BHP Group Limited - Quarterly Activities Report

BHP

22/04/2026 07:00

RNS Number : 3964B

BHP Group Limited

21 April 2026

 

BHP

22 April 2026

Operational review for the nine months ended 31 March 2026

Strong operational performance in copper and iron ore, as we continue to advance our growth projects

"BHP has delivered strong performance over the past nine months, including record material mined and concentrator throughput at Escondida and record production at WAIO. These results reflect the consistency of our operations and the strength of our high margin diversified portfolio in an evolving operating environment.

In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of FY26 Group copper guidance. We continue to make steady progress across our copper growth program, consistent with our focus on long-life, high-quality copper supply and disciplined capital allocation. During the quarter we submitted a permit application for Escondida's new concentrator, and Resolution Copper achieved a key milestone, allowing the project to progress drilling required to complete its mine design and feasibility study.

Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction and finalising the divestment of Carajás, as well as cash received in relation to the earlier divestment of Blackwater and Daunia.

Our centralised procurement capability and our low-cost operations have positioned us advantageously in the face of industry wide pressure on the cost of energy and consumables as a result of the conflict in the Middle East.

From 1 July 2026, Brandon Craig will assume the role of CEO, taking BHP forward from a strong position with reliable operations and a significant pipeline of copper and potash growth projects, to deliver long term value through the cycle."

Mike Henry,

BHP Chief Executive Officer

Summary

Operational excellence
CEO succession
Upper half copper; iron ore on track
Brandon Craig to succeed Mike Henry
FY26 Group copper production is now expected to be in the upper half of the guidance range, with Escondida (upper half) and Antamina (increased) offsetting Spence (lowered due to the ongoing challenges of managing variable ore characteristics). Samarco is now expected to achieve the top end of its FY26 production guidance range.
FY26 unit cost guidance has been improved at Escondida, with BMA now guiding to the top end of its range. All other assets remain unchanged, however we continue to actively manage the impacts of higher diesel and consumables costs, as well as movements in foreign exchange rates, on the underlying cost base of our assets.
In March, the Board of BHP announced thatBrandon Craig will become Chief Executive Officer (CEO)and a Director of BHP Group Limited on 1 July 2026, succeeding the current CEO, Mike Henry, who will step down after six and a half years in the role.
Brandon brings more than 25 years of operational and corporate leadership experience at BHP to the role, most recently as BHP's President Americas. During his time in this role, BHP became the world's largest copper producer and advanced high quality growth options in copper and potash across Canada, the United States and South America.
Disciplined capital management
Copper growth
Extracting value from non-core assets
Advancing copper growth projects
In April, wecompleted a silver streaming transactionwith Wheaton Precious Metals and received total upfront consideration of US$4.3 bn. We also finalised the divestment of the Carajás assets with US$240 m received on completion (plus cash adjustments), and with potential for up to an additional US$225 m to be received as contingent payments based on performance targets.
In March, we submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, which is the centre piece of Escondida's growth program. Resolution Copper, a joint venture between Rio Tinto (55% and operator) and BHP (45%), completed a land exchange in Arizona, United States. Resolution Copper can now advance further resource data collection and initiate early underground development at one of the largest untapped, high‑grade copper resources in the world.
Production
Quarter performance
YTD performance
FY26guidance
Q3 FY26
v Q2 FY26
v Q3 FY25
YTD Mar FY26
v YTD Mar FY25
Previous
Current
Copper (kt)
476.8
(3%)
(7%)
1,460.9
(3%)
1,900 - 2,000
1,900 - 2,000
Upper half
Escondida (kt)
303.2
(4%)
(9%)
949.3
(3%)
1,200 - 1,275
1,200 - 1,275
Upper half
Pampa Norte (Spence) (kt)
44.6
(23%)
(34%)
158.1
(19%)
230 - 250
210 - 220
Lowered
Copper South Australia (kt)
82.8
10%
5%
230.5
3%
310 - 340
310 - 340
-
Antamina (kt)
44.1
15%
43%
116.2
19%
140 - 150
150 - 160
Increased
Carajás (kt)
2.1
(11%)
10%
6.8
(6%)
-
-
-
Iron ore (Mt)
62.8
(10%)
2%
196.6
2%
258 - 269
258 - 269
-
WAIO (Mt)
60.9
(10%)
1%
190.7
1%
251 - 262
251 - 262
-
WAIO (100% basis) (Mt)
69.8
(9%)
3%
216.3
2%
284 - 296
284 - 296
-
Samarco (Mt)
1.9
(3%)
17%
5.9
37%
7 - 7.5
7 - 7.5
Top end
Steelmaking coal - BMA (Mt)
3.8
(11%)
(3%)
13.0
1%
18 - 20
18 - 20
-
BMA (100% basis) (Mt)
7.6
(11%)
(3%)
25.9
1%
36 - 40
36 - 40
Lower half
Energy coal - NSWEC (Mt)
4.0
(12%)
12%
12.2
11%
14 - 16
14 - 16
Upper half


Note: Updates with respect to FY26 production guidance since the HY26 Results Announcement are shown in italics.

