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:20251021:nRSU1851Ea&default-theme=true
RNS Number : 1851E BHP Group Limited 21 October 2025
BHP Group Limited 21 October 2025
Operational review for the quarter ended 30 September 2025
Delivering operational and project excellence into a constructive commodity
price environment
"We've made a strong start to the year, highlighted by disciplined operating
performance and execution of scheduled maintenance.
Group copper production rose 4%, with record concentrator throughput at
Escondida.
In iron ore, WAIO delivered another standout quarter, achieving record
material mined while completing critical infrastructure upgrades ahead of
schedule.
In steelmaking coal, production rose 8%, supported by strong mining rates at
Broadmeadow and increased stripping at our open cut mines.
We progressed key growth and decarbonisation milestones in the quarter,
including securing environmental approval for the Laguna Seca Expansion at
Escondida and Copper South Australia entering into its largest renewable
electricity agreement.
Both stages of the Jansen potash project in Canada are advancing, with Stage 1
reaching 73% completion and on track for production to begin in 2027, while
Stage 2 is now 13% complete. The long-term demand fundamentals for potash are
attractive and Jansen is expected to be one of the lowest cost producers.
Overall macro-economic signals for commodity demand remain resilient, and
global growth forecasts are moving higher. While we expect some deceleration
in growth in H2 CY25, in China we still expect GDP growth of ~5% for the year.
In copper, major disruptions at some of our competitors' mines have tightened
overall market fundamentals, benefitting our world-class portfolio of assets.
With momentum from a strong first quarter, BHP is on track to deliver on
full-year guidance and we are making progress on our growth pipeline across
Australia and the Americas."
Mike Henry, BHP Chief Executive Officer
Summary
Operational and project excellence Portfolio
Strong performance; maintenance executed Progressing our organic growth options
Copper production increased 4% driven by record concentrator throughput at In September, we received approval for the Environmental Impact Declaration
Escondida. Performance at Copper SA was strong and major planned maintenance (DIA) for the Laguna Seca Expansion at Escondida. The DIA permit for the
was safely executed. Escondida New Concentrator remains on track to be submitted in H2 FY26.
In our steelmaking commodities, WAIO achieved record Q1 material mined and a BHP welcomed state and federal ministers for a site visit to Copper SA, where
5% increase in lump sales, while delivering the planned rebuild of Car Dumper we are progressing initiatives aimed at increasing growth through
3 (CD3) ~8% ahead of schedule. BMA production increased 8% enabled by strong strengthening mining productivity
stripping performance and improved mining rates at Broadmeadow. (https://www.bhp.com/news/articles/2025/10/bhp-investing-to-boost-olympic-dam-operations)
as we continue building a world-class copper province.
Strong balance sheet Social value
Successful capital management A continued evolution as we grow
During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn and USD bonds In September, we held an ESG Roundtable
totalling US$1.5 bn competitively priced across four tranches and refinanced (https://www.bhp.com/-/media/documents/media/reports-and-presentations/2025/250930_esgroundtable.pdf)
its US$5.5 bn revolving credit facility. covering operational decarbonisation, Scope 3 steelmaking emissions,
Indigenous partnerships, and the Doce River Basin Agreement (Samarco).
These demonstrate disciplined execution underpinning our strong balance sheet.
Copper South Australia entered into its largest renewable electricity supply
agreement
(https://www.bhp.com/news/media-centre/releases/2025/09/bhp-powers-ahead-with-third-renewable-electricity-deal-for-copper-sa)
, taking another step forward in its operational decarbonisation journey.
Production Quarter performance Production guidance
Q1 FY26 v Q4 FY25 v Q1 FY25 FY26
guidance
Copper (kt) 493.6 (4%) 4% 1,800 - 2,000
Escondida (kt) 328.9 0% 8% 1,150 - 1,250 Unchanged
Pampa Norte (Spence) (kt) 55.8 (24%) (7%) 230 - 250 Unchanged
Copper South Australia (kt) 72.6 (21%) (1%) 310 - 340 Unchanged
Antamina (kt) 33.9 60% (7%) 120 - 140 Unchanged
Carajás (kt) 2.4 7% 2% - -
Iron ore (Mt) 64.1 (9%) (1%) 258 - 269
WAIO (Mt) 62.0 (9%) (2%) 251 - 262 Unchanged
WAIO (100% basis) (Mt) 70.2 (9%) (2%) 284 - 296 Unchanged
Samarco (Mt) 2.1 6% 64% 7 - 7.5 Unchanged
Steelmaking coal - BMA (Mt) 4.9 (5%) 8% 18 - 20
BMA (100% basis) (Mt) 9.7 (5%) 8% 36 - 40 Unchanged
Energy coal - NSWEC (Mt) 3.5 (13%) (4%) 14 - 16 Unchanged
1
BHP | Operational review for the quarter ended 30 September 2025
Segment and asset performance | FY26 YTD v FY25 YTD
Further information in Appendix 1 (#_Appendix_1)
Detailed production and sales information for all operations in Appendix 2
(#_Appendix_2)
Copper
Production Total copper production increased 4% to 494 kt. Copper production guidance for
FY26 remains unchanged at between 1,800 and 2,000 kt.
