REG - BHP Group Limited - Quarterly Activities Report
20/01/2026 07:00
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RNS Number : 5132P BHP Group Limited 20 January 2026
20 January 2026
BHP Group Limited
Operational review for the half year ended 31 December 2025
Strong operational performance and increased copper production guidance
capitalising on strong prices
"BHP delivered another half of very strong performance with operational
records at our copper and iron ore assets. This was achieved safely and in a
positive commodity price environment, with copper prices up 32% and iron ore
prices 4% higher year on year.
We have increased FY26 group copper production guidance off the back of
stronger delivery across our assets. Our flagship copper operation, Escondida,
achieved record concentrator throughput and we have increased the FY26
production guidance range. Antamina has also lifted its production guidance,
and Spence and Copper SA are tracking to plan, with Copper SA achieving record
refined gold output.
In iron ore, WAIO achieved record first half production and shipments,
positioning us well ahead of the typically wet third quarter. Volumes from
Samarco rose as a result of strong operational performance at the second
concentrator following its restart at the end of H1 FY25. We also announced a
transaction with Global Infrastructure Partners involving WAIO's inland power
network which, once completed, will see us realise proceeds of ~US$2 bn
while retaining ownership and operational control in an innovative and value
accretive transaction.
Steelmaking coal production increased, supported by a five-year high stripping
performance at BMA, and energy coal was up 10%.
The Jansen potash project in Canada is on track to begin production in
mid-2027. Jansen will be a long life, low cost and scalable asset that will
add a new, future facing commodity to BHP's portfolio, which we expect will
generate value for shareholders over many decades. We have separately provided
an updated cost estimate for Jansen Stage 1 today.
China's commodity demand remains resilient, supported by targeted policy
measures and solid exports. Momentum moderated in H2 CY25, notably in
construction, manufacturing and infrastructure investments. India is emerging
as a key engine of demand, with strong domestic activity sustaining steel and
rising copper needs. Forecast global growth in 2026 is around 3%, creating a
positive backdrop for commodity demand.
BHP enters the second half of FY26 with strong operating momentum. We're
investing for the decade ahead, with a significant copper growth pipeline, and
a pathway to ~2 Mt of attributable copper production in the 2030s."
Mike Henry,
BHP Chief Executive Officer
Summary
Operational excellence Copper growth
Strong performance. Guidance upgrades Capitalising on stronger prices
At Escondida, we achieved record concentrator throughput, while Copper SA We have increased our FY26 copper production guidance, which enables us to
delivered record material mined. WAIO achieved record H1 production and further capitalise on record copper prices. The strong copper price is being
shipments. Production at BMA increased 2%, while NSWEC production increased driven by healthy demand and by supply disruptions at a number of
10%. competitors.
FY26 production guidance has increased for Group copper, Escondida and We are also advancing our copper growth options. In December, Vicuña
Antamina. NSWEC and Samarco are also now guiding to the upper half of their submitted its application for the Incentive Regime for Large Investments
ranges, while BMA is now guiding to the lower half due to ongoing geotechnical (RIGI) in Argentina. Vicuña remains on track to complete its integrated
challenges at Broadmeadow. FY26 unit cost guidance remains unchanged for all technical report in Q1 CY26. In Chile, the Environmental Impact Declaration
assets, with Escondida now guiding to the bottom end and BMA guiding to the (DIA) permit for the Escondida New Concentrator, the centre piece of the
upper half of their respective ranges. growth program, remains on track to be submitted in H2 FY26.
Disciplined capital management Social value
Extracting greater returns from our assets Progressing decarbonisation in the Pilbara
In December, BHP entered into a US$2 bn infrastructure agreement with Global In November, two battery-electric haul trucks arrived at BHP's Jimblebar iron
Infrastructure Partners ore mine in the Pilbara, marking the start of on-site testing of Caterpillar's
(https://www.bhp.com/news/media-centre/releases/2025/12/bhp-enters-into-a-us2-billion-infrastructure-agreement) battery-electric technology. Australia's first purpose-built battery-electric
involving WAIO's power consumption. This innovative arrangement strengthens heavy haulage locomotives also arrived in WA for trials on the WAIO rail
our balance sheet flexibility, supports long-term value creation and enhances network.
BHP's shareholder value.
