TIDMBHP
RNS Number : 0770A
BHP Group Limited
18 January 2024
18 January 2024
Operational review for the half year ended 31 December 2023
Strong H1 in copper, iron ore and energy coal. Challenging half
in metallurgical coal.
Tragically, a team member from BEP Engineering &
Maintenance, a contracting partner to BMA, was fatally injured in
an incident at BMA's Saraji mine earlier this week. Our deepest
sympathies are with their family, friends and colleagues at this
difficult time. We are committed to learning from this tragedy and
investigations into the incident are underway.
Operationally, BHP has had a solid first half. WA Iron Ore
production was up 5% quarter-on-quarter, while first half copper
production rose 7% reflecting a record half at Spence and ongoing
strong performance and additional tonnes at Copper South Australia.
NSW Energy Coal had its best first half in five years, while BMA
had a tough six months following significant planned maintenance
and low starting inventories. At Nickel West, we are evaluating
options to mitigate the impacts of the sharp fall in nickel
prices.
We progressed our growth agenda during the quarter with ongoing
construction of the Jansen mine in Canada and the sanction of
Jansen Stage 2, which doubles our planned potash production
capacity. In South Australia, we successfully integrated our Copper
SA business and significant exploration drilling beneath Olympic
Dam has identified attractive copper mineralisation above 1% grade
along a 2 km strike, with areas above 2%.
Mike Henry
BHP Chief Executive Officer
Summary
Operational performance Portfolio
Production guidance unchanged, Enhancing the quality of our portfolio
except at BMA
FY24 production guidance ranges We are investing in growth with the approval of US$4.9 bn in Jansen Stage 2 .
remain unchanged for all assets, We continued
with the exception of BMA our strategic focus on higher quality metallurgical coal with the planned
which has been lowered to between 23 divestment of BMA's
and 25 Mt (46 - 50 Mt at 100%) excl. Blackwater and Daunia mines for cash consideration of up to US$4.1 bn (100%
Blackwater and Daunia basis). We have
from the expected sale completion undertaken 62 km of exploratory drilling beneath Olympic Dam (OD Deeps),
date of 2 April 2024. which has shown
Copper production increased(1) 7%, extensive mineralisation continuity, with attractive copper grades of above 1%
including a record quarter at along more
Carrapateena, and energy than 2 km in strike and more than 1 km in depth. Results are included in
coal production increased 36%, with Appendix 3 .
its FY24 production now expected to
be in the upper end
of the guidance range.
------------------------------------ ------------------------------------------------------------------------------
Financial performance Leadership
Unit cost guidance Executive Leadership Team update
WAIO, Escondida and Spence are In December, we announced a number of changes to our Executive Leadership
expected to be within their Team, effective
respective unit cost guidance ranges 1 March 2024, including that Catherine Raw will join BHP from SSE plc as Chief
at FY24, with BMA unit cost guidance Development
for FY24 increasing to between Officer effective 29 April 2024.
US$110/t and US$116/t
as a result of the lowered
production guidance.
Production Quarter performance YTD performance FY24 production guidance
Q2 FY24 v Q1 FY24 v Q2 FY23 HY24 v HY23 Previous Current
-------------- --------- --------- ----------- -------------- -------- ------------- ------------- ---------
Copper (kt) 437.4 (4%) 3% 894.4 7% 1,720 - 1,910 1,720 - 1,910
Escondida
(kt) 254.6 (7%) (1%) 527.9 3% 1,080 - 1,180 1,080 - 1,180 Unchanged
Pampa Norte
(kt) 59.8 (24%) (22%) 138.1 (6%) 210 - 250(i) 210 - 250(i) Unchanged
Copper South
Australia
(kt) 82.0 14% 51% 153.7 48% 310 - 340 310 - 340 Unchanged
Antamina (kt) 39.2 21% 11% 71.7 (1%) 120 - 140 120 - 140 Unchanged
Carajás
(kt) 1.8 50% 3.0 - - -
Iron ore (Mt) 65.8 4% (2%) 129.0 (2%) 254 - 264.5 254 - 264.5
WAIO (Mt) 64.5 4% (2%) 126.5 (3%) 250 - 260 250 - 260 Unchanged
WAIO (100%
basis) (Mt) 72.7 5% (2%) 142.1 (3%) 282 - 294 282 - 294 Unchanged
Samarco (Mt) 1.3 6% 19% 2.5 13% 4 - 4.5 4 - 4.5 Unchanged
Metallurgical
coal - BMA
(Mt) 5.7 2% (18%) 11.3 (17%) 28 - 31 23 - 25 Lowered
BMA (100%
basis) (Mt) 11.4 2% (18%) 22.6 (17%) 56 - 62 46 - 50 Lowered
Energy coal -
NSWEC (Mt) 3.9 7% 35% 7.5 36% 13 - 15 13 - 15 Upper end
Nickel -
Nickel West
(kt) 19.6 (3%) 11% 39.8 4% 77 - 87 77 - 87 Unchanged
i Production guidance for FY24 is for Spence only and excludes
Cerro Colorado which produced 11 kt before ceasing production on 9
November 2023.
1
BHP | Operational review for the half year ended 31 December
2023
Summary of disclosures
BHP expects its financial results for the half year ended 31
December 2023 (HY24) 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 20 February 2024. Accordingly,
the information in the table below contains preliminary information
that is subject to update and finalisation.
