Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4
18 July 2025
Operational review for the year ended 30 June 2025
Record copper and iron ore production drives strong 2025 performance
"BHP delivered record iron ore and copper production, which demonstrates the
strength and resilience of our business and underpins our ability to deliver
growth and returns to shareholders amid global volatility and uncertainty.
BHP's WA iron ore operations set multiple records, including for full year
production. South Flank exceeded name plate capacity production in its first
full year of operation after being delivered on time and on budget in FY24. The
efficiency of our infrastructure hubs continues to strengthen performance with
rail, port and technology investments delivering tangible production outcomes.
Our steelmaking coal business increased production by 5% with improved truck
productivity offsetting heavy wet weather and geotechnical challenges at
Broadmeadow.
BHP produced more than 2 million tonnes of copper across the group - a record
level of production in a commodity critical to urbanisation, digitisation and
electrification. In Chile, Escondida achieved its highest production in 17
years, and Spence delivered record production. In Australia, Copper SA finished
the year strongly with copper production records in June and for the final three
months of the year.
In Canada, Jansen Stage 1 continues to progress. Today, we are providing an
update on the cost and schedule estimates for Stage 1. We estimate capital
expenditure to be in the range of US$7.0 bn to US$7.4 bn (including
contingencies), versus our original estimate of US$5.7 bn, and first production
to revert to the original schedule of mid-CY27. Our Group capex guidance remains
~US$11 bn for each of FY26 and FY27.
Commodity demand globally has remained resilient so far in 2025. That resilience
largely reflects China's ongoing ability to grow its overall export base despite
a significant decline in exports to the USA, and its ability to deliver robust
domestic demand despite the dislocation in the property sector. Copper and steel
demand have benefited from a sharp acceleration in renewable energy investment,
electricity grid build out, strong machinery exports and EV sales. While slower
economic growth and a fragmenting trading system remain potential headwinds,
stimulus efforts by China and the USA would help to mitigate the near-term
impact. Going forward, China's 15th 5-year plan is likely to provide more
visibility on policies to sustain longer term growth and development."
Mike Henry, BHP Chief Executive Officer
Summary
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Operational excellence
Record iron ore and copper production
BHP delivered record group copper production of >2.0 Mt, up 8%, driven by strong performances across all operated copper assets, including a 16% production increase at Escondida, record production at Spence and record quarterly (Q4) production from Copper SA.
We also delivered record iron ore production, with WAIO producing 290 Mt (100% basis), overcoming the impacts of Tropical Cyclone Zelia and Tropical Storm Sean in Q3. The ramp up of the second concentrator at Samarco ahead of schedule, also contributed to our record iron ore production.
Guidance
Production achieved and unit costs on track
We exceeded the top end of our production guidance ranges at Escondida and NSWEC, while Spence, WAIO and BMA were all in the upper half of their production guidance ranges, and Copper SA achieved the mid-point of its revised production guidance (and was within its original guidance).
We remain on track to achieve FY25 unit cost guidance at Escondida, Spence, Copper SA and WAIO, and revised guidance at BMA.
After delivering 28% copper production growth between FY22 and FY25, guidance for FY26 is between 1.8 to 2.0 Mt.
Portfolio
Jansen project update
The Jansen Stage 1 (JS1) potash project is 68% complete. We estimate capex for JS1 to be in the range of US$7.0 bn â€" US$7.4 bn, and first production to revert to the original schedule of mid-CY27.
We are also considering the extension of first production from Jansen Stage 2 (JS2) to FY31 as part of our regular review of capex sequencing under the Capital Allocation Framework and given potential for additional potash supply coming to market in the medium-term.
Group capital expenditure for FY26 and FY27 will remain at ~US$11 bn.
Social value
Agreements to reduce value chain emissions
BHP has signed contracts with COSCO Shipping for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers, capable of reducing GHG emissions by 50% to 95% on a per voyage basis./i/
Copper SA has partnered with Aurizon to deliver a major logistics solution that will significantly reduce emissions in South Australia.
BHP and China Baowu celebrated successful commercial-scale DRI trials using BHP’s Pilbara iron ores to support potential pathway for steelmaking decarbonisation.
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Quarter performance Full year performance Guidance
----------------------------- ----------------------- ---------------------------
Production Q4 FY25 v Q3 FY25 v Q4 FY24 FY25 v FY24 FY25e FY26e
--------------------------------------------- --------- --------- --------- ------- --------- -------------- --------------
Copper (kt).................................. 516.2 1% 2% 2,016.7 8% 1,845 - 2,045 1,800 - 2,000
Escondida (kt)............................ 327.3 (2%) 6% 1,304.9 16% 1,180 - 1,300 1,150 - 1,250
Pampa Norte (kt)/ii/...................... 73.4 8% 11% 267.6 1% 240 - 270/ii/ 230 - 250/ii/
Copper South Australia (kt)............... 92.1 16% 3% 315.9 (2%) 300 - 325 310 - 340
Antamina (kt)............................. 21.2 (31%) (45%) 118.9 (17%) 115 - 135 120 - 140
Carajas (kt).............................. 2.2 18% 8% 9.4 15% -- --
Iron ore (Mt)................................ 70.3 14% 2% 263.0 1% 255 - 265.5 258 - 269
WAIO (Mt)................................. 68.3 14% 0% 256.6 1% 250 - 260 251 - 262
WAIO (100% basis) (Mt).................... 77.5 14% 1% 290.0 1% 282 - 294 284 - 296
Samarco (Mt).............................. 2.0 22% 91% 6.4 34% 5 - 5.5 7.0 - 7.5
Steelmaking coal - BMA (Mt)/iii/............. 5.1 31% 5% 18.0 (19%) 16.5 - 19 18 - 20
BMA (100% basis) (Mt)/iii/................ 10.3 31% 5% 36.0 (19%) 33 - 38 36 - 40
Energy coal - NSWEC (Mt)..................... 4.1 13% 8% 15.0 (2%) 13 - 15 14 - 16
Nickel - Western Australia Nickel (kt)/iv/... 0.3 (87%) (99%) 30.2 (63%) -- --
Note: Refer to page 7 for footnotes.