 

 

 

 

 

 

 

1

 

 

Segment and asset performance | FY26 YTD v FY25 YTD

Copper

 

Production
1,461 ktDown3%
YTD Mar FY251,500 kt
FY26e1,900 - 2,000 kt
Average realised price
US$5.47/lbUp 31%
YTD Mar FY25US$4.19/lb
Total copper production decreased 3% to 1,461 kt. Copper production guidance for FY26 remains unchanged at between 1,900 and 2,000 kt and is now expected to be in the upper half of the range.
Escondida 949 ktDown3% (100% basis)
Production decreased primarily due to planned lower concentrator feed grade of 0.91% (FY25 YTD: 1.05%). This was partially offset by strong operational performance, with record material minedandrecord concentrator throughput, as well as improved recoveries driven by operational enhancements, including the introduction of new reagents. Cathode production increased, supported by higher sulphide leach production and additional leach pad irrigation.
Production guidance for FY26 remains unchanged at between 1,200 and 1,275 kt and is now expected to be in the upper half of the range. Concentrator feed grade guidance remains unchanged at between 0.85 and 0.90% for the full year. Unit cost guidance for FY26 has been lowered to between US$1.00 and US$1.20/lb (from US$1.20 to US$1.50/lb previously), reflecting the increased contribution of by-product credits and strong operational performance.
The Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, was submitted in March 2026. The new concentrator is expected to require an investment of between US$4.4 and US$5.9 bn to deliver between 220 and 260 ktpa of copper, more than offsetting the existing production capacity of the current Los Colorados plant. Subject to environmental permit approval, the project will progress towards an expected final investment decision (FID) in CY27-28, with potential first production between CY31-32.
Pampa Norte (Spence)158ktDown19%
Production decreased due to challenges with managing the ore complexity, variation and declining grades at both the concentrator and the cathode plant.
At the cathode plant, production decreased due to the planned decline in stacked feed grade as we progress deeper into the hypogene mineral area of the ore body. We continue to test the implementation of BHP's Simple Approach to Leaching 2 (SaL2) technology at the sulphide leach pad to enable processing of hypogene ores and utilise latent capacity in the cathode infrastructure.
At the concentrator, ongoing challenges associated with managing ore complexity and variability have reduced recoveries which requires additional ore blending and flotation time to address these impacts. We plan to invest in upgraded flotation cells, which are expected to enable improved processing and recoveries, with a potential FID in H1 FY27.
Production guidance for FY26 has been lowered to between 210 and 220 kt (from between 230 and 250 kt previously).
Copper South Australia231ktUp3%
Production increased primarily driven by strong underlying operational performance, and the weather-related power outage in the prior period. Olympic Dam achieved record material mined, ore milled and concentrate smelted while production also benefited from higher feed grades at Prominent Hill. Material mined at Carrapateena increased 11%, including record performance in Q3 FY26, which partially offset the impact of planned lower grades.
Production guidance for FY26 remains unchanged at between 310 and 340 kt.
By-product production was also strong, including record refined gold volumes.
In Q3 FY26, concentrate and associated by-product sales decreased due to wet weather impacts at Prominent Hill, including site access road closures which affected logistics. This is expected to result in higher FY26 closing inventories.
Other copper
At Antamina, copper production increased 19% to 116 kt as a result of planned higher feed grades and improved operational performance. Zinc production is 18% higher at 81 kt, as a result of planned higher feed grades. We now expect Antamina's copper production for FY26 to be between 150 and 160 kt (from 140 to 150 kt previously). Zinc production guidance for FY26 remains unchanged at between 90 and 110kt.
The divestment of Carajás to a subsidiary of CoreX Holding was completed on 2 April 2026 with US$240 m(plus cash adjustments)received on completion, and with potential for up to an additional US$225 m to be received as contingent payments based on a range of production and project related targets. Prior to divestment, Carajás had produced 6.8 kt of copper and 5.5 troy koz of gold.

2

Iron ore

Production
197 MtUp2%
YTD Mar FY25193 Mt
FY26e258 - 269 Mt
Average realised price (WAIO)
US$84.91/wmtUp2%
YTD Mar FY25US$82.93/wmt
Iron ore production increased 2% to 197 Mt. Iron ore production guidance for FY26 remains unchanged at between 258 and 269 Mt.
WAIO191 MtUp1% | 216 Mt (100% basis)
WAIO achieved record production. At the mines, record material mined (up 7%) and draw down of inventory helped deliver record volumes from the Central Pilbara hub (South Flank and Mining Area C) with South Flank exceeding annualised nameplate capacity.
At port, Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 FY26 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow.
We have concluded iron ore sales contract negotiations with the China Mineral Resources Group (CMRG).Production guidance for FY26remains unchanged at between 251 and262Mt (284and 296 Mt, 100% basis).
Samarco5.9 MtUp37% | 11.8 Mt (100% basis)
Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries.
Production guidance for FY26 remains unchanged at between 7and7.5 Mt and is now expected to be at the top end of the range, as a result of strong operating performance.