Production Quarter performance YTD performance FY26 guidance
Q2 FY26 v Q1 FY26 v Q2 FY25 HY26 v HY25 Previous Current Change
Copper (kt) 490.5 (1%) (4%) 984.1 0% 1,800 - 2,000 1,900 - 2,000 Increased
Escondida (kt) 317.2 (4%) (7%) 646.1 0% 1,150 - 1,250 1,200 - 1,275 Increased
Pampa Norte (Spence) (kt) 57.7 3% (13%) 113.5 (10%) 230 - 250 230 - 250 -
Copper South Australia (kt) 75.1 3% 5% 147.7 2% 310 - 340 310 - 340 -
Antamina (kt) 38.2 13% 25% 72.1 8% 120 - 140 140 - 150 Increased
Carajás (kt) 2.3 (2%) (22%) 4.7 (12%) - - -
Iron ore (Mt) 69.7 9% 5% 133.8 2% 258 - 269 258 - 269 -
WAIO (Mt) 67.8 9% 5% 129.8 1% 251 - 262 251 - 262 -
WAIO (100% basis) (Mt) 76.3 9% 4% 146.6 1% 284 - 296 284 - 296 -
Samarco (Mt) 1.9 (6%) 34% 4.0 48% 7 - 7.5 7 - 7.5 Upper half
Steelmaking coal - BMA (Mt)(ii) 4.3 (12%) (3%) 9.2 2% 18 - 20 18 - 20
BMA (100% basis) (Mt)(ii) 8.6 (12%) (3%) 18.3 2% 36 - 40 36 - 40 Lower half
Energy coal - NSWEC (Mt) 4.6 31% 25% 8.1 10% 14 - 16 14 - 16 Upper half
1
BHP | Operational review for the half year ended 31 December 2025
Summary of disclosures
BHP expects its financial results for the first half of FY26 (HY26) to reflect
certain items summarised in the table below. The table does not provide a
comprehensive list of all items impacting the period. The financial statements
are the subject of ongoing work that will not be finalised until the release
of the financial results on 17 February 2026. Accordingly, the information in
the table below contains preliminary information that is subject to update and
finalisation.
Description HY26 impact(i) Classification(ii)
(US$M)
Unit costs (at guidance FX)
At HY26, unit costs at Escondida and Spence are expected to be at the bottom - Operating costs
end of their respective guidance ranges. Unit costs at Copper SA and WAIO are
expected to be within their respective guidance ranges. Unit costs at BMA are
expected to be in the upper half of its guidance range due to higher planned
major maintenance in the first half.
For FY26, unit cost guidance remains unchanged for all assets, with unit costs - Operating costs
at Escondida now expected to be at the bottom end of its guidance range, while
BMA is expected to be in the upper half of its unit cost range - refer to page
6.
Average realised exchange rates for HY26 of AUD/USD 0.66 (guidance rate -
AUD/USD 0.65) and
USD/CLP 947 (guidance rate USD/CLP 940)
Income statement
Negative EBITDA for WA Nickel ~100 EBITDA
Negative EBITDA for Potash ~150 EBITDA
The Group's adjusted effective tax rate for HY26 is expected to be within the - Taxation expense
FY26 guidance range of 36 - 40%
Cash flow statement
Increase in working capital (lower operating cash flow) 2,300 - 2,400 Operating cash flow
Net cash tax paid 3,600 - 3,700 Operating cash flow
Dividends received from equity-accounted investments ~350 Operating cash flow
Capital and exploration expenditure ~5,300 Investing cash flow
Cash outflow of BHP Brasil's obligations relating to the Samarco dam failure ~1,100 Investing cash flow
Proceeds received from sale of assets 100 - 200 Investing cash flow
Payment of the H2 FY25 dividend ~3,100 Financing cash flow
Dividends paid to non-controlling interests ~1,000 Financing cash flow
Balance sheet
The Group's net debt balance as at 31 December 2025 is expected to be between - Net debt
US$14 and US$15 bn.
Exceptional items
Financial impact of the Samarco dam failure Refer footnote(iii) Exceptional item
i Amounts are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or
income statement impact as relevant, unless otherwise noted.
iii Financial impact is the subject of ongoing work and is not yet
finalised. See iron ore (#_Iron_ore) section for further information on
Samarco operations.
Further information in Appendix 1 (#_Appendix_1)
Detailed production and sales information for all operations in Appendix 2
(#_Appendix_2_2)
2
BHP | Operational review for the half year ended 31 December 2025
Segment and asset performance | FY26 YTD v FY25 YTD
Copper
Production Total copper production was broadly in line at 984 kt. Copper production
guidance for FY26 has increased to between 1,900 and 2,000 kt (from between
984 kt 0% 1,800 and 2,000 kt previously).