H1 impact(i)
Description (US$M) Classification(ii)
--------------------------------------------------------------------- -------------------- -------------------------
Unit costs (at guidance FX)(iii)
At HY24, unit costs at WAIO and Escondida are expected to be
within their respective guidance
ranges, while Spence is expected to be in the lower half of its
guidance range. Unit costs
at BMA are expected to be substantially higher than the revised
guidance range due to the
lower volumes - Operating costs
For FY24, unit cost guidance for WAIO, Escondida and Spence
remains unchanged. Unit cost guidance
for BMA has been increased to between US$110/t and US$116/t as a
result of the decrease in
expected production, and excludes Blackwater and Daunia from the
expected date of completion
of the divestment - Operating costs
Note: weaker Australian dollar and Chilean peso than guidance
rates were realised in the period Refer footnote(iii)
Income statement
The Group's adjusted effective tax rate for HY24 is expected to
be in the lower half of the
guidance range of 30 - 35% - Taxation expense
Cash flow statement
Working capital movements including net price impacts, closure
and rehabilitation payments
and other movements 1,500 - 1,700 Up Operating cash flow
Cash tax paid 3,500 - 3,600 Down Operating cash flow
Dividends received from equity-accounted investments 200 Up Operating cash flow
Dividends paid to non-controlling interests 600 Down Financing cash flow
Payment of the H2 FY23 dividend 4,000 Down Financing cash flow
Balance sheet
The Group's net debt balance at 31 December 2023 is expected to
be between $12.5 and $13.0
bn - Net debt
Exceptional items
Financial impact on BHP Brasil of the Samarco dam failure
The financial impact is expected to primarily relate to
amortisation of discounting on the
provision and the impact of foreign exchange Refer footnote(iv) Exceptional item
i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or
income statement impact as relevant, unless otherwise noted.
iii Average exchange rates for HY24 of AUD/USD 0.65 (guidance
rate AUD/USD 0.67) and USD/CLP 874 (guidance rate USD/CLP 810).
iv Financial impact is the subject of ongoing work and is not
yet finalised. See Iron ore section for further information on
Samarco operations.
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
Detailed drilling results for Olympic Dam Deeps Appendix 3
2
BHP | Operational review for the half year ended 31 December
2023
Segment and asset performance | FY24 YTD v FY23 YTD
Copper
Production Total copper production increased by 7% to 894 kt.
894 kt Up 7% Copper guidance for FY24 remains unchanged at between
HY23 834 kt 1,720 and 1,910 kt.
FY24e 1,720 - 1,910 Escondida 528 kt Up 3 % (100% basis)
kt Increased production was primarily due to higher concentrator
feed grade of 0. 81 %, compared to 0. 79 % in HY23
Average realised and higher concentrator throughput. Concentrator feed
price grade is expected to be between 0.85% and 0.90% for
US$3.66/lb Down FY24. Production guidance for FY24 remains unchanged
5% at between 1,080 and 1,180 kt.
HY23 US$3.49/lb Pampa Norte 138 kt Down 6 %
Production at Spence increased 4% to a half year record
of 127 kt, driven by improved concentrator throughput.
Record concentrate production was partially offset
by lower cathode production, in line with an expected
decline in stacked feed grade. The concentrator plant
modifications which commenced in August 2022 are expected
to be completed in FY24.
We approved an incremental US$570 m in sustaining
capital to progress remediation of previously identified
anomalies in the Spence Tailings Storage Facility
(TSF). These plans have been developed with the Engineer
of Record, Independent Tailings Review Board and expert
consultants. This is the first stage to remediate
the TSF. Production guidance for Spence for FY24 remains
unchanged at between 210 and 250 kt and remains subject
to successful remediation of the TSF anomalies.
Cerro Colorado entered temporary care and maintenance
in December 2023, after producing 11 kt for the period.
Copper South Australia 154 kt Up 48 %
Production increased by 51 kt due to the additional
volumes from Prominent Hill and Carrapateena. Successful
integration of the Copper South Australia asset has
resulted in strong underlying operational performance,
including record quarterly copper production at Carrapateena
in Q2. Strong smelter performance at Olympic Dam was
supported by increased transfers of concentrate from
Prominent Hill for processing to higher margin cathode.
Olympic Dam also delivered record half year gold production
and sales.
Production guidance for FY24 remains unchanged at
between 310 and 340 kt.
Crusher 2 at Carrapateena remains on track to come
online in Q3 FY24 and to ramp up in Q4 FY24. We have
also had continued success with exploration drilling
across the asset. Drilling to date beneath the known
Olympic Dam ore body (OD Deeps) confirms attractive
mineralisation continuity at above 1% copper grade
(refer to Appendix 3 ). At Oak Dam, there are 12 active
drill rigs (up from 10) and the accommodation camp
is nearing completion.
Other copper
At Antamina, copper production decreased by 1% to
72 kt, while zinc production was 10% higher at 69
kt, both in line with planned concentrator feed grades.
Production guidance at Antamina remains unchanged
for FY24 with expected copper production of between
120 to 140 kt and zinc production of between 85 and
105 kt.
Carajás produced 3.0 kt of copper and 2.1 troy
koz of gold. Operations were stopped in August due
to a geotechnical event, and gradually restarted in
October. In Q3 FY24 operations will continue to ramp
back up with shipments also expected to resume.
