REG - BHP Group PLC - Operational Review nine months ended 31 March 2021

BHPAnnouncement

21/04/2021 07:00

RNS Number : 0978W
  
BHP Group PLC
  
21 April 2021
  
 




Release Time


IMMEDIATE




Date


21 April 2021




Release Number


05/21



BHP OPERATIONAL REVIEW

FOR THE NINE MONTHS ENDED 31 MARCH 2021
Note: All guidance is subject to further potential impacts from COVID-19 during the 2021 financial year.
·    Record production was achieved at Western Australia Iron Ore (WAIO) and record average concentrator throughput was delivered at Escondida.
·    Production guidance for the 2021 financial year remains unchanged for petroleum and iron ore. Copper guidance has increased to between 1,535 kt and 1,660 kt and reflects stronger than expected performance at Escondida. Metallurgical coal guidance has been reduced to between 39 and 41 Mt as a result of significant wet weather impacts during the December 2020 and March 2021 quarters. Energy coal guidance has been reduced to between 18 and 20 Mt as a result of significant weather impacts at New South Wales Energy Coal (NSWEC) and lower than expected volumes at Cerrejón. 
·    Full year unit cost guidance(1) (based on exchange rates of AUD/USD 0.70 and USD/CLP 769) remains unchanged for Petroleum and WAIO. Unit costs for Escondida have been lowered to be between US$0.95 and US$1.10(1) per pound, reflecting strong production and lower deferred stripping costs.  Unit costs for Queensland Coal have been increased to be between US$74 and US$78(1) per tonne, reflecting lower expected volumes for the full year.  
·    The Bass Strait West Barracouta gas project achieved first production in April 2021, and is on schedule and budget. Our major projects under development are also progressing to plan. The Ruby project in Trinidad and Tobago is progressing ahead of schedule and on budget, with first production on track for May 2021. South Flank is tracking well with commissioning activities planned for the June 2021 quarter and is on schedule for first production in the middle of the 2021 calendar year. Jansen Stage 1 project remains on track for Final Investment Decision in the middle of the 2021 calendar year. 
 



Production

 



Mar YTD21
(vs Mar YTD20)

 



Mar Q21
(vs Dec Q20)

 



Mar Q21 vs Dec Q20 commentary

 





Petroleum (MMboe)


75.8

(8%)


25.4

7%


Higher volumes reflect increased Shenzi working interest (following completion of the acquisition in November 2020) and impacts from Hurricanes Delta and Zeta in the Gulf of Mexico in the prior quarter. This was partially offset by lower seasonal demand at Bass Strait.




Copper (kt)


1,232.7

(6%)


391.4

(9%)


Lower volumes primarily as a result of decreased throughput at Escondida, reflecting the impact of a reduced operational workforce due to the continuation of COVID-19 restrictions, and lower concentrator feed grade. 




Iron ore (Mt)


188.3

4%


59.9

(4%)


Lower volumes at WAIO reflects weather impacts and planned Ore Handling Plant and stacker maintenance at Newman, partially offset by improved car dumper performance. 




Metallurgical coal (Mt)


28.8

(2%)


9.6

1%


Queensland Coal volumes in line with prior quarter as operations continue to be impacted by significant wet weather events.




Energy coal (Mt)


13.0

(26%)


4.8

34%


Higher volumes at Cerrejón as a result of a strike in the prior period, partially offset by lower volumes at NSWEC due to significant wet weather impacts and increased washed coal in response to reduced port capacity following damage to a shiploader at the Newcastle port. 




Nickel (kt)


66.6

19%


20.4

(15%)


Lower volumes largely as a result of planned maintenance undertaken at the Kwinana refinery. 



Group copper equivalent production was marginally lower over the nine months ended March 2021. Strong underlying operational performance was offset by the impacts of planned maintenance, natural field decline, copper grade decline and adverse weather. 
1
 
Summary
BHP Chief Executive Officer, Mike Henry: 
"BHP's strong safety and operational performance continued during the quarter, with record year-to-date production at Western Australia Iron Ore, the Goonyella Riverside metallurgical coal mine in Queensland and concentrator throughput at Escondida in Chile.
We are reliably executing our major projects, bringing on new supply in copper, petroleum and iron ore. The Spence Growth Option and Samarco are ramping up and West Barracouta, in Petroleum, started production this month. First production from Petroleum's Ruby project is expected in the coming weeks and South Flank, with its higher grade and lump proportion, is on track to begin production in the middle of the year.
BHP continues to deliver on decarbonising, in line with the Paris Agreement goals. We have established emissions reduction partnerships with three major steelmakers in China and Japan whose combined output equates to around 10 per cent of global steel production. In shipping, we have successfully completed an initial trial of marine biofuels, in addition to the tender awarded last year for LNG-powered iron ore vessels. In our own operations, we have established significant renewable power supply agreements for our Kwinana nickel refinery, Queensland Coal operations, and Escondida and Spence copper mines. 
With our focus on keeping our people safe, costs down and productivity up, we are well positioned to finish the year strongly and continue delivering the essential products the world needs."
Operational performance
Production and guidance are summarised below.
Note: All guidance is subject to further potential impacts from COVID-19 during the 2021 financial year.




