REG - BHP Group Limited - Quarterly Activities Report
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250718:nRSR5922Ra&default-theme=true
RNS Number : 5922R BHP Group Limited 18 July 2025
18 July 2025
BHP Group Limited
Operational review for the year ended 30 June 2025
Record copper and iron ore production drives strong 2025 performance
"BHP delivered record iron ore and copper production, which demonstrates the
strength and resilience of our business and underpins our ability to deliver
growth and returns to shareholders amid global volatility and uncertainty.
BHP's WA iron ore operations set multiple records, including for full year
production. South Flank exceeded name plate capacity production in its first
full year of operation after being delivered on time and on budget in FY24.
The efficiency of our infrastructure hubs continues to strengthen performance
with rail, port and technology investments delivering tangible production
outcomes. Our steelmaking coal business increased production by 5% with
improved truck productivity offsetting heavy wet weather and geotechnical
challenges at Broadmeadow.
BHP produced more than 2 million tonnes of copper across the group - a record
level of production in a commodity critical to urbanisation, digitisation and
electrification. In Chile, Escondida achieved its highest production in 17
years, and Spence delivered record production. In Australia, Copper SA
finished the year strongly with copper production records in June and for the
final three months of the year.
In Canada, Jansen Stage 1 continues to progress. Today, we are providing an
update on the cost and schedule estimates for Stage 1. We estimate capital
expenditure to be in the range of US$7.0 bn to US$7.4 bn (including
contingencies), versus our original estimate of US$5.7 bn, and first
production to revert to the original schedule of mid-CY27. Our Group capex
guidance remains ~US$11 bn for each of FY26 and FY27.
Commodity demand globally has remained resilient so far in 2025. That
resilience largely reflects China's ongoing ability to grow its overall export
base despite a significant decline in exports to the USA, and its ability to
deliver robust domestic demand despite the dislocation in the property sector.
Copper and steel demand have benefited from a sharp acceleration in renewable
energy investment, electricity grid build out, strong machinery exports and EV
sales. While slower economic growth and a fragmenting trading system remain
potential headwinds, stimulus efforts by China and the USA would help to
mitigate the near-term impact. Going forward, China's 15(th) 5-year plan is
likely to provide more visibility on policies to sustain longer term growth
and development."
Mike Henry, BHP Chief Executive Officer
Summary
Operational excellence Guidance
Record iron ore and copper production Production achieved and unit costs on track
BHP delivered record group copper production of >2.0 Mt, up 8%, driven by We exceeded the top end of our production guidance ranges at Escondida and
strong performances across all operated copper assets, including a 16% NSWEC, while Spence, WAIO and BMA were all in the upper half of their
production increase at Escondida, record production at Spence and record production guidance ranges, and Copper SA achieved the mid-point of its
quarterly (Q4) production from Copper SA. revised production guidance (and was within its original guidance).
We also delivered record iron ore production, with WAIO producing 290 Mt (100% We remain on track to achieve FY25 unit cost guidance at Escondida, Spence,
basis), overcoming the impacts of Tropical Cyclone Zelia and Tropical Storm Copper SA and WAIO, and revised guidance at BMA.
Sean in Q3. The ramp up of the second concentrator at Samarco ahead of
schedule, also contributed to our record iron ore production. After delivering 28% copper production growth between FY22 and FY25, guidance
for FY26 is between 1.8 to 2.0 Mt.
Portfolio Social value
Jansen project update Agreements to reduce value chain emissions
The Jansen Stage 1 (JS1) potash project is 68% complete. We estimate capex for BHP has signed contracts with COSCO Shipping
JS1 to be in the range of US$7.0 bn - US$7.4 bn, and first production to (https://www.bhp.com/news/media-centre/releases/2025/07/bhp-awards-charter-contracts-for-two-ammonia-dual-fuelled-vessels)
revert to the original schedule of mid-CY27. for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers,
capable of reducing GHG emissions by 50% to 95% on a per voyage basis(i).
We are also considering the extension of first production from Jansen Stage 2
(JS2) to FY31 as part of our regular review of capex sequencing under the Copper SA has partnered with Aurizon
Capital Allocation Framework and given potential for additional potash supply (https://www.bhp.com/news/media-centre/releases/2025/06/copper-sa-creates-major-logistics-solution-with-aurizon)
coming to market in the medium-term. to deliver a major logistics solution that will significantly reduce emissions
in South Australia.
Group capital expenditure for FY26 and FY27 will remain at ~US$11 bn.
BHP and China Baowu celebrated successful commercial-scale DRI trials using
BHP's Pilbara iron ores
(https://www.bhp.com/news/articles/2025/05/bhp-and-china-baowu-celebrated-successful-commercial-scale-dri-trials-using-bhps-pilbara-iron-ores)
to support potential pathway for steelmaking decarbonisation.
Production Quarter performance Full year performance Guidance
Q4 FY25 v Q3 FY25 v Q4 FY24 FY25 v FY24 FY25e FY26e
Copper (kt) 516.2 1% 2% 2,016.7 8% 1,845 - 2,045 1,800 - 2,000
Escondida (kt) 327.3 (2%) 6% 1,304.9 16% 1,180 - 1,300 1,150 - 1,250
Pampa Norte (kt)(ii) 73.4 8% 11% 267.6 1% 240 - 270(ii) 230 - 250(ii)
Copper South Australia (kt) 92.1 16% 3% 315.9 (2%) 300 - 325 310 - 340
Antamina (kt) 21.2 (31%) (45%) 118.9 (17%) 115 - 135 120 - 140
Carajás (kt) 2.2 18% 8% 9.4 15% - -
Iron ore (Mt) 70.3 14% 2% 263.0 1% 255 - 265.5 258 - 269
WAIO (Mt) 68.3 14% 0% 256.6 1% 250 - 260 251 - 262
WAIO (100% basis) (Mt) 77.5 14% 1% 290.0 1% 282 - 294 284 - 296
Samarco (Mt) 2.0 22% 91% 6.4 34% 5 - 5.5 7.0 - 7.5
Steelmaking coal - BMA (Mt)(iii) 5.1 31% 5% 18.0 (19%) 16.5 - 19 18 - 20
BMA (100% basis) (Mt)(iii) 10.3 31% 5% 36.0 (19%) 33 - 38 36 - 40
Energy coal - NSWEC (Mt) 4.1 13% 8% 15.0 (2%) 13 - 15 14 - 16
Nickel - Western Australia Nickel (kt)(iv) 0.3 (87%) (99%) 30.2 (63%) - -
Note: Refer to page 7 for footnotes.