3
BHP | Operational review for the half year ended 31 December
2023
Iron ore
Production Total iron ore production decreased by 2% to 129 Mt. Guidance for FY24 remains unchanged at
129 Mt Down 2 % between 254 and 264.5 Mt.
HY23 132 Mt WAIO 126 Mt Down 3 % | 142 Mt (100% basis)
FY24e 254 - 264.5 Mt Lower production due to the continued tie-in activity for the Rail Technology Programme
(RTP1),
Average realised price and the impacts of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining
US$103.70/wmt Up 21% Area C).
HY23 US$85.46/wmt South Flank is on track to ramp up to full production capacity of 80 Mtpa (100% basis) by
the end of FY24. The planned tie-in of the Port Debottlenecking Project (PDP1) is on track
to be completed in CY24, following commissioning on 7 December 2023.
Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on
a 100% basis).
Samarco 2. 5 Mt Up 13 % | 5.1 Mt (100% basis)
Production increased as a result of higher concentrator throughput. Production guidance for
FY24 remains unchanged at between 4 and 4.5 Mt.
In December 2023, BHP Brasil approved up to US$925 m in further financial support for the
Renova Foundation. The funding is for CY24 and will be deducted from the Group's provision
for the Samarco dam failure.
----------------------- ---------------------------------------------------------------------------------------------
Coal
Metallurgical coal
Production BMA 11.3 Mt Down 17 % | 22.6 Mt (100% basis)
11.3 Mt Down 17 % On 15 January, a team member from BEP Engineering & Maintenance, a contracting partner to
HY23 13.6 Mt BMA, was fatally injured in a vehicle incident at Saraji mine. Investigations are underway
FY24e 23 - 25 Mt and we are working closely with the relevant authorities. Operations at Saraji were suspended
and are expected to progressively restart over the coming days.
Average realised price In the period, lower production was a result of a significant increase in planned maintenance
US$266.43/t Down 1% across the asset, the extended longwall move, and geotechnical faulting which impacted
HY23 US$268.73/t underground
operations at Broadmeadow until early November. Production was also impacted by an increase
in prime stripping to improve value chain stability following depleted inventory positions
arising from extended weather impacts and labour constraints over recent years.
Full year production guidance is now expected to be between 23 and 25 Mt (46 and 50 Mt on
a 100% basis). This guidance excludes Blackwater and Daunia from the date of completion of
the divestment which is expected to occur on 2 April 2024. This has been lowered from 28 -
31 Mt (56 and 62 Mt on a 100% basis), inclusive of Blackwater and Daunia.
Energy coal
Production NSWEC 7.5 Mt Up 36 %
7.5 Mt Up 36% Increased production as a result of strong operating
HY23 5.5 Mt performance as eased labour constraints and improved
FY24e 13 - 15 Mt weather conditions enabled an uplift in truck productivity,
with record annualised truck hours for the half. Domestic
Average realised sales under the NSW Government Coal Market Price Emergency
price (Directions for Coal Mines) Notice commenced in Q4
US$123.29/t Up FY23, which resulted in a lower proportion of washed
65% coal and contributed to the higher volumes.
HY23 US$354.30/t Production guidance for FY24 is expected to be at the
upper end of the range of between 13 and 15 Mt.
We submitted a modification request to the NSW Government
to extend mining approval to 30 June 2030 in support
of the 2030 closure plan. The modification submission
went on public exhibition for four weeks in November
2023. The approval process will continue through FY24.
4
BHP | Operational review for the half year ended 31 December
2023
Group & Unallocated
Nickel
Production Nickel West 40 kt Up 4%
40 kt Up 4% Production increased due to improved performance,
HY23 38 kt and a shorter shutdown period at the Kalgoorlie Smelter
FY24e 7 7 - 87 offsetting downtime at the Kwinana Refinery.
kt Production guidance remains unchanged at between 77
and 87 kt for FY24.
Average realised The nickel industry is undergoing a number of structural
price changes and is at a cyclical low in realised pricing.
US$18,602/t Down Nickel West is not immune to these challenges. Operations
24% are being actively optimised, and options are being
HY23 US$24,362/t evaluated to mitigate the impacts of the sharp fall
in nickel prices. Given the market conditions, a carrying
value assessment of the Group's nickel assets is ongoing,
and a further update will be provided with the release
of the financial results on 20 February 2024.
Quarterly performance | Q2 FY24 v Q1 FY24
Copper Iron ore
437 kt Down Lower concentrator grade 66 Mt Up 4% Increased production
4% at Escondida and concentrator Q1 FY24 63 at WAIO as a result
Q1 FY24 457 throughput at Spence, Mt of the Q1 impacts of
kt partially offset by the RTP1 integration,
higher volumes at Copper planned equipment maintenance
South Australia following and Central Pilbara
planned maintenance hub ramp up.
in Q1 .
------------ ------------------------------ ------------ -------------------------------
Metallurgical coal Energy coal
5.7 Mt Up Production increased 3.9 Mt Up 7% Higher production as
2 % due to the lower planned Q1 FY24 3.6 a result of strong performance
Q1 FY24 5.6 wash plant maintenance, Mt across the value chain,
Mt the ramp up of the longwall largely driven by strong
at Broadmeadow, and Q1 stripping performance,
improved strip ratio. and the opportune draw
This was partially offset down of raw coal.
by significantly increased
rainfall.
