[6-K] BHP Group Ltd Current Report (Foreign Issuer)
BHP Group (BHP) posted a solid Q1 FY26 operational start. Copper production was 494 kt, up 4% year over year, helped by record concentrator throughput at Escondida. Iron ore production was 64 Mt, down 1%, as Western Australia Iron Ore completed significant planned maintenance, including a car dumper rebuild finished about 8% ahead of schedule. Steelmaking coal reached 4.9 Mt, up 8%, while energy coal was 3.5 Mt, down 4%. Average realised prices moved mixed: copper US$4.59/lb (up 8%), iron ore US$84.04/wmt (up 5%), steelmaking coal US$180.67/t (down 16%), and energy coal US$95.18/t (down 23%).
Full‑year production guidance remains unchanged across major commodities, including copper at 1,800–2,000 kt and WAIO at 251–262 Mt (284–296 Mt on a 100% basis). The company advanced key growth and decarbonisation milestones: environmental approval for the Laguna Seca Expansion at Escondida and Copper South Australia’s largest renewable electricity agreement. In Canada, Jansen Stage 1 is 73% complete and Stage 2 is 13% complete. BHP also executed EUR 1.4 bn and US$1.5 bn in bonds and refinanced its US$5.5 bn revolving credit facility, underscoring balance sheet strength.
Il Gruppo BHP (BHP) ha registrato un avvio operativo solido del primo trimestre FY26. La produzione di rame è stata di 494 kt, in aumento del 4% su base annua, supportata da un record di throughput del concentratore a Escondida. La produzione di minerale di ferro è stata di 64 Mt, in calo dell'1%, poiché Western Australia Iron Ore ha completato manutenzioni pianificate significative, inclusa una ricostruzione del car dumper completata con circa l'8% in anticipo rispetto al programma. La coalta per acciaio è arrivata a 4,9 Mt, in aumento dell'8%, mentre la coal energetica è stata 3,5 Mt, in calo del 4%. I prezzi medi realizzati sono stati misti: rame US$4,59/lb (in aumento dell'8%), minerale di ferro US$84,04/wmt (in aumento del 5%), coal per acciaio US$180,67/t (in calo del 16%), e coal energetica US$95,18/t (in calo del 23%).
La guida di produzione per l'intero anno rimane invariata per le principali commodity, tra cui rame a 1,800–2,000 kt e WAIO a 251–262 Mt (284–296 Mt nella base 100%). L'azienda ha avanzato importanti milestone di crescita e decarbonizzazione: l'approvazione ambientale per l'Espansione Laguna Seca a Escondida e il maggior accordo sull'energia rinnovabile in Copper nel South Australia. In Canada, Jansen Stage 1 è al 73% del completamento e lo Stage 2 è al 13% del completamento. BHP ha inoltre emesso obbligazioni EUR 1,4 miliardi e USD 1,5 miliardi e ha rifinanziato il fondo di revolving credit USD 5,5 miliardi, evidenziando la solidità della situazione patrimoniale.
Grupo BHP (BHP) registró un sólido inicio operativo del Q1 FY26. La producción de cobre fue de 494 kt, un aumento del 4% interanual, impulsada por un rendimiento récord del concentrador en Escondida. La producción de mineral de hierro fue de 64 Mt, disminuyó un 1%, ya que Western Australia Iron Ore completó mantenimientos planificados significativos, incluida una reconstrucción del car dumper terminada aproximadamente 8% antes de lo previsto. La producción de carbón de acero alcanzó 4,9 Mt, un aumento del 8%, mientras que el carbón energético fue de 3,5 Mt, una caída del 4%. Los precios realizados promediados se movieron mixtos: cobre US$4,59/lb (subió 8%), mineral de hierro US$84,04/wmt (subió 5%), carbón de acero US$180,67/t (bajó 16%), y carbón energético US$95,18/t (bajó 23%).
La guía de producción para el año completo permanece sin cambios para las principales materias, incluyendo cobre en 1,800–2,000 kt y WAIO en 251–262 Mt (284–296 Mt en base 100%). La empresa avanzó hitos clave de crecimiento y descarbonización: aprobación ambiental para la Expansión Laguna Seca en Escondida y el mayor acuerdo de energía renovable de Copper en Australia Meridional. En Canadá, Jansen Stage 1 está al 73% completo y Stage 2 al 13% completo. BHP también emitió bonos por EUR 1,4 mil millones y USD 1,5 mil millones y refinanzó su línea de crédito revolvente de USD 5,5 mil millones, destacando la fortaleza de su balance.
BHP Group (BHP)는 FY26 1분기에 양호한 운영 시작을 기록했다. 구리 생산량은 49.4만 t로 전년동기 대비 4% 증가했고 Escondida의 회캔터 처리량이 사상 최대를 기록하는 데 기여했다. 철광석 생산량은 64 Mt로 1% 감소, Western Australia Iron Ore가 중요한 계획 유지보수를 완료했고, 운반차 하역기의 재구성은 약 8% 앞당겨 완료됐다. 강철용광석탄은 4.9 Mt로 8% 증가, 반면 에너지 코크는 3.5 Mt로 4% 감소했다. 평균 실현 가격은 혼조로 움직였다: 구리 US$4.59/lb (8% 상승), 철광석 US$84.04/wmt (5% 상승), 강철용광석탄 US$180.67/t (16% 하락), 에너지 코크 US$95.18/t (23% 하락).
연간 생산 가이던스는 주요 원자재에서 변함없이 유지되며, 구리는 1,800–2,000 kt, WAIO는 251–262 Mt로 추정된다(100% 기준 284–296 Mt). 회사는 성장 및 탈탄소화의 중요한 이정표를 앞당겼다: Escondida의 Laguna Seca 확장에 대한 환경 승인을 받고 Copper 남호주 지역의 최대 재생에너지 계약을 체결했다. 캐나다에서 Jansen Stage 1은 73% 완료이고 Stage 2는 13% 완료다. 또한 EUR 1.4십억 및 USD 1.5십억의 채권 발행과 USD 5.5십억의 가변 신용 한도 재융자를 실행해 재무 건전성을 강조했다.
Groupe BHP (BHP) a enregistré un solide démarrage opérationnel du 1er trimestre de l'exercice FY26. La production de cuivre était de 494 kt, en hausse de 4% en glissement annuel, soutenue par un throughput record du concentrateur à Escondida. La production de minerai de fer était de 64 Mt, en baisse de 1%, alors que Western Australia Iron Ore a effectué des maintenances planifiées importantes, y compris une reconstruction du car dumper achevée environ 8% plus tôt que prévu. La production de charbon métallurgique a atteint 4,9 Mt, en hausse de 8%, tandis que le charbon énergétique était de 3,5 Mt, en baisse de 4%. Les prix réalisés moyens ont évolué de manière mixte: cuivre US$4,59/lb (en hausse de 8%), minerai de fer US$84,04/wmt (en hausse de 5%), charbon métallurgique US$180,67/t (en baisse de 16%), et charbon énergétique US$95,18/t (en baisse de 23%).
Les prévisions de production pour l'année entière restent inchangées pour les principales matières premières, incluant le cuivre à 1 800–2 000 kt et WAIO à 251–262 Mt (284–296 Mt sur une base 100%). L'entreprise a avancé des jalons clés de croissance et de décarbonisation: l'approbation environnementale pour l'Expansion Laguna Seca à Escondida et le plus grand accord d'électricité renouvelable du Copper en Australie du Sud. Au Canada, Jansen Stage 1 est achevé à 73% et le Stage 2 est achevé à 13%. BHP a également émis EUR 1,4 Md et USD 1,5 Md d'obligations et refinancé sa ligne de crédit renouvelable de USD 5,5 Md, ce qui souligne la solidité de son bilan.
BHP Group (BHP) verzeichnete einen soliden operativen Start im Q1 FY26. Die Kupferproduktion betrug 494 kt, ein Anstieg von 4% gegenüber dem Vorjahr, unterstützt durch einen Rekorddurchsatz bei Escondida. Die Eisenerzproduktion betrug 64 Mt, minus 1%, da Western Australia Iron Ore signifikante geplante Wartungsarbeiten abschloss, einschließlich einer Wiederherstellung des Car-Dumpers, die etwa 8% früher als geplant fertiggestellt wurde. Die Stahlkohlenproduktion erreichte 4,9 Mt, plus 8%, während Energiekohle 3,5 Mt minus 4% war. Die durchschnittlich realisierten Preise entwickelten sich gemischt: Kupfer US$4,59/lb (plus 8%), Eisenerz US$84,04/wmt (plus 5%), Stahlkohlen US$180,67/t (minus 16%), Energiekohle US$95,18/t (minus 23%).