494 kt Up 4%
Escondida 328.9 kt Up 8% (100% basis)
We are investigating an incident on 9 October where a contracting team member
Q1 FY25 476 kt passed away. Our thoughts are with the team member's family. We are working
closely with the relevant authorities. There have been no operational impacts
FY26e 1,800 - 2,000 kt as a result of the event.
Increased production was driven by record concentrator throughput and improved
recoveries, partially offset by a lower concentrator feed grade of 0.94% (Q1
Average realised price FY25: 1.00%). Cathode production was higher in line with the continued ramp-up
of the Full SaL leaching project which achieved first production in Q4 FY25.
US$4.59/lb Up 8%
Production guidance for FY26 remains unchanged at between 1,150 and 1,250 kt
Q1 FY25 US$4.24/lb and is expected to be weighted to the first half in line with higher
concentrator feed grade. Concentrator feed grade of ~0.85% for the full year
remains unchanged.
We continue to make progress on the optimised Escondida Growth Program. In
September, the Antofagasta Environmental Evaluation Committee approved the DIA
for the Laguna Seca Expansion, enabling early infrastructure development,
while the Escondida New Concentrator DIA permit remains on track to be
submitted in H2 FY26.
Pampa Norte (Spence) 55.8 kt Down 7%
Spence production decreased 7% as expected, as a result of lower cathode
production, in line with a planned decline in stacked feed grade due to an
increase in the volume of transitional ore processed.
Production guidance for Spence remains unchanged at between 230 and 250 kt for
FY26 with production expected to increase from Q2 FY26.
Copper South Australia 72.6 kt Down 1%
Production was stable, driven by improved mine productivity at Olympic Dam and
Prominent Hill, with strong smelter and refinery throughput, offsetting lower
grade. We successfully completed planned major maintenance at Olympic Dam on
the underground materials handling system, mills and the refinery, and
continued the integration of HydroFloat technology at Carrapateena.
Production guidance for FY26 remains unchanged at between 310 and 340 kt,
weighted to the second half.
Gold production increased 24%, supported by strong operating performance and
higher grades at Olympic Dam.
Other copper
At Antamina, copper production decreased 7% to 34 kt. Zinc production was 86%
higher at 36 kt, as a result of planned higher feed grades. FY26 copper
production guidance of between 120 and 140 kt and zinc production guidance of
between 90 and 110 kt remain unchanged.
Carajás produced 2.4 kt of copper and 1.8 troy koz of gold. As announced in
August, the divestment of Carajás is expected to close in early CY26, subject
to the satisfaction of customary closing conditions (including regulatory
approvals).
2
BHP | Operational review for the quarter ended 30 September 2025
Iron ore
Production Iron ore production decreased 1% to 64 Mt. Production guidance for FY26
remains unchanged at between 258 and 269 Mt.
64 Mt Down 1%
WAIO 62.0 Mt Down 2% | 70.2 Mt (100% basis)
Production was solid as WAIO demonstrated continued supply chain excellence
Q1 FY25 65 Mt with record material mined (up 9%) and strong shipments, in a quarter of
significant planned maintenance.
FY26e 258 - 269 Mt
The major rebuild of Car Dumper 3 at Port Hedland, which had a 4.3 Mt (100%
basis) volume impact, was safely completed ~8% ahead of schedule,
demonstrating disciplined execution and project delivery excellence. Progress
Average realised price continued on the multi-year Rail Technology Program (RTP1), with tie-in
activities advancing as scheduled - supporting long-term infrastructure uplift
US$84.04/wmt Up 5% and future logistics resilience.
Q1 FY25 US$80.10/wmt Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284
and 296 Mt on a 100% basis).
