Wrap Text
BHP - Q2 FY26 Operational Review
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
BHP
20 January 2026
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
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Operational excellence Copper growth
Strong performance. Guidance upgrades Capitalising on stronger prices
At Escondida, we achieved record We have increased our FY26 copper
concentrator throughput, while Copper SA production guidance, which enables us
delivered record material mined. WAIO to further capitalise on record copper
achieved record H1 production and prices. The strong copper price is being
shipments. Production at BMA increased driven by healthy demand and by supply
2%, while NSWEC production increased 10%. disruptions at a number of competitors.
FY26 production guidance has increased We are also advancing our copper growth
for Group copper, Escondida and Antamina. options. In December, Vicuña submitted
NSWEC and Samarco are also now its application for the Incentive Regime
guiding to the upper half of their ranges, for Large Investments (RIGI) in Argentina.
while BMA is now guiding to the lower Vicuña remains on track to complete its
half due to ongoing geotechnical integrated technical report in Q1 CY26.
challenges at Broadmeadow. FY26 unit In Chile, the Environmental Impact
cost guidance remains unchanged for Declaration (DIA) permit for the
all assets, with Escondida now guiding Escondida New Concentrator, the centre
to the bottom end and BMA guiding to the piece of the growth program, remains on
upper half of their respective ranges. track to be submitted in H2 FY26.
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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 In November, two battery-electric haul trucks arrived at BHP's
agreement with Global Infrastructure Partners involving WAIO's Jimblebar iron ore mine in the Pilbara, marking the start of
power consumption. This innovative arrangement strengthens our on-site testing of Caterpillar's battery-electric technology.
balance sheet flexibility, supports long-term value creation Australia's first purpose-built battery-electric heavy haulage
and enhances BHP's shareholder value. locomotives also arrived in WA for trials on the WAIO rail
network.
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Quarter performance YTD performance FY26 guidance
----------------------------- ----------------- --------------------------------------
Production 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
Carajas (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
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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.
HY26 impact/i/
Description (US$M) Classification/ii/
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Unit costs (at guidance FX)
-----------------------------------------------------------------------------------------------------------------------------------
At HY26, unit costs at Escondida and Spence are expected to be at the bottom 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. -- Operating costs
-----------------------------------------------------------------------------------------------------------------------------------
For FY26, unit cost guidance remains unchanged for all assets, with unit 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. -- Operating costs
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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
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Negative EBITDA for WA Nickel ~100 EBITDA
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Negative EBITDA for Potash ~150 EBITDA
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The Group's adjusted effective tax rate for HY26 is expected to be within the
FY26 guidance range of 36 - 40% -- Taxation expense
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Cash flow statement
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Increase in working capital (lower operating cash flow) 2,300 - 2,400 Operating cash flow
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Net cash tax paid 3,600 - 3,700 Operating cash flow
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Dividends received from equity-accounted investments ~350 Operating cash flow
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Capital and exploration expenditure ~5,300 Investing cash flow
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Cash outflow of BHP Brasil's obligations relating to the Samarco dam failure ~1,100 Investing cash flow
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Proceeds received from sale of assets 100 - 200 Investing cash flow
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Payment of the H2 FY25 dividend ~3,100 Financing cash flow
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Dividends paid to non-controlling interests ~1,000 Financing cash flow
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Balance sheet
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The Group's net debt balance as at 31 December 2025 is expected to be between
US$14 and US$15 bn. -- Net debt
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Exceptional items
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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 section for further information on Samarco operations.
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[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
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2
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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).
HY25 987 kt Escondida 646 kt 0% (100% basis)
FY26e 1,900 - 2,000 kt Strong operational performance, with record concentrator throughput and
improved recoveries driven by operational enhancements, including the
introduction of new reagents. This was partially offset by planned lower
Average realised price concentrator feed grade of 0.93% (H1 FY25: 1.03%).
US$5.28/lb Up 32% Production guidance for FY26 has been increased to between 1,200 and 1,275
kt (from between 1,150 and 1,250 kt previously) and is expected to be
HY25 US$3.99/lb weighted to the first half, in line with higher concentrator feed grade.
Concentrator feed 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 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.
Carajas produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment
of Carajas is expected to close in Q1 CY26, subject to the satisfaction of
customary closing conditions (including regulatory approvals).