Escondida 646 kt 0% (100% basis)
HY25 987 kt
Strong operational performance, with record concentrator throughput and
improved recoveries driven by operational enhancements, including the
FY26e 1,900 - 2,000 kt introduction of new reagents. This was partially offset by planned lower
concentrator feed grade of 0.93% (H1 FY25: 1.03%).
Production guidance for FY26 has been increased to between 1,200 and 1,275 kt
Average realised price (from between 1,150 and 1,250 kt previously) and is expected to be weighted to
the first half, in line with higher concentrator feed grade. Concentrator feed
US$5.28/lb Up 32% grade is now expected to be between 0.85 and 0.90% for the full year (from
~0.85% previously). We are reviewing FY27 production and expect that it will
HY25 US$3.99/lb be higher than the existing medium term production guidance (of between 900
and 1,000 kt).
We continue to make progress on the optimised Escondida Growth Program. The
DIA permit for the Escondida New Concentrator remains on track to be submitted
in H2 FY26.
Pampa Norte (Spence) 114 kt Down 10%
Spence production decreased in line with planned lower cathode production as a
result of a decline in stacked feed grade through the leaching circuit, driven
by ore mineralogy as we transition into the deeper hypogene mineral deposits
of the orebody. This was partially offset by improved leaching performance
through optimising reagent usage.
We continue to test the implementation of BHP's Simple Approach to Leaching 2
(SaL2) technology at the operation, to further utilise latent capacity in the
cathode infrastructure.
Production guidance for FY26 remains unchanged at between 230 and 250 kt.
Copper South Australia 148 kt Up 2%
Production increased as a result of solid operational performance including
record material mined (and the weather-related power outage in the prior
period). Improved performance included an increase in the transfer of ore to
surface at Carrapateena which was offset by planned lower grades of 1.19% (H1
FY25: 1.41%).
Production guidance for FY26 remains unchanged at between 310 and 340 kt,
weighted to the second half as planned.
By-product production was also strong, including record refined gold production.
Other copper
At Antamina, copper production increased 8% to 72 kt as a result of planned
higher feed grades and improved safety and operational performance. Zinc
production was 49% higher at 63 kt, as a result of planned higher feed
grades. Copper production guidance for FY26 has been increased to between 140
and 150 kt (from between 120 and 140 kt previously), while zinc production
guidance for FY26 remains unchanged at between 90 and 110 kt.
Carajás produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment of
Carajás is expected to close in Q1 CY26, subject to the satisfaction of
customary closing conditions (including regulatory approvals).
3
BHP | Operational review for the half year ended 31 December 2025
Iron ore
Production Iron ore production increased 2% to 134 Mt. Production guidance for FY26
remains unchanged at between 258 and 269 Mt.
134 Mt Up 2%
WAIO 130 Mt Up 1% | 147 Mt (100% basis)
WAIO achieved record first half production and shipments as a result of strong
HY25 131 Mt supply chain performance across our mine, rail and port operations, including
record material mined (up 9%). Car Dumper (CD) performance improved following
FY26e 258 - 269 Mt the completion of the CD3 rebuild in Q1 (4.3 Mt impact, 100% basis), which
alongside the planned reduction in tie-in activity on the multi-year Rail
Technology Program (RTP1), generated increased efficiency across the rail
network and higher inflow to the port.
Average realised price
Sales were higher than the prior year, with lump sales up 3%. We are currently
US$84.71/wmt Up 4% negotiating annual contract terms with the China Mineral Resources Group
(CMRG). During negotiations, we continue to optimise product placement
HY25 US$81.11/wmt distribution channels and take actions within our operations to preserve
operational flexibility and productivity. This has seen some impact to
realised price.
Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284
and 296 Mt on a 100% basis).
We have also announced an agreement with Rio Tinto to explore opportunities to
mine up to 200 Mt of iron ore at BHP's Yandi and Rio Tinto's neighbouring
Yandicoogina iron ore operations in the Pilbara. These new opportunities build
on a history of successful Rio Tinto and BHP collaboration across these
operations to enable mining up to the shared tenure boundary.
Samarco 4.0 Mt Up 48% | 8 Mt (100% basis)
Production increased as a result of stronger performance at the second
concentrator following ramp up, and higher feed grades and recoveries.
In October, the Samarco Board approved the phase 3 concentrator project.
Samarco will invest US$2.4 bn (100% basis) to lift production capacity to ~26
Mtpa (100% basis) through the staged recommissioning of remaining latent
capacity in concentrator and pelletising plant infrastructure across CY28 and
CY29.
Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt, with
production now expected to be in the upper half of the range, and planned
maintenance in the second half.