Sales were broadly in line with the prior year, with a 5% increase in sales of
higher-value lump. We sell and ship iron ore products via different commercial
distribution channels, this includes seaborne sales, and portside sales in
China which have increased over recent years in line with our strategy. We
will continue to optimise distribution channels to support product placement.
Samarco 2.1 Mt Up 64% | 4.1 Mt (100% basis)
Production increased following recommissioning of latent pelletising plant
capacity and the ramp up of the second concentrator. Production guidance for
FY26 remains unchanged at between 7 and 7.5 Mt with planned maintenance across
the year.
Coal
Steelmaking coal
Production BMA 4.9 Mt Up 8% | 9.7 Mt (100% basis)
Production increased 8% due to higher underground production rates at
4.9 Mt Up 8% Broadmeadow and increased prime stripping, which offset the impact of planned
higher strip ratios at our open cut operations.
Q1 FY25 4.5 Mt
Due to market conditions and the unsustainable impact of the Queensland
FY26e 18 - 20 Mt Government's coal royalties on business returns, Saraji South, part of the
Saraji mine complex, will be placed into a period of care and maintenance from
November 2025.
Average realised price Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and
40 Mt on a 100% basis). Volumes will be weighted to H2 FY26, with continued
US$180.67/t Down 16% safe management of geotechnical characteristics in the current longwall panel
and a longwall move at Broadmeadow scheduled in Q2 FY26. We expect to continue
Q1 FY25 US$214.86/t building raw coal inventory into CY27, to further improve operating stability.
3
BHP | Operational review for the quarter ended 30 September 2025
Energy coal
Production NSWEC 3.5 Mt Down 4%
Production decreased due to additional wash plant maintenance resulting in
3.5 Mt Down 4% lower plant throughput. Strong mining performance, with improved truck
availability, resulted in a build of raw coal inventory.
Q1 FY25 3.7 Mt
Production guidance for FY26 remains unchanged at between 14 and 16 Mt.
FY26e 14 - 16 Mt
In September 2025, we received the final approval from the Australian Federal
Government to extend mining to 30 June 2030, following the NSW Government
extension granted in April 2025.
Average realised price
US$95.18/t Down 23%
Q1 FY25 US$124.32/t
Quarterly performance | Q1 FY26 v Q4 FY25
Copper Iron ore
494 kt Down 4% Higher production at Escondida due to higher concentrator throughput, 64 Mt Down 9% Lower production at WAIO as a result of planned maintenance including the
partially offset by lower production at Spence due to lower grades and Copper
rebuild of Car Dumper 3, which had a 4.3 Mt (100% basis) volume impact.
Q4 FY25 516 kt SA due to planned major maintenance. Q4 FY25 70 Mt
Steelmaking coal Energy coal
4.9 Mt Down 5% Lower production due to planned higher strip ratio as a result of mine 3.5 Mt Down 13% Lower production due to planned annual wash plant maintenance and lower bypass
sequencing. This was partially offset by increased prime stripping and
coal.
Q4 FY25 5.1 Mt inventory drawdown. Q4 FY25 4.1 Mt
Appendix 1
Average realised prices(i)
Quarter
Q1 FY26 v Q4 FY25 v Q1 FY25
Copper (US$/lb) 4.59 4% 8%
Iron ore (US$/wmt, FOB) 84.04 5% 5%
Steelmaking coal (US$/t) 180.67 2% (16%)
Energy coal (US$/t)(ii) 95.18 11% (23%)
i Based on provisional, unaudited estimates. Prices exclude
sales from equity accounted investments, third party product and internal
sales, and represent the weighted average of various sales terms (for example:
FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Export sales only. Includes thermal coal sales from
steelmaking coal mines.
4
BHP | Operational review for the quarter ended 30 September 2025
Current year unit cost guidance
Current
Unit cost FY26 guidance(i)
Escondida (US$/lb) 1.20 - 1.50 Unchanged
Spence (US$/lb) 2.10 - 2.40 Unchanged
Copper SA (US$/lb) 1.00 - 1.50(ii) Unchanged
WAIO (US$/t) 18.25 - 19.75 Unchanged
BMA (US$/t) 116 - 128 Unchanged
i FY26 unit cost guidance is based on exchange rates of
AUD/USD 0.65 and USD/CLP 940.
ii Calculated using the following assumptions for by-products:
gold US$2,900/oz, and uranium US$70/lb.