3
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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)
HY25 131 Mt
WAIO achieved record first half production and shipments as a result of
FY26e 258 - 269 Mt strong supply chain performance across our mine, rail and port operations,
including record material mined (up 9%). Car Dumper (CD) performance
improved following the completion of the CD3 rebuild in Q1 (4.3 Mt impact,
Average realised price 100% basis), which alongside the planned reduction in tie-in activity on the
multi-year Rail Technology Program (RTP1), generated increased efficiency
US$84.71/wmt Up 4% across the rail network and higher inflow to the port.
HY25 US$81.11/wmt Sales were higher than the prior year, with lump sales up 3%. We are currently negotiating annual
contract terms with the China Mineral Resources Group (CMRG). During negotiations, we continue to
optimise product placement 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)
9.2 Mt Up 2% Production increased due to strong operational performance at our open cut
operations, supported by the highest H1 stripping volumes in five years,
HY25 8.9 Mt which offset the impact of planned higher strip ratios.
FY26e 18 - 20 Mt We continue to safely manage ongoing geotechnical challenges at Broadmeadow.
While underground production rates were strong in Q1, further deterioration
in ground conditions in Q2 materially impacted operations and led to the
Average realised price 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
US$188.58/t Down 9% response to market conditions and the unsustainable impact of the Queensland
Government's coal royalties on business returns.
HY25 US$206.37/t
Production guidance for FY26 remains unchanged at between 18 and 20 Mt
(36 and 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.
--------------------------------------------------------------------------------------------------------------
Energy coal
Production NSWEC 8.1 Mt Up 10%
8.1 Mt Up 10% Strong operational performance due to increased bypass coal as well as
mining lower strip ratio areas.
HY25 7.4 Mt
Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with
FY26e 14 - 16 Mt production now expected to be in the upper half of the range, with minor
planned wash plant maintenance scheduled in Q3 FY26.
4
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BHP | Operational review for the half year ended 31 December 2025
Average realised price
US$95.76/t Down 23%
HY25 US$124.42/t
--------------------------------------------------------------------------------------------------------------
Quarterly performance | Q2 FY26 v Q1 FY26
----------------------------------------------------------------- -----------------------------------------------------------------
Copper Iron ore
491 kt Down 1% Lower production at Escondida due to 70 Mt Up 9% Higher production at WAIO driven by
planned lower grades, partially offset by improved supply chain performance
Q1 FY26 494 kt increased production at Copper SA and Q1 FY26 64 Mt following the planned rebuild of Car
Spence following planned maintenance in Dumper 3 in the prior quarter.
the prior quarter, and strong performance
at Antamina.
----------------------------------------------------------------- -----------------------------------------------------------------
Steelmaking coal Energy coal
4.3 Mt Down 12% Lower production due to ongoing 4.6 Mt Up 31% Higher production due to increased bypass
geotechnical challenges impacting coal combined with favourable weather and
Q1 FY26 4.9 Mt underground performance and higher Q1 FY26 3.5 Mt mining lower strip ratio areas coal.
rainfall which impacted stripping. Record wash plant throughput, following
planned annual wash plant maintenance in
Q1.
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5
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BHP | Operational review for the half year ended 31 December 2025
Appendix 1
Quarter performance YTD performance
---------------------------- ------------------
Average realised prices/i/ Q2 FY26 v Q1 FY26 v Q2 FY25 HY26 v HY25
-------------------------------------- -------- --------- --------- -------- ---------
Copper (US$/lb)/ii/,/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 <US$17.50/t
BMA (100% basis).............. 43 - 45 Mtpa <US$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP
940.
iii Medium term refers to FY27 to FY31.
iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28.
Major projects
Commodity Project & ownership Project scope / capacity Project expenditure (US$M) First production target Progress
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Potash Jansen Stage 1 (Canada) Design, engineering and construction of an underground US$8.4 bn Midâ€'CY27 Project is 75% complete
100% potash mine and surface infrastructure; capacity 4.15 Mtpa.
Potash Jansen Stage 2 (Canada) Development of additional mining districts; second shaft hoist Under review â€" update Q4 FY26 FY31 Project is 14% complete
100% infrastructure; expansion of processing facilities; additional
rail cars for incremental 4.36 Mtpa.
