 13.2 | 13.0 | 8.6 | 34.8 | 41.3 | (16)% | |||||||||
Nickel sulphate² | kt | 0.9 | 0.7 | 0.9 | 0.7 | 1.0 | 2.6 | 2.5 | 4% | 0.9 | 0.8 | 0.8 | 0.7 | 0.8 | 2.3 | 2.2 | 5% | |||||||||
Intermediates and nickel by-products³ | kt | 5.5 | 8.2 | 5.5 | 6.3 | 9.0 | 20.8 | 14.0 | 49% | 5.7 | 9.5 | 4.9 | 6.3 | 9.4 | 20.6 | 15.2 | 36% | |||||||||
Total nickel | kt | 19.6 | 22.0 | 20.2 | 19.6 | 18.8 | 58.6 | 58.0 | 1% | 19.6 | 23.4 | 18.9 | 20.0 | 18.8 | 57.7 | 58.7 | (2)% | |||||||||
Cobalt by-products | t | 175 | 246 | 192 | 182 | 179 | 553 | 506 | 9% | 175 | 246 | 192 | 110 | 179 | 481 | 506 | (5)% | |||||||||
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. | ||||||||||||||||||||||||||
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BHP | Operational review for the nine months ended 31 March 2024
Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2024 compared with the nine months ended March 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.
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 | ||
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