Die Produktionsführung für das Gesamtjahr bleibt unverändert für die wichtigsten Rohstoffe, einschließlich Kupfer von 1.800–2.000 kt und WAIO von 251–262 Mt (284–296 Mt auf 100%-Basis). Das Unternehmen hat wichtige Wachstums- und Dekarbonisierungsmeilensteine vorangebracht: Umweltfreigabe für die Laguna Seca Erweiterung bei Escondida und den größten erneuerbaren Stromvertrag Australiens im Kupferbereich. In Kanada ist Jansen Stage 1 zu 73% abgeschlossen und Stage 2 zu 13% abgeschlossen. BHP hat außerdem EUR 1,4 Mrd und USD 1,5 Mrd in Anleihen begeben und seine Kreditfazilität von USD 5,5 Mrd revolvierend refinanziert, was die Bilanzstärke unterstreicht.
مجموعة BHP (BHP) أصدرت بداية تشغيلية قوية للربع الأول من السنة المالية 26 FY. إنتاج النحاس كان 494 ألف طن، بارتفاع 4% على أساس سنوي، مساعداً من خلال التدفق الخطي القياسي للمركز التكتلي في Escondida. إنتاج خام الحديد كان 64 Mt، بانخفاض 1%، حيث أن Western Australia Iron Ore أتمت صيانة مخطط لها بشكل كبير، بما في ذلك إعادة بناء جهاز تفريغ العربات اكتملت بنحو 8% قبل الجدول. صلب فحم الحديد وصل إلى 4.9 Mt، بارتفاع 8%، في حين فحم الطاقة كان 3.5 Mt، بانخفاض 4%. تحركت الأسعار المحققة المتوسطة بشكل مختلط: النحاس US$4.59/lb (ارتفاع 8%), خام الحديد US$84.04/wmt (ارتفاع 5%), فحم الصلب US$180.67/t (انخفاض 16%), وفحم الطاقة US$95.18/t (انخفاض 23%).
إرشادات الإنتاج للسنة المالية كاملة لا تزال دون تغيير عبر السلع الرئيسية، بما فيها النحاس بين 1,800–2,000 kt و WAIO بين 251–262 Mt (284–296 Mt على أساس 100%). الشركة حرّكت منجزات رئيسية للنمو وتقليل البصمة الكربونية: الموافقات البيئية لـ توسيع Laguna Seca في Escondida وأكبر عقد كهرباء متجددة Copper في أستراليا الجنوبية. في كندا، Jansen Stage 1 مكتمل بنسبة 73% وStage 2 مكتمل بنسبة 13%. كما أصدرت BHP أيضاً سندات بقيمة EUR 1.4 مليار وUSD 1.5 مليار وأعادت تمويل خط ائتمان دوّار بقيمة USD 5.5 مليار، مما يؤكد قوة الوضع المالي.
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Il Gruppo BHP (BHP) ha registrato un avvio operativo solido del primo trimestre FY26. La produzione di rame è stata di 494 kt, in aumento del 4% su base annua, supportata da un record di throughput del concentratore a Escondida. La produzione di minerale di ferro è stata di 64 Mt, in calo dell'1%, poiché Western Australia Iron Ore ha completato manutenzioni pianificate significative, inclusa una ricostruzione del car dumper completata con circa l'8% in anticipo rispetto al programma. La coalta per acciaio è arrivata a 4,9 Mt, in aumento dell'8%, mentre la coal energetica è stata 3,5 Mt, in calo del 4%. I prezzi medi realizzati sono stati misti: rame US$4,59/lb (in aumento dell'8%), minerale di ferro US$84,04/wmt (in aumento del 5%), coal per acciaio US$180,67/t (in calo del 16%), e coal energetica US$95,18/t (in calo del 23%).
La guida di produzione per l'intero anno rimane invariata per le principali commodity, tra cui rame a 1,800–2,000 kt e WAIO a 251–262 Mt (284–296 Mt nella base 100%). L'azienda ha avanzato importanti milestone di crescita e decarbonizzazione: l'approvazione ambientale per l'Espansione Laguna Seca a Escondida e il maggior accordo sull'energia rinnovabile in Copper nel South Australia. In Canada, Jansen Stage 1 è al 73% del completamento e lo Stage 2 è al 13% del completamento. BHP ha inoltre emesso obbligazioni EUR 1,4 miliardi e USD 1,5 miliardi e ha rifinanziato il fondo di revolving credit USD 5,5 miliardi, evidenziando la solidità della situazione patrimoniale.
Grupo BHP (BHP) registró un sólido inicio operativo del Q1 FY26. La producción de cobre fue de 494 kt, un aumento del 4% interanual, impulsada por un rendimiento récord del concentrador en Escondida. La producción de mineral de hierro fue de 64 Mt, disminuyó un 1%, ya que Western Australia Iron Ore completó mantenimientos planificados significativos, incluida una reconstrucción del car dumper terminada aproximadamente 8% antes de lo previsto. La producción de carbón de acero alcanzó 4,9 Mt, un aumento del 8%, mientras que el carbón energético fue de 3,5 Mt, una caída del 4%. Los precios realizados promediados se movieron mixtos: cobre US$4,59/lb (subió 8%), mineral de hierro US$84,04/wmt (subió 5%), carbón de acero US$180,67/t (bajó 16%), y carbón energético US$95,18/t (bajó 23%).
La guía de producción para el año completo permanece sin cambios para las principales materias, incluyendo cobre en 1,800–2,000 kt y WAIO en 251–262 Mt (284–296 Mt en base 100%). La empresa avanzó hitos clave de crecimiento y descarbonización: aprobación ambiental para la Expansión Laguna Seca en Escondida y el mayor acuerdo de energía renovable de Copper en Australia Meridional. En Canadá, Jansen Stage 1 está al 73% completo y Stage 2 al 13% completo. BHP también emitió bonos por EUR 1,4 mil millones y USD 1,5 mil millones y refinanzó su línea de crédito revolvente de USD 5,5 mil millones, destacando la fortaleza de su balance.
BHP Group (BHP)는 FY26 1분기에 양호한 운영 시작을 기록했다. 구리 생산량은 49.4만 t로 전년동기 대비 4% 증가했고 Escondida의 회캔터 처리량이 사상 최대를 기록하는 데 기여했다. 철광석 생산량은 64 Mt로 1% 감소, Western Australia Iron Ore가 중요한 계획 유지보수를 완료했고, 운반차 하역기의 재구성은 약 8% 앞당겨 완료됐다. 강철용광석탄은 4.9 Mt로 8% 증가, 반면 에너지 코크는 3.5 Mt로 4% 감소했다. 평균 실현 가격은 혼조로 움직였다: 구리 US$4.59/lb (8% 상승), 철광석 US$84.04/wmt (5% 상승), 강철용광석탄 US$180.67/t (16% 하락), 에너지 코크 US$95.18/t (23% 하락).
연간 생산 가이던스는 주요 원자재에서 변함없이 유지되며, 구리는 1,800–2,000 kt, WAIO는 251–262 Mt로 추정된다(100% 기준 284–296 Mt). 회사는 성장 및 탈탄소화의 중요한 이정표를 앞당겼다: Escondida의 Laguna Seca 확장에 대한 환경 승인을 받고 Copper 남호주 지역의 최대 재생에너지 계약을 체결했다. 캐나다에서 Jansen Stage 1은 73% 완료이고 Stage 2는 13% 완료다. 또한 EUR 1.4십억 및 USD 1.5십억의 채권 발행과 USD 5.5십억의 가변 신용 한도 재융자를 실행해 재무 건전성을 강조했다.
Groupe BHP (BHP) a enregistré un solide démarrage opérationnel du 1er trimestre de l'exercice FY26. La production de cuivre était de 494 kt, en hausse de 4% en glissement annuel, soutenue par un throughput record du concentrateur à Escondida. La production de minerai de fer était de 64 Mt, en baisse de 1%, alors que Western Australia Iron Ore a effectué des maintenances planifiées importantes, y compris une reconstruction du car dumper achevée environ 8% plus tôt que prévu. La production de charbon métallurgique a atteint 4,9 Mt, en hausse de 8%, tandis que le charbon énergétique était de 3,5 Mt, en baisse de 4%. Les prix réalisés moyens ont évolué de manière mixte: cuivre US$4,59/lb (en hausse de 8%), minerai de fer US$84,04/wmt (en hausse de 5%), charbon métallurgique US$180,67/t (en baisse de 16%), et charbon énergétique US$95,18/t (en baisse de 23%).