Notes:
i. Includes project capital expenditure, project operating expenditure, cost to construct
rightâ€'ofâ€'use assets (Westshore port terminal, thirdâ€'party rail line) and contingencies.
ii. Refer to announcement: Update â€" 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
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BHP | Operational review for the half year ended 31 December 2025
Appendix 2
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
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)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 295.4 288.4 278.6 282.4 270.5 552.9 560.2 (1)%
Pampa Norte (Spence) kt 36.6 36.1 42.2 35.4 33.3 68.7 72.3 (5)%
Copper South Australia kt 25.9 22.5 31.7 19.9 22.2 42.1 47.7 (12)%
Antamina kt 30.5 30.9 21.2 33.9 38.2 72.1 66.8 8%
Carajas kt 3.0 1.9 2.2 2.4 2.3 4.7 5.3 (12)%
------- ------- ------- -------- ------- -------- -------- -----
Cathode kt 119.4 133.6 140.3 119.6 124.0 243.6 234.8 4%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11%
Pampa Norte (Spence) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)%
Copper South Australia kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9%
Total kt 510.8 513.4 516.2 493.6 490.5 984.1 987.1 0%
------- ------- ------- -------- ------- -------- -------- -----
Lead Payable metal in concentrate t 148 234 1,829 754 91 845 169 400%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 148 234 1,829 754 91 845 169 400%
------- ------- ------- -------- ------- -------- -------- -----
Zinc Payable metal in concentrate t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49%
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 90,468 89,841 95,949 76,242 73,585 149,827 176,136 (15)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida troy oz 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)%
Copper South Australia troy oz 48,309 40,457 50,871 36,489 36,993 73,482 81,237 (10)%
Carajas troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)%
------- ------- ------- -------- ------- -------- -------- -----
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33%
Total troy oz 137,946 146,847 142,738 126,958 135,495 262,453 260,999 1%
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 3,277 3,418 3,911 4,114 4,109 8,223 6,427 28%
------- ------- ------- -------- ------- -------- -------- -----
Escondida troy koz 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)%
Copper South Australia troy koz 253 186 251 182 179 361 476 (24)%
Antamina troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68%
------- ------- ------- -------- ------- -------- -------- -----
Refined silver troy koz 133 462 216 227 284 511 339 51%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy koz 133 462 216 227 284 511 339 51%
Total troy koz 3,410 3,880 4,127 4,341 4,393 8,734 6,766 29%
------- ------- ------- -------- ------- -------- -------- -----
Uranium Payable metal in concentrate t 725 783 974 819 903 1,722 1,397 23%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia t 725 783 974 819 903 1,722 1,397 23%
------- ------- ------- -------- ------- -------- -------- -----
Molybdenum Payable metal in concentrate t 751 801 337 341 281 622 1,835 (66)%
------- ------- ------- -------- ------- -------- -------- -----
Pampa Norte (Spence) t 136 187 189 257 269 526 318 65%
Antamina t 615 614 148 84 12 96 1,517 (94)%
------- ------- ------- -------- ------- -------- -------- -----
Iron ore Western Australia
Iron Ore (WAIO) kt 64,751 60,137 68,348 62,015 67,766 129,781 128,114 1%
Samarco kt 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48%
Total kt 66,192 61,740 70,299 64,081 69,704 133,785 130,814 2%
------- ------- ------- -------- ------- -------- -------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,430 3,919 5,146 4,865 4,291 9,156 8,945 2%
------- ------- ------- -------- ------- -------- -------- -----
Energy coal NSW Energy Coal (NSWEC) kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10%
------- ------- ------- -------- ------- -------- -------- -----
Nickel/1/ Western Australia Nickel kt 8.0 2.3 0.3 0.0 -- -- 27.6 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt/1/ Western Australia Nickel t 121 35 -- -- -- -- 415 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
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 372.8 399.0 377.6 343.0 373.8 716.8 764.3 (6)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)%
Pampa Norte (Spence) kt 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)%
Copper South Australia kt 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)%
Antamina kt 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1%
Carajas kt 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)%
------- ------- ------- -------- ------- -------- -------- -----
Cathode kt 120.0 133.3 148.4 105.9 130.7 236.6 230.7 3%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9%
Pampa Norte (Spence) kt 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)%