1
BHP | Operational review for the year ended 30 June 2025
Summary of disclosures
BHP expects its financial results for the second half of FY25 (H2 FY25) to
reflect certain items summarised in the table below. The table does not
provide a comprehensive list of all items impacting the period. The financial
statements are the subject of ongoing work that will not be finalised until
the release of the financial results on 19 August 2025. Accordingly, the
information in the table below contains preliminary information that is
subject to update and finalisation.
Description H2 FY25 impact(i) Classification(ii)
(US$M)
Unit costs (at guidance FX)
Unit costs for FY25 are expected to be at the bottom end of the guidance range - Operating costs
at Escondida, within the guidance range at Spence and the revised guidance
range at BMA, and in the upper half of the guidance ranges at Copper SA and
WAIO
Note: Average realised exchange rates for FY25 of AUD/USD 0.65 (guidance rate -
AUD/USD 0.66) and USD/CLP 951 (guidance rate USD/CLP 842)
Income statement
Negative EBITDA for WA Nickel 250 - 300 ↓ EBITDA
Increase in closure and rehabilitation provision for closed sites ~100 ↑ Operating costs
(predominantly in Group and Unallocated)
The Group's adjusted effective tax rate for FY25 is expected to be towards the - Taxation expense
top end of the guidance range of 33 - 38%
Cash flow statement
Working capital movements 600 - 700 ↑ Operating cash flow
Net cash tax paid 3,800 - 3,900 ↓ Operating cash flow
Dividends received from equity-accounted investments ~150 ↑ Operating cash flow
Capital and exploration spend is expected to be broadly in line with full year ~4,600 ↓ Investing cash flow
guidance of ~US$10 bn
Proceeds received from the sale of BHP's 50% interest in the Blackwater and ~250 ↑ Investing cash flow
Daunia mines(iii)
Impact of BHP Brasil's obligations relating to the Samarco dam failure ~1,100 ↓ Investing cash flow
Payment for the completion of the Vicuña transaction ~2,000 ↓ Investing cash flow
Dividends paid to non-controlling interests ~800 ↓ Financing cash flow
Payment of the H1 FY25 dividend ~2,500 ↓ Financing cash flow
Balance sheet
The Group's net debt balance as at 30 June 2025 is expected to be ~US$13 bn - Net debt
Exceptional items
Financial impact of the Samarco dam failure Refer footnote(iv) Exceptional item
i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or
income statement impact as relevant, unless otherwise noted.
iii For detail on future payments in relation to the divestment please
refer to: BHP completes the divestment of Daunia and Blackwater
(https://www.bhp.com/news/media-centre/releases/2024/04/bhp-completes-the-divestment-of-daunia-and-blackwater)
.
iv Financial impact is the subject of ongoing work and is not yet
finalised. See iron ore (#_Iron_ore) section for further information on
Samarco operations.
Further information in Appendix 1 (#_Appendix_1)
Detailed production and sales information for all operations in Appendix 2
(#_Appendix_2)
2
BHP | Operational review for the year ended 30 June 2025
Segment and asset performance | FY25 v FY24
Copper
Production Total copper production increased for a third consecutive year, a 28% increase
from FY22, to a record 2,017 kt. Copper production for FY26 is expected to be
2,017 kt Up 8% between 1,800 and 2,000 kt reflecting planned lower grade in Chile.
Escondida 1,305 kt Up 16% (100% basis)
FY24 1,865 kt
Escondida achieved its highest production in 17 years, increasing 16% due to
record concentrator throughput, improved recoveries, higher concentrator feed
FY26e 1,800 - 2,000 kt grade of 1.02% (FY24: 0.88%) and the Full SaL leaching project which achieved
first production in Q4 FY25.
Production for FY26 is expected to be between 1,150 and 1,250 kt. Concentrator
Average realised price feed grade for FY26 is expected to be approximately 0.85%.
US$4.25/lb Up 7% Pampa Norte 268 kt Up 1%
FY24 US$3.98/lb Pampa Norte consists of Spence and Cerro Colorado.
Spence production increased 5% to a record 268 kt due to improved stacked feed
grade. Concentrator throughput, feed grade and recovery was broadly in line
with the prior period.
Production at Spence for FY26 is expected to be between 230 and 250 kt due to
expected lower concentrator feed grades and increased volume of transitional
ore processed.
Cerro Colorado remains in temporary care and maintenance, having contributed
11 kt of copper production in FY24.
Copper South Australia 316 kt Down 2%
Strong underlying performance continued in Q4, with record quarterly copper
production achieved. Full year production declined marginally due to the
significant two-week weather-related power outage in Q2.
Copper South Australia performed strongly across all three operations
following the outage, delivering an 18% uplift in copper production in H2. The
smelter and refinery demonstrated continued operating stability and
performance improvement, achieving record half-year copper production at
Olympic Dam (under BHP ownership) and record full year concentrate smelted.
Carrapateena achieved higher productivity from the sub-level cave, resulting
in strong annual copper production and record gold production.
Production for FY26 is expected to increase to between 310 and 340 kt,
weighted to the second half.
Other copper
At Antamina, copper production decreased 17% to 119 kt reflecting lower
concentrator throughput and a decline in feed grade. Zinc production was 5%
higher at 109 kt, as a result of higher zinc feed grade.
For FY26, at Antamina, copper production is expected to increase to between
120 and 140 kt and zinc production is expected to be between 90 and 110 kt.