Production 




Mar

YTD21




Mar

Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20




Previous

FY21

guidance




Current

FY21

guidance









Petroleum (MMboe)


 75.8 


 25.4 


(8%)


1% 


7% 


95 - 102


95 - 102


Upper half of range




Copper (kt)


 1,232.7 


 391.4 


(6%)


(8%)


(9%)


1,510 - 1,645


1,535 - 1,660








   Escondida (kt)


 821.5 


 249.3 


(8%)


(14%)


(13%)


970 - 1,030


1,010 - 1,060


Increased




   Pampa Norte (kt)   


 148.8 


 52.0 


(21%)


(19%)


(4%)


240 - 270


225 - 255


Lowered




   Olympic Dam (kt)  


 154.5 


 55.4 


25%


44% 


16% 


180 - 205


180 - 205


Upper half of range




   Antamina (kt)


 107.9 


 34.7 


1%


5% 


(10%)


120 - 140


120 - 140


Upper end of range




Iron ore(i) (Mt)


 188.3 


 59.9 


4%


0%


(4%)


245 - 255


245 - 255








   WAIO (100% basis) (Mt)


 211.3 


 66.7 


3%


(2%)


(5%)


276 - 286


276 - 286


Upper half of range




Metallurgical coal (Mt)


 28.8 


 9.6 


(2%)


4% 


1% 


40 - 44


39 - 41








   Queensland Coal (100% basis) (Mt)


 51.4 


 17.3 


(1%)


8% 


2% 


71 - 77


70 - 73


Lowered




Energy coal (Mt)


 13.0 


 4.8 


(26%)


(17%)


34% 


21 - 23


18 - 20








   NSWEC (Mt)


 9.8 


 3.0 


(12%)


(22%)


(8%)


15 - 17


14 - 15


Lowered




   Cerrejón (Mt)


 3.2 


 1.8 


(50%)


(9%)


417% 


~6


4 - 5


Lowered




Nickel (kt)


 66.6 


 20.4 


19% 


(2%)


(15%)


85 - 95


85 - 95


Unchanged



(i)     Iron ore comprises WAIO and Samarco.
2
 
 
Major development projects
At the end of March 2021, BHP had four major projects under development in petroleum, iron ore and potash, with a combined budget of US$8.5 billion over the life of the projects. Our major projects under development are tracking to plan. 
In March 2021, the US Department of Agriculture directed the US Forest Service to rescind the Resolution Copper Mining (RCM) project's Final Environmental Impact Statement and the draft Record of Decision that were both issued in January 2021. BHP supports RCM's collaboration with the US Forest Service, and its commitment to further consultation with local communities and Native American tribes in an effort to seek consent, as it continues to study the project.
The Jansen Stage 1 project in Canada is expected to be presented to the BHP Board for Final Investment Decision in the middle of the 2021 calendar year. 
Corporate update
On 9 April 2021, Samarco announced that it filed for judicial reorganisation (JR) with the Commercial Courts of Belo Horizonte, State of Minas Gerais, Brazil. The request for JR was granted by the Belo Horizonte Justice on 12 April 2021. The JR is a means for Samarco to restructure its financial debts in order to establish a sustainable independent financial position for Samarco to continue to rebuild its operations safely and meet its Renova Foundation obligations. Samarco's filing follows unsuccessful attempts to negotiate a debt restructure with financial creditors and multiple legal actions filed by those creditors which threaten Samarco's operations. Samarco's operations will continue during the JR and restructure process. The JR does not affect Samarco's obligation or commitment to make full redress for the 2015 Fundão dam failure, and it does not impact Renova Foundation's ability to undertake that remediation and compensation. 
In February 2021, we signed a memorandum of understanding (MOU) with a large Japanese steel producer, JFE, to jointly study technologies and pathways capable of making material reductions to greenhouse gas emissions from the integrated steelmaking process. We have agreed to invest up to US$15 million over the five-year partnership. 
In March 2021, we also signed a MOU with China's HBIS Group Co., Ltd (HBIS), one of the world's largest steelmakers and one of our major customers of iron ore, with the intention to invest up to US$15 million over three years to jointly study and explore greenhouse gas emissions reduction technologies and pathways. The three-year partnership intends to collaborate on three priority areas: hydrogen-based direct reduction technology, the recycling and reuse of steelmaking slag, and the role of iron ore lump utilisation to help reduce emissions from ironmaking and steelmaking. 
The partnerships with JFE and HBIS follow other investments to support the reduction of value chain emissions, including up to US$35 million for the collaboration with China's largest steelmaker, China Baowu (November 2020), awarding our first LNG-fuelled Newcastlemax bulk carriers contract (September 2020), with the aim to reduce CO2-e emissions by 30 per cent per voyage and a successfully completed marine biofuel trial which enables us to develop an informed strategy on the structural supply and use of biofuels to support our key shipping routes (April 2021). The advanced biofuel reduces CO2-e emissions by 80 to 90 per cent well-to-exhaust compared with heavy fuel oil (HFO) and very-low sulphur fuel oil (VLSFO), and uses sustainable waste and residue streams as feedstock.
In February 2021, we also executed a 10-year PPA contract with Merredin Solar Farm to supply up to 50 per cent of the Nickel West Kwinana Refinery electricity needs by 2024, based on 2020 financial year levels. This contract will further increase the sustainability of the nickel produced by Nickel West and will help to reduce emissions from electricity at the refinery by up to 50 per cent. 
3
Petroleum
Production








Mar YTD21




Mar Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20





Crude oil, condensate and natural gas liquids (MMboe)


 33.8 


 11.6 


(10%)


0% 


8% 




Natural gas (bcf)


 252.0 


 82.6 


(7%)


2% 


5% 




Total petroleum production (MMboe)


 75.8 


 25.4 


(8%)


1% 


7% 



Petroleum - Total petroleum production decreased by eight per cent to 76 MMboe. Guidance for the 2021 financial year remains unchanged at between 95 and 102 MMboe, with volumes expected to be in the upper half of the guidance range.
Crude oil, condensate and natural gas liquids production decreased by 10 per cent to 34 MMboe reflecting lower demand at Bass Strait and North West Shelf, and production impacts at Atlantis due to planned tie-in and commissioning activities in the first half of the year and unplanned downtime in the March 2021 quarter, as well as natural field decline across the portfolio. Production was further impacted by higher downtime at our Gulf of Mexico assets due to a more active hurricane season in the first half of the year. These impacts were partially offset by the earlier than scheduled achievement of first production from the Atlantis Phase 3 project in the September 2020 quarter and the acquisition of an additional 28 per cent working interest in Shenzi, completed on 6 November 2020.
Natural gas production decreased by seven per cent to 252 bcf, reflecting planned shutdowns at Angostura related to the Ruby tie-in, a decrease in tax barrels at Trinidad and Tobago in accordance with the terms of our Production Sharing Contract, lower domestic gas sales at Bass Strait and North West Shelf in the first half of the year, and natural field decline across the portfolio. This decline was partially offset by higher domestic gas sales at Macedon.
Projects




Project and

ownership




Capital expenditure US$M 




Initial production target date




Capacity




Progress





Ruby

(Trinidad & Tobago)

68.46% (operator)


283


H1 CY21


Five production wells tied back into existing operated processing facilities, with capacity to produce up to 16,000 gross barrels of oil per day and 80 million gross standard cubic feet of natural gas per day.