Copper South Australia kt 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Total kt 492.8 532.3 526.0 448.9 504.5 953.4 995.0 (4)%
------- ------- ------- -------- ------- -------- -------- -----
Lead Payable metal in concentrate t 35 181 837 1,469 551 2,020 160 1,163%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 35 181 837 1,469 551 2,020 160 1,163%
------- ------- ------- -------- ------- -------- -------- -----
Zinc Payable metal in concentrate t 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 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)%
Pampa Norte (Spence) troy oz 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)%
Copper South Australia troy oz 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)%
Carajas troy oz 1,527 1,664 1,693 1,964 2,424 4,388 4,696 (7)%
------- ------- ------- -------- ------- -------- -------- -----
Refined gold troy oz 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy oz 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Total troy oz 132,653 150,339 144,764 117,524 141,153 258,677 271,915 (5)%
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 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%
Pampa Norte (Spence) troy koz 451 428 441 358 316 674 954 (29)%
Copper South Australia troy koz 218 173 226 131 207 338 513 (34)%
Antamina troy koz 796 810 953 1,705 1,553 3,258 1,578 106%
------- ------- ------- -------- ------- -------- -------- -----
Refined silver troy koz 110 486 213 255 250 505 312 62%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy koz 110 486 213 255 250 505 312 62%
Total troy koz 3,194 3,684 3,739 4,391 4,502 8,893 6,522 36%
------- ------- ------- -------- ------- -------- -------- -----
Uranium Payable metal in concentrate t 640 710 1,230 649 815 1,464 1,317 11%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia t 640 710 1,230 649 815 1,464 1,317 11%
------- ------- ------- -------- ------- -------- -------- -----
Molybdenum Payable metal in concentrate t 872 839 714 347 322 669 1,734 (61)%
------- ------- ------- -------- ------- -------- -------- -----
Pampa Norte (Spence) t 138 223 190 208 256 464 319 45%
Antamina t 734 616 524 139 66 205 1,415 (86)%
------- ------- ------- -------- ------- -------- -------- -----
Iron ore Western Australia
Iron Ore (WAIO) kt 64,341 59,234 67,830 62,430 66,909 129,339 127,749 1%
Samarco kt 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85%
Total kt 65,818 60,650 69,803 64,472 69,421 133,893 130,208 3%
------- ------- ------- -------- ------- -------- -------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,726 3,791 5,030 4,472 4,413 8,885 8,999 (1)%
------- ------- ------- -------- ------- -------- -------- -----
Energy coal NSW Energy Coal (NSWEC) kt 3,803 3,509 3,926 3,707 4,372 8,079 7,754 4%
------- ------- ------- -------- ------- -------- -------- -----
Nickel/1/ Western Australia Nickel kt 11.2 2.2 0.2 0.0 -- -- 31.1 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt/1/ Western Australia Nickel t 121 -- -- -- -- -- 415 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
7
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 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 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)%
Copper cathode (EW) kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11%
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%
------- ------- ------- -------- ------- -------- -------- -----
Payable gold concentrate troy oz 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 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ 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)%
Copper cathode (EW) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)%
Total copper kt 66.2 67.9 73.4 55.8 57.7 113.5 126.3 (10)%
------- ------- ------- -------- ------- -------- -------- -----
Payable gold concentrate troy oz 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)%
Payable molybdenum t 136 187 189 257 269 526 318 65%
------- ------- ------- -------- ------- -------- -------- -----
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 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 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)%
Copper cathode (EW) kt 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9%
Oxide leach kt
Sulphide leach kt
Total copper kt 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)%
Payable silver concentrate troy koz 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), Chile/1/ BHP interest 100%
Material mined kt
Ore stacked kt
Average copper grade -
stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)%
Copper cathode (EW) kt 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)%
Total copper kt 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)%
Payable silver concentrate troy koz 451 428 441 358 316 674 954 (29)%
Payable molybdenum t 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.