Carajás produced 9.4 kt of copper and 7.3 troy koz of gold.
3
BHP | Operational review for the year ended 30 June 2025
Iron ore
Production Iron ore production increased to a record 263 Mt. Production for FY26 is
expected to increase to between 258 and 269 Mt.
263 Mt Up 1%
WAIO 257 Mt Up 1% | 290 Mt (100% basis)
WAIO delivered another full year production record of 257 Mt (290 Mt on a 100%
FY24 260 Mt basis) and record shipments. This strong performance reflects supply chain
excellence with record productive movement, in addition to improved rail cycle
FY26e 258 - 269 Mt times, and enhanced car dumper and ship loader performance unlocked by the
Port Debottlenecking Project 1 (PDP1). South Flank exceeded nameplate capacity
of 80 Mt (100% basis) in its first year following ramp up, contributing to
record Ore for Rail (OFR) volumes from the Central Pilbara hub (South Flank
Average realised price and Mining Area C).
US$82.13/wmt Down 19% The record production was delivered despite the impact of Tropical Cyclone
Zelia and Tropical Storm Sean in Q3, and the planned increase in tie-in
FY24 US$101.04/wmt activity of the multi-year Rail Technology Programme (RTP1).
Production for FY26 is expected to be between 251 and 262 Mt (284 and 296 Mt on a 100% basis), incorporating the planned rebuild of Car Dumper 3 in HY26 and the ongoing tie-in activities for RTP1.
Samarco 6.4 Mt Up 34% | 12.8 Mt (100% basis)
Production increased following the ramp up of the second concentrator. FY26
production is expected to increase to between 7.0 and 7.5 Mt with the second
concentrator now online, somewhat offset by planned maintenance expected
during the financial year.
Since the October 2024 Agreement with the Public Authorities, Samarco has
incurred R$10.3 bn(v) on performance obligations ('Obligations to Perform'),
including approximately R$5.5 bn(v) paid directly to people impacted by the
2015 Fundão dam failure. Another R$10.9 bn(v) has been paid to Public
Authorities ('Obligations to Pay') in the same period.
Coal
Steelmaking coal
Production BMA 18 Mt Down 19% | 36 Mt (100% basis)
Production increased 5% (excluding the contribution of Blackwater and Daunia
18.0 Mt Down 19% in FY24), and raw coal inventory levels increased 12%. The strong performance
was underpinned by improved truck productivity and led to increased production
FY24 22.3 Mt across all open cut mines.
FY26e 18 - 20 Mt Our focus on rebuilding raw coal inventory enabled us to stabilise operating
performance across the asset and increase production despite the geotechnical
challenges at Broadmeadow and a 36% year-on-year increase in rainfall(vi).
Average realised price Production guidance for FY26 is expected to increase to between 18 and 20 Mt
(36 and 40 Mt on a 100% basis), weighted to the second half. We expect the
US$193.82/t Down 27% inventory rebuild to continue into CY27.
FY24 US$266.06/t
Energy coal
Production NSWEC 15 Mt Down 2%
NSWEC exceeded the top end of production guidance again in FY25. Production
15.0 Mt Down 2% decreased slightly due to increased wet weather impacting truck productivity,
as well as a higher proportion of washed coal and reduced truck availability
FY24 15.4 Mt in Q1. This was partially offset by a draw down of inventory.
FY26e 14 - 16 Mt Production for FY26 is expected to be between 14 and 16 Mt.
In April 2025, we received approval from the NSW government to extend mining
to 30 June 2030. We also entered into an agreement with renewable energy and
Average realised price infrastructure company ACCIONA Energía
(https://www.bhp.com/news/articles/2025/04/pumped-hydro-project-study-announced-at-mt-arthur-coal)
US$107.80/t Down 11% to explore the development of a pumped hydro energy storage project, located
in part of the Mt Arthur Coal operation.
FY24 US$121.52/t
4
BHP | Operational review for the year ended 30 June 2025
Group & Unallocated
Nickel
Production Western Australia Nickel 30 kt Down 63%
Western Australia Nickel (WAN) transitioned into temporary suspension in HY25.
30 kt Down 63%
As previously announced, BHP intends to review the decision to temporarily
FY24 82 kt suspend WAN by February 2027. As part of this review, BHP is assessing the
potential divestment of the WAN assets. Any decision to divest will be subject
to an assessment against other options, including continuing temporary
suspension, restart or closure.
During the review process, BHP is committed to:
· support the workforce with a people first approach;
· ensure the ongoing safety and integrity of the mines and related
infrastructure;
· work closely with Traditional Owners, governments and suppliers,
and to invest in local communities via the A$20 m Community Fund established
in 2024; and
· invest in exploration to extend the resource life of WAN and
preserve optionality.
Quarterly performance | Q4 FY25 v Q3 FY25
Copper Iron ore
516 kt Up 1% Copper SA achieved record copper production in Q4. Spence production also 70 Mt Up 14% Record quarterly production at WAIO underpinned by strong supply chain
increased driven by higher concentrator feed grade. Escondida cathode
performance with record productive movement, following significant weather
Q3 FY25 513 kt production increased as Full SaL ramped up, offset by lower concentrate feed Q3 FY25 62 Mt impacts in Q3. Samarco production continued to increase as the ramp up of the
grade. second concentrator was completed.
Steelmaking coal Energy coal
5.1 Mt Up 31% Higher production, including improved mining rates at Broadmeadow despite 4.1 Mt Up 13% Higher production due to improved wash plant performance, including record
ongoing geotechnical challenges, and increased stripping and inventory build
feed volumes and increased yield, as well as inventory draw down. This was
Q3 FY25 3.9 Mt following significant weather in Q3. Q3 FY25 3.6 Mt partially offset by significant wet weather.
Nickel
0.3 kt Down 87% Additional saleable production recovered from inventory during temporary
suspension.