Ahead of schedule and on budget. The overall project is 78% complete. 




Mad Dog Phase 2

(US Gulf of Mexico)

23.9% (non-operator)


2,154


Mid-CY22


New floating production facility with the capacity to produce up to 140,000 gross barrels of crude oil per day.


On schedule and budget.

The overall project is 90% complete.



The Bass Strait West Barracouta project is on schedule and budget, and achieved first production in April 2021. 
In March 2021, we successfully completed the drilling of Shenzi North GC608 development well which is within the Wilding discovery, and commenced drilling of the first of two Shenzi infill wells which is expected to be completed in the June 2021 quarter. A second Shenzi infill well is planned to be drilled in the June 2021 quarter. The successful acquisition of an increased working interest in Shenzi in November 2020 realises further value from the continued Shenzi development.
The Mad Dog Phase 2 project achieved a major milestone in April 2021 as the semi-submersible floating production platform, Argos, arrived in the US from South Korea. The platform will undergo final preparatory work and regulatory inspections before being towed offshore for installation. First production from Mad Dog Phase 2 is expected in the middle of the 2022 calendar year.
 
4
Petroleum exploration
No exploration and appraisal wells were drilled during the March 2021 quarter. Petroleum exploration expenditure for nine months ended March 2021 was US$230 million, of which US$211 million was expensed. Our exploration and appraisal program for the 2021 financial year is now expected to be approximately US$400 million (reduced from US$450 million), due to appraisal well phasing through the June 2021 quarter and the September 2021 quarter.
Copper
Production








Mar YTD21




Mar Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20





Copper (kt)


 1,232.7 


 391.4 


(6%)


(8%)


(9%)




Zinc (t)


 109,606 


 33,299 


47%


5% 


(21%)




Uranium (t)


 2,653 


 834 


0%


7% 


(12%)



Copper - Total copper production decreased by six per cent to 1,233 kt. Guidance for the 2021 financial year increased to between 1,535 and 1,660 kt from between 1,510 and 1,645 kt.
For the nine months to March 2021, our Chilean assets continued to operate with a substantial reduction in their operational workforces as a result of COVID-19 restrictions. The operating environment across our Chilean assets is expected to become more challenging in the June 2021 quarter, given escalating COVID-19 infections, increased pressures on Chile's health system and border restrictions. Reductions in our on-site workforce are forecast to remain substantial. 
Escondida copper production decreased by eight per cent to 821 kt with record concentrator throughput of 378 ktpd achieved offset by the impact of lower concentrator feed grade and lower cathode volumes. Concentrator throughput continues to be prioritised over cathode production as a result of the reduced operational workforce and to prioritise yield of ore. Guidance for the 2021 financial year has been increased to between 1,010 and 1,060 kt from between 970 and 1,030 kt. Production in the 2022 financial year is expected to be broadly in line with the 2021 financial year guidance and reflects a continuation of the impacts of COVID-19 and a need to catch up on mine development due to reduced material movement in the current financial year. Guidance of an annual average of 1.2 Mt of copper production over the next five years remains unchanged, with production expected to be weighted towards the latter years. 
On 1 April 2021, Escondida successfully completed negotiations for a new collective agreement that applies to the Intermel Union of Operators and Maintainers (Intermel), effective for 24 months from 1 April 2021. Escondida's collective agreement with Union No1 of Operators and Maintainers expires on 1 August 2021 and negotiations are expected to commence in June 2021.  
Pampa Norte copper production decreased by 21 per cent to 149 kt, largely due to planned maintenance at Spence and the impact of a reduced operational workforce as a result of COVID-19 restrictions. Guidance for the 2021 financial year has been lowered to between 225 and 255 kt from between 240 and 270 kt, reflecting COVID-19 related impacts on the ramp-up of the Spence Growth Option (SGO). SGO achieved first copper sales, on schedule, in March 2021, following first copper production in December 2020. The ramp-up to full production capacity at SGO is still on track and is expected to take approximately 12 months from first production, following which Spence is expected to average 300 ktpa of production (including cathodes) over the first four years.
Spence's collective agreement with Union for Operators and Maintainers expires on 30 May 2021, with negotiations for a new agreement currently underway. 
5
Olympic Dam copper production increased by 25 per cent to 155 kt, reflecting improved smelter performance and stability. Production for the March 2021 quarter was 55 kt, the highest quarterly production rate in five years. The new refinery crane is in the final stages of commissioning. Guidance for the 2021 financial year remains unchanged at between 180 and 205 kt, with volumes expected to be in the upper half of the guidance range. Production in the 2022 financial year is expected to be lower as a result of the major smelter maintenance campaign planned for the first half of the year.
Antamina copper production increased by one per cent to 108 kt and zinc production increased by 47 per cent to 110 kt, reflecting higher copper and zinc head grades. Guidance for the 2021 financial year remains unchanged, with copper production expected to be at the upper end of the 120 to 140 kt guidance range, and zinc production of between 140 and 160 kt. 
Iron Ore
Production 








Mar YTD21




Mar Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20





Iron ore production (kt)


 188,289 


 59,855 


4%


0%


(4%)