Medium term guidance(i)
Production Unit cost
guidance guidance(ii)
Escondida(iii) 900 - 1,000 ktpa US$1.50 - 1.80/lb
Spence ~235 ktpa US$2.05 - 2.35/lb
WAIO (100% basis)(iv) >305 Mtpa 305 Mtpa (100% basis) from Q4 FY28.
Major projects
Commodity Project and ownership Project scope / capacity Capital First Progress
expenditure
production
US$M
target date
Potash Jansen Stage 1 Design, engineering and construction of an underground potash mine and surface Under review Under review Project is 73% complete
(Canada) infrastructure, with capacity to produce 4.15 Mtpa.
100% Estimated range US$7.0 - 7.4 bn Estimated
mid-CY27
Potash Jansen Stage 2 Development of additional mining districts, completion of the second shaft Under review FY31 Project is 13% complete
(Canada) hoist infrastructure, expansion of processing facilities and addition of rail
100% cars to facilitate production of an incremental 4.36 Mtpa.
Exploration
Minerals exploration and evaluation expenditure was US$90 m for Q1 FY26 (Q1
FY25: US$104 m), of which US$76 m was expensed (Q1 FY25: US$91 m).
5
BHP | Operational review for the quarter ended 30 September 2025
Appendix 2
Production Sales
Quarter ended Year to date Quarter ended Year to date
Sep Dec Mar Jun Sep Sep Sep Var Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 % 2024 2024 2025 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 360.9 391.4 379.8 375.9 374.0 374.0 360.9 4% 391.5 372.8 399.0 377.6 343.0 343.0 391.5 (12)%
Escondida kt 264.8 295.4 288.4 278.6 282.4 282.4 264.8 7% 273.2 275.0 309.2 285.5 258.3 258.3 273.2 (5)%
Pampa Norte (Spence) kt 35.7 36.6 36.1 42.2 35.4 35.4 35.7 (1)% 44.0 36.5 36.5 37.3 33.2 33.2 44.0 (25)%
Copper South Australia kt 21.8 25.9 22.5 31.7 19.9 19.9 21.8 (9)% 30.4 25.9 23.8 30.9 15.9 15.9 30.4 (48)%
Antamina kt 36.3 30.5 30.9 21.2 33.9 33.9 36.3 (7)% 39.6 33.3 27.4 21.8 33.1 33.1 39.6 (16)%
Carajás kt 2.3 3.0 1.9 2.2 2.4 2.4 2.3 2% 4.3 2.1 2.1 2.1 2.5 2.5 4.3 (42)%
Cathode kt 115.4 119.4 133.6 140.3 119.6 119.6 115.4 4% 110.7 120.0 133.3 148.4 105.9 105.9 110.7 (4)%
Escondida kt 39.4 44.4 45.2 48.7 46.5 46.5 39.4 18% 37.6 43.2 47.4 52.7 38.1 38.1 37.6 1%
Pampa Norte (Spence) kt 24.4 29.6 31.8 31.2 20.4 20.4 24.4 (16)% 24.1 30.0 30.7 34.1 17.9 17.9 24.1 (26)%
Copper South Australia kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2% 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Total kt 476.3 510.8 513.4 516.2 493.6 493.6 476.3 4% 502.2 492.8 532.3 526.0 448.9 448.9 502.2 (11)%
Lead Payable metal in concentrate t 21 148 234 1,829 754 754 21 3,490% 125 35 181 837 1,469 1,469 125 1,075%
Antamina t 21 148 234 1,829 754 754 21 3,490% 125 35 181 837 1,469 1,469 125 1,075%
Zinc Payable metal in concentrate t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86% 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
Antamina t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86% 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
Gold Payable metal in concentrate troy oz 85,668 90,468 89,841 95,949 76,242 76,242 85,668 (11)% 98,936 89,174 92,357 95,523 66,377 66,377 98,936 (33)%
Escondida troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)% 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Pampa Norte (Spence) troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)% 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Copper South Australia troy oz 32,928 48,309 40,457 50,871 36,489 36,489 32,928 11% 44,761 47,719 42,825 50,577 26,476 26,476 44,761 (41)%
Carajás troy oz 1,734 2,231 1,516 1,825 1,816 1,816 1,734 5% 3,169 1,527 1,664 1,693 1,964 1,964 3,169 (38)%