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BHP | Operational review for the year ended 30 June 2025
Summary of disclosures
BHP expects its financial results for the second half of FY25 (H2 FY25) to
reflect certain items summarised in the table below. The table does not provide
a comprehensive list of all items impacting the period. The financial statements
are the subject of ongoing work that will not be finalised until the release of
the financial results on 19 August 2025. Accordingly, the information in the
table below contains preliminary information that is subject to update and
finalisation.
H2 FY25 impact/i/
Description (US$M) Classification/ii/
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Unit costs (at guidance FX)
-----------------------------------------------------------------------------------------------------------------------------------
Unit costs for FY25 are expected to be at the bottom end of the guidance range
at Escondida, within the guidance range at Spence and the revised guidance range
at BMA, and in the upper half of the guidance ranges at Copper SA and WAIO -- Operating costs
-----------------------------------------------------------------------------------------------------------------------------------
Note: Average realised exchange rates for FY25 of AUD/USD 0.65 (guidance rate
AUD/USD 0.66) and USD/CLP 951 (guidance rate USD/CLP 842) --
-----------------------------------------------------------------------------------------------------------------------------------
Income statement
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Negative EBITDA for WA Nickel 250 - 300 (Down) EBITDA
-----------------------------------------------------------------------------------------------------------------------------------
Increase in closure and rehabilitation provision for closed sites (predominantly
in Group and Unallocated) ~100 (Up) Operating costs
-----------------------------------------------------------------------------------------------------------------------------------
The Group's adjusted effective tax rate for FY25 is expected to be towards the
top end of the guidance range of 33 - 38% -- Taxation expense
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Cash flow statement
-----------------------------------------------------------------------------------------------------------------------------------
Working capital movements 600 - 700 (Up) Operating cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Net cash tax paid 3,800 - 3,900 (Down) Operating cash flow
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Dividends received from equity-accounted investments ~150 (Up) Operating cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Capital and exploration spend is expected to be broadly in line with full year
guidance of ~US$10 bn ~4,600 (Down) Investing cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Proceeds received from the sale of BHP's 50% interest in the Blackwater and
Daunia mines/iii/ ~250 (Up) Investing cash flow
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Impact of BHP Brasil's obligations relating to the Samarco dam failure ~1,100 (Down) Investing cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Payment for the completion of the Vicuna transaction ~2,000 (Down) Investing cash flow
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Dividends paid to non-controlling interests ~800 (Down) Financing cash flow
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Payment of the H1 FY25 dividend ~2,500 (Down) Financing cash flow
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Balance sheet
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The Group's net debt balance as at 30 June 2025 is expected to be ~US$13 bn -- Net debt
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Exceptional items
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Financial impact of the Samarco dam failure Refer footnote/iv/ Exceptional item
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i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or income
statement impact as relevant, unless otherwise noted.
iii For detail on future payments in relation to the divestment please refer to:
BHP completes the divestment of Daunia and Blackwater.
iv Financial impact is the subject of ongoing work and is not yet finalised.
See iron ore section for further information on Samarco operations.
--------------------------------------------------------------------------------------------------------------
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
2
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BHP | Operational review for the year ended 30 June 2025
Segment and asset performance | FY25 v FY24
Copper
Production Total copper production increased for a third consecutive year, a 28%
increase from FY22, to a record 2,017 kt. Copper production for FY26
2,017 kt Up 8% is expected to be between 1,800 and 2,000 kt reflecting planned lower
grade in Chile.
FY24 1,865 kt
Escondida 1,305 kt Up 16% (100% basis)
FY26e 1,800 - 2,000 kt
Escondida achieved its highest production in 17 years, increasing 16%
due to record concentrator throughput, improved recoveries, higher
Average realised price concentrator feed grade of 1.02% (FY24: 0.88%) and the Full SaL
leaching project which achieved first production in Q4 FY25.
US$4.25/lb Up 7%
Production for FY26 is expected to be between 1,150 and 1,250 kt.
FY24 US$3.98/lb Concentrator feed grade for FY26 is expected to be approximately
0.85%.
Pampa Norte 268 kt Up 1%
Pampa Norte consists of Spence and Cerro Colorado.
Spence production increased 5% to a record 268 kt due to improved
stacked feed grade. Concentrator throughput, feed grade and recovery
was broadly in line with the prior period.
Production at Spence for FY26 is expected to be between 230 and 250 kt
due to expected lower concentrator feed grades and increased volume of
transitional ore processed.
Cerro Colorado remains in temporary care and maintenance, having
contributed 11 kt of copper production in FY24.
Copper South Australia 316 kt Down 2%
Strong underlying performance continued in Q4, with record quarterly copper
production achieved. Full year production declined marginally due to the
significant two-week weather-related power outage in Q2.
Copper South Australia performed strongly across all three operations
following the outage, delivering an 18% uplift in copper production in
H2. The smelter and refinery demonstrated continued operating
stability and performance improvement, achieving record half-year
copper production at Olympic Dam (under BHP ownership) and record full
year concentrate smelted. Carrapateena achieved higher productivity
from the sub-level cave, resulting in strong annual copper production
and record gold production.
Production for FY26 is expected to increase to between 310 and 340 kt,
weighted to the second half.
Other copper
At Antamina, copper production decreased 17% to 119 kt reflecting
lower concentrator throughput and a decline in feed grade. Zinc
production was 5% higher at 109 kt, as a result of higher zinc feed
grade.
For FY26, at Antamina, copper production is expected to increase to
between 120 and 140 kt and zinc production is expected to be between
90 and 110 kt.
Carajas produced 9.4 kt of copper and 7.3 troy koz of gold.
3
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BHP | Operational review for the year ended 30 June 2025
Iron ore
Production Iron ore production increased to a record 263 Mt. Production for FY26
is expected to increase to between 258 and 269 Mt.