------------ ------------------------------ ------------ -------------------------------
Nickel
20 kt Down Lower volumes due to
3% downtime at the Kwinana
Q1 FY24 20 Refinery.
kt
------------ ------------------------------ ------------ -------------------------------
The following footnotes apply to this Operational Review:
1 Prior year comparatives do not include production volumes for
the operations acquired from OZL on 2 May 2023.
5
BHP | Operational review for the half year ended 31 December
2023
Appendix 1
Average realised prices(1)
Q2 FY24 v HY24 v HY24 v
Q2 FY24 HY24 Q1 FY24 H2 FY23 HY23
----------------------------------- ------- ------- --------- -------- ------
Copper (US$/lb)(2,3,4) 3.68 3.66 1% (4%) 5%
Iron ore (US$/wmt, FOB)(5) 109.47 103.70 12% 4% 21%
Metallurgical coal (US$/t)(6) 293.21 266.43 24% (2%) (1%)
Hard coking coal (US$/t)(7) 305.69 274.99 26% 0% 2%
Weak coking coal (US$/t)(7) 214.26 204.55 12% (18%) (19%)
Thermal coal (US$/t)(6,8) 121.35 123.29 (3%) (22%) (65%)
Nickel metal (US$/t) 16,812 18,602 (17%) (21%) (24%)
1 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.
2 At 31 December 2023, the Group had 356 kt of outstanding
copper sales that were revalued at a weighted average price of
US$3.87/lb. The final price of these sales will be determined over
the remainder of FY24. In addition, 342 kt of copper sales from
FY23 were subject to a finalisation adjustment in the current
period. The displayed prices include the impact of these
provisional pricing and finalisation adjustments.
3 The large majority of copper cathodes sales were linked to
index price for quotation periods one month after month of
shipment, and three to four months after month of shipment for
copper concentrates sales with price differentials applied for
location and treatment costs.
4 Does not include sales from assets acquired through the purchase of OZL.
5 The large majority of iron ore shipments were linked to index
pricing for the month of shipment, with price differentials
predominantly a reflection of market fundamentals and product
quality. Iron ore sales for HY24 and Q2 FY24 were based on an
average moisture rate of 6.7% (HY23: 6.8%).
6 The large majority of metallurgical coal and energy coal
exports were linked to index pricing for the month of scheduled
shipment or priced on the spot market at fixed or index-linked
prices, with price differentials reflecting product quality.
7 Hard coking coal (HCC) refers generally to those metallurgical
coals with a Coke Strength after Reaction (CSR) of 35 and above,
which includes coals across the spectrum from Premium Coking to
Semi Hard Coking coals, while weak coking coal (WCC) refers
generally to those metallurgical coals with a CSR below 35.
8 Export sales only. Includes thermal coal sales from metallurgical coal mines.
Current year unit cost guidance
Previous Current
FY24 guidance(1) FY24 guidance(1)
-------------------------------- ---------------- ---------------- ---------
Escondida unit cost (US$/lb)(2) 1.40 - 1.70 1.40 - 1.70 Unchanged
Spence unit cost (US$/lb) 2.00 - 2.30 2.00 - 2.30 Unchanged
WAIO unit cost (US$/t) 17.40 - 18.90 17.40 - 18.90 Unchanged
BMA unit cost (US$/t) 95 - 105 110 - 116 Increased
1 FY2 4 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
Medium term guidance
Production Unit cost
guidance guidance(1)
----------------- ---------------- ---------------------
Escondida(2) 1,200 - 1,300 kt US$1.30 - $1.60/lb(3)
Spence(4) 250 kt
WAIO (100% basis) >305 Mt <US$17/t
1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2 Medium term refers to FY25 and FY26.
3 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
4 Average of 250 ktpa over five years on the basis that
remediation of the previously identified TSF anomalies does not
impact operations.
6
BHP | Operational review for the half year ended 31 December
2023
Major projects
First
Capital production
Project and expenditure target
Commodity ownership Project scope / capacity US$M date Progress
--------- -------------- ------------------------------------------------------------------------------------------- ----------- ---------- -------------------------------
Potash Jansen Stage 1 Design, engineering and construction of an underground potash mine and surface infrastructu 5,723 End-CY26 Project is 3 8% complete
re,
with capacity to produce 4.15 Mtpa.
(Canada)
100%
Potash Jansen Stage 2 Development of additional mining districts, completion of the second shaft hoist infrastruc 4,859 FY29 Approval announced October 2023
ture,
expansion of processing facilities and addition of rail cars to facilitate production of an
incremental 4.36 Mtpa.
(Canada)
100%
The operating expenditure related to Potash for HY24 is expected
to be US$130 m.
Exploration
Minerals exploration and evaluation expenditure was US$199 m for
HY24 (HY23: US$156 m) of which US$170 m was expensed (HY23: US$127
m).
7
BHP | Operational review for the half year ended 31 December
2023
Appendix 2
Production Sales
------------------------------------------------------------------- -------------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
------------------------------------------ ----------------------- ------------------------------------------ -----------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------ ------- ------- ------- ------- ------- ------- -----
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.