Q3 FY25 2.3 kt
5
BHP | Operational review for the year ended 30 June 2025
Major projects
Commodity Project and ownership Capacity Capital First Progress
expenditure
production
US$M
target date
Potash Jansen Stage 1 Design, engineering and construction of an underground potash mine and surface Currently under review. Expected range is 7,000 - 7,400 Currently under review. Expected date may revert to original project timeline Approved in August 2021. Project is 68% complete(1)
(Canada) infrastructure, with capacity to produce 4.15 Mtpa. of mid-CY27
100%
Potash Jansen Stage 2 Development of additional mining districts, completion of the second shaft Currently under review Currently under review. Approved in October 2023. Project is 11% complete
(Canada) hoist infrastructure, expansion of processing facilities and addition of rail
100% cars to facilitate production of an incremental 4.36 Mtpa. Expected date may extend by two years to FY31
1 Jansen Stage 1 completion percentage has been re-baselined since
our Q3 FY25 Operational Review.
We continue to make progress at Jansen with JS1 now 68% complete. We estimate
capital expenditure for JS1 to increase from US$5.7 bn to be in the range of
US$7.0 bn to US$7.4 bn (including contingencies) and first production to
revert to the original schedule of mid-CY27. The estimated cost increase is
driven by inflationary and real cost escalation pressures, design development
and scope changes, and our current assessment of lower productivity outcomes
over the construction period. We expect to update the market on JS1's timing
and optimised capital expenditure estimate in H2 FY26.
Given potential for additional potash supply coming to market in the medium
term, and as part of our regular review of the sequencing of capital projects
under the Capital Allocation Framework, we are considering a two-year
extension for the execution of JS2 from FY29 to FY31. We expect to update the
market on JS2's timing estimate during H1 FY26, and optimised capital
expenditure estimate in H2 FY26.
We have spent US$4.5 bn on JS1 and US$0.4 bn on JS2 since they commenced
execution.
Footnotes
i Percentage reductions when run on lower or low to zero GHG
emissions ammonia compared to a conventionally fuelled voyage. Vessels
expected to be delivered from 2028. Lower GHG emissions: Capable of between 5%
to 80% lower GHG emissions intensity (gCO2-e/joule) on a well-to-wake basis
compared to conventional fossil fuels used in shipping. Low to zero GHG
emissions: Capable of between 81% to 100% lower GHG emissions intensity
(gCO2-e/joule) on a well-to-wake basis compared to conventional fossil fuels
used in shipping. Well-to-wake means inclusive of the GHG emissions across the
entire process of fuel production, delivery and use onboard vessels.
ii FY24 includes 11 kt from Cerro Colorado, which entered temporary
care and maintenance in December 2023. Excluding these volumes, FY25
production increased 5%. Production guidance is for Spence only. Refer to
copper (#_Copper) and the production and sales report (#_Appendix_2) for
further information.
iii FY24 production includes 5 Mt (10 Mt on a 100% basis) from the
Blackwater and Daunia mines, which were divested on 2 April 2024. Excluding
these volumes, FY25 production increased 5%. Refer to steelmaking coal
(#_Steelmaking_coal) and the production and sales report (#_Appendix_2) for
further information.
iv Western Australia Nickel ramped down and entered temporary
suspension in December 2024. Refer to nickel (#_Nickel) and the production and
sales report (#_Appendix_2) for further information.
v Amounts shown are those incurred by Samarco on a 100% basis, which
includes cash outflows as well as accruals relevant to the period from when
the agreement was signed on 25 October 2024 to the end of the 2025 financial
year on 30 June 2025. A portion of these payments were funded by cash
generated from the Samarco operations. The cash impact of BHP Brasil's
obligations relating to the Samarco dam failure for H2 FY25 is outlined on
page 2.
vi 821 mm of rainfall recorded at Moranbah Airport in FY25, 36% higher
than FY24 (602 mm).
6
BHP | Operational review for the year ended 30 June 2025
Appendix 1
Average realised prices
Quarter performance H2 performance Full year performance
Average realised prices(i) Q4 FY25 v Q3 FY25 v Q4 FY24 H2 FY25 v H1 FY25 v H2 FY24 FY25 v FY24
Copper (US$/lb)(i)(i, iii, iv) 4.43 (3%) (3%) 4.50 13% 5% 4.25 7%
Iron ore (US$/wmt, FOB)(v) 79.93 (8%) (12%) 83.15 3% (16%) 82.13 (19%)
Steelmaking coal (US$/t)(vi, vii) 177.32 (4%) (28%) 180.65 (12%) (32%) 193.82 (27%)
Energy coal (US$/t)(viii) 85.70 (12%) (31%) 91.28 (27%) (24%) 107.80 (11%)
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 The large majority of copper cathodes sales were linked to index
price for quotation periods one month after month of shipment, and three to
four months after month of shipment for copper concentrates sales with price
differentials applied for location and treatment costs.
iii At 30 June 2025, the Group had 434 kt of outstanding copper sales
that were revalued at a weighted average price of US$4.52/lb. The final price
of these sales will be determined in FY26. In addition, 430 kt of copper sales
from FY24 were subject to a finalisation adjustment in the current period. The
displayed prices include the impact of these provisional pricing and
finalisation adjustments.
iv Sales from Carrapateena and Prominent Hill acquired through the
purchase of OZL are included since the Q4 FY24 period.
v The large majority of iron ore shipments were linked to index
pricing for the month of shipment, with price differentials predominantly a
reflection of market fundamentals and product quality. Iron ore sales for FY25
and Q4 FY25 were based on an average moisture rate of 7.1% (FY24 6.7%; Q4 FY24
6.9%).
vi The large majority of steelmaking coal and energy coal exports were
linked to index pricing for the month of scheduled shipment or priced on the
spot market at fixed or index-linked prices, with price differentials
reflecting product quality.
vii From FY25, steelmaking coal refers to hard coking coal which is
generally those steelmaking coals with a Coke Strength after Reaction (CSR) of
35 and above. Comparative periods include impacts from weak coking coal, which
refers generally to those steelmaking coals with a CSR below 35, which were
sold by Blackwater and Daunia mines, divested on 2 April 2024.
viii Export sales only. Includes energy coal sales from steelmaking coal
mines.