Coal

Steelmaking coal

Production
13.0 MtUp1%
YTD Mar FY2512.9 Mt
FY26e18 - 20 Mt
Average realised price
US$200.25/t0%
YTD Mar FY25US$200.12/t
BMA13.0 MtUp1% | 25.9 Mt (100% basis)
Production increased with strong operational performance at the open cut operations, supported by the highest YTD stripping volumes in five years. This was partially offset by lower yield driven by mine sequencing in response to significant wet weather (the highest rainfall recorded in 15 years), ongoing geotechnical challenges at Broadmeadow, and Saraji South being placed into care and maintenance.
The planned longwall move at Broadmeadow commenced in February and was completed in early April.
Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt, 100% basis), with production expected to be in the lower half of the range. Unit cost guidance for FY26 remains unchanged at between US$116 and US$128/t and is now expected to be at the top end of the range (previously upper half of the range).
We expect to continue building raw coal inventory into CY27, to further improve operating stability.

3

 

 

 

Energy coal

Production
12.2 MtUp 11%
YTD Mar FY2511.0 Mt
FY26e14 - 16 Mt
Average realised price
US$99.04/tDown15%
YTD Mar FY25US$115.99/t
NSWEC12.2 MtUp11%
Strong operational performance as a result of increased bypass coal due to mine sequencing. This was further supported by mining lower strip ratio areas.
Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production expected to be in the upper half of the range.

 

Quarterly performance | Q3 FY26 v Q2 FY26

Copper
Iron ore
477 ktDown3%
Q2 FY26491 kt
Lower production at Escondida due to planned lower grades and at Spence due to the impact of complex ore characteristics on processing and recovery rates at the concentrator and lower stacked grades at the leach pad, partially offset by increased production at Copper SA and strong performance at Antamina.
63 MtDown10%
Q2 FY2670 Mt
Lower production at WAIO driven by weather impacts from Tropical Cyclone Mitchell and Tropical Cyclone Narelle that led to a temporary port closure, operational adjustments and higher planned maintenance.
Steelmaking coal
Energy coal
3.8 MtDown11%
Q2 FY264.3 Mt
Lower production due to significantly higher rainfall as a result ofTropical Cyclone Koji,which restricted pit access and impacted stripping performance and yield during and after the event. This was partially offset by inventory drawdowns.
4.0 MtDown12%
Q2 FY264.6 Mt
Lower production due to lower bypass coal, wash plant feed and yield due to mine sequence, minor planned wash plant maintenance and unfavourable weather.


4

 

 

 

 

 

Appendix 1

Average realised pricesi

Quarter performance
YTD performance
Q3 FY26
v Q2 FY26
v Q3 FY25
YTD Mar FY26
v YTD Mar FY25
Copper (US$/lb)
5.86
(1%)
29%
5.47
31%
Iron ore (US$/wmt, FOB)
85.35
0%
(2%)
84.91
2%
Steelmaking coal (US$/t)
226.76
15%
23%
200.25
0%
Energy coal (US$/t)ii
105.61
10%
8%
99.04
(15%)

i         Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.

ii        Export sales only. Includes thermal coal sales from steelmaking coal mines.

Current year unit cost guidance

FY26 unit cost guidancei
Unit cost
Previous
Current
Escondida (US$/lb)
1.20-1.50
1.00-1.20
Lowered
Spence (US$/lb)
2.10 - 2.40
2.10 - 2.40
-
Copper SA (US$/lb)ii
1.00 - 1.50
1.00 - 1.50
-
WAIO (US$/t)
18.25 - 19.75
18.25 - 19.75
-
BMA (US$/t)
116 - 128
116 - 128
Top end

i         FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. Italics signify an update since the HY26 Results Announcement.

ii        Copper SA unit cost guidance is calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.

Medium term guidancei

Production
Unit cost
guidance
guidanceii
Escondidaiii
900 - 1,000 ktpa
US$1.50 - 1.80/lb
Spence
~235 ktpa
US$2.05 - 2.35/lb
WAIO (100% basis)iv
>305 Mtpa
BMA (100% basis)
43 - 45 Mtpa


i         Medium term refers to a five-year time horizon unless otherwise noted.                      

ii        Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.

iii       FY27 production guidance of 1,000 - 1,100 kt. Medium term refers to an average for FY28 to FY31.

iv       Sustained production of >305 Mtpa (100% basis) from Q4 FY28.

5

 

 

 

Major projects

 

Commodity
Project and ownership
Project scope / capacity
Project expenditureiUS$M
First production target date
Progress
Potash
Jansen Stage1
 (Canada)
 100%
Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.
8,400
Mid-CY27
Project is78% 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.
Under review- update expected in Q4 FY26
FY31
Project is15% complete

i         Includes: project capital expenditure, project operating expenditure, cost to construct right-of-use assets (i.e. Westshore port terminal and third-party rail line) and related contingencies.