Coal
Steelmaking coal
Production BMA 9.2 Mt Up 2% | 18.3 Mt (100% basis)
Production increased due to strong operational performance at our open cut
9.2 Mt Up 2% operations, supported by the highest H1 stripping volumes in five years, which
offset the impact of planned higher strip ratios.
HY25 8.9 Mt
We continue to safely manage ongoing geotechnical challenges at Broadmeadow.
FY26e 18 - 20 Mt While underground production rates were strong in Q1, further deterioration in
ground conditions in Q2 materially impacted operations and led to the deferral
of the planned longwall move from Q2 to Q3 FY26. As announced in October,
Saraji South transitioned into care and maintenance in Q2 in response to
Average realised price market conditions and the unsustainable impact of the Queensland Government's
coal royalties on business returns.
US$188.58/t Down 9%
Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and
HY25 US$206.37/t 40 Mt on a 100% basis), with production now expected to be in the lower half
of the range. Unit cost guidance for FY26 also remains unchanged at between
US$116/t and US$128/t, with unit costs now expected to be in the upper half
of the range.
We expect to continue building raw coal inventory into CY27, to further
improve operating stability.
4
BHP | Operational review for the half year ended 31 December 2025
Energy coal
Production NSWEC 8.1 Mt Up 10%
Strong operational performance due to increased bypass coal as well as mining
8.1 Mt Up 10% lower strip ratio areas.
HY25 7.4 Mt Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with
production now expected to be in the upper half of the range, with minor
FY26e 14 - 16 Mt planned wash plant maintenance scheduled in Q3 FY26.
Average realised price
US$95.76/t Down 23%
HY25 US$124.42/t
Quarterly performance | Q2 FY26 v Q1 FY26
Copper Iron ore
491 kt Down 1% Lower production at Escondida due to planned lower grades, partially offset by 70 Mt Up 9% Higher production at WAIO driven by improved supply chain performance
increased production at Copper SA and Spence following planned maintenance in
following the planned rebuild of Car Dumper 3 in the prior quarter.
Q1 FY26 494 kt the prior quarter, and strong performance at Antamina. Q1 FY26 64 Mt
Steelmaking coal Energy coal
4.3 Mt Down 12% Lower production due to ongoing geotechnical challenges impacting underground 4.6 Mt Up 31% Higher production due to increased bypass coal combined with favourable
performance and higher rainfall which impacted stripping.
weather and mining lower strip ratio areas coal. Record wash plant throughput,
Q1 FY26 4.9 Mt Q1 FY26 3.5 Mt following planned annual wash plant maintenance in Q1.
5
BHP | Operational review for the half year ended 31 December 2025
Appendix 1
Average realised prices(i)
Quarter performance YTD performance
Q2 FY26 v Q1 FY26 v Q2 FY25 HY26 v HY25
Copper (US$/lb)(i)(i, iii) 5.90 29% 58% 5.28 32%
Iron ore (US$/wmt, FOB)(iv) 85.33 2% 4% 84.71 4%
Steelmaking coal (US$/t)(v) 196.72 9% (1%) 188.58 (9%)
Energy coal (US$/t)(vi) 96.24 1% (23%) 95.76 (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 The large majority of copper cathodes sales were linked to index
price for quotation periods one month after month of shipment, and three to
four months after month of shipment for copper concentrates sales with price
differentials applied for location and treatment costs.
iii At 31 December 2025, the Group had 456 kt of outstanding copper
sales that were revalued at a weighted average price of US$5.65/lb. The final
price of these sales will be determined over the remainder of FY26. In
addition, 434 kt of copper sales from FY25 were subject to a finalisation
adjustment in the current period. The displayed prices include the impact of
these provisional pricing and finalisation adjustments.
iv The large majority of iron ore shipments were linked to index
pricing for the month of shipment, with price differentials predominantly a
reflection of market fundamentals and product quality. Iron ore sales for H1
FY26 were based on an average moisture rate of 6.8% (H1 FY25: 7.0%).
v The large majority of steelmaking coal and energy coal exports
were linked to index pricing for the month of scheduled shipment or priced on
the spot market at fixed or index-linked prices, with price differentials
reflecting product quality.
vi Export sales only. Includes thermal coal sales from steelmaking
coal mines.