263 Mt Up 1%
WAIO 257 Mt Up 1% | 290 Mt (100% basis)
FY24 260 Mt
WAIO delivered another full year production record of 257 Mt (290 Mt
FY26e 258 - 269 Mt on a 100% basis) and record shipments. This strong performance
reflects supply chain excellence with record productive movement, in
addition to improved rail cycle times, and enhanced car dumper and
Average realised price ship loader performance unlocked by the Port Debottlenecking Project 1
(PDP1). South Flank exceeded nameplate capacity of 80 Mt (100% basis)
US$82.13/wmt Down 19% in its first year following ramp up, contributing to record Ore for
Rail (OFR) volumes from the Central Pilbara hub (South Flank and
FY24 US$101.04/wmt Mining Area C).
The record production was delivered despite the impact of Tropical
Cyclone Zelia and Tropical Storm Sean in Q3, and the planned increase
in tie-in activity of the multi-year Rail Technology Programme (RTP1).
Production for FY26 is expected to be between 251 and 262 Mt (284 and
296 Mt on a 100% basis), incorporating the planned rebuild of Car
Dumper 3 in HY26 and the ongoing tie-in activities for RTP1.
Samarco 6.4 Mt Up 34% | 12.8 Mt (100% basis)
Production increased following the ramp up of the second concentrator.
FY26 production is expected to increase to between 7.0 and 7.5 Mt with
the second concentrator now online, somewhat offset by planned
maintenance expected during the financial year.
Since the October 2024 Agreement with the Public Authorities, Samarco
has incurred R$10.3 bn/v/ on performance obligations ('Obligations to
Perform'), including approximately R$5.5 bn/v/ paid directly to people
impacted by the 2015 Fundao dam failure. Another R$10.9 bn/v/ has been
paid to Public Authorities ('Obligations to Pay') in the same period.
--------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 18 Mt Down 19% | 36 Mt (100% basis)
18.0 Mt Down 19% Production increased 5% (excluding the contribution of Blackwater and
Daunia in FY24), and raw coal inventory levels increased 12%. The
FY24 22.3 Mt strong performance was underpinned by improved truck productivity and
led to increased production across all open cut mines.
FY26e 18 - 20 Mt
Our focus on rebuilding raw coal inventory enabled us to stabilise
operating performance across the asset and increase production despite
Average realised price the geotechnical challenges at Broadmeadow and a 36% year-on-year
increase in rainfall/vi/.
US$193.82/t Down 27%
Production guidance for FY26 is expected to increase to between 18 and
FY24 US$266.06/t 20 Mt (36 and 40 Mt on a 100% basis), weighted to the second half. We
expect the inventory rebuild to continue into CY27.
Energy coal
Production NSWEC 15 Mt Down 2%
15.0 Mt Down 2% NSWEC exceeded the top end of production guidance again in FY25.
Production decreased slightly due to increased wet weather impacting
FY24 15.4 Mt truck productivity, as well as a higher proportion of washed coal and
reduced truck availability in Q1. This was partially offset by a draw
FY26e 14 - 16 Mt down of inventory.
Production for FY26 is expected to be between 14 and 16 Mt.
Average realised price
In April 2025, we received approval from the NSW government to extend
US$107.80/t Down 11% mining to 30 June 2030. We also entered into an agreement with
renewable energy and infrastructure company ACCIONA Energia to explore
FY24 US$121.52/t the development of a pumped hydro energy storage project, located in
part of the Mt Arthur Coal operation.
4
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BHP | Operational review for the year ended 30 June 2025
Group & Unallocated
Nickel
Production Western Australia Nickel 30 kt Down 63%
30 kt Down 63% Western Australia Nickel (WAN) transitioned into temporary suspension
in HY25.
FY24 82 kt
As previously announced, BHP intends to review the decision to
temporarily suspend WAN by February 2027. As part of this review, BHP
is assessing the potential divestment of the WAN assets. Any decision
to divest will be subject to an assessment against other options,
including continuing temporary suspension, restart or closure.
During the review process, BHP is committed to:
- support the workforce with a people first approach;
- ensure the ongoing safety and integrity of the mines and
related infrastructure;
- work closely with Traditional Owners, governments and
suppliers, and to invest in local communities via the A$20 m
Community Fund established in 2024; and
- invest in exploration to extend the resource life of WAN and
preserve optionality.
Quarterly performance | Q4 FY25 v Q3 FY25
----------------------------------------------------------------- -----------------------------------------------------------------
Copper Iron ore
516 kt Up 1% Copper SA achieved record copper production 70 Mt Up 14% Record quarterly production at WAIO
in Q4. Spence production also increased underpinned by strong supply chain
Q3 FY25 513 kt driven by higher concentrator feed grade. Q3 FY25 62 Mt performance with record productive movement,
Escondida cathode production increased as following significant weather impacts in Q3.
Full SaL ramped up, offset by lower Samarco production continued to increase as
concentrate feed grade. the ramp up of the second concentrator was
completed.
----------------------------------------------------------------- -----------------------------------------------------------------
Steelmaking coal Energy coal
5.1 Mt Up 31% Higher production, including improved 4.1 Mt Up 13% Higher production due to improved wash
mining rates at Broadmeadow despite ongoing plant performance, including record feed
Q3 FY25 3.9 Mt geotechnical challenges, and increased Q3 FY25 3.6 Mt volumes and increased yield, as well as
stripping and inventory build following inventory draw down. This was partially
significant weather in Q3. offset by significant wet weather.
----------------------------------------------------------------- -----------------------------------------------------------------
Nickel
0.3 kt Down 87% Additional saleable production recovered
from inventory during temporary suspension.
Q3 FY25 2.3 kt
----------------------------------------------------------------- -----------------------------------------------------------------
Major projects
Capital First
expenditure production
Commodity Project and ownership Capacity US$M target date Progress
--------- --------------------- ------------------------------ ----------------------- ------------------------ -------------------
Potash Jansen Stage 1 Design, engineering and Currently under review. Currently under review. Approved in August
(Canada) construction of an underground Expected range is Expected date may revert 2021. Project is
100% potash mine and surface 7,000 - 7,400 to original project 68% complete/1/
infrastructure, with capacity timeline of mid-CY27
to produce 4.15 Mtpa.