Les prévisions de production pour l'année entière restent inchangées pour les principales matières premières, incluant le cuivre à 1 800–2 000 kt et WAIO à 251–262 Mt (284–296 Mt sur une base 100%). L'entreprise a avancé des jalons clés de croissance et de décarbonisation: l'approbation environnementale pour l'Expansion Laguna Seca à Escondida et le plus grand accord d'électricité renouvelable du Copper en Australie du Sud. Au Canada, Jansen Stage 1 est achevé à 73% et le Stage 2 est achevé à 13%. BHP a également émis EUR 1,4 Md et USD 1,5 Md d'obligations et refinancé sa ligne de crédit renouvelable de USD 5,5 Md, ce qui souligne la solidité de son bilan.
BHP Group (BHP) verzeichnete einen soliden operativen Start im Q1 FY26. Die Kupferproduktion betrug 494 kt, ein Anstieg von 4% gegenüber dem Vorjahr, unterstützt durch einen Rekorddurchsatz bei Escondida. Die Eisenerzproduktion betrug 64 Mt, minus 1%, da Western Australia Iron Ore signifikante geplante Wartungsarbeiten abschloss, einschließlich einer Wiederherstellung des Car-Dumpers, die etwa 8% früher als geplant fertiggestellt wurde. Die Stahlkohlenproduktion erreichte 4,9 Mt, plus 8%, während Energiekohle 3,5 Mt minus 4% war. Die durchschnittlich realisierten Preise entwickelten sich gemischt: Kupfer US$4,59/lb (plus 8%), Eisenerz US$84,04/wmt (plus 5%), Stahlkohlen US$180,67/t (minus 16%), Energiekohle US$95,18/t (minus 23%).
Die Produktionsführung für das Gesamtjahr bleibt unverändert für die wichtigsten Rohstoffe, einschließlich Kupfer von 1.800–2.000 kt und WAIO von 251–262 Mt (284–296 Mt auf 100%-Basis). Das Unternehmen hat wichtige Wachstums- und Dekarbonisierungsmeilensteine vorangebracht: Umweltfreigabe für die Laguna Seca Erweiterung bei Escondida und den größten erneuerbaren Stromvertrag Australiens im Kupferbereich. In Kanada ist Jansen Stage 1 zu 73% abgeschlossen und Stage 2 zu 13% abgeschlossen. BHP hat außerdem EUR 1,4 Mrd und USD 1,5 Mrd in Anleihen begeben und seine Kreditfazilität von USD 5,5 Mrd revolvierend refinanziert, was die Bilanzstärke unterstreicht.
مجموعة BHP (BHP) أصدرت بداية تشغيلية قوية للربع الأول من السنة المالية 26 FY. إنتاج النحاس كان 494 ألف طن، بارتفاع 4% على أساس سنوي، مساعداً من خلال التدفق الخطي القياسي للمركز التكتلي في Escondida. إنتاج خام الحديد كان 64 Mt، بانخفاض 1%، حيث أن Western Australia Iron Ore أتمت صيانة مخطط لها بشكل كبير، بما في ذلك إعادة بناء جهاز تفريغ العربات اكتملت بنحو 8% قبل الجدول. صلب فحم الحديد وصل إلى 4.9 Mt، بارتفاع 8%، في حين فحم الطاقة كان 3.5 Mt، بانخفاض 4%. تحركت الأسعار المحققة المتوسطة بشكل مختلط: النحاس US$4.59/lb (ارتفاع 8%), خام الحديد US$84.04/wmt (ارتفاع 5%), فحم الصلب US$180.67/t (انخفاض 16%), وفحم الطاقة US$95.18/t (انخفاض 23%).
إرشادات الإنتاج للسنة المالية كاملة لا تزال دون تغيير عبر السلع الرئيسية، بما فيها النحاس بين 1,800–2,000 kt و WAIO بين 251–262 Mt (284–296 Mt على أساس 100%). الشركة حرّكت منجزات رئيسية للنمو وتقليل البصمة الكربونية: الموافقات البيئية لـ توسيع Laguna Seca في Escondida وأكبر عقد كهرباء متجددة Copper في أستراليا الجنوبية. في كندا، Jansen Stage 1 مكتمل بنسبة 73% وStage 2 مكتمل بنسبة 13%. كما أصدرت BHP أيضاً سندات بقيمة EUR 1.4 مليار وUSD 1.5 مليار وأعادت تمويل خط ائتمان دوّار بقيمة USD 5.5 مليار، مما يؤكد قوة الوضع المالي.
BHP集团（BHP） 公布 FY26 财年第一季度运营开局稳健。铜产量为 494 千吨，同比增长 4%，受 Escondida 选矿厂吞吐量创纪录的带动。铁矿石产量为 64 百万吨，下降 1%，因为西澳铁矿完成了重要的计划性维护工作，其中一处运矿车卸车机的重建提前约 8% 完成。钢铁煤炭产量达到 4.9 百万吨，增长 8%，而 动力煤为 3.5 百万吨，下降 4%。平均实现价格呈现混合走向：铜 US$4.59/lb（上涨 8%），铁矿石 US$84.04/wmt（上涨 5%），钢铁煤炭 US$180.67/t（下降 16%），动力煤 US$95.18/t（下降 23%）。
全年产量指引在主要商品上保持不变，包括铜 1,800–2,000 kt 和 WAIO 251–262 Mt（以 100% 基准为 284–296 Mt）。公司还推进了关键增长与减排里程碑：Escondida 的 Laguna Seca 扩建项目 获得环境许可，以及 Copper 澳大利亚南部的最大再生能源用电协议。在加拿大，Jansen Stage 1 已完成 73%，Stage 2 完成 13%。 BHP 还发行了 EUR 1.4 十亿和 USD 1.5 十亿美元的债券，并再融资了 USD 5.5 十亿美元的循环信贷额度，凸显资产负债表的实力。
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
21 October 2025
BHP GROUP LIMITED
(ABN 49 004 028 077)
(Exact name of Registrant as specified in its charter)
VICTORIA, AUSTRALIA
(Jurisdiction of incorporation or organisation)
171 COLLINS STREET, MELBOURNE,
VICTORIA 3000 AUSTRALIA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F
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|
21 October 2025 |
Operational review for the quarter ended 30 September 2025
Delivering operational and project excellence into a constructive commodity price environment
“We’ve made a strong start to the year, highlighted by disciplined operating performance and execution of scheduled maintenance.
Group copper production rose 4%, with record concentrator throughput at Escondida.
In iron ore, WAIO delivered another standout quarter, achieving record material mined while completing critical infrastructure upgrades ahead of schedule.
In steelmaking coal, production rose 8%, supported by strong mining rates at Broadmeadow and increased stripping at our open cut mines.
We progressed key growth and decarbonisation milestones in the quarter, including securing environmental approval for the Laguna Seca Expansion at Escondida and Copper South Australia entering into its largest renewable electricity agreement.
Both stages of the Jansen potash project in Canada are advancing, with Stage 1 reaching 73% completion and on track for production to begin in 2027, while Stage 2 is now 13% complete. The long-term demand fundamentals for potash are attractive and Jansen is expected to be one of the lowest cost producers.
Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher. While we expect some deceleration in growth in H2 CY25, in China we still expect GDP growth of ~5% for the year. In copper, major disruptions at some of our competitors’ mines have tightened overall market fundamentals, benefitting our world-class portfolio of assets.
With momentum from a strong first quarter, BHP is on track to deliver on full-year guidance and we are making progress on our growth pipeline across Australia and the Americas.”
| Mike Henry, | ||
| BHP Chief Executive Officer | ||
| Summary
|
||
| Operational and project excellence |
Portfolio | |
| Strong performance; maintenance executed |
Progressing our organic growth options | |
| Copper production increased 4% driven by record concentrator throughput at Escondida. Performance at Copper SA was strong and major planned maintenance was safely executed.
In our steelmaking commodities, WAIO achieved record Q1 material mined and a 5% increase in lump sales, while delivering the planned rebuild of Car Dumper 3 (CD3) ~8% ahead of schedule. BMA production increased 8% enabled by strong stripping performance and improved mining rates at Broadmeadow.
|
In September, we received approval for the Environmental Impact Declaration (DIA) for the Laguna Seca Expansion at Escondida. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26.
BHP welcomed state and federal ministers for a site visit to Copper SA, where we are progressing initiatives aimed at increasing growth through strengthening mining productivity as we continue building a world-class copper province.
| |
| Strong balance sheet |
Social value | |
| Successful capital management |
A continued evolution as we grow | |
| During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn and USD bonds totalling US$1.5 bn competitively priced across four tranches and refinanced its US$5.5 bn revolving credit facility.
These demonstrate disciplined execution underpinning our strong balance sheet.
|
In September, we held an ESG Roundtable covering operational decarbonisation, Scope 3 steelmaking emissions, Indigenous partnerships, and the Doce River Basin Agreement (Samarco).