Exploration

Minerals exploration and evaluation expenditure was US$275 m for YTD March FY26 (YTD March FY25: US$279 m), of which US$235 m was expensed (YTD March FY25: US$241 m).

 

6


 

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
2025
2025
2025
2025
2026
2026
2025
%
2025
2025
2025
2025
2026
2026
2025
%
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
379.8
375.9
374.0
366.5
347.7
1,088.2
1,132.1
(4)%
399.0
377.6
343.0
373.8
350.0
1,066.8
1,163.3
(8)%
Escondida
kt
288.4
278.6
282.4
270.5
248.3
801.2
848.6
(6)%
309.2
285.5
258.3
277.7
252.1
788.1
857.4
(8)%
Pampa Norte (Spence)
kt
36.1
42.2
35.4
33.3
25.7
94.4
108.4
(13)%
36.5
37.3
33.2
27.9
34.9
96.0
117.0
(18)%
Copper South Australia
kt
22.5
31.7
19.9
22.2
27.5
69.6
70.2
(1)%
23.8
30.9
15.9
24.8
18.0
58.7
80.1
(27)%
Antamina
kt
30.9
21.2
33.9
38.2
44.1
116.2
97.7
19%
27.4
21.8
33.1
40.4
43.3
116.8
100.3
16%
Carajás
kt
1.9
2.2
2.4
2.3
2.1
6.8
7.2
(6)%
2.1
2.1
2.5
3.0
1.7
7.2
8.5
(15)%
Cathode
kt
133.6
140.3
119.6
124.0
129.1
372.7
368.4
1%
133.3
148.4
105.9
130.7
118.7
355.3
364.0
(2)%
Escondida
kt
45.2
48.7
46.5
46.7
54.9
148.1
129.0
15%
47.4
52.7
38.1
50.0
50.1
138.2
128.2
8%
Pampa Norte (Spence)
kt
31.8
31.2
20.4
24.4
18.9
63.7
85.8
(26)%
30.7
34.1
17.9
25.4
17.4
60.7
84.8
(28)%
Copper South Australia
kt
56.6
60.4
52.7
52.9
55.3
160.9
153.6
5%
55.2
61.6
49.9
55.3
51.2
156.4
151.0
4%
Total
kt
513.4
516.2
493.6
490.5
476.8
1,460.9
1,500.5
(3)%
532.3
526.0
448.9
504.5
468.7
1,422.1
1,527.3
(7)%
Lead
Payable metal in concentrate
t
234
1,829
754
91
209
1,054
403
162%
181
837
1,469
551
14
2,034
341
496%
Antamina
t
234
1,829
754
91
209
1,054
403
162%
181
837
1,469
551
14
2,034
341
496%
Zinc
Payable metal in concentrate
t
26,026
40,415
35,991
27,003
17,723
80,717
68,192
18%
22,249
37,263
41,499
26,046
18,573
86,118
67,186
28%
Antamina
t
26,026
40,415
35,991
27,003
17,723
80,717
68,192
18%
22,249
37,263
41,499
26,046
18,573
86,118
67,186
28%
Gold
Payable metal in concentrate
troy oz
89,841
95,949
76,242
73,585
105,321
255,148
265,977
(4)%
92,357
95,523
66,377
82,099
87,012
235,488
280,467
(16)%
Escondida
troy oz
44,527
40,292
35,348
31,927
52,473
119,748
128,783
(7)%
44,527
40,292
35,348
31,927
52,473
119,748
128,783
(7)%
Pampa Norte (Spence)
troy oz
3,341
2,961
2,589
2,724
3,800
9,113
10,019
(9)%
3,341
2,961
2,589
2,724
3,800
9,113
10,019
(9)%
Copper South Australia
troy oz
40,457
50,871
36,489
36,993
47,264
120,746
121,694
(1)%
42,825
50,577
26,476
45,024
29,234
100,734
135,305
(26)%
Carajás
troy oz
1,516
1,825
1,816
1,941
1,784
5,541
5,481
1%
1,664
1,693
1,964
2,424
1,505
5,893
6,360
(7)%
Refined gold
troy oz
57,006
46,789
50,716
61,910
54,511
167,137
141,869
18%
57,982
49,241
51,147
59,054
57,336
167,537
141,787
18%
Copper South Australia
troy oz
57,006
46,789
50,716
61,910
54,511
167,137
141,869
18%
57,982
49,241
51,147
59,054
57,336
167,537
141,787
18%
Total
troy oz
146,847
142,738
126,958
135,495
159,832
422,285
407,846
4%
150,339
144,764
117,524
141,153
144,348
403,025
422,254
(5)%
Silver
Payable metal in concentrate
troy koz
3,418
3,911
4,114
4,109
4,839
13,062
9,845
33%
3,198
3,526
4,136
4,252
4,518
12,906
9,408
37%
Escondida
troy koz
1,787
1,906
1,942
2,176
2,780
6,898
4,952
39%
1,787
1,906
1,942
2,176
2,780
6,898
4,952
39%
Pampa Norte (Spence)
troy koz
428
441
358
316
375
1,049
1,382
(24)%
428
441
358
316
375
1,049
1,382
(24)%
Copper South Australia
troy koz
186
251
182
179
222
583
662
(12)%
173
226
131
207
162
500
686
(27)%
Antamina
troy koz
1,017
1,313
1,632
1,438
1,462
4,532
2,849
59%
810
953
1,705
1,553
1,201
4,459
2,388
87%
Refined silver
troy koz
462
216
227
284
308
819
801
2%
486
213
255
250
340
845
798
6%
Copper South Australia
troy koz
462
216
227
284
308
819
801
2%
486
213
255
250
340
845
798
6%
Total
troy koz
3,880
4,127
4,341
4,393
5,147
13,881
10,646
30%
3,684
3,739
4,391
4,502
4,858
13,751
10,206
35%
Uranium
Payable metal in concentrate
t
783
974
819
903
778
2,500
2,180
15%
710
1,230
649
815
650
2,114
2,027
4%
Copper South Australia
t
783
974
819
903
778
2,500
2,180
15%
710
1,230
649
815
650
2,114
2,027
4%
Molybdenum
Payable metal in concentrate
t
801
337
341
281
341
963
2,636
(63)%
839
714
347
322
263
932
2,573
(64)%
Pampa Norte (Spence)
t
187
189
257
269
194
720
505
43%
223
190
208
256
205
669
542
23%
Antamina
t
614
148
84
12
147
243
2,131
(89)%
616
524
139
66
58
263
2,031
(87)%
Iron ore
Western Australia Iron Ore (WAIO)
kt
60,137
68,348
62,015
67,766
60,922
190,703
188,251
1%
59,234
67,830
62,430
66,909
58,608
187,947
186,983
1%
Samarco
kt
1,603
1,951
2,066
1,938
1,882
5,886
4,303
37%
1,416
1,973
2,042
2,512
1,590
6,144
3,875
59%
Total
kt
61,740
70,299
64,081
69,704
62,804
196,589
192,554
2%
60,650
69,803
64,472
69,421
60,198
194,091
190,858
2%
Steelmaking coal
BHP Mitsubishi Alliance (BMA)
kt
3,919
5,146
4,865
4,291
3,816
12,972
12,864
1%
3,791
5,030
4,472
4,413
3,852
12,737
12,790
0%
Energy coal
NSW Energy Coal (NSWEC)
kt
3,596
4,067
3,518
4,610
4,037
12,165
10,969
11%
3,509
3,926
3,707
4,372
4,048
12,127
11,263
8%
Nickel1
Western Australia Nickel
kt
2.3
0.3
-
-
-
-
29.9
(100)%
2.2
0.2
-
-
-
-
33.3
(100)%
Cobalt1
Western Australia Nickel
t
35
-
-
-
-
-
450
(100)%
-
-
-
-
-
-
415
(100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.