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36% 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Copper South Australia troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36% 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Total troy oz 123,053 137,946 146,847 142,738 126,958 126,958 123,053 3% 139,262 132,653 150,339 144,764 117,524 117,524 139,262 (16)%
Silver Payable metal in concentrate troy koz 3,150 3,277 3,418 3,911 4,114 4,114 3,150 31% 3,126 3,084 3,198 3,526 4,136 4,136 3,126 32%
Escondida troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26% 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
Pampa Norte (Spence) troy koz 503 451 428 441 358 358 503 (29)% 503 451 428 441 358 358 503 (29)%
Copper South Australia troy koz 223 253 186 251 182 182 223 (18)% 295 218 173 226 131 131 295 (56)%
Antamina troy koz 878 954 1,017 1,313 1,632 1,632 878 86% 782 796 810 953 1,705 1,705 782 118%
Refined silver troy koz 206 133 462 216 227 227 206 10% 202 110 486 213 255 255 202 26%
Copper South Australia troy koz 206 133 462 216 227 227 206 10% 202 110 486 213 255 255 202 26%
Total troy koz 3,356 3,410 3,880 4,127 4,341 4,341 3,356 29% 3,328 3,194 3,684 3,739 4,391 4,391 3,328 32%
Uranium Payable metal in concentrate t 672 725 783 974 819 819 672 22% 677 640 710 1,230 649 649 677 (4)%
Copper South Australia t 672 725 783 974 819 819 672 22% 677 640 710 1,230 649 649 677 (4)%
Molybdenum Payable metal in concentrate t 1,084 751 801 337 341 341 1,084 (69)% 862 872 839 714 347 347 862 (60)%
Pampa Norte (Spence) t 182 136 187 189 257 257 182 41% 181 138 223 190 208 208 181 15%
Antamina t 902 615 614 148 84 84 902 (91)% 681 734 616 524 139 139 681 (80)%
Iron ore Western Australia Iron Ore (WAIO) kt 63,363 64,751 60,137 68,348 62,015 62,015 63,363 (2)% 63,408 64,341 59,234 67,830 62,430 62,430 63,408 (2)%
Samarco kt 1,259 1,441 1,603 1,951 2,066 2,066 1,259 64% 982 1,477 1,416 1,973 2,042 2,042 982 108%
Total kt 64,622 66,192 61,740 70,299 64,081 64,081 64,622 (1)% 64,390 65,818 60,650 69,803 64,472 64,472 64,390 0%
Steelmaking coal BHP Mitsubishi Alliance (BMA) kt 4,515 4,430 3,919 5,146 4,865 4,865 4,515 8% 4,273 4,726 3,791 5,030 4,472 4,472 4,273 5%
Energy coal NSW Energy Coal (NSWEC) kt 3,675 3,698 3,596 4,067 3,518 3,518 3,675 (4)% 3,951 3,803 3,509 3,926 3,707 3,707 3,951 (6)%
Nickel(1) Western Australia Nickel kt 19.6 8.0 2.3 0.3 - - 19.6 (100)% 19.9 11.2 2.2 0.2 - - 19.9 (100)%
Cobalt(1) Western Australia Nickel t 294 121 35 - - - 294 (100)% 294 121 - - - - 294 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
7
BHP | Operational review for the quarter ended 30 September 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Sep Dec Mar Jun Sep Sep Sep Var Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 % 2024 2024 2025 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 100,416 116,083 117,038 122,386 114,527 114,527 100,416 14%
Concentrator throughput kt 32,488 35,293 32,889 36,490 36,721 36,721 32,488 13%
Average copper grade - concentrator % 1.00% 1.06% 1.09% 0.95% 0.94% 0.94% 1.00% (6)%
Production ex mill kt 269.9 309.8 295.6 291.0 294.2 294.2 269.9 9%
Payable copper kt 264.8 295.4 288.4 278.6 282.4 282.4 264.8 7% 273.2 275.0 309.2 285.5 258.3 258.3 273.2 (5)%
Copper cathode (EW) kt 39.4 44.4 45.2 48.7 46.5 46.5 39.4 18% 37.6 43.2 47.4 52.7 38.1 38.1 37.6 1%
Oxide leach kt 7.8 12.2 14.3 16.3 16.8 16.8 7.8 115%
Sulphide leach kt 31.6 32.2 30.9 32.4 29.7 29.7 31.6 (6)%
Total copper kt 304.2 339.8 333.6 327.3 328.9 328.9 304.2 8% 310.8 318.2 356.6 338.2 296.4 296.4 310.8 (5)%
Payable gold concentrate troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)% 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Payable silver concentrate troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26% 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹ BHP interest 100%
Material mined kt 23,260 25,238 21,848 25,944 24,695 24,695 23,260 6%
Ore stacked kt 4,928 5,974 5,584 5,413 5,652 5,652 4,928 15%
Average copper grade - stacked % 0.73% 0.81% 0.62% 0.67% 0.61% 0.61% 0.73% (16)%
Concentrator throughput kt 7,547 7,722 7,754 7,792 7,778 7,778 7,547 3%
Average copper grade - concentrator % 0.64% 0.62% 0.63% 0.66% 0.65% 0.65% 0.64% 2%
Payable copper kt 35.7 36.6 36.1 42.2 35.4 35.4 35.7 (1)% 44.0 36.5 36.5 37.3 33.2 33.2 44.0 (25)%
Copper cathode (EW) kt 24.4 29.6 31.8 31.2 20.4 20.4 24.4 (16)% 24.1 30.0 30.7 34.1 17.9 17.9 24.1 (26)%
Total copper kt 60.1 66.2 67.9 73.4 55.8 55.8 60.1 (7)% 68.1 66.5 67.2 71.4 51.1 51.1 68.1 (25)%
Payable gold concentrate troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)% 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Payable silver concentrate troy koz 503 451 428 441 358 358 503 (29)% 503 451 428 441 358 358 503 (29)%
Payable molybdenum t 182 136 187 189 257 257 182 41% 181 138 223 190 208 208 181 15%
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered
temporary care and maintenance in December 2023.
8
BHP | Operational review for the quarter ended 30 September 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Sep Dec Mar Jun Sep Sep Sep Var Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 % 2024 2024 2025 2025 2025 2025 2024 %
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.9 28.0 24.8 33.2 25.5 25.5 27.9 (9)% 30.4 25.9 23.8 30.9 15.9 15.9 30.4 (48)%
Cathode kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2% 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Total copper kt 79.5 73.4 81.4 93.6 78.2 78.2 79.5 (2)% 79.4 72.7 79.0 92.5 65.8 65.8 79.4 (17)%
Payable metal in concentrate transfer to Olympic Dam kt (6.1) (2.1) (2.3) (1.5) (5.6) (5.6) (6.1) (8)%
Net copper kt 73.4 71.3 79.1 92.1 72.6 72.6 73.4 (1)%
Gold Payable metal in concentrate troy oz 46,452 52,288 46,097 53,055 47,893 47,893 46,452 3% 44,761 47,719 42,825 50,577 26,476 26,476 44,761 (41)%
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36% 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Total gold troy oz 83,837 99,766 103,103 99,844 98,609 98,609 83,837 18% 85,087 91,198 100,807 99,818 77,623 77,623 85,087 (9)%
Payable metal in concentrate transfer to Olympic Dam troy oz (13,524) (3,979) (5,640) (2,184) (11,404) (11,404) (13,524) (16)%
Net gold troy oz 70,313 95,787 97,463 97,660 87,205 87,205 70,313 24%
Silver Payable metal in concentrate troy koz 254 264 198 258 213 213 254 (16)% 295 218 173 226 131 131 295 (56)%
Refined silver troy koz 206 133 462 216 227 227 206 10% 202 110 486 213 255 255 202 26%
Total silver troy koz 460 397 660 474 440 440 460 (4)% 497 328 659 439 386 386 497 (22)%
Payable metal in concentrate transfer to Olympic Dam troy koz (31) (11) (12) (7) (31) (31) (31) 0%
Net silver troy koz 429 386 648 467 409 409 429 (5)%
Uranium t 672 725 783 974 819 819 672 22% 677 640 710 1,230 649 649 677 (4)%
Olympic Dam
Material mined kt 2,734 1,918 2,498 2,587 2,818 2,818 2,734 3%
Ore milled kt 2,617 2,407 2,462 2,859 2,640 2,640 2,617 1%
Average copper grade % 1.99% 2.09% 1.99% 2.05% 1.97% 1.97% 1.99% (1)%
Average uranium grade kg/t 0.60 0.59 0.56 0.56 0.55 0.55 0.60 (8)%
Copper cathode (ER and EW) kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2% 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36% 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Refined silver troy koz 206 133 462 216 227 227 206 10% 202 110 486 213 255 255 202 26%
Payable uranium t 672 725 783 974 819 819 672 22% 677 640 710 1,230 649 649 677 (4)%
Prominent Hill
Material mined kt 927 1,111 1,119 1,210 1,049 1,049 927 13%