Payable metal
in
Copper concentrate kt 276.0 262.4 310.7 317.3 308.7 626.0 544.8 15% 272.7 268.4 323.1 298.0 316.5 614.5 533.0 15%
Escondida kt 208.3 200.8 220.5 221.3 207.7 429.0 411.4 4% 216.0 197.3 220.3 209.5 211.7 421.2 412.7 2%
Pampa Norte kt 32.5 32.0 32.2 38.8 32.6 71.4 61.1 17% 22.0 38.7 38.6 31.3 34.9 66.2 48.0 38%
Copper South
Australia kt 19.9 23.5 27.4 50.9 27.6 22.2 31.6 53.8
Antamina kt 35.2 29.6 36.5 32.5 39.2 71.7 72.3 (1)% 34.7 32.4 34.5 32.8 38.3 71.1 72.3 (2)%
Carajás kt 1.6 1.2 1.8 3.0 2.1 2.2 - 2.2
Cathode kt 148.3 143.5 165.5 139.7 128.7 268.4 289.6 (7)% 155.9 130.3 179.9 131.9 137.6 269.5 290.1 (7)%
Escondida kt 49.7 50.8 72.5 52.0 46.9 98.9 99.3 0% 53.5 43.8 78.0 49.2 52.2 101.4 99.4 2%
Pampa Norte kt 44.2 41.0 36.3 39.5 27.2 66.7 86.2 (23)% 45.6 36.0 42.4 36.6 31.1 67.7 88.0 (23)%
Copper South
Australia kt 54.4 51.7 56.7 48.2 54.6 102.8 104.1 (1)% 56.8 50.5 59.5 46.1 54.3 100.4 102.7 (2)%
Total kt 424.3 405.9 476.2 457.0 437.4 894.4 834.4 7% 428.6 398.7 503.0 429.9 454.1 884.0 823.1 7%
Payable metal
in
Lead concentrate t 114 169 146 96 105 201 342 (41)% 91 181 143 154 91 245 221 11%
Antamina t 114 169 146 96 105 201 342 (41)% 91 181 143 154 91 245 221 11%
Payable metal
in
Zinc concentrate t 29,929 23,612 38,822 35,669 33,475 69,144 62,614 10% 29,127 25,851 37,629 33,912 37,092 71,004 62,947 13%
Antamina t 29,929 23,612 38,822 35,669 33,475 69,144 62,614 10% 29,127 25,851 37,629 33,912 37,092 71,004 62,947 13%
Payable metal
in troy
Gold concentrate oz 52,277 57,106 96,655 89,024 94,794 183,818 96,034 91% 52,277 57,106 108,552 87,703 98,969 186,672 96,034 94%
troy
Escondida oz 48,402 48,954 53,503 48,063 48,633 96,696 86,638 12% 48,402 48,954 53,503 48,063 48,633 96,696 86,638 12%
troy
Pampa Norte oz 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)% 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)%
Copper South troy
Australia oz 32,736 36,228 42,051 78,279 44,098 34,176 47,482 81,658
troy
Carajás oz 1,153 802 1,256 2,058 1,688 1,533 - 1,533
troy
Refined gold oz 43,280 49,086 46,479 53,028 55,828 108,856 90,464 20% 41,900 47,300 49,182 54,036 55,349 109,385 91,442 20%
Copper South troy
Australia oz 43,280 49,086 46,479 53,028 55,828 108,856 90,464 20% 41,900 47,300 49,182 54,036 55,349 109,385 91,442 20%
troy
Total oz 95,557 106,192 143,134 142,052 150,622 292,674 186,498 57% 94,177 104,406 157,734 141,739 154,318 296,057 187,476 58%
Payable metal
in troy
Silver concentrate koz 2,678 2,556 2,592 2,582 3,074 5,656 5,330 6% 2,605 2,523 2,409 2,527 2,938 5,465 5,082 8%
troy
Escondida koz 1,510 1,346 1,008 1,168 1,401 2,569 2,720 (6)% 1,510 1,346 1,008 1,168 1,401 2,569 2,720 (6)%
troy
Pampa Norte koz 245 409 412 356 388 744 497 50% 245 409 412 356 388 744 497 50%
Copper South troy
Australia koz 201 260 310 570 242 258 364 622
troy
Antamina koz 923 801 971 798 975 1,773 2,113 (16)% 850 768 747 745 785 1,530 1,865 (18)%
Refined troy
silver koz 261 277 256 261 221 482 556 (13)% 233 307 270 219 222 441 553 (20)%
Copper South troy
Australia koz 261 277 256 261 221 482 556 (13)% 233 307 270 219 222 441 553 (20)%
troy
Total koz 2,939 2,833 2,848 2,843 3,295 6,138 5,886 4% 2,838 2,830 2,679 2,746 3,160 11,371 10,717 6%
Payable metal
in
Uranium concentrate t 943 833 813 825 986 1,811 1,760 3% 1,127 683 1,275 481 895 1,376 1,399 (2)%
Copper South
Australia t 943 833 813 825 986 1,811 1,760 3% 1,127 683 1,275 481 895 1,376 1,399 (2)%
Payable metal
in
Molybdenum concentrate t 564 636 666 612 481 1,093 860 27% 514 789 594 564 468 1,032 789 31%
Pampa Norte t 216 407 333 329 145 474 250 90% 216 492 367 303 162 465 241 93%
Antamina t 348 229 333 283 336 619 610 1% 298 297 227 261 306 567 548 3%
Western
Australia
Iron Ore
Iron ore (WAIO) kt 65,807 58,725 64,074 62,004 64,460 126,464 129,732 (3)% 64,496 59,204 62,926 64,180 62,606 126,786 126,753 0%
Samarco kt 1,095 1,048 1,221 1,231 1,302 2,533 2,243 13% 1,097 1,111 1,160 1,136 1,329 2,465 2,243 10%
Total kt 66,902 59,773 65,295 63,235 65,762 128,997 131,975 (2)% 65,593 60,315 64,086 65,316 63,935 129,251 128,996 0%
BHP
Mitsubishi
Metallurgical Alliance
coal(1) (BMA) kt 6,952 6,929 8,477 5,601 5,717 11,318 13,614 (17)% 7,027 6,186 8,876 5,325 5,706 11,031 13,509 (18)%
NSW Energy
Energy Coal
coal (NSWEC) kt 2,851 3,934 4,765 3,613 3,855 7,468 5,473 36% 2,862 3,667 4,894 3,307 4,250 7,557 5,303 43%
Nickel Nickel West kt 17.7 19.6 22.0 20.2 19.6 39.8 38.4 4% 18.4 19.6 23.4 18.9 20.0 38.9 39.1 (1)%
Cobalt Nickel West t 93 175 246 192 182 374 331 13% 93 175 246 192 110 302 331 (9)%
1 Includes BMA thermal
coal sales.