 7

 

 

 

 

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
2025
2025
2025
2025
2026
2026
2025
%
2025
2025
2025
2025
2026
2026
2025
%
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹
BHP interest 57.5%
Material mined
kt
117,038
122,386
114,527
112,808
114,506
341,841
333,537
2%
Concentrator throughput
kt
32,889
36,490
36,721
35,628
34,225
106,574
100,670
6%
Average copper grade - concentrator
%
1.09%
0.95%
0.94%
0.91%
0.88%
0.91%
1.05%
(13)%
Production ex mill
kt
295.6
291.0
294.2
279.7
255.1
829.0
875.3
(5)%
Payable copper
kt
288.4
278.6
282.4
270.5
248.3
801.2
848.6
(6)%
309.2
285.5
258.3
277.7
252.1
788.1
857.4
(8)%
Copper cathode (EW)
kt
45.2
48.7
46.5
46.7
54.9
148.1
129.0
15%
47.4
52.7
38.1
50.0
50.1
138.2
128.2
8%
Oxide leach
kt
14.3
16.3
16.8
11.1
19.9
47.8
34.3
39%
Sulphide leach
kt
30.9
32.4
29.7
35.6
35.0
100.3
94.7
6%
Total copper
kt
333.6
327.3
328.9
317.2
303.2
949.3
977.6
(3)%
356.6
338.2
296.4
327.7
302.2
926.3
985.6
(6)%
Payable gold concentrate
troy oz
44,527
40,292
35,348
31,927
52,473
119,748
128,783
(7)%
44,527
40,292
35,348
31,927
52,473
119,748
128,783
(7)%
Payable silver concentrate
troy koz
1,787
1,906
1,942
2,176
2,780
6,898
4,952
39%
1,787
1,906
1,942
2,176
2,780
6,898
4,952
39%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹
BHP interest 100%
Material mined
kt
21,848
25,944
24,695
22,895
21,690
69,280
70,346
(2)%
Ore stacked
kt
5,584
5,413
5,652
5,354
4,435
15,441
16,486
(6)%
Average copper grade - stacked
%
0.62%
0.67%
0.61%
0.58%
0.66%
0.61%
0.72%
(15)%
Concentrator throughput
kt
7,754
7,792
7,778
8,002
7,329
23,109
23,023
0%
Average copper grade - concentrator
%
0.63%
0.66%
0.65%
0.60%
0.53%
0.59%
0.63%
(6)%
Payable copper
kt
36.1
42.2
35.4
33.3
25.7
94.4
108.4
(13)%
36.5
37.3
33.2
27.9
34.9
96.0
117.0
(18)%
Copper cathode (EW)
kt
31.8
31.2
20.4
24.4
18.9
63.7
85.8
(26)%
30.7
34.1
17.9
25.4
17.4
60.7
84.8
(28)%
Total copper
kt
67.9
73.4
55.8
57.7
44.6
158.1
194.2
(19)%
67.2
71.4
51.1
53.3
52.3
156.7
201.8
(22)%
Payable gold concentrate
troy oz
3,341
2,961
2,589
2,724
3,800
9,113
10,019
(9)%
3,341
2,961
2,589
2,724
3,800
9,113
10,019
(9)%
Payable silver concentrate
troy koz
428
441
358
316
375
1,049
1,382
(24)%
428
441
358
316
375
1,049
1,382
(24)%
Payable molybdenum
t
187
189
257
269
194
720
505
43%
223
190
208
256
205
669
542
23%
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.