Copper South Australia entered into its largest renewable electricity supply agreement, taking another step forward in its operational decarbonisation journey.
| |
| Production | Quarter performance | Production guidance | ||||||||||||||||||
| Q1 FY26 | v Q4 FY25 | v Q1 FY25 | FY26 guidance |
|||||||||||||||||
| Copper (kt) |
493.6 | (4 | %) | 4 | % | 1,800 – 2,000 | ||||||||||||||
| Escondida (kt) |
328.9 | 0 | % | 8 | % | 1,150 – 1,250 | Unchanged | |||||||||||||
| Pampa Norte (Spence) (kt) |
55.8 | (24 | %) | (7 | %) | 230 – 250 | Unchanged | |||||||||||||
| Copper South Australia (kt) |
72.6 | (21 | %) | (1 | %) | 310 – 340 | Unchanged | |||||||||||||
| Antamina (kt) |
33.9 | 60 | % | (7 | %) | 120 – 140 | Unchanged | |||||||||||||
| Carajás (kt) |
2.4 | 7 | % | 2 | % | - | - | |||||||||||||
| Iron ore (Mt) |
64.1 | (9 | %) | (1 | %) | 258 – 269 | ||||||||||||||
| WAIO (Mt) |
62.0 | (9 | %) | (2 | %) | 251 – 262 | Unchanged | |||||||||||||
| WAIO (100% basis) (Mt) |
70.2 | (9 | %) | (2 | %) | 284 – 296 | Unchanged | |||||||||||||
| Samarco (Mt) |
2.1 | 6 | % | 64 | % | 7 – 7.5 | Unchanged | |||||||||||||
| Steelmaking coal – BMA (Mt) |
4.9 | (5 | %) | 8 | % | 18 – 20 | ||||||||||||||
| BMA (100% basis) (Mt) |
9.7 | (5 | %) | 8 | % | 36 – 40 | Unchanged | |||||||||||||
| Energy coal – NSWEC (Mt) |
3.5 | (13 | %) | (4 | %) | 14 – 16 | Unchanged | |||||||||||||
BHP | Operational Review for the quarter ended 30 September 2025
Segment and asset performance | FY26 YTD v FY25 YTD
|
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2 |
| Copper
|
||
| Production
494 kt é4%
Q1 FY25 476 kt
FY26e 1,800 – 2,000 kt
Average realised price
US$4.59/lb é8%
Q1 FY25 US$4.24/lb |
Total copper production increased 4% to 494 kt. Copper production guidance for FY26 remains unchanged at between 1,800 and 2,000 kt.
Escondida 328.9 kt é8% (100% basis)
We are investigating an incident on 9 October where a contracting team member passed away. Our thoughts are with the team member’s family. We are working closely with the relevant authorities. There have been no operational impacts as a result of the event.
Increased production was driven by record concentrator throughput and improved recoveries, partially offset by a lower concentrator feed grade of 0.94% (Q1 FY25: 1.00%). Cathode production was higher in line with the continued ramp-up of the Full SaL leaching project which achieved first production in Q4 FY25.
Production guidance for FY26 remains unchanged at between 1,150 and 1,250 kt and is expected to be weighted to the first half in line with higher concentrator feed grade. Concentrator feed grade of ~0.85% for the full year remains unchanged. | |
| We continue to make progress on the optimised Escondida Growth Program. In September, the Antofagasta Environmental Evaluation Committee approved the DIA for the Laguna Seca Expansion, enabling early infrastructure development, while the Escondida New Concentrator DIA permit remains on track to be submitted in H2 FY26.
Pampa Norte (Spence) 55.8 kt ê7% | ||
| Spence production decreased 7% as expected, as a result of lower cathode production, in line with a planned decline in stacked feed grade due to an increase in the volume of transitional ore processed. | ||
| Production guidance for Spence remains unchanged at between 230 and 250 kt for FY26 with production expected to increase from Q2 FY26. | ||
| Copper South Australia 72.6 kt ê1% | ||
| Production was stable, driven by improved mine productivity at Olympic Dam and Prominent Hill, with strong smelter and refinery throughput, offsetting lower grade. We successfully completed planned major maintenance at Olympic Dam on the underground materials handling system, mills and the refinery, and continued the integration of HydroFloat technology at Carrapateena. | ||
| Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half. | ||
| Gold production increased 24%, supported by strong operating performance and higher grades at Olympic Dam. | ||
| Other copper | ||
| At Antamina, copper production decreased 7% to 34 kt. Zinc production was 86% higher at 36 kt, as a result of planned higher feed grades. FY26 copper production guidance of between 120 and 140 kt and zinc production guidance of between 90 and 110 kt remain unchanged. | ||
| Carajás produced 2.4 kt of copper and 1.8 troy koz of gold. As announced in August, the divestment of Carajás is expected to close in early CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals). | ||
2
BHP | Operational Review for the quarter ended 30 September 2025
| Iron ore
|
||
| Production
64 Mt ê1%
Q1 FY25 65 Mt
FY26e 258 – 269 Mt
Average realised price
US$84.04/wmt é5%
Q1 FY25 US$80.10/wmt |
Iron ore production decreased 1% to 64 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt.
WAIO 62.0 Mt ê2% | 70.2 Mt (100% basis)
Production was solid as WAIO demonstrated continued supply chain excellence with record material mined (up 9%) and strong shipments, in a quarter of significant planned maintenance.
The major rebuild of Car Dumper 3 at Port Hedland, which had a 4.3 Mt (100% basis) volume impact, was safely completed ~8% ahead of schedule, demonstrating disciplined execution and project delivery excellence. Progress continued on the multi-year Rail Technology Program (RTP1), with tie-in activities advancing as scheduled — supporting long-term infrastructure uplift and future logistics resilience.
Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis).
Sales were broadly in line with the prior year, with a 5% increase in sales of higher-value lump. We sell and ship iron ore products via different commercial distribution channels, this includes seaborne sales, and portside sales in China which have increased over recent years in line with our strategy. We will continue to optimise distribution channels to support product placement. | |
|
Samarco 2.1 Mt é64% | 4.1 Mt (100% basis)
| ||
| Production increased following recommissioning of latent pelletising plant capacity and the ramp up of the second concentrator. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt with planned maintenance across the year.
| ||
| Coal
Steelmaking coal
|
||
| Production
4.9 Mt é8%
Q1 FY25 4.5 Mt
FY26e 18 – 20 Mt
Average realised price
US$180.67/t ê16%
Q1 FY25 US$214.86/t |
BMA 4.9 Mt é8% | 9.7 Mt (100% basis)
Production increased 8% due to higher underground production rates at Broadmeadow and increased prime stripping, which offset the impact of planned higher strip ratios at our open cut operations.
Due to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns, Saraji South, part of the Saraji mine complex, will be placed into a period of care and maintenance from November 2025.
Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis). Volumes will be weighted to H2 FY26, with continued safe management of geotechnical characteristics in the current longwall panel and a longwall move at Broadmeadow scheduled in Q2 FY26. We expect to continue building raw coal inventory into CY27, to further improve operating stability. | |
3
BHP | Operational Review for the quarter ended 30 September 2025
| Energy coal | ||
| Production | NSWEC 3.5 Mt ê4% | |
| 3.5 Mt ê4%
Q1 FY25 3.7 Mt
FY26e 14 – 16 Mt
Average realised price
US$95.18/t ê23%
Q1 FY25 US$124.32/t |
Production decreased due to additional wash plant maintenance resulting in lower plant throughput. Strong mining performance, with improved truck availability, resulted in a build of raw coal inventory.
Production guidance for FY26 remains unchanged at between 14 and 16 Mt.