8
BHP | Operational review for the half year ended 31 December
2023
Production Sales
---------------------------------------------------------- -------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
---------------------------------------- ------------------------ -------------------------------------- ---------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------- ------- ------ ------ ------ ------- ------- ------ ------ ------ ------ ------ ------ ------ ------ -----
Production and sales
By asset
Copper
Metals production is payable
metal unless otherwise noted.
Escondida, BHP interest
Chile(1) 57.5%
Material mined kt 101,987 106,170 95,451 87,462 95,168 182,630 212,235 (14)%
Concentrator
throughput kt 33,911 33,309 30,750 33,332 34,752 68,084 66,805 2%
Average copper
grade
- concentrator % 0.76% 0.78% 0.93% 0.85% 0.78% 0.81% 0.79% 2%
Production ex
mill kt 212.8 210.0 228.9 225.7 217.6 443.3 427.4 4%
Payable copper kt 208.3 200.8 220.5 221.3 207.7 429.0 411.4 4% 216.0 197.3 220.3 209.5 211.7 421.2 412.7 2%
Copper cathode
(EW) kt 49.7 50.8 72.5 52.0 46.9 98.9 99.3 0% 53.5 43.8 78.0 49.2 52.2 101.4 99.4 2%
Oxide leach kt 17.6 14.7 29.3 17.5 17.0 34.5 32.8 5%
Sulphide leach kt 32.1 36.1 43.2 34.5 29.9 64.4 66.5 (3)%
Total copper kt 258.0 251.6 293.0 273.3 254.6 527.9 510.7 3% 269.5 241.1 298.3 258.7 263.9 522.6 512.1 2%
Payable gold troy
concentrate oz 48,402 48,954 53,503 48,063 48,633 96,696 86,638 12% 48,402 48,954 53,503 48,063 48,633 96,696 86,638 12%
Payable silver troy
concentrate koz 1,510 1,346 1,008 1,168 1,401 2,569 2,720 (6)% 1,510 1,346 1,008 1,168 1,401 2,569 2,720 (6)%
1 Shown on a 100% basis.
Pampa BHP interest
Norte, 100%
Chile
Payable metal
in
Copper concentrate kt 32.5 32.0 32.2 38.8 32.6 71.4 61.1 17% 22.0 38.7 38.6 31.3 34.9 66.2 48.0 38%
Cathode kt 44.2 41.0 36.3 39.5 27.2 66.7 86.2 (23)% 45.6 36.0 42.4 36.6 31.1 67.7 88.0 (23)%
Total copper kt 76.7 73.0 68.5 78.3 59.8 138.1 147.3 (6)% 67.6 74.7 81.0 67.9 66.0 133.9 136.0 (2)%
troy
Gold oz 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)% 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)%
troy
Silver koz 245 409 412 356 388 744 497 50% 245 409 412 356 388 744 497 50%
Molybdenum t 216 407 333 329 145 474 250 90% 216 492 367 303 162 465 241 93%
Cerro
Colorado(1)
Material mined kt 583 172 145 - - - 3,762 (100)%
Ore stacked kt 4,119 3,567 3,928 154 - 154 8,492 (98)%
Average copper
grade
- stacked % 0.56% 0.57% 0.53% 0.58% - 0.58% 0.55% 6%
Copper cathode
(EW) kt 12.2 12.0 12.2 9.5 1.6 11.1 25.0 (56)% 12.2 10.9 14.1 8.8 3.7 12.5 25.5 (51)%
Spence
Material mined kt 26,980 24,858 25,622 27,654 25,973 53,627 53,936 (1)%
Ore stacked kt 5,155 4,947 5,625 5,113 4,744 9,857 10,732 (8)%
Average copper
grade
- stacked % 0.66% 0.60% 0.58% 0.60% 0.59% 0.60% 0.68% (13)%
Concentrator
throughput kt 7,602 7,290 6,927 8,473 7,151 15,624 14,035 11%
Average copper
grade
- concentrator % 0.60% 0.61% 0.61% 0.64% 0.65% 0.64% 0.61% 5%
Payable copper kt 32.5 32.0 32.2 38.8 32.6 71.4 61.1 17% 22.0 38.7 38.6 31.3 34.9 66.2 48.0 38%
Copper cathode
(EW) kt 32.0 29.0 24.1 30.0 25.6 55.6 61.2 (9)% 33.4 25.1 28.3 27.8 27.4 55.2 62.5 (12)%
Total copper kt 64.5 61.0 56.3 68.8 58.2 127.0 122.3 4% 55.4 63.8 66.9 59.1 62.3 121.4 110.5 10%
Payable gold troy
concentrate oz 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)% 3,875 8,152 9,263 3,931 2,854 6,785 9,396 (28)%