 

 8

 

 

 

 

 

Production
Sales
Year to date
Quarter ended
Year to date
Mar
Jun
Sep
Dec
Mar
Mar
Quarter ended
Var
Mar
Jun
Sep
Dec
Mar
Mar
Mar
Var
2025
2025
2025
2025
2026
2026
Mar
%
Mar
2025
2025
2025
2026
2026
2025
%
Copper (continued)
Copper South Australia, Australia
BHP interest 100%
Copper
Payable metal in concentrate
kt
24.8
33.2
25.5
24.8
28.3
78.6
80.7
(3)%
23.8
30.9
15.9
24.8
18.0
58.7
80.1
(27)%
Cathode
kt
56.6
60.4
52.7
52.9
55.3
160.9
153.6
5%
55.2
61.6
49.9
55.3
51.2
156.4
151.0
4%
Total copper
kt
81.4
93.6
78.2
77.7
83.6
239.5
234.3
2%
79.0
92.5
65.8
80.1
69.2
215.1
231.1
(7)%
Payable metal in concentrate transfer to Olympic Dam
kt
(2.3)
(1.5)
(5.6)
(2.6)
(0.8)
(9.0)
(10.5)
(14)%
Net copper
kt
79.1
92.1
72.6
75.1
82.8
230.5
223.8
3%
Gold
Payable metal in concentrate
troy oz
46,097
53,055
47,893
41,351
48,532
137,776
144,837
(5)%
42,825
50,577
26,476
45,024
29,234
100,734
135,305
(26)%
Refined gold
troy oz
57,006
46,789
50,716
61,910
54,511
167,137
141,869
18%
57,982
49,241
51,147
59,054
57,336
167,537
141,787
18%
Total gold
troy oz
103,103
99,844
98,609
103,261
103,043
304,913
286,706
6%
100,807
99,818
77,623
104,078
86,570
268,271
277,092
(3)%
Payable metal in concentrate transfer to Olympic Dam
troy oz
(5,640)
(2,184)
(11,404)
(4,358)
(1,268)
(17,030)
(23,143)
(26)%
Net gold
troy oz
97,463
97,660
87,205
98,903
101,775
287,883
263,563
9%
Silver
Payable metal in concentrate
troy koz
198
258
213
193
226
632
716
(12)%
173
226
131
207
162
500
686
(27)%
Refined silver
troy koz
462
216
227
284
308
819
801
2%
486
213
255
250
340
845
798
6%
Total silver
troy koz
660
474
440
477
534
1,451
1,517
(4)%
659
439
386
457
502
1,345
1,484
(9)%
Payable metal in concentrate transfer to Olympic Dam
troy koz
(12)
(7)
(31)
(14)
(4)
(49)
(54)
(9)%
Net silver
troy koz
648
467
409
463
530
1,402
1,463
(4)%
Uranium
t
783
974
819
903
778
2,500
2,180
15%
710
1,230
649
815
650
2,114
2,027
4%
Olympic Dam
Material mined
kt
2,498
2,587
2,818
2,763
2,732
8,313
7,150
16%
Ore milled
kt
2,462
2,859
2,640
2,926
2,565
8,131
7,486
9%
Average copper grade
%
1.99%
2.05%
1.97%
1.97%
1.92%
1.95%
2.02%
(3)%
Average uranium grade
kg/t
0.56
0.56
0.55
0.56
0.57
0.56
0.58
(4)%
Copper cathode (ER and EW)
kt
56.6
60.4
52.7
52.9
55.3
160.9
153.6
5%
55.2
61.6
49.9
55.3
51.2
156.4
151.0
4%
Refined gold
troy oz
57,006
46,789
50,716
61,910
54,511
167,137
141,869
18%
57,982
49,241
51,147
59,054
57,336
167,537
141,787
18%
Refined silver
troy koz
462
216
227
284
308
819
801
2%
486
213
255
250
340
845
798
6%
Payable uranium
t
783
974
819
903
778
2,500
2,180
15%
710
1,230
649
815
650
2,114
2,027
4%
Prominent Hill
Material mined
kt
1,119
1,210
1,049
1,014
1,026
3,089
3,157
(2)%
Ore milled
kt
1,364
1,998
1,621
1,376
1,494
4,491
4,684
(4)%
Average copper grade
%
0.82%
0.92%
0.71%
0.83%
0.90%
0.81%
0.75%
8%
Concentrate produced
kt
19.2
33.0
19.0
19.1
25.7
63.8
60.3
6%
Payable copper
kt
9.7
16.2
9.9
9.7
11.8
31.4
30.1
4%
9.5
12.8
4.4
7.5
3.1
15.0
28.4
(47)%
Payable gold concentrate
troy oz
24,309
28,593
24,105
17,406
23,664
65,175
70,730
(8)%
22,614
25,222
9,033
17,671
5,894
32,598
60,991
(47)%
Payable silver concentrate
troy koz
63
98
61
49
60
170
196
(13)%
51
69
29
45
20
94
172
(45)%
Carrapateena
Material mined
kt
1,202
1,583
1,488
1,479
1,632
4,599
4,148
11%
Ore milled
kt
1,306
1,557
1,511
1,415
1,516
4,442
4,181
6%
Average copper grade
%
1.31%
1.24%
1.18%
1.20%
1.22%
1.20%
1.38%
(13)%
Concentrate produced
kt
50.6
58.7
52.4
53.4
61.4
167.2
167.4
0%
Payable copper
kt
15.1
17.0
15.6
15.1
16.5
47.2
50.6
(7)%
14.3
18.1
11.5
17.3
14.9
43.7
51.7
(15)%
Payable gold concentrate
troy oz
21,788
24,462
23,788
23,945
24,868
72,601
74,107
(2)%
20,211
25,355
17,443
27,353
23,340
68,136
74,314
(8)%
Payable silver concentrate
troy koz
135
160
152
144
166
462
520
(11)%
122
157
102
162
142
406
514
(21)%