In September 2025, we received the final approval from the Australian Federal Government to extend mining to 30 June 2030, following the NSW Government extension granted in April 2025. | |
Quarterly performance | Q1 FY26 v Q4 FY25
|
Copper
|
Iron ore
|
|||||
| 494 kt ê4%
Q4 FY25 516 kt |
Higher production at Escondida due to higher concentrator throughput, partially offset by lower production at Spence due to lower grades and Copper SA due to planned major maintenance.
|
64 Mt ê9%
Q4 FY25 70 Mt |
Lower production at WAIO as a result of planned maintenance including the rebuild of Car Dumper 3, which had a 4.3 Mt (100% basis) volume impact. | |||
|
Steelmaking coal
|
Energy coal
| |||||
| 4.9 Mt ê5%
Q4 FY25 5.1 Mt |
Lower production due to planned higher strip ratio as a result of mine sequencing. This was partially offset by increased prime stripping and inventory drawdown.
|
3.5 Mt ê13%
Q4 FY25 4.1 Mt |
Lower production due to planned annual wash plant maintenance and lower bypass coal. | |||
4
BHP | Operational Review for the quarter ended 30 September 2025
Appendix 1
Average realised pricesi
| Quarter | ||||||||||||
| Q1 FY26 | v Q4 FY25 | v Q1 FY25 | ||||||||||
| Copper (US$/lb) |
4.59 | 4% | 8% | |||||||||
| Iron ore (US$/wmt, FOB) |
84.04 | 5% | 5% | |||||||||
| Steelmaking coal (US$/t) |
180.67 | 2% | (16% | ) | ||||||||
| Energy coal (US$/t)ii |
95.18 | 11% | (23% | ) | ||||||||
| i | Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments. |
| ii | Export sales only. Includes thermal coal sales from steelmaking coal mines. |
Current year unit cost guidance
| Unit cost | Current FY26 guidancei | |||||||
| Escondida (US$/lb) |
1.20 – 1.50 | Unchanged | ||||||
| Spence (US$/lb) |
2.10 – 2.40 | Unchanged | ||||||
| Copper SA (US$/lb) |
1.00 – 1.50 | ii | Unchanged | |||||
| WAIO (US$/t) |
18.25 – 19.75 | Unchanged | ||||||
| BMA (US$/t) |
116 – 128 | Unchanged | ||||||
| i | FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. |
| ii | Calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb. |
Medium term guidancei
| Production guidance |
Unit cost guidanceii |
|||||||
| Escondidaiii |
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$110/t | ||||||
| i | Medium term refers to a five-year time horizon unless otherwise noted. |
| ii | Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. |
| iii | Medium term refers to FY27 to FY31. |
| iv | Sustained production of >305 Mtpa (100% basis) from Q4 FY28. |
Major projects
| Commodity | Project and ownership | Project scope / capacity | Capital expenditure US$M |
First production target date |
Progress | |||||
| Potash |
Jansen Stage 1 (Canada) 100% |
Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa. | Under review Estimated range US$7.0 – 7.4 bn | Under review Estimated mid-CY27 | Project is 73% complete | |||||
| Potash |
Jansen Stage 2 (Canada) 100% |
Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa. | Under review | FY31 | Project is 13% complete | |||||
Exploration
Minerals exploration and evaluation expenditure was US$90 m for Q1 FY26 (Q1 FY25: US$104 m), of which US$76 m was expensed (Q1 FY25: US$91 m).
5
BHP | Operational Review for the quarter ended 30 September 2025
Appendix 2
| Production | Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | Sep | Dec | Mar | Jun | Sep | Sep | Sep | Var | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2024 | % | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2024 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Group production and sales summary |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| By commodity |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metals production is payable metal unless otherwise noted. |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper |
Payable metal in concentrate | kt | 360.9 | 391.4 | 379.8 | 375.9 | 374.0 | 374.0 | 360.9 | 4 | % | 391.5 | 372.8 | 399.0 | 377.6 | 343.0 | 343.0 | 391.5 | (12 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Escondida | kt | 264.8 | 295.4 | 288.4 | 278.6 | 282.4 | 282.4 | 264.8 | 7 | % | 273.2 | 275.0 | 309.2 | 285.5 | 258.3 | 258.3 | 273.2 | (5 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pampa Norte (Spence) | kt | 35.7 | 36.6 | 36.1 | 42.2 | 35.4 | 35.4 | 35.7 | (1 | )% | 44.0 | 36.5 | 36.5 | 37.3 | 33.2 | 33.2 | 44.0 | (25 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | kt | 21.8 | 25.9 | 22.5 | 31.7 | 19.9 | 19.9 | 21.8 | (9 | )% | 30.4 | 25.9 | 23.8 | 30.9 | 15.9 | 15.9 | 30.4 | (48 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Antamina | kt | 36.3 | 30.5 | 30.9 | 21.2 | 33.9 | 33.9 | 36.3 | (7 | )% | 39.6 | 33.3 | 27.4 | 21.8 | 33.1 | 33.1 | 39.6 | (16 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carajás | kt | 2.3 | 3.0 | 1.9 | 2.2 | 2.4 | 2.4 | 2.3 | 2 | % | 4.3 | 2.1 | 2.1 | 2.1 | 2.5 | 2.5 | 4.3 | (42 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cathode | kt | 115.4 | 119.4 | 133.6 | 140.3 | 119.6 | 119.6 | 115.4 | 4 | % | 110.7 | 120.0 | 133.3 | 148.4 | 105.9 | 105.9 | 110.7 | (4 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Escondida | kt | 39.4 | 44.4 | 45.2 | 48.7 | 46.5 | 46.5 | 39.4 | 18 | % | 37.6 | 43.2 | 47.4 | 52.7 | 38.1 | 38.1 | 37.6 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pampa Norte (Spence) | kt | 24.4 | 29.6 | 31.8 | 31.2 | 20.4 | 20.4 | 24.4 | (16 | )% | 24.1 | 30.0 | 30.7 | 34.1 | 17.9 | 17.9 | 24.1 | (26 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | kt | 51.6 | 45.4 | 56.6 | 60.4 | 52.7 | 52.7 | 51.6 | 2 | % | 49.0 | 46.8 | 55.2 | 61.6 | 49.9 | 49.9 | 49.0 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 476.3 | 510.8 | 513.4 | 516.2 | 493.6 | 493.6 | 476.3 | 4 | % | 502.2 | 492.8 | 532.3 | 526.0 | 448.9 | 448.9 | 502.2 | (11 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lead |
Payable metal in concentrate | t | 21 | 148 | 234 | 1,829 | 754 | 754 | 21 | 3,490 | % | 125 | 35 | 181 | 837 | 1,469 | 1,469 | 125 | 1,075 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Antamina | t | 21 | 148 | 234 | 1,829 | 754 | 754 | 21 | 3,490 | % | 125 | 35 | 181 | 837 | 1,469 | 1,469 | 125 | 1,075 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Zinc |
Payable metal in concentrate | t | 19,374 | 22,792 | 26,026 | 40,415 | 35,991 | 35,991 | 19,374 | 86 | % | 19,609 | 25,328 | 22,249 | 37,263 | 41,499 | 41,499 | 19,609 | 112 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Antamina | t | 19,374 | 22,792 | 26,026 | 40,415 | 35,991 | 35,991 | 19,374 | 86 | % | 19,609 | 25,328 | 22,249 | 37,263 | 41,499 | 41,499 | 19,609 | 112 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold |
Payable metal in concentrate | troy oz | 85,668 | 90,468 | 89,841 | 95,949 | 76,242 | 76,242 | 85,668 | (11 | )% | 98,936 | 89,174 | 92,357 | 95,523 | 66,377 | 66,377 | 98,936 | (33 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Escondida | troy oz | 46,963 | 37,293 | 44,527 | 40,292 | 35,348 | 35,348 | 46,963 | (25 | )% | 46,963 | 37,293 | 44,527 | 40,292 | 35,348 | 35,348 | 46,963 | (25 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pampa Norte (Spence) | troy oz | 4,043 | 2,635 | 3,341 | 2,961 | 2,589 | 2,589 | 4,043 | (36 | )% | 4,043 | 2,635 | 3,341 | 2,961 | 2,589 | 2,589 | 4,043 | (36 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | troy oz | 32,928 | 48,309 | 40,457 | 50,871 | 36,489 | 36,489 | 32,928 | 11 | % | 44,761 | 47,719 | 42,825 | 50,577 | 26,476 | 26,476 | 44,761 | (41 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carajás | troy oz | 1,734 | 2,231 | 1,516 | 1,825 | 1,816 | 1,816 | 1,734 | 5 | % | 3,169 | 1,527 | 1,664 | 1,693 | 1,964 | 1,964 | 3,169 | (38 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined gold | troy oz | 37,385 | 47,478 | 57,006 | 46,789 | 50,716 | 50,716 | 37,385 | 36 | % | 40,326 | 43,479 | 57,982 | 49,241 | 51,147 | 51,147 | 40,326 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | troy oz | 37,385 | 47,478 | 57,006 | 46,789 | 50,716 | 50,716 | 37,385 | 36 | % | 40,326 | 43,479 | 57,982 | 49,241 | 51,147 | 51,147 | 40,326 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | troy oz | 123,053 | 137,946 | 146,847 | 142,738 | 126,958 | 126,958 | 123,053 | 3 | % | 139,262 | 132,653 | 150,339 | 144,764 | 117,524 | 117,524 | 139,262 | (16 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver |
Payable metal in concentrate | troy koz | 3,150 | 3,277 | 3,418 | 3,911 | 4,114 | 4,114 | 3,150 | 31 | % | 3,126 | 3,084 | 3,198 | 3,526 | 4,136 | 4,136 | 3,126 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Escondida | troy koz | 1,546 | 1,619 | 1,787 | 1,906 | 1,942 | 1,942 | 1,546 | 26 | % | 1,546 | 1,619 | 1,787 | 1,906 | 1,942 | 1,942 | 1,546 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pampa Norte (Spence) | troy koz | 503 | 451 | 428 | 441 | 358 | 358 | 503 | (29 | )% | 503 | 451 | 428 | 441 | 358 | 358 | 503 | (29 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | troy koz | 223 | 253 | 186 | 251 | 182 | 182 | 223 | (18 | )% | 295 | 218 | 173 | 226 | 131 | 131 | 295 | (56 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Antamina | troy koz | 878 | 954 | 1,017 | 1,313 | 1,632 | 1,632 | 878 | 86 | % | 782 | 796 | 810 | 953 | 1,705 | 1,705 | 782 | 118 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined silver | troy koz | 206 | 133 | 462 | 216 | 227 | 227 | 206 | 10 | % | 202 | 110 | 486 | 213 | 255 | 255 | 202 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | troy koz | 206 | 133 | 462 | 216 | 227 | 227 | 206 | 10 | % | 202 | 110 | 486 | 213 | 255 | 255 | 202 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | troy koz | 3,356 | 3,410 | 3,880 | 4,127 | 4,341 | 4,341 | 3,356 | 29 | % | 3,328 | 3,194 | 3,684 | 3,739 | 4,391 | 4,391 | 3,328 | 32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Uranium |
Payable metal in concentrate | t | 672 | 725 | 783 | 974 | 819 | 819 | 672 | 22 | % | 677 | 640 | 710 | 1,230 | 649 | 649 | 677 | (4 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper South Australia | t | 672 | 725 | 783 | 974 | 819 | 819 | 672 | 22 | % | 677 | 640 | 710 | 1,230 | 649 | 649 | 677 | (4 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Molybdenum |
Payable metal in concentrate | t | 1,084 | 751 | 801 | 337 | 341 | 341 | 1,084 | (69 | )% | 862 | 872 | 839 | 714 | 347 | 347 | 862 | (60 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pampa Norte (Spence) | t | 182 | 136 | 187 | 189 | 257 | 257 | 182 | 41 | % | 181 | 138 | 223 | 190 | 208 | 208 | 181 | 15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Antamina | t | 902 | 615 | 614 | 148 | 84 | 84 | 902 | (91 | )% | 681 | 734 | 616 | 524 | 139 | 139 | 681 | (80 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Iron ore |
Western Australia Iron Ore (WAIO) | kt | 63,363 | 64,751 | 60,137 | 68,348 | 62,015 | 62,015 | 63,363 | (2 | )% | 63,408 | 64,341 | 59,234 | 67,830 | 62,430 | 62,430 | 63,408 | (2 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Samarco | kt | 1,259 | 1,441 | 1,603 | 1,951 | 2,066 | 2,066 | 1,259 | 64 | % | 982 | 1,477 | 1,416 | 1,973 | 2,042 | 2,042 | 982 | 108 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 64,622 | 66,192 | 61,740 | 70,299 | 64,081 | 64,081 | 64,622 | (1 | )% | 64,390 | 65,818 | 60,650 | 69,803 | 64,472 | 64,472 | 64,390 | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Steelmaking coal |
BHP Mitsubishi Alliance (BMA) | kt | 4,515 | 4,430 | 3,919 | 5,146 | 4,865 | 4,865 | 4,515 | 8 | % | 4,273 | 4,726 | 3,791 | 5,030 | 4,472 | 4,472 | 4,273 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy coal |
NSW Energy Coal (NSWEC) | kt | 3,675 | 3,698 | 3,596 | 4,067 | 3,518 | 3,518 | 3,675 | (4 | )% | 3,951 | 3,803 | 3,509 | 3,926 | 3,707 | 3,707 | 3,951 | (6 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nickel1 |
Western Australia Nickel | kt | 19.6 | 8.0 | 2.3 | 0.3 | - | - | 19.6 | (100 | )% | 19.9 | 11.2 | 2.2 | 0.2 | - | - | 19.9 | (100 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cobalt1 |
Western Australia Nickel | t | 294 | 121 | 35 | - | - | - | 294 | (100 | )% | 294 | 121 | - | - | - | - | 294 | (100 | )% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 WA Nickel ramped down and entered temporary suspension in December 2024.
6
BHP | Operational Review for the quarter ended 30 September 2025
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Production
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Sales
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| Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
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| Production and sales |
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| By asset |
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| Copper |
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| Metals production is payable metal unless otherwise noted. |
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| Escondida, Chile¹ |
BHP interest 57.5% |
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| Material mined | kt | 100,416 | 116,083 | 117,038 | 122,386 | 114,527 | 114,527 | 100,416 | 14% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrator throughput | kt | 32,488 | 35,293 | 32,889 | 36,490 | 36,721 | 36,721 | 32,488 | 13% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade - concentrator | % | 1.00% | 1.06% | 1.09% | 0.95% | 0.94% | 0.94% | 1.00% | (6)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production ex mill | kt | 269.9 | 309.8 | 295.6 | 291.0 | 294.2 | 294.2 | 269.9 | 9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 264.8 | 295.4 | 288.4 | 278.6 | 282.4 | 282.4 | 264.8 | 7% | 273.2 | 275.0 | 309.2 | 285.5 | 258.3 | 258.3 | 273.2 | (5)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper cathode (EW) | kt | 39.4 | 44.4 | 45.2 | 48.7 | 46.5 | 46.5 | 39.4 | 18% | 37.6 | 43.2 | 47.4 | 52.7 | 38.1 | 38.1 | 37.6 | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oxide leach | kt | 7.8 | 12.2 | 14.3 | 16.3 | 16.8 | 16.8 | 7.8 | 115% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sulphide leach | kt | 31.6 | 32.2 | 30.9 | 32.4 | 29.7 | 29.7 | 31.6 | (6)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total copper | kt | 304.2 | 339.8 | 333.6 | 327.3 | 328.9 | 328.9 | 304.2 | 8% | 310.8 | 318.2 | 356.6 | 338.2 | 296.4 | 296.4 | 310.8 | (5)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable gold concentrate | troy oz | 46,963 | 37,293 | 44,527 | 40,292 | 35,348 | 35,348 | 46,963 | (25)% | 46,963 | 37,293 | 44,527 | 40,292 | 35,348 | 35,348 | 46,963 | (25)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable silver concentrate | troy koz | 1,546 | 1,619 | 1,787 | 1,906 | 1,942 | 1,942 | 1,546 | 26% | 1,546 | 1,619 | 1,787 | 1,906 | 1,942 | 1,942 | 1,546 | 26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. |
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| Pampa Norte (Spence), Chile¹ |
BHP interest 100% |
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| Material mined | kt | 23,260 | 25,238 | 21,848 | 25,944 | 24,695 | 24,695 | 23,260 | 6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ore stacked | kt | 4,928 | 5,974 | 5,584 | 5,413 | 5,652 | 5,652 | 4,928 | 15% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade - stacked | % | 0.73% | 0.81% | 0.62% | 0.67% | 0.61% | 0.61% | 0.73% | (16)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrator throughput | kt | 7,547 | 7,722 | 7,754 | 7,792 | 7,778 | 7,778 | 7,547 | 3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade - concentrator | % | 0.64% | 0.62% | 0.63% | 0.66% | 0.65% | 0.65% | 0.64% | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 35.7 | 36.6 | 36.1 | 42.2 | 35.4 | 35.4 | 35.7 | (1)% | 44.0 | 36.5 | 36.5 | 37.3 | 33.2 | 33.2 | 44.0 | (25)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper cathode (EW) | kt | 24.4 | 29.6 | 31.8 | 31.2 | 20.4 | 20.4 | 24.4 | (16)% | 24.1 | 30.0 | 30.7 | 34.1 | 17.9 | 17.9 | 24.1 | (26)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total copper | kt | 60.1 | 66.2 | 67.9 | 73.4 | 55.8 | 55.8 | 60.1 | (7)% | 68.1 | 66.5 | 67.2 | 71.4 | 51.1 | 51.1 | 68.1 | (25)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable gold concentrate | troy oz | 4,043 | 2,635 | 3,341 | 2,961 | 2,589 | 2,589 | 4,043 | (36)% | 4,043 | 2,635 | 3,341 | 2,961 | 2,589 | 2,589 | 4,043 | (36)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable silver concentrate | troy koz | 503 | 451 | 428 | 441 | 358 | 358 | 503 | (29)% | 503 | 451 | 428 | 441 | 358 | 358 | 503 | (29)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable molybdenum | t | 182 | 136 | 187 | 189 | 257 | 257 | 182 | 41% | 181 | 138 | 223 | 190 | 208 | 208 | 181 | 15% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.