Iron ore - Total iron ore production increased by four per cent to 188 Mt. Guidance for the 2021 financial year remains unchanged at between 245 and 255 Mt. Volumes are expected to be in the upper half of the guidance range as a result of strong performance at WAIO.
WAIO production increased by three per cent to a nine month record 187 Mt (211 Mt on a 100 per cent basis), reflecting record production at Jimblebar and strong performance across the supply chain, with improved train cycle times and car dumper performance and reliability. This record performance was achieved despite significant weather impacts in December 2020, January 2021 and February 2021, and the planned Mining Area C and South Flank major tie-in activity. Commissioning activities for South Flank are expected to commence in the June 2021 quarter. Volumes for the 2021 financial year are expected to be in the upper half of the guidance range of between 244 and 253 Mt (276 and 286 Mt on a 100 per cent basis).
Samarco production was 915 kt, after iron ore pellet production re-commenced at one concentrator in December 2020. Production for the 2021 financial year is expected to be between 1 and 2 Mt (BHP share). Production capacity of approximately 8 Mtpa (100 per cent basis) is expected once operations are gradually ramped up. 
Projects




Project and

ownership




Capital expenditure US$M 




Initial production target date




Capacity




Progress





South Flank

(Australia)

85%


3,061


Mid-CY21


Sustaining iron ore mine to replace production from the 80 Mtpa (100 per cent basis) Yandi mine.


On schedule and budget.

The overall project is 95% complete.



6
Coal
Production








Mar YTD21




Mar Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20





Metallurgical coal (kt)


 28,802 


 9,590 


(2%)


4%


1% 




Energy coal (kt)


 13,014 


 4,776 


(26%)


(17%)


34% 



Metallurgical coal - Metallurgical coal production decreased by two per cent to 29 Mt (51 Mt on a 100 per cent basis). Guidance for the 2021 financial year has been reduced to between 39 and 41 Mt (70 and 73 Mt on a 100 per cent basis) from between 40 and 44 Mt (71 and 77 Mt on a 100 per cent basis) as a result of significant wet weather impacts during the December 2020 and March 2021 quarters. We continue to monitor for any potential impacts on volumes from restrictions on coal imports into China.
At Queensland Coal, strong underlying operational performance, including record stripping at BMA and record production at Goonyella, was offset by significant wet weather impacts across most operations and planned wash plant maintenance at Saraji and Caval Ridge in the first half of the year. At South Walker Creek, production decreased despite record truck and shovel stripping in the March 2021 quarter, as a result of higher strip ratios due to ongoing impacts from geotechnical constraints and lower yields. 
Energy coal - Energy coal production decreased by 26 per cent to 13 Mt. Following a strike at Cerrejón and prolonged wet weather impacts at NSWEC, guidance for the 2021 financial year has been reduced to between 18 and 20 Mt from between 21 and 23 Mt.
NSWEC production decreased by 12 per cent to 9.8 Mt. This decrease reflects significant weather impacts, with more than double the amount of rainfall year-to-date compared with the same period in the prior year, including the wettest March on record, and higher strip ratios. Lower volumes also reflect an increased proportion of washed coal in response to reduced port capacity (following damage to a shiploader at the Newcastle port in November 2020) and widening price quality differentials. Production guidance for the 2021 financial year has been reduced to between 14 and 15 Mt from between 15 and 17 Mt. 
Cerrejón production decreased by 50 per cent to 3.2 Mt largely as a result of a 91-day strike in the first half of the year and subsequent delays to the restart of production, as well as the impact of a reduced operational workforce due to COVID-19 restrictions. Guidance for the 2021 financial year has now been reduced to between 4 and 5 Mt from 6 Mt. 
Other
Nickel production








Mar YTD21




Mar Q21




Mar YTD21

vs

Mar YTD20




Mar Q21

vs

Mar Q20




Mar Q21

vs

Dec Q20





Nickel (kt)


 66.6 


 20.4 


19%


(2%)


(15%)



Nickel - Nickel West production increased by 19 per cent to 67 kt as a result of major quadrennial maintenance shutdowns in the prior period and strong performance from the new mines. Production for the March 2021 quarter was impacted by the planned maintenance undertaken at the Kwinana refinery during the quarter. Guidance for the 2021 financial year remains unchanged at between 85 and 95 kt.
 
7
Potash project




Project and 
ownership




Investment
US$M




Scope




Progress





Jansen Potash

(Canada)

100%


2,972


Investment to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities.


The project is 91% complete. 



Minerals exploration
Minerals exploration expenditure for the nine months to March 2021 was US$126 million, of which US$83 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Ecuador, Mexico, Peru, Canada, Australia and the south-west United States. 
Drilling for copper targets is underway in the United States, Ecuador, and Chile. Further drilling is anticipated for copper in Peru and for nickel in Australia during the 2021 calendar year. At Oak Dam in South Australia, next stage resource definition drilling to inform future design is expected to commence around the middle of the 2021 calendar year.
 
 
 
 
 
8
 
 
 




 
Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2021 compared with the nine months ended March 2020, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent 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. Copper equivalent production based on 2020 financial year average realised prices.
 
The following footnotes apply to this Operational Review:
(1)   2021 financial year unit cost guidance: Petroleum US$11-12/boe, Escondida US$0.95-1.10/lb, (previously US$1.00-1.25/lb), WAIO US$13-14/t and Queensland Coal US$$74-78//t; (previously US$69-75/t); based on exchange rates of AUD/USD 0.70 and USD/CLP 769.
The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million barrels of oil per day (MMbpd);  million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand barrels of oil equivalent per day (Mboe/d); thousand ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our' and ourselves' are used to refer to BHP Group Limited, BHP Group plc and, except where the context otherwise requires, their respective subsidiaries as defined in note 29 'Subsidiaries' in section 5.1 of BHP's 30 June 2020 Annual Report and Form 20-F. 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, Cerrejón, Samarco, Atlantis, Mad Dog, Bass Strait and North West Shelf. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release, particularly in light of the current economic climate and significant volatility, uncertainty and disruption arising in connection with COVID-19. 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.
 