 8

 

 

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
2025
2025
2025
2025
2026
2026
2025
%
2025
2025
2025
2025
2026
2026
2025
%
Copper (continued)
Antamina, Peru
BHP interest 33.75%
Material mined
kt
51,529
39,369
58,970
57,442
54,819
171,231
173,120
(1)%
Concentrator throughput
kt
13,140
10,154
13,307
13,725
13,783
40,815
39,559
3%
Average head grade - copper
%
0.81%
0.76%
0.86%
0.98%
1.12%
0.99%
0.83%
19%
Average head grade - zinc
%
0.85%
1.70%
1.26%
1.01%
0.79%
1.02%
0.79%
29%
Payable copper
kt
30.9
21.2
33.9
38.2
44.1
116.2
97.7
19%
27.4
21.8
33.1
40.4
43.3
116.8
100.3
16%
Payable zinc
t
26,026
40,415
35,991
27,003
17,723
80,717
68,192
18%
22,249
37,263
41,499
26,046
18,573
86,118
67,186
28%
Payable silver
troy koz
1,017
1,313
1,632
1,438
1,462
4,532
2,849
59%
810
953
1,705
1,553
1,201
4,459
2,388
87%
Payable lead
t
234
1,829
754
91
209
1,054
403
162%
181
837
1,469
551
14
2,034
341
496%
Payable molybdenum
t
614
148
84
12
147
243
2,131
(89)%
616
524
139
66
58
263
2,031
(87)%
Carajás, Brazil
BHP interest 100%
Material mined
kt
140
148
134
147
148
429
472
(9)%
Ore milled
kt
128
176
160
172
156
489
460
6%
Average copper grade
%
1.64%
1.40%
1.63%
1.51%
1.48%
1.54%
1.73%
(11)%
Production ex mill
kt
7.9
9.5
10.3
9.8
8.8
28.9
30.4
(5)%
Average gold grade
g/t
0.50
0.43
0.46
0.47
0.47
0.47
0.50
(7)%
Payable copper
kt
1.9
2.2
2.4
2.3
2.1
6.8
7.2
(6)%
2.1
2.1
2.5
3.0
1.7
7.2
8.5
(15)%
Payable gold concentrate
troy oz
1,516
1,825
1,816
1,941
1,784
5,541
5,481
1%
1,664
1,693
1,964
2,424
1,505
5,893
6,360
(7)%
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia
BHP interest 85%
Newman Joint Venture
kt
11,991
15,073
13,724
13,340
13,517
40,581
39,145
4%
Area C Joint Venture
kt
27,869
32,824
29,415
32,265
33,584
95,264
86,286
10%
Yandi Joint Venture
kt
3,819
3,854
3,498
2,899
2,941
9,338
12,036
(22)%
Jimblebar¹
kt
16,458
16,597
15,378
19,262
10,880
45,520
50,784
(10)%
Total
kt
60,137
68,348
62,015
67,766
60,922
190,703
188,251
1%
Total (100%)
kt
67,844
77,480
70,246
76,326
69,752
216,324
212,508
2%
Lump
kt
18,822
21,285
20,250
20,595
19,878
60,723
58,518
4%
Fines
kt
40,412
46,545
42,180
46,314
38,730
127,224
128,465
(1)%
Total
kt
59,234
67,830
62,430
66,909
58,608
187,947
186,983
1%
Total (100%)
kt
66,765
76,723
70,592
75,397
67,001
212,990
210,902
1%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil
BHP interest 50%
Total
kt
1,603
1,951
2,066
1,938
1,882
5,886
4,303
37%
1,416
1,973
2,042
2,512
1,590
6,144
3,875
59%
9
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia
BHP interest 50%
Goonyella
kt
1,228
1,811
1,880
1,254
1,124
4,258
4,026
6%
Peak Downs
kt
1,098
1,154
1,111
967
1,176
3,254
3,420
(5)%
Saraji
kt
883
1,079
884
1,146
849
2,879
2,994
(4)%
Caval Ridge
kt
710
1,102
990
924
667
2,581
2,424
6%
Total1
kt
3,919
5,146
4,865
4,291
3,816
12,972
12,864
1%
Total (100%)1
kt
7,838
10,292
9,730
8,582
7,632
25,944
25,728
1%
Hard coking coal
kt
3,708
4,831
4,428
4,302
3,842
12,572
12,676
(1)%
Energy coal
kt
83
199
44
111
10
165
114
45%
Total
kt
3,791
5,030
4,472
4,413
3,852
12,737
12,790
0%
Total (100%)
kt
7,582
10,060
8,944
8,826
7,704
25,474
25,580
0%
1 Production figures include some energy coal.