Potash Jansen Stage 2 Development of additional Currently under review Currently under review. Approved in October
(Canada) mining districts, completion 2023. Project is
100% of the second shaft hoist Expected date may 11% complete
infrastructure, expansion of extend by two
processing facilities and years to FY31
addition of rail cars to
facilitate production of an
incremental 4.36 Mtpa.
--------
1. Jansen Stage 1 completion percentage has been re-baselined since our Q3 FY25 Operational Review.
5
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BHP | Operational review for the year ended 30 June 2025
We continue to make progress at Jansen with JS1 now 68% complete. We estimate capital expenditure for JS1 to increase from US$5.7 bn to be in the range of US$7.0 bn to US$7.4 bn (including contingencies) and first production to revert to the original schedule of mid-CY27. The estimated cost increase is driven by inflationary and real cost escalation pressures, design development and scope changes, and our current assessment of lower productivity outcomes over the construction period. We expect to update the market on JS1’s timing and optimised capital expenditure estimate in H2 FY26.
Given potential for additional potash supply coming to market in the medium term, and as part of our regular review of the sequencing of capital projects under the Capital Allocation Framework, we are considering a two-year extension for the execution of JS2 from FY29 to FY31. We expect to update the market on JS2’s timing estimate during H1 FY26, and optimised capital expenditure estimate in H2 FY26.
We have spent US$4.5 bn on JS1 and US$0.4 bn on JS2 since they commenced execution.
6
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BHP | Operational review for the year ended 30 June 2025
Footnotes
i Percentage reductions when run on lower or low to
zero GHG emissions ammonia compared to a conventionally fuelled
voyage. Vessels expected to be delivered from 2028. Lower GHG emissions:
Capable of between 5% to 80% lower GHG emissions intensity (gCO2-e/joule)
on a well-to-wake basis compared to conventional fossil fuels used in
shipping. Low to zero GHG emissions: Capable of between 81% to 100% lower
GHG emissions intensity (gCO2-e/joule) on a well-to-wake basis compared to
conventional fossil fuels used in shipping. Well-to-wake means inclusive of
the GHG emissions across the entire process of fuel production, delivery
and use onboard vessels.
ii FY24 includes 11 kt from Cerro Colorado, which entered temporary care and
maintenance in December 2023. Excluding these volumes, FY25 production
increased 5%. Production guidance is for Spence only. Refer to copper and
the production and sales report for further information.
iii FY24 production includes 5 Mt (10 Mt on a 100% basis) from the Blackwater
and Daunia mines, which were divested on 2 April 2024. Excluding these
volumes, FY25 production increased 5%. Refer to steelmaking coal and the
production and sales report for further information.
iv Western Australia Nickel ramped down and entered temporary suspension in
December 2024. Refer to nickel and the production and sales report for
further information.
v Amounts shown are those incurred by Samarco on a 100% basis, which
includes cash outflows as well as accruals relevant to the period from when
the agreement was signed on 25 October 2024 to the end of the 2025
financial year on 30 June 2025. A portion of these payments were funded by
cash generated from the Samarco operations. The cash impact of BHP Brasil's
obligations relating to the Samarco dam failure for H2 FY25 is outlined on
page 2.
vi 821mm of rainfall recorded at Moranbah Airport in FY25, 36% higher than
FY24 (602mm).
7
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BHP | Operational review for the year ended 30 June 2025
Appendix 1
Average realised prices
Quarter performance H2 performance Full year performance
---------------------------- ---------------------------- ---------------------
Average realised prices/i/ Q4 FY25 v Q3 FY25 v Q4 FY24 H2 FY25 v H1 FY25 v H2 FY24 FY25 v FY24
-------------------------------------- -------- --------- --------- -------- --------- --------- --------- -----------
Copper (US$/lb)/ii,iii,iv/............ 4.43 (3%) (3%) 4.50 13% 5% 4.25 7%
Iron ore (US$/wmt, FOB)/v/............ 79.93 (8%) (12%) 83.15 3% (16%) 82.13 (19%)
Steelmaking coal (US$/t)/vi,vii/...... 177.32 (4%) (28%) 180.65 (12%) (32%) 193.82 (27%)
Energy coal (US$/t)/viii/............. 85.70 (12%) (31%) 91.28 (27%) (24%) 107.80 (11%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii The large majority of copper cathodes sales were linked to index price for
quotation periods one month after month of shipment, and three to four
months after month of shipment for copper concentrates sales with price
differentials applied for location and treatment costs.
iii At 30 June 2025, the Group had 434 kt of outstanding copper sales that were
revalued at a weighted average price of US$4.52/lb. The final price of
these sales will be determined in FY26. In addition, 430 kt of copper sales
from FY24 were subject to a finalisation adjustment in the current period.
The displayed prices include the impact of these provisional pricing and
finalisation adjustments.
iv Sales from Carrapateena and Prominent Hill acquired through the purchase of
OZL are included since the Q4 FY24 period.
v The large majority of iron ore shipments were linked to index pricing for
the month of shipment, with price differentials predominantly a reflection
of market fundamentals and product quality. Iron ore sales for FY25 and Q4
FY25 were based on an average moisture rate of 7.1% (FY24 6.7%; Q4 FY24
6.9%).
vi The large majority of steelmaking coal and energy coal exports were linked
to index pricing for the month of scheduled shipment or priced on the spot
market at fixed or index-linked prices, with price differentials reflecting
product quality.
vii From FY25, steelmaking coal refers to hard coking coal which is generally
those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and
above. Comparative periods include impacts from weak coking coal, which
refers generally to those steelmaking coals with a CSR below 35, which were
sold by Blackwater and Daunia mines, divested on 2 April 2024.
viii Export sales only. Includes energy coal sales from steelmaking coal mines.