 
 
 
 
 
 
 
 
9




 
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Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
 
 



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10




 
Production summary
 












Quarter ended




Year to date










BHP interest




Mar

2020




Jun

2020




Sep

2020




Dec

2020




Mar

2021




Mar
2021




Mar
2020





Petroleum (1)




































Petroleum




































Production








































Crude oil, condensate and NGL (Mboe)






11,589


11,355


11,507


10,729


11,601


33,837


37,508








Natural gas (bcf)






80.7


89.8


90.9


78.5


82.6


252.0


269.8








Total (Mboe)






25,039


26,322


26,657


23,812


25,368


75,837


82,475


















































Copper (2)




































Copper




































Payable metal in concentrate (kt)








































Escondida (3)


57.5%


220.1


228.5


236.7


236.7


202.7


676.1


697.4








Pampa Norte (4)


100.0%


-


-


-


0.7


5.6


6.3


-








Antamina


33.8%


32.9


17.8


34.6


38.6


34.7


107.9


106.7








Total






253.0


246.3


271.3


276.0


243.0


790.3


804.1


















































Cathode (kt)








































Escondida (3)


57.5%


69.6


65.5


47.9


50.9


46.6


145.4


193.9








Pampa Norte (4)


100%


64.3


54.5


42.5


53.6


46.4


142.5


188.2








Olympic Dam


100%


38.4


47.6


51.5


47.6


55.4


154.5


124.0








Total






172.3


167.6


141.9


152.1


148.4


442.4


506.1


















































Total copper (kt)






425.3


413.9


413.2


428.1


391.4


1,232.7


1,310.2


















































Lead








































Payable metal in concentrate (t)








































Antamina


33.8%


621


262


690


993


468


2,151


1,409








Total






621


262


690


993


468


2,151


1,409


















































Zinc








































Payable metal in concentrate (t)








































Antamina


33.8%


31,789


13,736


34,398


41,909


33,299


109,606


74,726








Total






31,789


13,736


34,398


41,909


33,299


109,606


74,726

















































11
Production summary
 












Quarter ended




Year to date










BHP interest




Mar

2020




Jun

2020




Sep

2020




Dec

2020




Mar

2021




Mar
2021




Mar
2020





Gold








































Payable metal in concentrate (troy oz)




































Escondida (3)


57.5%


35,990


43,422


42,332


47,789


37,954


128,075


134,000








Olympic Dam (refined gold)


100%


33,235


34,150


36,608


23,837


37,075


97,520


111,822








Total






69,225


77,572


78,940


71,626


75,029


225,595


245,822


















































Silver








































Payable metal in concentrate (troy koz)




































Escondida (3)


57.5%


1,390


1,599


1,580


1,627


1,318


4,525


4,814








Antamina


33.8%


1,216


626


1,326


1,767


1,463


4,556


3,490








Olympic Dam (refined silver)


100%


241


295


157


193


275


625


689








Total






2,847


2,520


3,063


3,587


3,056


9,706


8,993


















































Uranium




































Payable metal in concentrate (t)








































Olympic Dam


100%


776


1,016


874


945


834


2,653


2,662








Total






776


1,016


874


945


834


2,653


2,662


















































Molybdenum




































Payable metal in concentrate (t)








































Antamina


33.8%


491


243


284


192


276


752


1,423








Total






491


243


284


192


276


752


1,423
































































































Iron Ore




































Iron Ore




































Production (kt) (5)








































Newman


85%


16,449


17,110


16,410


17,637


14,614


48,661


48,531








Area C Joint Venture


85%


12,179


13,973


11,889


11,567


13,010


36,466


37,526








Yandi Joint Venture


85%


17,491


19,087


17,666


16,413


16,112


50,191


50,175








Jimblebar (6)


85%


13,911


16,559


20,075


16,740


15,241


52,056


45,195








Wheelarra


85%


-


-


-


-


-


-


3








Samarco


50%


-


-


-


37


878


915


-








Total






60,030


66,729


66,040


62,394


59,855


188,289


181,430



12
Production summary
 












Quarter ended




Year to date










BHP interest




Mar

2020




Jun

2020




Sep

2020




Dec

2020




Mar

2021




Mar
2021




Mar
2020





Coal








































Metallurgical coal




































Production (kt) (7)








































BMA


50%


6,869


9,078


7,365


7,539


7,727


22,631


22,497








BHP Mitsui Coal (8)


80%


2,353


2,536


2,325


1,983


1,863


6,171


7,007








Total






9,222


11,614


9,690


9,522


9,590


28,802


29,504


















































Energy coal




































Production (kt)








































NSW Energy Coal


100%


3,810


4,887


3,624


3,229


2,981


9,834


11,165








Cerrejón


33.3%


1,978


767


1,038


347


1,795


3,180


6,348








Total






5,788


5,654


4,662


3,576


4,776


13,014


17,513


















































Other








































Nickel




































Saleable production (kt)








































Nickel West (9)


100%


20.9


23.9


22.2


24.0


20.4


66.6


56.2








Total






20.9


23.9


22.2


24.0


20.4


66.6


56.2


















































Cobalt




































Saleable production (t)








































Nickel West


100%


132


312


238


236


273


747


463








Total






132


312


238


236


273


747


463

















































(1)     LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
(2)     Metal production is reported on the basis of payable metal.                                                                                           
(3)     Shown on a 100% basis. BHP interest in saleable production is 57.5%.                                                                         
(4)     Includes Cerro Colorado and Spence.                                                                                                                            
(5)     Iron ore production is reported on a wet tonnes basis.                                                                                                   
(6)     Shown on a 100% basis. BHP interest in saleable production is 85%.                                                                            
(7)     Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(8)     Shown on a 100% basis. BHP interest in saleable production is 80%.                                                                            
(9)     Production restated to include other nickel by-products.                                                                                                                                                                                                                                                                                                      
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.              
13
Production and sales report
 












Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Petroleum (1)




