Payable silver troy
concentrate koz 245 409 412 356 388 744 497 50% 245 409 412 356 388 744 497 50%
Payable
molybdenum t 216 407 333 329 145 474 250 90% 216 492 367 303 162 465 241 93%
1 Cerro Colorado entered temporary care and maintenance in December 2023.
9
BHP | Operational review for the half year ended 31 December
2023
Production Sales
----------------------------------------------------------------- ---------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
---------------------------------------- ----------------------- --------------------------------------- ----------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------ ------ ------ ------- ------- -------- ------ ----- ------ ------ ------ ------ ------- ------- ------ -----
Copper (continued)
Copper South Australia, BHP interest
Australia 100%
Payable
metal in
Copper concentrate kt 19.9 26.2 30.6 56.8 27.6 22.2 31.6 53.8
Cathode kt 54.4 51.7 56.7 48.2 54.6 102.8 104.1 (1)% 56.8 50.5 59.5 46.1 54.3 100.4 102.7 (2)%
Total copper kt 54.4 51.7 76.6 74.4 85.2 159.6 104.1 53% 56.8 50.5 87.1 68.3 85.9 154.2 102.7 50%
Payable
metal in
concentrate
transfer
to Olympic
Dam(1) kt - (2.7) (3.2) (5.9)
Net copper kt 54.4 51.7 76.6 71.7 82.0 153.7 104.1 48%
Payable
metal in troy
Gold concentrate oz 32,736 41,424 48,051 89,475 44,098 34,176 47,482 81,658
troy
Refined gold oz 43,280 49,086 46,479 53,028 55,828 108,856 90,464 20% 41,900 47,300 49,182 54,036 55,349 109,385 91,442 20%
troy
Total gold oz 43,280 49,086 79,215 94,452 103,879 198,331 90,464 119% 41,900 47,300 93,280 88,212 102,831 191,043 91,442 109%
Payable
metal in
concentrate
transfer
to Olympic troy
Dam(1) oz - (5,196) (6,000) (11,196)
troy
Net gold oz 43,280 49,086 79,215 89,256 97,879 187,135 90,464 107%
Payable
metal in troy
Silver concentrate koz 201 271 323 594 242 258 364 622
Refined troy
silver koz 261 277 256 261 221 482 556 (13)% 233 307 270 219 222 441 553 (20)%
troy
Total silver koz 261 277 457 532 544 1,076 556 94% 233 307 512 477 586 1,063 553 92%
Payable
metal in
concentrate
transfer
to Olympic troy
Dam(1) koz - (11) (13) (24)
troy
Net silver koz 261 277 457 521 531 1,052 556 89%
Uranium t 943 833 813 825 986 1,811 1,760 3% 1,127 683 1,275 481 895 1,376 1,399 (2)%
Olympic
Dam
Material
mined kt 2,264 2,317 2,356 2,655 2,537 5,192 4,676 11%
Ore milled kt 2,687 2,433 2,755 2,596 2,634 5,230 5,257 (1)%
Average
copper
grade % 2.08% 1.95% 2.00% 1.96% 2.12% 2.04% 2.10% (3)%
Average
uranium
grade kg/t 0.58 0.59 0.55 0.56 0.62 0.59 0.58 2%
Copper
cathode (ER
and EW) kt 54.4 51.7 56.7 48.2 54.6 102.8 104.1 (1)% 56.8 50.5 59.5 46.1 54.3 100.4 102.7 (2)%
troy
Refined gold oz 43,280 49,086 46,479 53,028 55,828 108,856 90,464 20% 41,900 47,300 49,182 54,036 55,349 109,385 91,442 20%
Refined troy
silver koz 261 277 256 261 221 482 556 (13)% 233 307 270 219 222 441 553 (20)%
Payable
uranium t 943 833 813 825 986 1,811 1,760 3% 1,127 683 1,275 481 895 1,376 1,399 (2)%
Prominent
Hill(2)
Material
mined kt 661 1,110 1,125 2,235
Ore milled kt 1,228 1,652 1,800 3,452
Average
copper
grade % 0.77% 0.85% 0.83% 0.84%
Production
ex mill kt 16.3 23.8 23.6 47.4
Payable
copper kt 8.2 12.1 12.9 25.0 15.7 8.4 10.6 19.0
Payable gold troy
concentrate oz 17,432 22,031 25,779 47,810 28,856 15,524 20,045 35,569
Payable
silver troy
concentrate koz 44 63 65 128 87 53 59 112
Carrapateena(2)
Material
mined kt 880 1,201 1,310 2,511
Ore milled kt 856 1,230 1,307 2,537
Average
copper
grade % 1.52% 1.29% 1.52% 1.41%
Production
ex mill kt 30.1 37.6 49.2 86.8
Payable
copper kt 11.7 14.1 17.7 31.8 11.9 13.8 21.0 34.8
Payable gold troy
concentrate oz 15,304 19,393 22,272 41,665 15,242 18,652 27,437 46,089
Payable
silver troy
concentrate koz 157 208 258 466 155 205 305 510
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
10
BHP | Operational review for the half year ended 31 December
2023
Production Sales
-------------------------------------------------------------------- ----------------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