Unit cost guidance
FY25 guidance/i/
----------------------------
Unit cost Current
------------------------------ ----------------------------
Escondida (US$/lb)............ 1.30 - 1.60 Bottom end
Spence (US$/lb)............... 2.00 - 2.30 Unchanged
Copper SA (US$/lb)/ii/........ 1.30 - 1.80 Upper half
WAIO (US$/t).................. 18.00 - 19.50 Upper half
BMA (US$/t)................... 128 - 133 Unchanged
i FY25 unit cost guidance is based on exchange rates of AUD/USD 0.66 and
USD/CLP 842.
ii Calculated using the following assumptions for by-products: gold
US$2,000/oz, and uranium US$80/lb.
Exploration
Minerals exploration and evaluation expenditure was US$396 m for FY25 (FY24:
US$457 m) of which US$346 m was expensed (FY24: US$399 m).
8
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BHP | Operational review for the year ended 30 June 2025
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 370.4 360.9 391.4 379.8 375.9 1,508.0 1,335.4 13%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 258.5 264.8 295.4 288.4 278.6 1,127.2 926.7 22%
Pampa Norte kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0%
Copper South Australia kt 32.1 21.8 25.9 22.5 31.7 101.9 106.3 (4)%
Antamina kt 38.3 36.3 30.5 30.9 21.2 118.9 143.9 (17)%
Carajas kt 2.1 2.3 3.0 1.9 2.2 9.4 8.2 15%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 134.4 115.4 119.4 133.6 140.3 508.7 529.6 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 50.7 39.4 44.4 45.2 48.7 177.7 198.6 (11)%
Pampa Norte kt 26.5 24.4 29.6 31.8 31.2 117.0 115.3 1%
Copper South Australia kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)%
Total kt 504.8 476.3 510.8 513.4 516.2 2,016.7 1,865.0 8%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 131 21 148 234 1,829 2,232 332 572%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 131 21 148 234 1,829 2,232 332 572%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 100,013 85,668 90,468 89,841 95,949 361,926 362,960 0%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Pampa Norte troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Copper South Australia troy oz 48,355 32,928 48,309 40,457 50,871 172,565 163,061 6%
Carajas troy oz 1,572 1,734 2,231 1,516 1,825 7,306 5,558 31%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)%
Total troy oz 149,152 123,053 137,946 146,847 142,738 550,584 570,083 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 3,317 3,150 3,277 3,418 3,911 13,756 11,593 19%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
Pampa Norte troy koz 583 503 451 428 441 1,823 1,654 10%
Copper South Australia troy koz 312 223 253 186 251 913 1,134 (19)%
Antamina troy koz 873 878 954 1,017 1,313 4,162 3,359 24%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 265 206 133 462 216 1,017 995 2%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 265 206 133 462 216 1,017 995 2%
Total troy koz 3,582 3,356 3,410 3,880 4,127 14,773 12,588 17%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 929 672 725 783 974 3,154 3,603 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 929 672 725 783 974 3,154 3,603 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 699 1,084 751 801 337 2,973 2,616 14%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 117 182 136 187 189 694 794 (13)%
Antamina t 582 902 615 614 148 2,279 1,822 25%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 68,173 63,363 64,751 60,137 68,348 256,599 254,936 1%
Samarco kt 1,041 1,285 1,471 1,635 1,991 6,382 4,748 34%
Total kt 69,214 64,648 66,222 61,772 70,339 262,981 259,684 1%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 4,922 4,515 4,430 3,919 5,146 18,010 22,275 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,751 3,675 3,698 3,596 4,067 15,036 15,368 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 23.0 19.6 8.0 2.3 0.3 30.2 81.6 (63)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 181 294 121 35 -- 450 734 (39)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024. BMA includes thermal coal sales.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 378.7 391.5 372.8 399.0 377.6 1,540.9 1,274.7 21%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 261.3 273.2 275.0 309.2 285.5 1,142.9 886.5 29%
Pampa Norte kt 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Copper South Australia kt 28.0 30.4 25.9 23.8 30.9 111.0 98.9 12%
Antamina kt 37.4 39.6 33.3 27.4 21.8 122.1 139.8 (13)%
Carajas kt 2.7 4.3 2.1 2.1 2.1 10.6 7.1 49%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 142.3 110.7 120.0 133.3 148.4 512.4 531.9 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 54.6 37.6 43.2 47.4 52.7 180.9 200.3 (10)%
Pampa Norte kt 26.5 24.1 30.0 30.7 34.1 118.9 116.3 2%
Copper South Australia kt 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Total kt 521.0 502.2 492.8 532.3 526.0 2,053.3 1,806.6 14%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 9 125 35 181 837 1,178 362 225%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 9 125 35 181 837 1,178 362 225%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 92,323 98,936 89,174 92,357 95,523 375,990 349,377 8%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Pampa Norte troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Copper South Australia troy oz 40,507 44,761 47,719 42,825 50,577 185,882 150,301 24%
Carajas troy oz 1,730 3,169 1,527 1,664 1,693 8,053 4,735 70%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Total troy oz 145,010 139,262 132,653 150,339 144,764 567,018 553,159 3%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 3,137 3,126 3,084 3,198 3,526 12,934 11,033 17%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
Pampa Norte troy koz 583 503 451 428 441 1,823 1,654 10%
Copper South Australia troy koz 311 295 218 173 226 912 1,122 (19)%
Antamina troy koz 694 782 796 810 953 3,341 2,811 19%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 329 202 110 486 213 1,011 958 6%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 329 202 110 486 213 1,011 958 6%