 

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
2025
2025
2025
2025
2026
2026
2025
%
2025
2025
2025
2025
2026
2026
2025
%
NSWEC, Australia
BHP interest 100%
Energy coal - Export
kt
3,128
3,554
3,549
4,190
3,935
11,674
10,015
17%
Energy coal - Domestic
kt
381
372
158
182
113
453
1,248
(64)%
Total
kt
3,596
4,067
3,518
4,610
4,037
12,165
10,969
11%
3,509
3,926
3,707
4,372
4,048
12,127
11,263
8%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹
BHP interest 100%
Mt Keith
Nickel concentrate
kt
-
-
-
-
-
-
41.3
(100)%
Average nickel grade
%
-
-
-
-
-
-
17.0
(100)%
Leinster
Nickel concentrate
kt
-
-
-
-
-
-
72.4
(100)%
Average nickel grade
%
-
-
-
-
-
-
8.8
(100)%
Refined nickel
kt
-
-
-
-
-
-
12.2
(100)%
-
-
-
-
-
-
14.3
(100)%
Nickel sulphate
kt
-
-
-
-
-
-
0.3
(100)%
0.1
0.1
-
-
-
-
1.0
(100)%
Intermediates and nickel by-products
kt
2.3
0.3
-
-
-
-
17.4
(100)%
2.1
0.1
-
-
-
-
18.0
(100)%
Total nickel
kt
2.3
0.3
-
-
-
-
29.9
(100)%
2.2
0.2
-
-
-
-
33.3
(100)%
Cobalt by-products
t
35
-
-
-
-
-
450
(100)%
-
-
-
-
-
-
415
(100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.


 10

 

 

Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended 31 March 2026 compared with the nine months ended 31 March 2025, 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. FY26 and medium-term unit cost guidance ranges are based on exchange rates of AUD/USD 0.65 and USD/CLP 940, and for Copper SA by-product prices of US$2,900/oz for gold, and US$70/lb for uranium. Medium term refers to a five-year horizon, unless otherwise noted.

The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); joint venture (JV); 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); percentage point (ppt); ounces (oz); 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 28 - Subsidiaries of the Financial Statements in BHP's 2025 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, Resolution, Samarco and Vicuña. 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
Mobile:+61 411 071 715
Europe, Middle East and Africa
Amanda Saunders
Mobile: +44 7887 468 926
North America
Megan Hjulfors
Mobile: +1 403 605 2314
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
Australia and Asia
John-Paul Santamaria
Mobile: +61 499 006 018
Europe, Middle East and Africa
Adam Sanderson
Mobile: +44 7884 735 515
Americas
Li Hua
Mobile: +1 647 828 9830
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
Follow us on social media

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
DRLLFLLLQZLXBBE