7
BHP | Operational Review for the quarter ended 30 September 2025
| Production | Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar 2025 |
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| Copper (continued) |
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| Copper South Australia, Australia |
BHP interest 100% |
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| Copper |
Payable metal in concentrate | kt | 27.9 | 28.0 | 24.8 | 33.2 | 25.5 | 25.5 | 27.9 | (9)% | 30.4 | 25.9 | 23.8 | 30.9 | 15.9 | 15.9 | 30.4 | (48)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cathode | kt | 51.6 | 45.4 | 56.6 | 60.4 | 52.7 | 52.7 | 51.6 | 2% | 49.0 | 46.8 | 55.2 | 61.6 | 49.9 | 49.9 | 49.0 | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total copper | kt | 79.5 | 73.4 | 81.4 | 93.6 | 78.2 | 78.2 | 79.5 | (2)% | 79.4 | 72.7 | 79.0 | 92.5 | 65.8 | 65.8 | 79.4 | (17)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable metal in concentrate transfer to Olympic Dam | kt | (6.1) | (2.1) | (2.3) | (1.5) | (5.6) | (5.6) | (6.1) | (8)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net copper | kt | 73.4 | 71.3 | 79.1 | 92.1 | 72.6 | 72.6 | 73.4 | (1)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold |
Payable metal in concentrate | troy oz | 46,452 | 52,288 | 46,097 | 53,055 | 47,893 | 47,893 | 46,452 | 3% | 44,761 | 47,719 | 42,825 | 50,577 | 26,476 | 26,476 | 44,761 | (41)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined gold | troy oz | 37,385 | 47,478 | 57,006 | 46,789 | 50,716 | 50,716 | 37,385 | 36% | 40,326 | 43,479 | 57,982 | 49,241 | 51,147 | 51,147 | 40,326 | 27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total gold | troy oz | 83,837 | 99,766 | 103,103 | 99,844 | 98,609 | 98,609 | 83,837 | 18% | 85,087 | 91,198 | 100,807 | 99,818 | 77,623 | 77,623 | 85,087 | (9)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable metal in concentrate transfer to Olympic Dam | troy oz | (13,524) | (3,979) | (5,640) | (2,184) | (11,404) | (11,404) | (13,524) | (16)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net gold | troy oz | 70,313 | 95,787 | 97,463 | 97,660 | 87,205 | 87,205 | 70,313 | 24% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver |
Payable metal in concentrate | troy koz | 254 | 264 | 198 | 258 | 213 | 213 | 254 | (16)% | 295 | 218 | 173 | 226 | 131 | 131 | 295 | (56)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined silver | troy koz | 206 | 133 | 462 | 216 | 227 | 227 | 206 | 10% | 202 | 110 | 486 | 213 | 255 | 255 | 202 | 26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total silver | troy koz | 460 | 397 | 660 | 474 | 440 | 440 | 460 | (4)% | 497 | 328 | 659 | 439 | 386 | 386 | 497 | (22)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable metal in concentrate transfer to Olympic Dam | troy koz | (31) | (11) | (12) | (7) | (31) | (31) | (31) | 0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net silver | troy koz | 429 | 386 | 648 | 467 | 409 | 409 | 429 | (5)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Uranium |
t | 672 | 725 | 783 | 974 | 819 | 819 | 672 | 22% | 677 | 640 | 710 | 1,230 | 649 | 649 | 677 | (4)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Olympic Dam |
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| Material mined | kt | 2,734 | 1,918 | 2,498 | 2,587 | 2,818 | 2,818 | 2,734 | 3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ore milled | kt | 2,617 | 2,407 | 2,462 | 2,859 | 2,640 | 2,640 | 2,617 | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade | % | 1.99% | 2.09% | 1.99% | 2.05% | 1.97% | 1.97% | 1.99% | (1)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average uranium grade | kg/t | 0.60 | 0.59 | 0.56 | 0.56 | 0.55 | 0.55 | 0.60 | (8)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Copper cathode (ER and EW) | kt | 51.6 | 45.4 | 56.6 | 60.4 | 52.7 | 52.7 | 51.6 | 2% | 49.0 | 46.8 | 55.2 | 61.6 | 49.9 | 49.9 | 49.0 | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined gold | troy oz | 37,385 | 47,478 | 57,006 | 46,789 | 50,716 | 50,716 | 37,385 | 36% | 40,326 | 43,479 | 57,982 | 49,241 | 51,147 | 51,147 | 40,326 | 27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined silver | troy koz | 206 | 133 | 462 | 216 | 227 | 227 | 206 | 10% | 202 | 110 | 486 | 213 | 255 | 255 | 202 | 26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable uranium | t | 672 | 725 | 783 | 974 | 819 | 819 | 672 | 22% | 677 | 640 | 710 | 1,230 | 649 | 649 | 677 | (4)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prominent Hill |
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| Material mined | kt | 927 | 1,111 | 1,119 | 1,210 | 1,049 | 1,049 | 927 | 13% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ore milled | kt | 1,559 | 1,761 | 1,364 | 1,998 | 1,621 | 1,621 | 1,559 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade | % | 0.73% | 0.72% | 0.82% | 0.92% | 0.71% | 0.71% | 0.73% | (3)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrate produced | kt | 19.6 | 21.5 | 19.2 | 33.0 | 19.0 | 19.0 | 19.6 | (3)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 9.5 | 10.9 | 9.7 | 16.2 | 9.9 | 9.9 | 9.5 | 4% | 10.9 | 8.0 | 9.5 | 12.8 | 4.4 | 4.4 | 10.9 | (60)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable gold concentrate | troy oz | 20,976 | 25,445 | 24,309 | 28,593 | 24,105 | 24,105 | 20,976 | 15% | 18,719 | 19,658 | 22,614 | 25,222 | 9,033 | 9,033 | 18,719 | (52)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable silver concentrate | troy koz | 63 | 70 | 63 | 98 | 61 | 61 | 63 | (3)% | 73 | 48 | 51 | 69 | 29 | 29 | 73 | (60)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrapateena |
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| Material mined | kt | 1,470 | 1,476 | 1,202 | 1,583 | 1,488 | 1,488 | 1,470 | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ore milled | kt | 1,446 | 1,429 | 1,306 | 1,557 | 1,511 | 1,511 | 1,446 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade | % | 1.45% | 1.37% | 1.31% | 1.24% | 1.18% | 1.18% | 1.45% | (19)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrate produced | kt | 59.2 | 57.6 | 50.6 | 58.7 | 52.4 | 52.4 | 59.2 | (11)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 18.4 | 17.1 | 15.1 | 17.0 | 15.6 | 15.6 | 18.4 | (15)% | 19.5 | 17.9 | 14.3 | 18.1 | 11.5 | 11.5 | 19.5 | (41)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable gold concentrate | troy oz | 25,476 | 26,843 | 21,788 | 24,462 | 23,788 | 23,788 | 25,476 | (7)% | 26,042 | 28,061 | 20,211 | 25,355 | 17,443 | 17,443 | 26,042 | (33)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable silver concentrate | troy koz | 191 | 194 | 135 | 160 | 152 | 152 | 191 | (20)% | 222 | 170 | 122 | 157 | 102 | 102 | 222 | (54)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8
BHP | Operational Review for the quarter ended 30 September 2025
| Production | Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
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| Copper (continued) |
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| Antamina, Peru |
BHP interest 33.75% |
|
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| Material mined | kt | 64,094 | 57,497 | 51,529 | 39,369 | 58,970 | 58,970 | 64,094 | (8)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concentrator throughput | kt | 13,096 | 13,323 | 13,140 | 10,154 | 13,307 | 13,307 | 13,096 | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average head grade - copper | % | 0.91% | 0.77% | 0.81% | 0.76% | 0.86% | 0.86% | 0.91% | (5)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average head grade - zinc | % | 0.67% | 0.84% | 0.85% | 1.70% | 1.26% | 1.26% | 0.67% | 88% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 36.3 | 30.5 | 30.9 | 21.2 | 33.9 | 33.9 | 36.3 | (7)% | 39.6 | 33.3 | 27.4 | 21.8 | 33.1 | 33.1 | 39.6 | (16)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable zinc | t | 19,374 | 22,792 | 26,026 | 40,415 | 35,991 | 35,991 | 19,374 | 86% | 19,609 | 25,328 | 22,249 | 37,263 | 41,499 | 41,499 | 19,609 | 112% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable silver | troy koz | 878 | 954 | 1,017 | 1,313 | 1,632 | 1,632 | 878 | 86% | 782 | 796 | 810 | 953 | 1,705 | 1,705 | 782 | 118% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable lead | t | 21 | 148 | 234 | 1,829 | 754 | 754 | 21 | 3,490% | 125 | 35 | 181 | 837 | 1,469 | 1,469 | 125 | 1,075% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable molybdenum | t | 902 | 615 | 614 | 148 | 84 | 84 | 902 | (91)% | 681 | 734 | 616 | 524 | 139 | 139 | 681 | (80)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carajás, Brazil |