Total troy koz 3,466 3,328 3,194 3,684 3,739 13,945 11,991 16%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 1,554 677 640 710 1,230 3,257 3,324 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 1,554 677 640 710 1,230 3,257 3,324 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 678 862 872 839 714 3,287 2,387 38%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 134 181 138 223 190 732 818 (11)%
Antamina t 544 681 734 616 524 2,555 1,569 63%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 67,323 63,408 64,341 59,234 67,830 254,813 255,977 0%
Samarco kt 1,043 1,002 1,508 1,445 2,013 5,968 4,766 25%
Total kt 68,366 64,410 65,849 60,679 69,843 260,781 260,743 0%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal/1/ BHP Mitsubishi Alliance (BMA) kt 4,904 4,273 4,726 3,791 5,030 17,820 22,294 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,678 3,951 3,803 3,509 3,926 15,189 15,167 0%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/2/ Western Australia Nickel kt 23.2 19.9 11.2 2.2 0.2 33.5 80.9 (59)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/2/ Western Australia Nickel t 181 294 121 -- -- 415 662 (37)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines
until their divestment on 2 April 2024. BMA includes thermal coal sales.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
9
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 102,752 100,416 116,083 117,038 122,386 455,923 389,254 17%
Concentrator throughput kt 34,377 32,488 35,293 32,889 36,490 137,160 134,114 2%
Average copper grade -
concentrator % 0.99% 1.00% 1.06% 1.09% 0.95% 1.02% 0.88% 16%
Production ex mill kt 279.5 269.9 309.8 295.6 291.0 1,166.3 961.4 21%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 258.5 264.8 295.4 288.4 278.6 1,127.2 926.7 22%
Copper cathode (EW) kt 50.7 39.4 44.4 45.2 48.7 177.7 198.6 (11)%
Oxide leach kt 13.8 7.8 12.2 14.3 16.3 50.6 62.7 (19)%
Sulphide leach kt 36.9 31.6 32.2 30.9 32.4 127.1 135.9 (6)%
Total copper kt 309.2 304.2 339.8 333.6 327.3 1,304.9 1,125.3 16%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Payable silver concentrate troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0%
Cathode kt 26.5 24.4 29.6 31.8 31.2 117.0 115.3 1%
Total copper kt 65.9 60.1 66.2 67.9 73.4 267.6 265.6 1%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 583 503 451 428 441 1,823 1,654 10%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 117 182 136 187 189 694 794 (13)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt -- -- -- -- -- -- -- --
Ore stacked kt -- -- -- -- -- -- 154 (100)%
Average copper grade - stacked % -- -- -- -- -- -- 0.58% (100)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt -- -- -- -- -- -- 11.1 (100)%
Spence
Material mined kt 19,951 23,260 25,238 21,848 25,944 96,290 89,546 8%
Ore stacked kt 5,926 4,928 5,974 5,584 5,413 21,899 21,791 0%
Average copper grade -
stacked % 0.54% 0.73% 0.81% 0.62% 0.67% 0.71% 0.57% 24%
Concentrator throughput kt 7,766 7,547 7,722 7,754 7,792 30,815 31,445 (2)%
Average copper grade -
concentrator % 0.70% 0.64% 0.62% 0.63% 0.66% 0.64% 0.66% (3)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 39.4 35.7 36.6 36.1 42.2 150.6 150.3 0%
Copper cathode (EW) kt 26.5 24.4 29.6 31.8 31.2 117.0 104.2 12%
Total copper kt 65.9 60.1 66.2 67.9 73.4 267.6 254.5 5%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Payable silver concentrate troy koz 583 503 451 428 441 1,823 1,654 10%
Payable molybdenum t 117 182 136 187 189 694 794 (13)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 261.3 273.2 275.0 309.2 285.5 1,142.9 886.5 29%
Copper cathode (EW) kt 54.6 37.6 43.2 47.4 52.7 180.9 200.3 (10)%
Oxide leach kt
Sulphide leach kt
Total copper kt 315.9 310.8 318.2 356.6 338.2 1,323.8 1,086.8 22%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 45,410 46,963 37,293 44,527 40,292 169,075 181,061 (7)%
Payable silver concentrate troy koz 1,549 1,546 1,619 1,787 1,906 6,858 5,446 26%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Cathode kt 26.5 24.1 30.0 30.7 34.1 118.9 116.3 2%
Total copper kt 75.8 68.1 66.5 67.2 71.4 273.2 258.7 6%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 583 503 451 428 441 1,823 1,654 10%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 134 181 138 223 190 732 818 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade - stacked %
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt -- -- -- -- -- -- 12.5 (100)%
Spence
Material mined kt
Ore stacked kt
Average copper grade -
stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 49.3 44.0 36.5 36.5 37.3 154.3 142.4 8%
Copper cathode (EW) kt 26.5 24.1 30.0 30.7 34.1 118.9 103.8 15%
Total copper kt 75.8 68.1 66.5 67.2 71.4 273.2 246.2 11%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 4,676 4,043 2,635 3,341 2,961 12,980 13,280 (2)%
Payable silver concentrate troy koz 583 503 451 428 441 1,823 1,654 10%
Payable molybdenum t 134 181 138 223 190 732 818 (11)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
10
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 34.7 27.9 28.0 24.8 33.2 113.9 118.9 (4)%
Cathode kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)%
Total copper kt 91.9 79.5 73.4 81.4 93.6 327.9 334.6 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt (2.6) (6.1) (2.1) (2.3) (1.5) (12.0) (12.6) (5)%
Net copper kt 89.3 73.4 71.3 79.1 92.1 315.9 322.0 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 52,045 46,452 52,288 46,097 53,055 197,892 184,729 7%
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)%
Total gold troy oz 101,184 83,837 99,766 103,103 99,844 386,550 391,852 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz (3,690) (13,524) (3,979) (5,640) (2,184) (25,327) (21,668) 17%
Net gold troy oz 97,494 70,313 95,787 97,463 97,660 361,223 370,184 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 333 254 264 198 258 974 1,209 (19)%
Refined silver troy koz 265 206 133 462 216 1,017 995 2%