Ore milled kt 1,559 1,761 1,364 1,998 1,621 1,621 1,559 4%
Average copper grade % 0.73% 0.72% 0.82% 0.92% 0.71% 0.71% 0.73% (3)%
Concentrate produced kt 19.6 21.5 19.2 33.0 19.0 19.0 19.6 (3)%
Payable copper kt 9.5 10.9 9.7 16.2 9.9 9.9 9.5 4% 10.9 8.0 9.5 12.8 4.4 4.4 10.9 (60)%
Payable gold concentrate troy oz 20,976 25,445 24,309 28,593 24,105 24,105 20,976 15% 18,719 19,658 22,614 25,222 9,033 9,033 18,719 (52)%
Payable silver concentrate troy koz 63 70 63 98 61 61 63 (3)% 73 48 51 69 29 29 73 (60)%
Carrapateena
Material mined kt 1,470 1,476 1,202 1,583 1,488 1,488 1,470 1%
Ore milled kt 1,446 1,429 1,306 1,557 1,511 1,511 1,446 4%
Average copper grade % 1.45% 1.37% 1.31% 1.24% 1.18% 1.18% 1.45% (19)%
Concentrate produced kt 59.2 57.6 50.6 58.7 52.4 52.4 59.2 (11)%
Payable copper kt 18.4 17.1 15.1 17.0 15.6 15.6 18.4 (15)% 19.5 17.9 14.3 18.1 11.5 11.5 19.5 (41)%
Payable gold concentrate troy oz 25,476 26,843 21,788 24,462 23,788 23,788 25,476 (7)% 26,042 28,061 20,211 25,355 17,443 17,443 26,042 (33)%
Payable silver concentrate troy koz 191 194 135 160 152 152 191 (20)% 222 170 122 157 102 102 222 (54)%
9
BHP | Operational review for the quarter ended 30 September 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Sep Dec Mar Jun Sep Sep Sep Var Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 % 2024 2024 2025 2025 2025 2025 2024 %
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 64,094 57,497 51,529 39,369 58,970 58,970 64,094 (8)%
Concentrator throughput kt 13,096 13,323 13,140 10,154 13,307 13,307 13,096 2%
Average head grade - copper % 0.91% 0.77% 0.81% 0.76% 0.86% 0.86% 0.91% (5)%
Average head grade - zinc % 0.67% 0.84% 0.85% 1.70% 1.26% 1.26% 0.67% 88%
Payable copper kt 36.3 30.5 30.9 21.2 33.9 33.9 36.3 (7)% 39.6 33.3 27.4 21.8 33.1 33.1 39.6 (16)%
Payable zinc t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86% 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
Payable silver troy koz 878 954 1,017 1,313 1,632 1,632 878 86% 782 796 810 953 1,705 1,705 782 118%
Payable lead t 21 148 234 1,829 754 754 21 3,490% 125 35 181 837 1,469 1,469 125 1,075%
Payable molybdenum t 902 615 614 148 84 84 902 (91)% 681 734 616 524 139 139 681 (80)%
Carajás, Brazil BHP interest 100%
Material mined kt 180 152 140 148 134 134 180 (26)%
Ore milled kt 161 170 128 176 160 160 161 0%
Average copper grade % 1.61% 1.92% 1.64% 1.40% 1.63% 1.63% 1.61% 1%
Production ex mill kt 9.9 12.6 7.9 9.5 10.3 10.3 9.9 4%
Average gold grade g/t 0.46 0.54 0.50 0.43 0.46 0.46 0.46 0%
Payable copper kt 2.3 3.0 1.9 2.2 2.4 2.4 2.3 2% 4.3 2.1 2.1 2.1 2.5 2.5 4.3 (42)%
Payable gold concentrate troy oz 1,734 2,231 1,516 1,825 1,816 1,816 1,734 5% 3,169 1,527 1,664 1,693 1,964 1,964 3,169 (38)%
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 13,358 13,796 11,991 15,073 13,724 13,724 13,358 3%
Area C Joint Venture kt 28,839 29,578 27,869 32,824 29,415 29,415 28,839 2%
Yandi Joint Venture kt 4,440 3,777 3,819 3,854 3,498 3,498 4,440 (21)%
Jimblebar¹ kt 16,726 17,600 16,458 16,597 15,378 15,378 16,726 (8)%
Total kt 63,363 64,751 60,137 68,348 62,015 62,015 63,363 (2)%
Total (100%) kt 71,593 73,071 67,844 77,480 70,246 70,246 71,593 (2)%
Lump kt 19,377 20,319 18,822 21,285 20,250 20,250 19,377 5%
Fines kt 44,031 44,022 40,412 46,545 42,180 42,180 44,031 (4)%
Total kt 63,408 64,341 59,234 67,830 62,430 62,430 63,408 (2)%
Total (100%) kt 71,543 72,594 66,765 76,723 70,592 70,592 71,543 (1)%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil¹ BHP interest 50%
Total kt 1,259 1,441 1,603 1,951 2,066 2,066 1,259 64% 982 1,477 1,416 1,973 2,042 2,042 982 108%
1 As of Q1 FY26, Samarco is reported on a dmt basis. Prior periods have been
restated from wmt to dmt for consistency.