Current year unit cost guidance
FY26 guidance(i)
Unit cost Previous Current Change
Escondida (US$/lb) 1.20 - 1.50 1.20 - 1.50 Bottom end
Spence (US$/lb) 2.10 - 2.40 2.10 - 2.40 -
Copper SA (US$/lb)(ii) 1.00 - 1.50(ii) 1.00 - 1.50(ii) -
WAIO (US$/t) 18.25 - 19.75 18.25 - 19.75 -
BMA (US$/t) 116 - 128 116 - 128 Upper half
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$2.05 - 2.35/lb
WAIO (100% basis)(iv) >305 Mtpa 305 Mtpa (100% basis) from Q4 FY28.
Major projects
Commodity Project and ownership Project scope / capacity Project expenditure(i) US$M First Progress
production
target date
Potash Jansen Stage 1(ii) Design, engineering and construction of an underground potash mine and surface US$8.4 bn Mid-CY27 Project is 75% complete
(Canada) infrastructure, with capacity to produce 4.15 Mtpa.
100%
Potash Jansen Stage 2 Development of additional mining districts, completion of the second shaft Under review - update expected in Q4 FY26 FY31 Project is 14% complete
(Canada) hoist infrastructure, expansion of processing facilities and addition of rail
100% cars to facilitate production of an incremental 4.36 Mtpa.
i Includes: project capital expenditure, project operating
expenditure, cost to construct right-of-use assets (i.e. Westshore port
terminal and third-party rail line) and related contingencies.
ii Refer to separate exchange announcement for more details: Update
- Jansen Stage 1 Potash Project.
Exploration
Minerals exploration and evaluation expenditure was US$193 m for HY26 (HY25:
US$199 m), of which US$167 m was expensed (HY25: US$174 m).
6
BHP | Operational review for the half year ended 31 December 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 % 2024 2025 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 391.4 379.8 375.9 374.0 366.5 740.5 752.3 (2)% 372.8 399.0 377.6 343.0 373.8 716.8 764.3 (6)%
Escondida kt 295.4 288.4 278.6 282.4 270.5 552.9 560.2 (1)% 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)%
Pampa Norte (Spence) kt 36.6 36.1 42.2 35.4 33.3 68.7 72.3 (5)% 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)%
Copper South Australia kt 25.9 22.5 31.7 19.9 22.2 42.1 47.7 (12)% 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)%
Antamina kt 30.5 30.9 21.2 33.9 38.2 72.1 66.8 8% 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1%
Carajás kt 3.0 1.9 2.2 2.4 2.3 4.7 5.3 (12)% 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)%
Cathode kt 119.4 133.6 140.3 119.6 124.0 243.6 234.8 4% 120.0 133.3 148.4 105.9 130.7 236.6 230.7 3%
Escondida kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11% 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9%
Pampa Norte (Spence) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)% 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)%
Copper South Australia kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Total kt 510.8 513.4 516.2 493.6 490.5 984.1 987.1 0% 492.8 532.3 526.0 448.9 504.5 953.4 995.0 (4)%
Lead Payable metal in concentrate t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163%
Antamina t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163%
Zinc Payable metal in concentrate t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
Antamina t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
Gold Payable metal in concentrate troy oz 90,468 89,841 95,949 76,242 73,585 149,827 176,136 (15)% 89,174 92,357 95,523 66,377 82,099 148,476 188,110 (21)%
Escondida troy oz 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)%
Pampa Norte (Spence) troy oz 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)%
Copper South Australia troy oz 48,309 40,457 50,871 36,489 36,993 73,482 81,237 (10)% 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)%
Carajás troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)% 1,527 1,664 1,693 1,964 2,424 4,388 4,696 (7)%
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Copper South Australia troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Total troy oz 137,946 146,847 142,738 126,958 135,495 262,453 260,999 1% 132,653 150,339 144,764 117,524 141,153 258,677 271,915 (5)%
Silver Payable metal in concentrate troy koz 3,277 3,418 3,911 4,114 4,109 8,223 6,427 28% 3,084 3,198 3,526 4,136 4,252 8,388 6,210 35%
Escondida troy koz 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30%