Total silver troy koz 598 460 397 660 474 1,991 2,204 (10)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz (21) (31) (11) (12) (7) (61) (75) (19)%
Net silver troy koz 577 429 386 648 467 1,930 2,129 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 929 672 725 783 974 3,154 3,603 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,815 2,734 1,918 2,498 2,587 9,737 10,754 (9)%
Ore milled kt 2,912 2,617 2,407 2,462 2,859 10,345 10,653 (3)%
Average copper grade % 2.00% 1.99% 2.09% 1.99% 2.05% 2.03% 2.01% 1%
Average uranium grade kg/t 0.58 0.60 0.59 0.56 0.56 0.58 0.58 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 57.2 51.6 45.4 56.6 60.4 214.0 215.7 (1)%
Refined gold troy oz 49,139 37,385 47,478 57,006 46,789 188,658 207,123 (9)%
Refined silver troy koz 265 206 133 462 216 1,017 995 2%
Payable uranium t 929 672 725 783 974 3,154 3,603 (12)%
Prominent Hill
Material mined kt 1,175 927 1,111 1,119 1,210 4,367 4,504 (3)%
Ore milled kt 1,815 1,559 1,761 1,364 1,998 6,682 6,740 (1)%
Average copper grade % 0.94% 0.73% 0.72% 0.82% 0.92% 0.80% 0.87% (8)%
Concentrate produced kt 28.4 19.6 21.5 19.2 33.0 93.3 98.1 (5)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 14.6 9.5 10.9 9.7 16.2 46.3 50.5 (8)%
Payable gold concentrate troy oz 25,357 20,976 25,445 24,309 28,593 99,323 94,186 5%
Payable silver concentrate troy koz 90 63 70 63 98 294 280 5%
Carrapateena
Material mined kt 1,486 1,470 1,476 1,202 1,583 5,731 5,229 10%
Ore milled kt 1,450 1,446 1,429 1,306 1,557 5,738 5,213 10%
Average copper grade % 1.57% 1.45% 1.37% 1.31% 1.24% 1.34% 1.48% (9)%
Concentrate produced kt 62.0 59.2 57.6 50.6 58.7 226.1 194.7 16%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 20.1 18.4 17.1 15.1 17.0 67.6 68.4 (1)%
Payable gold concentrate troy oz 26,688 25,476 26,843 21,788 24,462 98,569 90,543 9%
Payable silver concentrate troy koz 243 191 194 135 160 680 929 (27)%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 28.0 30.4 25.9 23.8 30.9 111.0 98.9 12%
Cathode kt 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Total copper kt 89.2 79.4 72.7 79.0 92.5 323.6 314.2 3%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 40,507 44,761 47,719 42,825 50,577 185,882 150,301 24%
Refined gold troy oz 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Total gold troy oz 93,194 85,087 91,198 100,807 99,818 376,910 354,083 6%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 311 295 218 173 226 912 1,122 (19)%
Refined silver troy koz 329 202 110 486 213 1,011 958 6%
Total silver troy koz 640 497 328 659 439 1,923 2,080 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 1,554 677 640 710 1,230 3,257 3,324 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 61.2 49.0 46.8 55.2 61.6 212.6 215.3 (1)%
Refined gold troy oz 52,687 40,326 43,479 57,982 49,241 191,028 203,782 (6)%
Refined silver troy koz 329 202 110 486 213 1,011 958 6%
Payable uranium t 1,554 677 640 710 1,230 3,257 3,324 (2)%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 7.3 10.9 8.0 9.5 12.8 41.2 32.8 26%
Payable gold concentrate troy oz 12,955 18,719 19,658 22,614 25,222 86,213 63,168 36%
Payable silver concentrate troy koz 48 73 48 51 69 241 198 22%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 20.7 19.5 17.9 14.3 18.1 69.8 66.1 6%
Payable gold concentrate troy oz 27,552 26,042 28,061 20,211 25,355 99,669 87,133 14%
Payable silver concentrate troy koz 263 222 170 122 157 671 924 (27)%
------- ------- ------- ------- ------- ------- ------- -------
11
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 62,481 64,094 57,497 51,529 39,369 212,489 243,563 (13)%
Concentrator throughput kt 14,534 13,096 13,323 13,140 10,154 49,713 57,916 (14)%
Average head grade - copper % 0.91% 0.91% 0.77% 0.81% 0.76% 0.82% 0.87% (6)%
Average head grade - zinc % 0.68% 0.67% 0.84% 0.85% 1.70% 0.97% 0.89% 9%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 38.3 36.3 30.5 30.9 21.2 118.9 143.9 (17)%
Payable zinc t 15,839 19,374 22,792 26,026 40,415 108,607 103,392 5%
Payable silver troy koz 873 878 954 1,017 1,313 4,162 3,359 24%
Payable lead t 131 21 148 234 1,829 2,232 332 572%
Payable molybdenum t 582 902 615 614 148 2,279 1,822 25%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt 134 180 152 140 148 620 486 28%
Ore milled kt 135 161 170 128 176 636 488 30%
Average copper grade % 1.68% 1.61% 1.92% 1.64% 1.40% 1.64% 1.85% (11)%
Production ex mill kt 8.8 9.9 12.6 7.9 9.5 39.9 34.5 16%
Average gold grade g/t 0.48 0.46 0.54 0.50 0.43 0.48 0.48 0%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.1 2.3 3.0 1.9 2.2 9.4 8.2 15%
Payable gold concentrate troy oz 1,572 1,734 2,231 1,516 1,825 7,306 5,558 31%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 14,368 13,358 13,796 11,991 15,073 54,218 58,102 (7)%
Area C Joint Venture kt 29,070 28,839 29,578 27,869 32,824 119,110 105,868 13%
Yandi Joint Venture kt 5,293 4,440 3,777 3,819 3,854 15,890 17,855 (11)%
Jimblebar/1/ kt 19,442 16,726 17,600 16,458 16,597 67,381 73,111 (8)%
Total kt 68,173 63,363 64,751 60,137 68,348 256,599 254,936 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 76,773 71,593 73,071 67,844 77,480 289,988 287,022 1%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,041 1,285 1,471 1,635 1,991 6,382 4,748 34%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 37.4 39.6 33.3 27.4 21.8 122.1 139.8 (13)%
Payable zinc t 14,118 19,609 25,328 22,249 37,263 104,449 102,681 2%
Payable silver troy koz 694 782 796 810 953 3,341 2,811 19%
Payable lead t 9 125 35 181 837 1,178 362 225%
Payable molybdenum t 544 681 734 616 524 2,555 1,569 63%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
Average gold grade g/t
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.7 4.3 2.1 2.1 2.1 10.6 7.1 49%
Payable gold concentrate troy oz 1,730 3,169 1,527 1,664 1,693 8,053 4,735 70%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 20,260 19,377 20,319 18,822 21,285 79,803 79,580 0%
Fines kt 47,063 44,031 44,022 40,412 46,545 175,010 176,397 (1)%