Bass Strait








































Crude oil and condensate


(Mboe)


926


1,231


1,305


1,003


859


3,167


3,762








NGL


(Mboe)


958


1,493


1,660


1,057


1,035


3,752


4,173








Natural gas


(bcf)


18.4


28.1


34.1


23.4


22.7


80.2


82.8








Total petroleum products


(Mboe)


4,957


7,408


8,648


5,960


5,677


20,285


21,741


















































North West Shelf








































Crude oil and condensate


(Mboe)


1,266


1,260


1,215


1,180


1,183


3,578


3,979








NGL


(Mboe)


191


203


162


165


188


515


593








Natural gas


(bcf)


35.0


35.2


29.6


30.4


31.1


91.1


100.0








Total petroleum products


(Mboe)


7,287


7,334


6,310


6,412


6,554


19,276


21,235


















































Pyrenees








































Crude oil and condensate


(Mboe)


917


971


837


826


679


2,342


2,830








Total petroleum products


(Mboe)


917


971


837


826


679


2,342


2,830


















































Other Australia (2)








































Crude oil and condensate


(Mboe)


1


1


1


1


1


3


10








Natural gas


(bcf)


11.2


11.9


12.7


12.6


12.4


37.7


34.6








Total petroleum products


(Mboe)


1,874


1,987


2,118


2,101


2,068


6,287


5,783


















































Atlantis (3)








































Crude oil and condensate


(Mboe)


2,769


2,223


2,421


2,385


2,590


7,396


9,053








NGL


(Mboe)


178


54


154


147


171


472


615








Natural gas


(bcf)


1.3


1.1


1.2


1.1


1.4


3.7


4.5








Total petroleum products


(Mboe)


3,170


2,456


2,775


2,715


2,994


8,484


10,424


















































Mad Dog (3)








































Crude oil and condensate


(Mboe)


1,272


1,297


1,211


930


1,209


3,350


3,570








NGL


(Mboe)


55


33


48


38


57


143


156








Natural gas


(bcf)


0.2


0.3


0.2


0.1


0.2


0.5


0.6








Total petroleum products


(Mboe)


1,355


1,374


1,292


985


1,299


3,576


3,821


















































Shenzi (3) (4)








































Crude oil and condensate


(Mboe)


1,645


1,584


1,395


1,764


2,328


5,487


4,661








NGL


(Mboe)


94


40


71


87


130


288


258








Natural gas


(bcf)


0.3


0.4


0.3


0.3


0.4


1.0


0.8








Total petroleum products


(Mboe)


1,791


1,686


1,516


1,901


2,525


5,942


50,543


















































Trinidad/Tobago








































Crude oil and condensate


(Mboe)


97


72


102


96


139


337


438








Natural gas


(bcf)


14.0


12.8


12.8


10.5


14.4


37.7


46.1








Total petroleum products


(Mboe)


2,427


2,201


2,235


1,846


2,539


6,620


8,118


















































Other Americas (3) (5)








































Crude oil and condensate


(Mboe)


344


198


212


190


187


589


759








NGL


(Mboe)


22


5


2


11


-


13


28








Natural gas


(bcf)


0.3


-


-


0.1


-


0.1


0.4








Total petroleum products


(Mboe)


412


209


214


218


187


619


850

















































 
14
Production and sales report
 
















Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Algeria








































Crude oil and condensate


(Mboe)


854


690


711


849


845


2,405


2,623








Total petroleum products


(Mboe)


854


690


711


849


845


2,405


2,623
































































































Petroleum (1)


















































































Total production








































Crude oil and condensate


(Mboe)


10,091


9,527


9,410


9,224


10,020


28,654


31,685








NGL


(Mboe)


1,498


1,828


2,097


1,505


1,581


5,183


5,823








Natural gas


(bcf)


80.7


89.8


90.9


78.5


82.6


252.0


269.8








Total


(Mboe)


25,039


26,322


26,657


23,812


25,368


75,837


82,475



(1)  Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe. Negative production figures represent finalisation adjustments.
(2) Other Australia includes Minerva and Macedon. Minerva ceased production in September 2019.                                          
(3)  Gulf of Mexico volumes are net of royalties.                                                                                                                          
(4)  BHP completed the acquisition of an additional 28% working interest in Shenzi on 6 November 2020, taking its total working interest to 72%.
(5)  Other Americas includes Neptune, Genesis and Overriding Royalty Interest.                   
 



Copper




































Metals production is payable metal unless otherwise stated.






















































Escondida, Chile (1)








































Material mined


(kt)


107,268


75,062


83,357


97,274


95,978


276,609


308,351








Sulphide ore milled


(kt)


33,440


34,755


34,733


36,303


32,654


103,690


101,055








Average concentrator head grade


(%)


0.82%


0.81%


0.85%


0.83%


0.78%


0.82%


0.85%








Production ex mill


(kt)


230.0


236.8


243.9


246.1


207.8


697.8


721.1






















































Production








































Payable copper 


(kt)


220.1


228.5


236.7


236.7


202.7


676.1


697.4








Copper cathode (EW)


(kt)


69.6


65.5


47.9


50.9


46.6


145.4


193.9








 - Oxide leach


(kt)


29.3


26.8


15.3


18.0


16.1


49.4


79.5








 - Sulphide leach


(kt)


40.2


38.7


32.6


32.9


30.5


96.0


114.4








Total copper


(kt)


289.7


294.0


284.6


287.6


249.3


821.5


891.3






















































Payable gold concentrate


(troy oz)


35,990


43,422


42,332


47,789


37,954


128,075


134,000








Payable silver concentrate


(troy koz)


1,390


1,599


1,580


1,627


1,318


4,525


4,814






















































Sales








































Payable copper


(kt)


212.0


221.0


237.1


244.3


196.9


678.3


682.5








Copper cathode (EW)


(kt)


65.9


72.1


46.5


47.7


49.6


143.8


188.8








Payable gold concentrate


(troy oz)


35,990


43,422


42,332


47,789


37,954


128,075


134,000








Payable silver concentrate


(troy koz)


1,390


1,599


1,580


1,627


1,318


4,525


4,814

















































(1)  Shown on a 100% basis. BHP interest in saleable production is 57.5%.            
 