Pampa Norte (Spence) troy koz 451 428 441 358 316 674 954 (29)% 451 428 441 358 316 674 954 (29)%
Copper South Australia troy koz 253 186 251 182 179 361 476 (24)% 218 173 226 131 207 338 513 (34)%
Antamina troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68% 796 810 953 1,705 1,553 3,258 1,578 106%
Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62%
Copper South Australia troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62%
Total troy koz 3,410 3,880 4,127 4,341 4,393 8,734 6,766 29% 3,194 3,684 3,739 4,391 4,502 8,893 6,522 36%
Uranium Payable metal in concentrate t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11%
Copper South Australia t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11%
Molybdenum Payable metal in concentrate t 751 801 337 341 281 622 1,835 (66)% 872 839 714 347 322 669 1,734 (61)%
Pampa Norte (Spence) t 136 187 189 257 269 526 318 65% 138 223 190 208 256 464 319 45%
Antamina t 615 614 148 84 12 96 1,517 (94)% 734 616 524 139 66 205 1,415 (86)%
Iron ore Western Australia Iron Ore (WAIO) kt 64,751 60,137 68,348 62,015 67,766 129,781 128,114 1% 64,341 59,234 67,830 62,430 66,909 129,339 127,749 1%
Samarco kt 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48% 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85%
Total kt 66,192 61,740 70,299 64,081 69,704 133,785 130,814 2% 65,818 60,650 69,803 64,472 69,421 133,893 130,208 3%
Steelmaking coal BHP Mitsubishi Alliance (BMA) kt 4,430 3,919 5,146 4,865 4,291 9,156 8,945 2% 4,726 3,791 5,030 4,472 4,413 8,885 8,999 (1)%
Energy coal NSW Energy Coal (NSWEC) kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10% 3,803 3,509 3,926 3,707 4,372 8,079 7,754 4%
Nickel(1) Western Australia Nickel kt 8.0 2.3 0.3 0.0 - - 27.6 (100)% 11.2 2.2 0.2 0.0 - - 31.1 (100)%
Cobalt(1) Western Australia Nickel t 121 35 - - - - 415 (100)% 121 - - - - - 415 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
8
BHP | Operational review for the half year ended 31 December 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
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Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹ BHP interest 57.5%
Material mined kt 116,083 117,038 122,386 114,527 112,808 227,335 216,499 5%
Concentrator throughput kt 35,293 32,889 36,490 36,721 35,628 72,349 67,781 7%
Average copper grade - concentrator % 1.06% 1.09% 0.95% 0.94% 0.91% 0.93% 1.03% (10)%
Production ex mill kt 309.8 295.6 291.0 294.2 279.7 573.9 579.7 (1)%
Payable copper kt 295.4 288.4 278.6 282.4 270.5 552.9 560.2 (1)% 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)%
Copper cathode (EW) kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11% 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9%
Oxide leach kt 12.2 14.3 16.3 16.8 11.1 27.9 20.0 40%
Sulphide leach kt 32.2 30.9 32.4 29.7 35.6 65.3 63.8 2%
Total copper kt 339.8 333.6 327.3 328.9 317.2 646.1 644.0 0% 318.2 356.6 338.2 296.4 327.7 624.1 629.0 (1)%
Payable gold concentrate troy oz 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)%
Payable silver concentrate troy koz 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹ BHP interest 100%
Material mined kt 25,238 21,848 25,944 24,695 22,895 47,590 48,498 (2)%
Ore stacked kt 5,974 5,584 5,413 5,652 5,354 11,006 10,902 1%
Average copper grade - stacked % 0.81% 0.62% 0.67% 0.61% 0.58% 0.60% 0.77% (23)%
Concentrator throughput kt 7,722 7,754 7,792 7,778 8,002 15,780 15,269 3%
Average copper grade - concentrator % 0.62% 0.63% 0.66% 0.65% 0.60% 0.62% 0.63% (1)%
Payable copper kt 36.6 36.1 42.2 35.4 33.3 68.7 72.3 (5)% 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)%
Copper cathode (EW) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)% 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)%
Total copper kt 66.2 67.9 73.4 55.8 57.7 113.5 126.3 (10)% 66.5 67.2 71.4 51.1 53.3 104.4 134.6 (22)%
Payable gold concentrate troy oz 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)%
Payable silver concentrate troy koz 451 428 441 358 316 674 954 (29)% 451 428 441 358 316 674 954 (29)%
Payable molybdenum t 136 187 189 257 269 526 318 65% 138 223 190 208 256 464 319 45%
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered
temporary care and maintenance in December 2023.