Unit cost guidance
Unit cost Current FY25 guidance(i)
Escondida (US$/lb) 1.30 - 1.60 Bottom end
Spence (US$/lb) 2.00 - 2.30 Unchanged
Copper SA (US$/lb)(ii) 1.30 - 1.80 Upper half
WAIO (US$/t) 18.00 - 19.50 Upper half
BMA (US$/t) 128 - 133 Unchanged
i FY25 unit cost guidance is based on exchange rates of AUD/USD
0.66 and USD/CLP 842.
ii Calculated using the following assumptions for by-products: gold
US$2,000/oz, and uranium US$80/lb.
Exploration
Minerals exploration and evaluation expenditure was US$396 m for FY25 (FY24:
US$457 m) of which US$346 m was expensed (FY24: US$399 m).
7
BHP | Operational review for the year ended 30 June 2025
Appendix 2
8
BHP | Operational review for the year ended 30 June 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Jun Sep Dec Mar Jun Jun Jun Var Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 % 2024 2024 2024 2025 2025 2025 2024 %
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 370.4 360.9 391.4 379.8 375.9 1,508.0 1,335.4 13% 378.7 391.5 372.8 399.0 377.6 1,540.9 1,274.7 21%
Escondida kt 258.5 264.8 295.4 288.4 278.6 1,127.2 926.7 22% 261.3 273.2 275.0 309.2 285.5 1,142.9 886.5 29%
Pampa Norte kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0% 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Copper South Australia kt 32.1 21.8 25.9 22.5 31.7 101.9 106.3 (4)% 28.0 30.4 25.9 23.8 30.9 111.0 98.9 12%
Antamina kt 38.3 36.3 30.5 30.9 21.2 118.9 143.9 (17)% 37.4 39.6 33.3 27.4 21.8 122.1 139.8 (13)%
Carajás kt 2.1 2.3 3.0 1.9 2.2 9.4 8.2 15% 2.7 4.3 2.1 2.1 2.1 10.6 7.1 49%
Cathode kt 134.4 115.4 119.4 133.6 140.3 508.7 529.6 (4)% 142.3 110.7 120.0 133.3 148.4 512.4 531.9 (4)%
Escondida kt 50.7 39.4 44.4 45.2 48.7 177.7 198.6 (11)% 54.6 37.6 43.2 47.4 52.7 180.9 200.3 (10)%
Pampa Norte kt 26.5 24.4 29.6 31.8 31.2 117.0 115.3 1% 26.5 24.1 30.0 30.7 34.1 118.9 116.3 2%
Copper South Australia kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)% 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Total kt 504.8 476.3 510.8 513.4 516.2 2,016.7 1,865.0 8% 521.0 502.2 492.8 532.3 526.0 2,053.3 1,806.6 14%
Lead Payable metal in concentrate t 131 21 148 234 1,829 2,232 332 572% 9 125 35 181 837 1,178 362 225%
Antamina t 131 21 148 234 1,829 2,232 332 572% 9 125 35 181 837 1,178 362 225%
Zinc Payable metal in concentrate t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5% 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
Antamina t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5% 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
Gold Payable metal in concentrate troy oz 100,013 85,668 90,468 89,841 95,949 361,926 362,960 0% 92,323 98,936 89,174 92,357 95,523 375,990 349,377 8%
Escondida troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)% 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Pampa Norte troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)% 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Copper South Australia troy oz 48,355 32,928 48,309 40,457 50,871 172,565 163,061 6% 40,507 44,761 47,719 42,825 50,577 185,882 150,301 24%
Carajás troy oz 1,572 1,734 2,231 1,516 1,825 7,306 5,558 31% 1,730 3,169 1,527 1,664 1,693 8,053 4,735 70%
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)% 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Copper South Australia troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)% 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Total troy oz 149,152 123,053 137,946 146,847 142,738 550,584 570,083 (3)% 145,010 139,262 132,653 150,339 144,764 567,018 553,159 3%
Silver Payable metal in concentrate troy koz 3,317 3,150 3,277 3,418 3,911 13,756 11,593 19% 3,137 3,126 3,084 3,198 3,526 12,934 11,033 17%
Escondida troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26% 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
Pampa Norte troy koz 583 503 451 428 441 1,823 1,654 10% 583 503 451 428 441 1,823 1,654 10%
Copper South Australia troy koz 312 223 253 186 251 913 1,134 (19)% 311 295 218 173 226 912 1,122 (19)%
Antamina troy koz 873 878 954 1,017 1,313 4,162 3,359 24% 694 782 796 810 953 3,341 2,811 19%
Refined silver troy koz 265 206 133 462 216 1,017 995 2% 329 202 110 486 213 1,011 958 6%
Copper South Australia troy koz 265 206 133 462 216 1,017 995 2% 329 202 110 486 213 1,011 958 6%
Total troy koz 3,582 3,356 3,410 3,880 4,127 14,773 12,588 17% 3,466 3,328 3,194 3,684 3,739 13,945 11,991 16%
Uranium Payable metal in concentrate t 929 672 725 783 974 3,154 3,603 (12)% 1,554 677 640 710 1,230 3,257 3,324 (2)%