15
      Production and sales report
 












Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Pampa Norte, Chile








































Cerro Colorado








































Material mined


(kt)


18,710


15,734


12,618


6,750


6,153


25,521


51,883








Ore milled


(kt)


4,574


4,553


4,036


3,562


3,283


10,881


13,578








Average copper grade


(%)


0.54%


0.60%


0.66%


0.58%


0.58%


0.61%


0.55%






















































Production








































Copper cathode (EW)


(kt)


20.4


16.9


15.8


15.8


13.9


45.5


50.6






















































Sales








































Copper cathode (EW)


(kt)


18.3


18.7


14.6


16.6


13.2


44.4


48.6






















































Spence








































Material mined


(kt)


23,304


24,082


18,260


18,485


19,195


55,940


67,476








Ore milled (1)


(kt)


5,191


2,829


4,408


6,809


8,007


19,224


15,959








Average copper grade (2)


(%)


0.87%


0.95%


1.10%


0.76%


0.62%


0.78%


0.91%






















































Production








































Payable copper


(kt)


-


-


-


0.7


5.6


6.3


-








Copper cathode (EW)


(kt)


43.9


37.6


26.7


37.8


32.5


97.0


137.6






















































Sales








































Payable copper


(kt)


-


-


-


-


1.8


1.8


-








Copper cathode (EW)


(kt)


44.8


41.0


24.1


40.9


30.7


95.7


135.8



(1)  March 2021 quarter comprised of concentrator throughput of 2,471 kt and cathode throughput of 5,536 kt.
March 2021 year to date comprised of concentrator throughput of 3,678 kt and cathode throughput of 15,546 kt.              
(2) March 2021 quarter weighted average of concentrate grade of 0.58% and cathode grade of 0.64%.
      March 2021 year to date weighted average of concentrate grade of 0.53% and cathode grade of 0.84%.
 



Copper (continued)




































Metals production is payable metal unless otherwise stated.


























































Antamina, Peru








































Material mined (100%)


(kt)


52,872


13,975


45,458


57,029


53,762


156,249


175,395








Sulphide ore milled (100%)


(kt)


12,906


6,736


13,202


14,083


12,651


39,936


39,664








Average head grades








































 - Copper


(%)


0.88%


0.91%


0.94%


0.97%


0.94%


0.95%


0.94%








 - Zinc


(%)


1.09%


1.02%


1.30%


1.30%


1.16%


1.26%


0.90%






















































Production








































Payable copper


(kt)


32.9


17.8


34.6


38.6


34.7


107.9


106.7








Payable zinc


(t)


31,789


13,736


34,398


41,909


33,299


109,606


74,726








Payable silver


(troy koz)


1,216


626


1,326


1,767


1,463


4,556


3,490








Payable lead


(t)


621


262


690


993


468


2,151


1,409








Payable molybdenum


(t)


491


243


284


192


276


752


1,423






















































Sales








































Payable copper


(kt)


30.8


18.2


33.8


40.7


31.7


106.2


107.5








Payable zinc


(t)


31,007


11,680


32,769


45,109


34,141


112,019


75,011








Payable silver


(troy koz)


815


581


1,310


1,728


1,342


4,380


3,165








Payable lead


(t)


151


188


748


945


689


2,382


1,427








Payable molybdenum


(t)


531


223


392


352


192


936


1,104



 
16
Production and sales report
 












Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Olympic Dam, Australia








































Material mined (1)


(kt)


1,920


1,928


2,203


2,379


1,979


6,561


6,744








Ore milled


(kt)


2,178


2,416


2,443


2,377


2,238


7,058


6,531








Average copper grade


(%)


2.31%


2.17%


2.03%


2.02%


2.02%


2.02%


2.33%








Average uranium grade


(kg/t)


0.69


0.60


0.53


0.60


0.61


0.58


0.68






















































Production








































Copper cathode (ER and EW)


(kt)


38.4


47.6


51.5


47.6


55.4


154.5


124.0








Payable uranium


(t)


776


1,016


874


945


834


2,653


2,662








Refined gold


(troy oz)


33,235


34,150


36,608


23,837


37,075


97,520


111,822








Refined silver


(troy koz)


241


295


157


193


275


625


689






















































Sales








































Copper cathode (ER and EW)


(kt)


41.4


48.5


49.5


46.6


55.6


151.7


122.5








Payable uranium


(t)


702


1,293


859


999


779


2,637


2,118








Refined gold


(troy oz)


36,956


37,743


36,054


21,390


38,852


96,296


113,536








Refined silver


(troy koz)


259


270


222


165


242


629


711



(1)  Material mined refers to run of mine ore mined and hoisted.                                                                                                            
 



Iron Ore




































Iron ore production and sales are reported on a wet tonnes basis.


























































Western Australia Iron Ore, Australia




































Production








































Newman


(kt)


16,449


17,110


16,410


17,637


14,614


48,661


48,531








Area C Joint Venture


(kt)


12,179


13,973


11,889


11,567


13,010


36,466


37,526








Yandi Joint Venture


(kt)


17,491


19,087


17,666


16,413


16,112


50,191


50,175








Jimblebar (1)


(kt)


13,911


16,559


20,075


16,740


15,241


52,056


45,195








Wheelarra


(kt)


-


-


-


-


-


-


3








Total production


(kt)


60,030


66,729


66,040


62,357


58,977


187,374


181,430








Total production (100%)


(kt)


68,168


75,589


74,152


70,407


66,695


211,254


205,469






















































Sales








































Lump


(kt)


15,617


17,252


17,056


16,703


15,593


49,352


46,384








Fines


(kt)


44,764


50,904


48,390


46,124


42,939


137,453


136,058








Total


(kt)