9
BHP | Operational review for the half year ended 31 December 2025
Production Sales
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Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 28.0 24.8 33.2 25.5 24.8 50.3 55.9 (10)% 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)%
Cathode kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Total copper kt 73.4 81.4 93.6 78.2 77.7 155.9 152.9 2% 72.7 79.0 92.5 65.8 80.1 145.9 152.1 (4)%
Payable metal in concentrate transfer to Olympic Dam kt (2.1) (2.3) (1.5) (5.6) (2.6) (8.2) (8.2) 0%
Net copper kt 71.3 79.1 92.1 72.6 75.1 147.7 144.7 2%
Gold Payable metal in concentrate troy oz 52,288 46,097 53,055 47,893 41,351 89,244 98,740 (10)% 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)%
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Total gold troy oz 99,766 103,103 99,844 98,609 103,261 201,870 183,603 10% 91,198 100,807 99,818 77,623 104,078 181,701 176,285 3%
Payable metal in concentrate transfer to Olympic Dam troy oz (3,979) (5,640) (2,184) (11,404) (4,358) (15,762) (17,503) (10)%
Net gold troy oz 95,787 97,463 97,660 87,205 98,903 186,108 166,100 12%
Silver Payable metal in concentrate troy koz 264 198 258 213 193 406 518 (22)% 218 173 226 131 207 338 513 (34)%
Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62%
Total silver troy koz 397 660 474 440 477 917 857 7% 328 659 439 386 457 843 825 2%
Payable metal in concentrate transfer to Olympic Dam troy koz (11) (12) (7) (31) (14) (45) (42) 7%
Net silver troy koz 386 648 467 409 463 872 815 7%
Uranium t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11%
Olympic Dam
Material mined kt 1,918 2,498 2,587 2,818 2,763 5,581 4,652 20%
Ore milled kt 2,407 2,462 2,859 2,640 2,926 5,566 5,024 11%
Average copper grade % 2.09% 1.99% 2.05% 1.97% 1.97% 1.97% 2.04% (3)%
Average uranium grade kg/t 0.59 0.56 0.56 0.55 0.56 0.56 0.60 (7)%
Copper cathode (ER and EW) kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62%
Payable uranium t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11%
Prominent Hill
Material mined kt 1,111 1,119 1,210 1,049 1,014 2,063 2,038 1%
Ore milled kt 1,761 1,364 1,998 1,621 1,376 2,997 3,320 (10)%
Average copper grade % 0.72% 0.82% 0.92% 0.71% 0.83% 0.77% 0.72% 6%
Concentrate produced kt 21.5 19.2 33.0 19.0 19.1 38.1 41.1 (7)%
Payable copper kt 10.9 9.7 16.2 9.9 9.7 19.6 20.4 (4)% 8.0 9.5 12.8 4.4 7.5 11.9 18.9 (37)%
Payable gold concentrate troy oz 25,445 24,309 28,593 24,105 17,406 41,511 46,421 (11)% 19,658 22,614 25,222 9,033 17,671 26,704 38,377 (30)%
Payable silver concentrate troy koz 70 63 98 61 49 110 133 (17)% 48 51 69 29 45 74 121 (39)%
Carrapateena
Material mined kt 1,476 1,202 1,583 1,488 1,479 2,967 2,946 1%
Ore milled kt 1,429 1,306 1,557 1,511 1,415 2,926 2,875 2%
Average copper grade % 1.37% 1.31% 1.24% 1.18% 1.20% 1.19% 1.41% (16)%
Concentrate produced kt 57.6 50.6 58.7 52.4 53.4 105.8 116.8 (9)%
Payable copper kt 17.1 15.1 17.0 15.6 15.1 30.7 35.5 (14)% 17.9 14.3 18.1 11.5 17.3 28.8 37.4 (23)%
Payable gold concentrate troy oz 26,843 21,788 24,462 23,788 23,945 47,733 52,319 (9)% 28,061 20,211 25,355 17,443 27,353 44,796 54,103 (17)%
Payable silver concentrate troy koz 194 135 160 152 144 296 385 (23)% 170 122 157 102 162 264 392 (33)%
10
BHP | Operational review for the half year ended 31 December 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 %
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 57,497 51,529 39,369 58,970 57,442 116,412 121,591 (4)%
Concentrator throughput kt 13,323 13,140 10,154 13,307 13,725 27,032 26,419 2%
Average head grade - copper % 0.77% 0.81% 0.76% 0.86% 0.98% 0.92% 0.84% 10%
Average head grade - zinc % 0.84% 0.85% 1.70% 1.26% 1.01% 1.13% 0.76% 50%
Payable copper kt 30.5 30.9 21.2 33.9 38.2 72.1 66.8 8% 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1%
Payable zinc t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
Payable silver troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68% 796 810 953 1,705 1,553 3,258 1,578 106%
Payable lead t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163%
Payable molybdenum t 615 614 148 84 12 96 1,517 (94)% 734 616 524 139 66 205 1,415 (86)%
Carajás, Brazil BHP interest 100%
Material mined kt 152 140 148 134 147 281 332 (15)%
Ore milled kt 170 128 176 160 172 333 332 0%