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,359 1,439 1,228 1,811 1,880 1,880 1,359 38%
Peak Downs kt 1,249 1,073 1,098 1,154 1,111 1,111 1,249 (11)%
Saraji kt 940 1,171 883 1,079 884 884 940 (6)%
Caval Ridge kt 967 747 710 1,102 990 990 967 2%
Total(1) kt 4,515 4,430 3,919 5,146 4,865 4,865 4,515 8%
Total (100%)(1) kt 9,030 8,860 7,838 10,292 9,730 9,730 9,030 8%
Hard coking coal kt 4,273 4,695 3,708 4,831 4,428 4,428 4,273 4%
Energy coal kt - 31 83 199 44 44 - 100%
Total kt 4,273 4,726 3,791 5,030 4,472 4,472 4,273 5%
Total (100%) kt 8,546 9,452 7,582 10,060 8,944 8,944 8,546 5%
1 Production figures include some energy coal.
10
BHP | Operational review for the quarter ended 30 September 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Sep Dec Mar Jun Sep Sep Sep Var Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 % 2024 2024 2025 2025 2025 2025 2024 %
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,416 3,471 3,128 3,554 3,549 3,549 3,416 4%
Energy coal - Domestic kt 535 332 381 372 158 158 535 (70)%
Total kt 3,675 3,698 3,596 4,067 3,518 3,518 3,675 (4)% 3,951 3,803 3,509 3,926 3,707 3,707 3,951 (6)%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹ BHP interest 100%
Mt Keith Nickel concentrate kt 35.9 5.4 - - - - 35.9 (100)%
Average nickel grade % 17.1 16.7 - - - - 17.1 (100)%
Leinster Nickel concentrate kt 72.4 - - - - - 72.4 (100)%
Average nickel grade % 8.8 - - - - - 8.8 (100)%
Refined nickel kt 12.1 0.1 - - - - 12.1 (100)% 13.5 0.8 - - - - 13.5 (100)%
Nickel sulphate kt 0.3 - - - - - 0.3 (100)% 0.6 0.3 0.1 0.1 - - 0.6 (100)%
Intermediates and nickel by-products kt 7.2 7.9 2.3 0.3 - - 7.2 (100)% 5.8 10.1 2.1 0.1 - - 5.8 (100)%
Total nickel kt 19.6 8.0 2.3 0.3 - - 19.6 (100)% 19.9 11.2 2.2 0.2 - - 19.9 (100)%
Cobalt by-products t 294 121 35 - - - 294 (100)% 294 121 - - - - 294 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
11
BHP | Operational review for the quarter ended 30 September 2025
Variance analysis relates to the relative performance of BHP and/or its
operations during the three months ended September 2025 compared with the
three
months ended September 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 time 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); 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 (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: +44 7887 468 926 Mobile: +44 7961 636 432
North America Americas
Megan Hjulfors James Bell
Mobile: +1 403 605 2314 Mobile: +44 7961 636 432
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
12
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 DRLFIFFSIALLFIE
Copyright 2019 Regulatory News Service, all rights reserved Recent news on BHP
See all newsREG - BHP Group Limited - Quarterly Activities Report
AnnouncementREG - Stock Exch Notice - Admission to ISM - 19/09/2025
AnnouncementREG - BHP Group Limited - BHP 2025 Notice of Annual General Meeting
AnnouncementREG - Stock Exch Notice - Admission to Trading - 11/09/2025
AnnouncementREG - BHP Group Limited - Settlement of Samarco AU Securities Class Action
Announcement