Copper South Australia t 929 672 725 783 974 3,154 3,603 (12)% 1,554 677 640 710 1,230 3,257 3,324 (2)%
Molybdenum Payable metal in concentrate t 699 1,084 751 801 337 2,973 2,616 14% 678 862 872 839 714 3,287 2,387 38%
Pampa Norte t 117 182 136 187 189 694 794 (13)% 134 181 138 223 190 732 818 (11)%
Antamina t 582 902 615 614 148 2,279 1,822 25% 544 681 734 616 524 2,555 1,569 63%
Iron ore Western Australia Iron Ore (WAIO) kt 68,173 63,363 64,751 60,137 68,348 256,599 254,936 1% 67,323 63,408 64,341 59,234 67,830 254,813 255,977 0%
Samarco kt 1,041 1,285 1,471 1,635 1,991 6,382 4,748 34% 1,043 1,002 1,508 1,445 2,013 5,968 4,766 25%
Total kt 69,214 64,648 66,222 61,772 70,339 262,981 259,684 1% 68,366 64,410 65,849 60,679 69,843 260,781 260,743 0%
Steelmaking coal¹ BHP Mitsubishi Alliance (BMA) kt 4,922 4,515 4,430 3,919 5,146 18,010 22,275 (19)% 4,904 4,273 4,726 3,791 5,030 17,820 22,294 (20)%
Energy coal NSW Energy Coal (NSWEC) kt 3,751 3,675 3,698 3,596 4,067 15,036 15,368 (2)% 3,678 3,951 3,803 3,509 3,926 15,189 15,167 0%
Nickel(2) Western Australia Nickel kt 23.0 19.6 8.0 2.3 0.3 30.2 81.6 (63)% 23.2 19.9 11.2 2.2 0.2 33.5 80.9 (59)%
Cobalt(2) Western Australia Nickel t 181 294 121 35 - 450 734 (39)% 181 294 121 - - 415 662 (37)%
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024. BMA includes thermal coal sales.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
9
BHP | Operational review for the year ended 30 June 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Jun Sep Dec Mar Jun Jun Jun Var Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 % 2024 2024 2024 2025 2025 2025 2024 %
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹ BHP interest 57.5%
Material mined kt 102,752 100,416 116,083 117,038 122,386 455,923 389,254 17%
Concentrator throughput kt 34,377 32,488 35,293 32,889 36,490 137,160 134,114 2%
Average copper grade - concentrator % 0.99% 1.00% 1.06% 1.09% 0.95% 1.02% 0.88% 16%
Production ex mill kt 279.5 269.9 309.8 295.6 291.0 1,166.3 961.4 21%
Payable copper kt 258.5 264.8 295.4 288.4 278.6 1,127.2 926.7 22% 261.3 273.2 275.0 309.2 285.5 1,142.9 886.5 29%
Copper cathode (EW) kt 50.7 39.4 44.4 45.2 48.7 177.7 198.6 (11)% 54.6 37.6 43.2 47.4 52.7 180.9 200.3 (10)%
Oxide leach kt 13.8 7.8 12.2 14.3 16.3 50.6 62.7 (19)%
Sulphide leach kt 36.9 31.6 32.2 30.9 32.4 127.1 135.9 (6)%
Total copper kt 309.2 304.2 339.8 333.6 327.3 1,304.9 1,125.3 16% 315.9 310.8 318.2 356.6 338.2 1,323.8 1,086.8 22%
Payable gold concentrate troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)% 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Payable silver concentrate troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26% 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0% 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Cathode kt 26.5 24.4 29.6 31.8 31.2 117.0 115.3 1% 26.5 24.1 30.0 30.7 34.1 118.9 116.3 2%
Total copper kt 65.9 60.1 66.2 67.9 73.4 267.6 265.6 1% 75.8 68.1 66.5 67.2 71.4 273.2 258.7 6%
Gold troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)% 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Silver troy koz 583 503 451 428 441 1,823 1,654 10% 583 503 451 428 441 1,823 1,654 10%
Molybdenum t 117 182 136 187 189 694 794 (13)% 134 181 138 223 190 732 818 (11)%
Cerro Colorado¹
Material mined kt - - - - - - - -
Ore stacked kt - - - - - - 154 (100)%
Average copper grade - stacked % - - - - - - 0.58% (100)%
Copper cathode (EW) kt - - - - - - 11.1 (100)% - - - - - - 12.5 (100)%
Spence
Material mined kt 19,951 23,260 25,238 21,848 25,944 96,290 89,546 8%
Ore stacked kt 5,926 4,928 5,974 5,584 5,413 21,899 21,791 0%
Average copper grade - stacked % 0.54% 0.73% 0.81% 0.62% 0.67% 0.71% 0.57% 24%
Concentrator throughput kt 7,766 7,547 7,722 7,754 7,792 30,815 31,445 (2)%
Average copper grade - concentrator % 0.70% 0.64% 0.62% 0.63% 0.66% 0.64% 0.66% (3)%
Payable copper kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0% 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Copper cathode (EW) kt 26.5 24.4 29.6 31.8 31.2 117.0 104.2 12% 26.5 24.1 30.0 30.7 34.1 118.9 103.8 15%
Total copper kt 65.9 60.1 66.2 67.9 73.4 267.6 254.5 5% 75.8 68.1 66.5 67.2 71.4 273.2 246.2 11%
Payable gold concentrate troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)% 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Payable silver concentrate troy koz 583 503 451 428 441 1,823 1,654 10% 583 503 451 428 441 1,823 1,654 10%
Payable molybdenum t 117 182 136 187 189 694 794 (13)% 134 181 138 223 190 732 818 (11)%