Average copper grade % 1.92% 1.64% 1.40% 1.63% 1.51% 1.57% 1.77% (11)%
Production ex mill kt 12.6 7.9 9.5 10.3 9.8 20.1 22.5 (11)%
Average gold grade g/t 0.54 0.50 0.43 0.46 0.47 0.47 0.50 (7)%
Payable copper kt 3.0 1.9 2.2 2.4 2.3 4.7 5.3 (12)% 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)%
Payable gold concentrate troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)% 1,527 1,664 1,693 1,964 2,424 4,388 4,696 (7)%
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet
metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 13,796 11,991 15,073 13,724 13,340 27,064 27,154 0%
Area C Joint Venture kt 29,578 27,869 32,824 29,415 32,265 61,680 58,417 6%
Yandi Joint Venture kt 3,777 3,819 3,854 3,498 2,899 6,397 8,217 (22)%
Jimblebar¹ kt 17,600 16,458 16,597 15,378 19,262 34,640 34,326 1%
Total kt 64,751 60,137 68,348 62,015 67,766 129,781 128,114 1%
Total (100%) kt 73,071 67,844 77,480 70,246 76,326 146,572 144,664 1%
Lump kt 20,319 18,822 21,285 20,250 20,595 40,845 39,696 3%
Fines kt 44,022 40,412 46,545 42,180 46,314 88,494 88,053 1%
Total kt 64,341 59,234 67,830 62,430 66,909 129,339 127,749 1%
Total (100%) kt 72,594 66,765 76,723 70,592 75,397 145,989 144,137 1%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48% 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85%
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,439 1,228 1,811 1,880 1,254 3,134 2,798 12%
Peak Downs kt 1,073 1,098 1,154 1,111 967 2,078 2,322 (11)%
Saraji kt 1,171 883 1,079 884 1,146 2,030 2,111 (4)%
Caval Ridge kt 747 710 1,102 990 924 1,914 1,714 12%
Total(1) kt 4,430 3,919 5,146 4,865 4,291 9,156 8,945 2%
Total (100%)(1) kt 8,860 7,838 10,292 9,730 8,582 18,312 17,890 2%
Hard coking coal kt 4,695 3,708 4,831 4,428 4,302 8,730 8,968 (3)%
Energy coal kt 31 83 199 44 111 155 31 400%
Total kt 4,726 3,791 5,030 4,472 4,413 8,885 8,999 (1)%
Total (100%) kt 9,452 7,582 10,060 8,944 8,826 17,770 17,998 (1)%
1 Production figures include some energy coal.
11
BHP | Operational review for the half year ended 31 December 2025
Production Sales
Quarter ended Year to date Quarter ended Year to date
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 %
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,471 3,128 3,554 3,549 4,190 7,739 6,887 12%
Energy coal - Domestic kt 332 381 372 158 182 340 867 (61)%
Total kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10% 3,803 3,509 3,926 3,707 4,372 8,079 7,754 4%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹ BHP interest 100%
Mt Keith Nickel concentrate kt 5.4 - - - - - 41.3 (100)%
Average nickel grade % 16.7 - - - - - 17.0 (100)%
Leinster Nickel concentrate kt - - - - - - 72.4 (100)%
Average nickel grade % - - - - - - 8.8 (100)%
Refined nickel kt 0.1 - - - - - 12.2 (100)% 0.8 - - - - - 14.3 (100)%
Nickel sulphate kt - - - - - - 0.3 (100)% 0.3 0.1 0.1 - - - 0.9 (100)%
Intermediates and nickel by-products kt 7.9 2.3 0.3 - - - 15.1 (100)% 10.1 2.1 0.1 - - - 15.9 (100)%
Total nickel kt 8.0 2.3 0.3 - - - 27.6 (100)% 11.2 2.2 0.2 - - - 31.1 (100)%
Cobalt by-products t 121 35 - - - - 415 (100)% 121 - - - - - 415 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
12
Variance analysis relates to the relative performance of BHP and/or its
operations during the six months ended December 2025 compared with the six
months
ended December 2024, unless otherwise noted. Production volumes, sales volumes
and capital and exploration expenditure from subsidiaries are reported on a
100% basis; production and sales volumes from equity accounted investments
and other operations are reported on a proportionate consolidation basis.
Numbers presented may not add up precisely to the totals provided due to
rounding. Medium term refers to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release:
billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight
(CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry
metric 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
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Mobile: +61 411 071 715 Mobile: +61 499 006 018
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Mobile: +44 7887 468 926 Mobile: +44 7884 735 515
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Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
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