60,381


68,156


65,446


62,827


58,532


186,805


182,442








Total sales (100%)


(kt)


68,439


77,048


73,355


70,772


66,032


210,159


206,211



(1)  Shown on a 100% basis. BHP interest in saleable production is 85%.                                                                                               
 



Samarco, Brazil (1)








































Production


(kt)


-


-


-


37


878


915


-






















































Sales


(kt)


-


-


-


-


646


646


-
















(1)  Samarco commenced iron ore pellet production in December 2020 after meeting the licencing requirements to restart operations at the Germano complex in Minas Gerais and Ubu complex in Espírito Santo, Brazil.                                                                                                                                                           
17
Production and sales report
 












Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Coal








































Coal production is reported on the basis of saleable product.






































































Queensland Coal, Australia








































Production (1)








































BMA








































Blackwater


(kt)


1,063


1,703


1,184


1,737


1,416


4,337


3,842








Goonyella


(kt)


1,963


2,651


2,312


2,152


2,232


6,696


6,114








Peak Downs


(kt)


1,339


1,635


1,487


1,213


1,595


4,295


4,148








Saraji


(kt)


1,025


1,399


817


1,043


1,238


3,098


3,564








Daunia


(kt)


447


588


490


464


496


1,450


1,582








Caval Ridge


(kt)


1,032


1,102


1,075


930


750


2,755


3,247








Total BMA


(kt)


6,869


9,078


7,365


7,539


7,727


22,631


22,497








Total BMA (100%)


(kt)


13,738


18,156


14,730


15,078


15,454


45,262


44,994






















































BHP Mitsui Coal (2)








































South Walker Creek


(kt)


1,577


1,264


1,238


1,118


1,031


3,387


4,151








Poitrel


(kt)


776


1,272


1,087


865


832


2,784


2,856








Total BHP Mitsui Coal


(kt)


2,353


2,536


2,325


1,983


1,863


6,171


7,007






















































Total Queensland Coal


(kt)


9,222


11,614


9,690


9,522


9,590


28,802


29,504








Total Queensland Coal (100%)


(kt)


16,091


20,692


17,055


17,061


17,317


51,433


52,001






















































Sales








































BMA








































Coking coal


(kt)


6,417


7,547


6,187


6,531


6,752


19,470


20,154








Weak coking coal


(kt)


644


1,040


977


936


1,038


2,951


2,249








Thermal coal


(kt)


224


183


58


3


206


267


348








Total BMA


(kt)


7,285


8,770


7,222


7,470


7,996


22,688


22,751








Total BMA (100%)


(kt)


14,570


17,540


14,444


14,940


15,992


45,376


45,501






















































BHP Mitsui Coal (2)








































Coking coal


(kt)


667


778


671


604


357


1,632


2,004








Weak coking coal


(kt)


1,691


1,756


1,545


1,518


1,404


4,467


5,027








Total BHP Mitsui Coal


(kt)


2,358


2,534


2,216


2,122


1,761


6,099


7,031






















































Total Queensland Coal


(kt)


9,643


11,304


9,438


9,592


9,757


28,787


29,782








Total Queensland Coal (100%)


(kt)


16,928


20,074


16,660


17,062


17,753


51,475


52,532


















(1)   Production figures include some thermal coal.                                                                                                                                
(2)   Shown on a 100% basis. BHP interest in saleable production is 80%.                                                                                             
 



NSW Energy Coal, Australia








































Production


(kt)


3,810


4,887


3,624


3,229


2,981


9,834


11,165






















































Sales








































Export thermal coal


(kt)


3,403


4,871


3,168


3,940


2,827


9,935


10,430








Inland thermal coal (1)


(kt)


-


-


-


-


-


-


567








Total


(kt)


3,403


4,871


3,168


3,940


2,827


9,935


10,997
















(1)   The domestic sales contract ended in the September 2019 quarter.                                                                                                  
 



Cerrejón, Colombia








































Production


(kt)


1,978


767


1,038


347


1,795


3,180


6,348






















































Sales thermal coal - export


(kt)


2,028


1,143


994


370


1,746


3,110


6,358
















18
Production and sales report
 












Quarter ended




Year to date














Mar
2020




Jun
2020




Sep
2020




Dec
2020




Mar
2021




Mar
2021




Mar
2020





Other




































Nickel production is reported on the basis of saleable product










































































Nickel West, Australia








































Mt Keith








































Nickel concentrate


(kt)


42.8


60.2


64.4


55.7


54.1


174.2


118.0








Average nickel grade


(%)


15.8


16.5


15.8


14.7


13.3


14.7


17.1






















































Leinster








































Nickel concentrate


(kt)


57.8


72.0


66.2


72.8


71.5


210.5


181.6








Average nickel grade


(%)


9.8


10.2


9.0


9.5


10.2


9.6


9.5






















































Saleable production








































Refined nickel (1) (2)


(kt)


16.6


20.5


17.3


20.4


15.2


52.9


45.1








Intermediates and nickel by-products (1) (3)


(kt)


4.3


3.4


4.9


3.6


5.2


13.7


11.1








Total nickel (1)


(kt)


20.9


23.9


22.2


24.0


20.4


66.6


56.2






















































Cobalt by-products


(t)


132


312


238


236


273


747


463






















































Sales








































Refined nickel (1) (2)


(kt)


16.8


19.7


17.1


20.9


15.0


53.0


44.4








Intermediates and nickel by-products (1) (3)


(kt)


2.9


4.2


4.6


2.6


5.9


13.1


11.3








Total nickel (1)


(kt)


19.7


23.9


21.7


23.5


20.9


66.1


55.7






















































Cobalt by-products


(t)


132


312


238


237


273


748


475



(1)   Production and sales restated to include other nickel by-products.                                                                                                  
(2)   High quality refined nickel metal, including briquettes and powder.                                                                                                
(3)   Nickel contained in matte and by-product streams.                                                                                                               
                                                                                                                                                                                                   
 
19
 
 

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