1 Cerro Colorado entered temporary care and maintenance in December 2023.
10
BHP | Operational review for the year ended 30 June 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Jun Sep Dec Mar Jun Jun Jun Var Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 % 2024 2024 2024 2025 2025 2025 2024 %
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 34.7 27.9 28.0 24.8 33.2 113.9 118.9 (4)% 28.0 30.4 25.9 23.8 30.9 111.0 98.9 12%
Cathode kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)% 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Total copper kt 91.9 79.5 73.4 81.4 93.6 327.9 334.6 (2)% 89.2 79.4 72.7 79.0 92.5 323.6 314.2 3%
Payable metal in concentrate transfer to Olympic Dam kt (2.6) (6.1) (2.1) (2.3) (1.5) (12.0) (12.6) (5)%
Net copper kt 89.3 73.4 71.3 79.1 92.1 315.9 322.0 (2)%
Gold Payable metal in concentrate troy oz 52,045 46,452 52,288 46,097 53,055 197,892 184,729 7% 40,507 44,761 47,719 42,825 50,577 185,882 150,301 24%
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)% 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Total gold troy oz 101,184 83,837 99,766 103,103 99,844 386,550 391,852 (1)% 93,194 85,087 91,198 100,807 99,818 376,910 354,083 6%
Payable metal in concentrate transfer to Olympic Dam troy oz (3,690) (13,524) (3,979) (5,640) (2,184) (25,327) (21,668) 17%
Net gold troy oz 97,494 70,313 95,787 97,463 97,660 361,223 370,184 (2)%
Silver Payable metal in concentrate troy koz 333 254 264 198 258 974 1,209 (19)% 311 295 218 173 226 912 1,122 (19)%
Refined silver troy koz 265 206 133 462 216 1,017 995 2% 329 202 110 486 213 1,011 958 6%
Total silver troy koz 598 460 397 660 474 1,991 2,204 (10)% 640 497 328 659 439 1,923 2,080 (8)%
Payable metal in concentrate transfer to Olympic Dam troy koz (21) (31) (11) (12) (7) (61) (75) (19)%
Net silver troy koz 577 429 386 648 467 1,930 2,129 (9)%
Uranium t 929 672 725 783 974 3,154 3,603 (12)% 1,554 677 640 710 1,230 3,257 3,324 (2)%
Olympic Dam
Material mined kt 2,815 2,734 1,918 2,498 2,587 9,737 10,754 (9)%
Ore milled kt 2,912 2,617 2,407 2,462 2,859 10,345 10,653 (3)%
Average copper grade % 2.00% 1.99% 2.09% 1.99% 2.05% 2.03% 2.01% 1%
Average uranium grade kg/t 0.58 0.60 0.59 0.56 0.56 0.58 0.58 (1)%
Copper cathode (ER and EW) kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)% 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)% 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Refined silver troy koz 265 206 133 462 216 1,017 995 2% 329 202 110 486 213 1,011 958 6%
Payable uranium t 929 672 725 783 974 3,154 3,603 (12)% 1,554 677 640 710 1,230 3,257 3,324 (2)%
Prominent Hill
Material mined kt 1,175 927 1,111 1,119 1,210 4,367 4,504 (3)%
Ore milled kt 1,815 1,559 1,761 1,364 1,998 6,682 6,740 (1)%
Average copper grade % 0.94% 0.73% 0.72% 0.82% 0.92% 0.80% 0.87% (8)%
Concentrate produced kt 28.4 19.6 21.5 19.2 33.0 93.3 98.1 (5)%
Payable copper kt 14.6 9.5 10.9 9.7 16.2 46.3 50.5 (8)% 7.3 10.9 8.0 9.5 12.8 41.2 32.8 26%
Payable gold concentrate troy oz 25,357 20,976 25,445 24,309 28,593 99,323 94,186 5% 12,955 18,719 19,658 22,614 25,222 86,213 63,168 36%
Payable silver concentrate troy koz 90 63 70 63 98 294 280 5% 48 73 48 51 69 241 198 22%
Carrapateena
Material mined kt 1,486 1,470 1,476 1,202 1,583 5,731 5,229 10%
Ore milled kt 1,450 1,446 1,429 1,306 1,557 5,738 5,213 10%
Average copper grade % 1.57% 1.45% 1.37% 1.31% 1.24% 1.34% 1.48% (9)%
Concentrate produced kt 62.0 59.2 57.6 50.6 58.7 226.1 194.7 16%
Payable copper kt 20.1 18.4 17.1 15.1 17.0 67.6 68.4 (1)% 20.7 19.5 17.9 14.3 18.1 69.8 66.1 6%
Payable gold concentrate troy oz 26,688 25,476 26,843 21,788 24,462 98,569 90,543 9% 27,552 26,042 28,061 20,211 25,355 99,669 87,133 14%
Payable silver concentrate troy koz 243 191 194 135 160 680 929 (27)% 263 222 170 122 157 671 924 (27)%
11
BHP | Operational review for the year ended 30 June 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Jun Sep Dec Mar Jun Jun Jun Var Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 % 2024 2024 2024 2025 2025 2025 2024 %
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 62,481 64,094 57,497 51,529 39,369 212,489 243,563 (13)%
Concentrator throughput kt 14,534 13,096 13,323 13,140 10,154 49,713 57,916 (14)%
Average head grade - copper % 0.91% 0.91% 0.77% 0.81% 0.76% 0.82% 0.87% (6)%
Average head grade - zinc % 0.68% 0.67% 0.84% 0.85% 1.70% 0.97% 0.89% 9%
Payable copper kt 38.3 36.3 30.5 30.9 21.2 118.9 143.9 (17)% 37.4 39.6 33.3 27.4 21.8 122.1 139.8 (13)%
Payable zinc t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5% 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
Payable silver troy koz 873 878 954 1,017 1,313 4,162 3,359 24% 694 782 796 810 953 3,341 2,811 19%
Payable lead t 131 21 148 234 1,829 2,232 332 572% 9 125 35 181 837 1,178 362 225%
Payable molybdenum t 582 902 615 614 148 2,279 1,822 25% 544 681 734 616 524 2,555 1,569 63%
Carajás, Brazil BHP interest 100%
Material mined kt 134 180 152 140 148 620 486 28%
Ore milled kt 135 161 170 128 176 636 488 30%
Average copper grade % 1.68% 1.61% 1.92% 1.64% 1.40% 1.64% 1.85% (11)%
Production ex mill kt 8.8 9.9 12.6 7.9 9.5 39.9 34.5 16%
Average gold grade g/t 0.48 0.46 0.54 0.50 0.43 0.48 0.48 0%
Payable copper kt 2.1 2.3 3.0 1.9 2.2 9.4 8.2 15% 2.7 4.3 2.1 2.1 2.1 10.6 7.1 49%