8
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 %
------- ------- ------- -------- ------- -------- -------- -----
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)%
Cathode kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9%
Total copper kt 73.4 81.4 93.6 78.2 77.7 155.9 152.9 2%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33%
Total gold troy oz 99,766 103,103 99,844 98,609 103,261 201,870 183,603 10%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Refined silver troy koz 133 462 216 227 284 511 339 51%
Total silver troy koz 397 660 474 440 477 917 857 7%
------- ------- ------- -------- ------- -------- -------- -----
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%
------- ------- ------- -------- ------- -------- -------- -----
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%
Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33%
Refined silver troy koz 133 462 216 227 284 511 339 51%
Payable uranium t 725 783 974 819 903 1,722 1,397 23%
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)%
Payable gold concentrate troy oz 25,445 24,309 28,593 24,105 17,406 41,511 46,421 (11)%
Payable silver concentrate troy koz 70 63 98 61 49 110 133 (17)%
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)%
Payable gold concentrate troy oz 26,843 21,788 24,462 23,788 23,945 47,733 52,319 (9)%
Payable silver concentrate troy koz 194 135 160 152 144 296 385 (23)%
------- ------- ------- -------- ------- -------- -------- -----
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 %
------- ------- ------- -------- ------- -------- -------- -----
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)%
Cathode kt 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Total copper kt 72.7 79.0 92.5 65.8 80.1 145.9 152.1 (4)%
------- ------- ------- -------- ------- -------- -------- -----
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)%
Refined gold troy oz 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Total gold troy oz 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
Net gold troy oz
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 218 173 226 131 207 338 513 (34)%
Refined silver troy koz 110 486 213 255 250 505 312 62%
Total silver troy koz 328 659 439 386 457 843 825 2%
------- ------- ------- -------- ------- -------- -------- -----
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- -------- ------- -------- -------- -----
Uranium t 640 710 1,230 649 815 1,464 1,317 11%
------- ------- ------- -------- ------- -------- -------- -----
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- -------- ------- -------- -------- -----
Copper cathode (ER and EW) kt 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10%
Refined gold troy oz 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31%
Refined silver troy koz 110 486 213 255 250 505 312 62%
Payable uranium t 640 710 1,230 649 815 1,464 1,317 11%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 8.0 9.5 12.8 4.4 7.5 11.9 18.9 (37)%
Payable gold concentrate troy oz 19,658 22,614 25,222 9,033 17,671 26,704 38,377 (30)%
Payable silver concentrate troy koz 48 51 69 29 45 74 121 (39)%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 17.9 14.3 18.1 11.5 17.3 28.8 37.4 (23)%
Payable gold concentrate troy oz 28,061 20,211 25,355 17,443 27,353 44,796 54,103 (17)%
Payable silver concentrate troy koz 170 122 157 102 162 264 392 (33)%
------- ------- ------- -------- ------- -------- -------- -----
9
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
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%
Payable zinc t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49%
Payable silver troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68%
Payable lead t 148 234 1,829 754 91 845 169 400%
Payable molybdenum t 615 614 148 84 12 96 1,517 (94)%
------- ------- ------- -------- ------- -------- -------- -----
Carajas, 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)%
Payable gold concentrate troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Jimblebar/1/ 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
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 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48%
------- ------- ------- -------- ------- -------- -------- -----
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 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 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1%
Payable zinc t 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50%
Payable silver troy koz 796 810 953 1,705 1,553 3,258 1,578 106%
Payable lead t 35 181 837 1,469 551 2,020 160 1,163%
Payable molybdenum t 734 616 524 139 66 205 1,415 (86)%
------- ------- ------- -------- ------- -------- -------- -----
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 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)%
Payable gold concentrate troy oz 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
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- -------- ------- -------- -------- -----
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 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85%
------- ------- ------- -------- ------- -------- -------- -----
10
--------------------------------------------------------------------------------
BHP | Operational review for the half year ended 31 December 2025
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 %
------- ------- ------- -------- ------- -------- -------- -----
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
Energy coal kt
Total kt
Total (100%) kt
------- ------- ------- -------- ------- -------- -------- -----
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt
Energy coal - Domestic kt
Total kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10%
------- ------- ------- -------- ------- -------- -------- -----
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ 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)%
Nickel sulphate kt -- -- -- -- -- -- 0.3 (100)%
Intermediates and nickel
by-products kt 7.9 2.3 0.3 -- -- -- 15.1 (100)%
Total nickel kt 8.0 2.3 0.3 -- -- -- 27.6 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt by-products t 121 35 -- -- -- -- 415 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Dec Mar Jun Sep Dec Dec Dec Var
2024 2025 2025 2025 2025 2025 2024 %
------- ------- ------- -------- ------- -------- -------- -----
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt
Peak Downs kt
Saraji kt
Caval Ridge kt
Total/1/ kt
Total (100%)/1/ kt
------- ------- ------- -------- ------- -------- -------- -----
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.
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 3,803 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, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- -------- ------- -------- -------- -----
Refined nickel kt 0.8 -- -- -- -- -- 14.3 (100)%
Nickel sulphate kt 0.3 0.1 0.1 -- -- -- 0.9 (100)%
Intermediates and nickel
by-products kt 10.1 2.1 0.1 -- -- -- 15.9 (100)%
Total nickel kt 11.2 2.2 0.2 -- -- -- 31.1 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt by-products t 121 -- -- -- -- -- 415 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
11
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BHP | Operational review for the half year ended 31 December 2025
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 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
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
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 Adam Sanderson
Mobile: +44 7887 468 926 Mobile: +44 7884 735 515
North America Americas
Megan Hjulfors Li Hua
Mobile: +1 403 605 2314 Mobile: +1 647 828 9830
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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12
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BHP | Operational review for the half year ended 31 December 2025
Date: 20-01-2026 08:15:00
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