BHP interest 100% |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material mined | kt | 180 | 152 | 140 | 148 | 134 | 134 | 180 | (26)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ore milled | kt | 161 | 170 | 128 | 176 | 160 | 160 | 161 | 0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average copper grade | % | 1.61% | 1.92% | 1.64% | 1.40% | 1.63% | 1.63% | 1.61% | 1% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Production ex mill | kt | 9.9 | 12.6 | 7.9 | 9.5 | 10.3 | 10.3 | 9.9 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average gold grade | g/t | 0.46 | 0.54 | 0.50 | 0.43 | 0.46 | 0.46 | 0.46 | 0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable copper | kt | 2.3 | 3.0 | 1.9 | 2.2 | 2.4 | 2.4 | 2.3 | 2% | 4.3 | 2.1 | 2.1 | 2.1 | 2.5 | 2.5 | 4.3 | (42)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payable gold concentrate | troy oz | 1,734 | 2,231 | 1,516 | 1,825 | 1,816 | 1,816 | 1,734 | 5% | 3,169 | 1,527 | 1,664 | 1,693 | 1,964 | 1,964 | 3,169 | (38)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Iron ore |
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| 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. |
|
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| WAIO, Australia |
BHP interest 85% |
|
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| Newman Joint Venture | kt | 13,358 | 13,796 | 11,991 | 15,073 | 13,724 | 13,724 | 13,358 | 3% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Area C Joint Venture | kt | 28,839 | 29,578 | 27,869 | 32,824 | 29,415 | 29,415 | 28,839 | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yandi Joint Venture | kt | 4,440 | 3,777 | 3,819 | 3,854 | 3,498 | 3,498 | 4,440 | (21)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jimblebar¹ | kt | 16,726 | 17,600 | 16,458 | 16,597 | 15,378 | 15,378 | 16,726 | (8)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 63,363 | 64,751 | 60,137 | 68,348 | 62,015 | 62,015 | 63,363 | (2)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total (100%) | kt | 71,593 | 73,071 | 67,844 | 77,480 | 70,246 | 70,246 | 71,593 | (2)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lump | kt | 19,377 | 20,319 | 18,822 | 21,285 | 20,250 | 20,250 | 19,377 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fines | kt | 44,031 | 44,022 | 40,412 | 46,545 | 42,180 | 42,180 | 44,031 | (4)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 63,408 | 64,341 | 59,234 | 67,830 | 62,430 | 62,430 | 63,408 | (2)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total (100%) | kt | 71,543 | 72,594 | 66,765 | 76,723 | 70,592 | 70,592 | 71,543 | (1)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 Presented on a 100% basis. BHP interest in saleable production is 85%. |
|
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| Samarco, Brazil¹ |
BHP interest 50% |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 1,259 | 1,441 | 1,603 | 1,951 | 2,066 | 2,066 | 1,259 | 64% | 982 | 1,477 | 1,416 | 1,973 | 2,042 | 2,042 | 982 | 108% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 As of Q1 FY26, Samarco is reported on a dmt basis. Prior periods have been restated from wmt to dmt for consistency.
9
BHP | Operational Review for the quarter ended 30 September 2025
| Production | Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter ended | Year to date | Quarter ended | Year to date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
Sep 2024 |
Dec 2024 |
Mar 2025 |
Jun 2025 |
Sep 2025 |
Sep 2025 |
Sep 2024 |
Var % |
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| Coal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coal production is reported on the basis of saleable product.
|
|
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| BMA, Australia |
BHP interest 50% |
|
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| Goonyella | kt | 1,359 | 1,439 | 1,228 | 1,811 | 1,880 | 1,880 | 1,359 | 38% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peak Downs | kt | 1,249 | 1,073 | 1,098 | 1,154 | 1,111 | 1,111 | 1,249 | (11)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Saraji | kt | 940 | 1,171 | 883 | 1,079 | 884 | 884 | 940 | (6)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Caval Ridge | kt | 967 | 747 | 710 | 1,102 | 990 | 990 | 967 | 2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total1 | kt | 4,515 | 4,430 | 3,919 | 5,146 | 4,865 | 4,865 | 4,515 | 8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total (100%)1 | kt | 9,030 | 8,860 | 7,838 | 10,292 | 9,730 | 9,730 | 9,030 | 8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hard coking coal | kt | 4,273 | 4,695 | 3,708 | 4,831 | 4,428 | 4,428 | 4,273 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy coal | kt | - | 31 | 83 | 199 | 44 | 44 | - | 100% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 4,273 | 4,726 | 3,791 | 5,030 | 4,472 | 4,472 | 4,273 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total (100%) | kt | 8,546 | 9,452 | 7,582 | 10,060 | 8,944 | 8,944 | 8,546 | 5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 Production figures include some energy coal.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NSWEC, Australia |
BHP interest 100% |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy coal - Export | kt | 3,416 | 3,471 | 3,128 | 3,554 | 3,549 | 3,549 | 3,416 | 4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy coal - Domestic | kt | 535 | 332 | 381 | 372 | 158 | 158 | 535 | (70)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | kt | 3,675 | 3,698 | 3,596 | 4,067 | 3,518 | 3,518 | 3,675 | (4)% | 3,951 | 3,803 | 3,509 | 3,926 | 3,707 | 3,707 | 3,951 | (6)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nickel production is reported on the basis of saleable product. |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western Australia Nickel, Australia¹ |
BHP interest 100% |
|
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| Mt Keith |
Nickel concentrate | kt | 35.9 | 5.4 | - | - | - | - | 35.9 | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average nickel grade | % | 17.1 | 16.7 | - | - | - | - | 17.1 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leinster |
Nickel concentrate | kt | 72.4 | - | - | - | - | - | 72.4 | (100)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average nickel grade | % | 8.8 | - | - | - | - | - | 8.8 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Refined nickel | kt | 12.1 | 0.1 | - | - | - | - | 12.1 | (100)% | 13.5 | 0.8 | - | - | - | - | 13.5 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nickel sulphate | kt | 0.3 | - | - | - | - | - | 0.3 | (100)% | 0.6 | 0.3 | 0.1 | 0.1 | - | - | 0.6 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intermediates and nickel by-products | kt | 7.2 | 7.9 | 2.3 | 0.3 | - | - | 7.2 | (100)% | 5.8 | 10.1 | 2.1 | 0.1 | - | - | 5.8 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total nickel | kt | 19.6 | 8.0 | 2.3 | 0.3 | - | - | 19.6 | (100)% | 19.9 | 11.2 | 2.2 | 0.2 | - | - | 19.9 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cobalt by-products | t | 294 | 121 | 35 | - | - | - | 294 | (100)% | 294 | 121 | - | - | - | - | 294 | (100)% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1 | WA Nickel ramped down and entered temporary suspension in December 2024. |
10
BHP | Operational Review for the quarter ended 30 September 2025
Variance analysis relates to the relative performance of BHP and/or its operations during the three months ended September 2025 compared with the three months ended September 2024, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding. Medium term refers to a five-year time horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point (ppt); ounces (oz); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).
In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries of the Financial Statements in BHP’s 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.
Further information on BHP can be found at bhp.com
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 | James Bell | |
| Mobile: +1 403 605 2314 | Mobile: +44 7961 636 432 | |
| Latin America | ||
| Renata Fernandez | ||
| Mobile: +56 9 8229 5357 | ||
| BHP Group Limited ABN 49 004 028 077 | ||
| LEI WZE1WSENV6JSZFK0JC28 | ||
| Registered in Australia | ||
| Registered Office: Level 18, 171 Collins Street | ||
| Melbourne Victoria 3000 Australia | ||
| Tel +61 1300 55 4757 Fax +61 3 9609 3015 | ||
| BHP Group is headquartered in Australia | ||
| Follow us on social media | ||
11
SIGNATURES
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| BHP Group Limited | ||||||
| Date: October, 21 2025 | By: | /s/ Stefanie Wilkinson | ||||
| Name: | Stefanie Wilkinson | |||||
| Title: | Group General Counsel and Group Company Secretary | |||||
FAQ
What were BHP (BHP) Q1 FY26 copper and iron ore volumes?
Did BHP (BHP) change its FY26 production guidance?
How did BHP’s realised prices move in Q1 FY26?
What progress did BHP (BHP) report at Jansen?
What project approvals or milestones did BHP (BHP) achieve in copper?
What financing actions did BHP (BHP) complete this quarter?
How did steelmaking and energy coal volumes trend for BHP (BHP)?