Payable gold concentrate troy oz 1,572 1,734 2,231 1,516 1,825 7,306 5,558 31% 1,730 3,169 1,527 1,664 1,693 8,053 4,735 70%
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 14,368 13,358 13,796 11,991 15,073 54,218 58,102 (7)%
Area C Joint Venture kt 29,070 28,839 29,578 27,869 32,824 119,110 105,868 13%
Yandi Joint Venture kt 5,293 4,440 3,777 3,819 3,854 15,890 17,855 (11)%
Jimblebar¹ kt 19,442 16,726 17,600 16,458 16,597 67,381 73,111 (8)%
Total kt 68,173 63,363 64,751 60,137 68,348 256,599 254,936 1%
Total (100%) kt 76,773 71,593 73,071 67,844 77,480 289,988 287,022 1%
Lump kt 20,260 19,377 20,319 18,822 21,285 79,803 79,580 0%
Fines kt 47,063 44,031 44,022 40,412 46,545 175,010 176,397 (1)%
Total kt 67,323 63,408 64,341 59,234 67,830 254,813 255,977 0%
Total (100%) kt 75,898 71,543 72,594 66,765 76,723 287,625 287,761 0%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,041 1,285 1,471 1,635 1,991 6,382 4,748 34% 1,043 1,002 1,508 1,445 2,013 5,968 4,766 25%
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater¹ kt 25 - - - - - 3,572 (100)%
Goonyella kt 2,047 1,359 1,439 1,228 1,811 5,837 6,434 (9)%
Peak Downs kt 1,238 1,249 1,073 1,098 1,154 4,574 4,217 8%
Saraji kt 817 940 1,171 883 1,079 4,073 3,287 24%
Daunia¹ kt 13 - - - - - 1,513 (100)%
Caval Ridge kt 782 967 747 710 1,102 3,526 3,252 8%
Total(2) kt 4,922 4,515 4,430 3,919 5,146 18,010 22,275 (19)%
Total (100%)(2) kt 9,844 9,030 8,860 7,838 10,292 36,020 44,550 (19)%
Coking coal kt 4,862 4,273 4,695 3,708 4,831 17,507 19,525 (10)%
Weak coking coal kt 42 - - - - - 2,250 (100)%
Thermal coal kt - - 31 83 199 313 519 (40)%
Total(1) kt 4,904 4,273 4,726 3,791 5,030 17,820 22,294 (20)%
Total (100%)(1) kt 9,808 8,546 9,452 7,582 10,060 35,640 44,588 (20)%
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
12
BHP | Operational review for the year ended 30 June 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Jun Sep Dec Mar Jun Jun Jun Var Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 % 2024 2024 2024 2025 2025 2025 2024 %
NSWEC, Australia BHP interest 100%
Export kt 3,254 3,416 3,471 3,128 3,554 13,569 13,841 (2)%
Domestic kt 424 535 332 381 372 1,620 1,326 22%
Total kt 3,751 3,675 3,698 3,596 4,067 15,036 15,368 (2)% 3,678 3,951 3,803 3,509 3,926 15,189 15,167 0%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹ BHP interest 100%
Mt Keith Nickel concentrate kt 42.6 35.9 5.4 - - 41.3 161.5 (74)%
Average nickel grade % 17.8 17.1 16.7 - - 17.0 16.7 2%
Leinster Nickel concentrate kt 76.6 72.4 - - - 72.4 266.3 (73)%
Average nickel grade % 9.0 8.8 - - - 8.8 8.3 6%
Refined nickel² kt 14.7 12.1 0.1 - - 12.2 49.9 (76)% 14.8 13.5 0.8 - - 14.3 49.6 (71)%
Nickel sulphate³ kt 1.6 0.3 - - - 0.3 4.2 (93)% 1.5 0.6 0.3 0.1 0.1 1.1 3.8 (71)%
Intermediates and nickel by-products(4) kt 6.7 7.2 7.9 2.3 0.3 17.7 27.5 (36)% 6.9 5.8 10.1 2.1 0.1 18.1 27.5 (34)%
Total nickel kt 23.0 19.6 8.0 2.3 0.3 30.2 81.6 (63)% 23.2 19.9 11.2 2.2 0.2 33.5 80.9 (59)%
Cobalt by-products t 181 294 121 35 - 450 734 (39)% 181 294 121 - - 415 662 (37)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
2 High quality refined nickel metal, including briquettes and powder.
3 Nickel sulphate crystals produced from nickel powder.
4 Nickel contained in matte and by-product streams.
13
BHP | Operational review for the year ended 30 June 2025
Variance analysis relates to the relative performance of BHP and/or its
operations during the 12 months ended June 2025 compared with the 12 months
ended June 2024, unless otherwise noted. Production volumes, sales volumes and
capital and exploration expenditure from subsidiaries are reported on a
100% basis; production and sales volumes from equity accounted investments
and other operations are reported on a proportionate consolidation basis.
Numbers presented may not add up precisely to the totals provided due to
rounding. Medium term refers to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release:
billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight
(CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), 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); percentage point (ppt); 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 2024 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 (http://www.bhp.com/)
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Media Relations Investor Relations
Email: media.relations@bhp.com (mailto:media.relations@bhp.com) Email: investor.relations@bhp.com (mailto:investor.relations@bhp.com)
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Mobile: +61 411 071 715 Mobile: +61 499 006 018
Europe, Middle East and Africa Europe, Middle East and Africa
Amanda Saunders James Bell
Mobile: Mobile: +44 7887 468 926 Mobile: +44 7961 636 432
North America Americas
Megan Hjulfors Monica Nettleton
Mobile: +1 403 605 2314 Mobile: +1 416 518 6293
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
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
14
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLFFFLVDSIDLIERecent news on BHP
See all newsREG - BHP Group Limited - Quarterly Activities Report
AnnouncementREG - BHP Group Limited - Bank of America 2025 Global Mining Conference
AnnouncementREG - BHP Group Limited - Total Voting Rights
AnnouncementREG - Stock Exch Notice - Admission to ISM - 25/04/2025
AnnouncementREG - BHP Group Limited - Quarterly Activities Report
Announcement