Total kt 67,323 63,408 64,341 59,234 67,830 254,813 255,977 0%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 75,898 71,543 72,594 66,765 76,723 287,625 287,761 0%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,043 1,002 1,508 1,445 2,013 5,968 4,766 25%
------- ------- ------- ------- ------- ------- ------- -------
12
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt 25 -- -- -- -- -- 3,572 (100)%
Goonyella kt 2,047 1,359 1,439 1,228 1,811 5,837 6,434 (9)%
Peak Downs kt 1,238 1,249 1,073 1,098 1,154 4,574 4,217 8%
Saraji kt 817 940 1,171 883 1,079 4,073 3,287 24%
Daunia/1/ kt 13 -- -- -- -- -- 1,513 (100)%
Caval Ridge kt 782 967 747 710 1,102 3,526 3,252 8%
Total/2/ kt 4,922 4,515 4,430 3,919 5,146 18,010 22,275 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/2/ kt 9,844 9,030 8,860 7,838 10,292 36,020 44,550 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt
Weak coking coal kt
Thermal coal kt
Total/1/ kt
Total (100%)/1/ kt
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt
Domestic kt
Total kt 3,751 3,675 3,698 3,596 4,067 15,036 15,368 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt 42.6 35.9 5.4 -- -- 41.3 161.5 (74)%
Average nickel grade % 17.8 17.1 16.7 -- -- 17.0 16.7 2%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 76.6 72.4 -- -- -- 72.4 266.3 (73)%
Average nickel grade % 9.0 8.8 -- -- -- 8.8 8.3 6%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/2/ kt 14.7 12.1 0.1 -- -- 12.2 49.9 (76)%
Nickel sulphate/3/ kt 1.6 0.3 -- -- -- 0.3 4.2 (93)%
Intermediates and nickel
by-products/4/ kt 6.7 7.2 7.9 2.3 0.3 17.7 27.5 (36)%
Total nickel kt 23.0 19.6 8.0 2.3 0.3 30.2 81.6 (63)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 181 294 121 35 - 450 734 (39)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
2 High quality refined nickel metal, including briquettes and powder.
3 Nickel sulphate crystals produced from nickel powder.
4 Nickel contained in matte and by-product streams.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2024 2024 2024 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt
Goonyella kt
Peak Downs kt
Saraji kt
Daunia/1/ kt
Caval Ridge kt
Total/2/ kt
Total (100%)/2/ kt
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt 4,862 4,273 4,695 3,708 4,831 17,507 19,525 (10)%
Weak coking coal kt 42 -- -- -- -- -- 2,250 (100)%
Thermal coal kt -- -- 31 83 199 313 519 (40)%
Total/1/ kt 4,904 4,273 4,726 3,791 5,030 17,820 22,294 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/1/ kt 9,808 8,546 9,452 7,582 10,060 35,640 44,588 (20)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt 3,254 3,416 3,471 3,128 3,554 13,569 13,841 (2)%
Domestic kt 424 535 332 381 372 1,620 1,326 22%
Total kt 3,678 3,951 3,803 3,509 3,926 15,189 15,167 0%
------- ------- ------- ------- ------- ------- ------- -------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/2/ kt 14.8 13.5 0.8 -- -- 14.3 49.6 (71)%
Nickel sulphate/3/ kt 1.5 0.6 0.3 0.1 0.1 1.1 3.8 (71)%
Intermediates and nickel
by-products/4/ kt 6.9 5.8 10.1 2.1 0.1 18.1 27.5 (34)%
Total nickel kt 23.2 19.9 11.2 2.2 0.2 33.5 80.9 (59)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 181 294 121 -- -- 415 662 (37)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
2 High quality refined nickel metal, including briquettes and powder.
3 Nickel sulphate crystals produced from nickel powder.
4 Nickel contained in matte and by-product streams.
13
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Variance analysis relates to the relative performance of BHP and/or its
operations during the 12 months ended June 2025 compared with the 12 months
ended June 2024, unless otherwise noted. Production volumes, sales volumes and
capital and exploration expenditure from subsidiaries are reported on a 100%
basis; production and sales volumes from equity accounted investments and other
operations are reported on a proportionate consolidation basis. Numbers
presented may not add up precisely to the totals provided due to rounding.
Medium term refers to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release: billion
tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon
dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonne unit
(dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per
cubic centimeter (g/cm3), grams per tonne (g/t); high-potential injury (HPI);
kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa);
metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum
(Mtpa); percentage point (ppt); ounces (oz); OZ Minerals Limited (OZL); part per
million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum
(kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes
per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric
tonnes (wmt); and year to date (YTD).
In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and 'ourselves' are used to refer to BHP Group Limited and, except where the
context otherwise requires, our subsidiaries. Refer to Note 30 - Subsidiaries of
the Financial Statements in BHP's 2024 Annual Report for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets and
values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina, Resolution, Samarco and Vicuna. 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
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Mobile: +61 411 071 715 Mobile: +61 499 006 018
Europe, Middle East and Africa Europe, Middle East and Africa
Amanda Saunders James Bell
Mobile: +44 7887 468 926 Mobile: +44 7961 636 432
North America Americas
Megan Hjulfors Monica Nettleton
Mobile: +1 403 605 2314 Mobile: +1 416 518 6293
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
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Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
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14
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2025
Date: 18-07-2025 08:15:00
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