-------------------------------------- ---------------------------- ----------------------------------------------- ---------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------ ------ ------ ------ ------ ------- ------- ---------- -------------- ------ ------ ------ ------- ------ ------ -----
Copper
(continued)
Antamina, BHP interest
Peru 33.75%
Material mined kt 68,750 57,939 62,894 63,310 61,539 124,849 132,615 (6)%
Concentrator
throughput kt 14,272 12,349 13,897 14,246 14,824 29,070 28,130 3%
Average head
grade
- copper % 0.86% 0.88% 0.88% 0.83% 0.90% 0.87% 0.89% (3)%
Average head
grade
- zinc % 0.99% 1.06% 1.25% 1.17% 1.03% 1.10% 1.04% 6%
Payable copper kt 35.2 29.6 36.5 32.5 39.2 71.7 72.3 (1)% 34.7 32.4 34.5 32.8 38.3 71.1 72.3 (2)%
Payable zinc t 29,929 23,612 38,822 35,669 33,475 69,144 62,614 10% 29,127 25,851 37,629 33,912 37,092 71,004 62,947 13%
troy
Payable silver koz 923 801 971 798 975 1,773 2,113 (16)% 850 768 747 745 785 1,530 1,865 (18)%
Payable lead t 114 169 146 96 105 201 342 (41)% 91 181 143 154 91 245 221 11%
Payable
molybdenum t 348 229 333 283 336 619 610 1% 298 297 227 261 306 567 548 3%
Carajás, BHP interest
Brazil(1) 100%
Material mined kt 103 74 115 189
Ore milled kt 100 70 119 189
Average copper
grade % 1.71% 1.91% 1.69% 1.77%
Production ex
mill kt 6.6 5.2 7.6 12.8
Payable copper kt 1.6 1.2 1.8 3.0 2.1 2.2 - 2.2
Payable gold troy
concentrate oz 1,153 802 1,256 2,058 1,688 1,533 - 1,533
1 Production and sales included from 1 May 2023, following the acquisition
of OZL on 2 May 2023.
Production Sales
-------------------------------------------------------------------- ----------------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
-------------------------------------- ---------------------------- --------------------------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------ ------ ------ ------ ------ ------- ------- ---------- ------ ------ ------ ------ ------
Iron ore
Iron ore production and
sales are reported on
a wet tonnes basis.
WAIO, BHP interest
Australia 85%
Newman kt 16,172 11,925 14,795 13,234 15,468 28,702 30,225 (5)%
Area C Joint
Venture kt 26,302 25,284 28,818 25,804 26,074 51,878 53,273 (3)%
Yandi Joint
Venture kt 5,613 4,941 5,359 3,150 4,978 8,128 11,110 (27)%
Jimblebar(1) kt 17,720 16,575 15,102 19,816 17,940 37,756 35,124 7%
Total kt 65,807 58,725 64,074 62,004 64,460 126,464 129,732 (3)%
Total (100%) kt 74,292 66,163 72,717 69,448 72,670 142,118 146,427 (3)%
Lump kt 20,375 18,021 20,022 20,969 19,176 40,145 39,936 1%
Fines kt 44,121 41,183 42,904 43,211 43,430 86,641 86,817 0%
Total kt 64,496 59,204 62,926 64,180 62,606 126,786 126,753 0%
Total (100%) kt 72,688 66,580 71,172 71,748 70,340 142,088 142,964 (1)%
1 Shown on a 100% basis.
BHP interest in saleable
production is 85%.
Production Sales
-------------------------------------------------------------------- ----------------------------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
-------------------------------------- ---------------------------- --------------------------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
------ ------ ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------
Samarco, BHP interest
Brazil 50%
Total kt 1,095 1,048 1,221 1,231 1,302 2,533 2,243 13% 1,097 1,111 1,160 1,136 1,329 2,465 2,243 10%
Coal
Coal production is
reported
on the basis of
saleable
product.
BMA, BHP interest
Australia 50%
Blackwater kt 1,160 1,107 1,505 1,295 1,182 2,477 2,443 1%
Goonyella kt 1,997 2,185 2,348 827 1,736 2,563 3,777 (32)%
Peak Downs kt 1,480 1,251 1,424 1,121 846 1,967 2,805 (30)%
Saraji kt 1,243 1,007 1,326 1,010 701 1,711 2,263 (24)%
Daunia kt 441 607 617 545 431 976 765 28%
Caval Ridge kt 631 772 1,257 803 821 1,624 1,561 4%
Total(1) kt 6,952 6,929 8,477 5,601 5,717 11,318 13,614 (17)%
Total
(100%) kt 13,904 13,858 16,954 11,202 11,434 22,636 27,228 (17)%
Coking coal kt 5,872 5,372 7,448 4,497 4,756 9,253 11,487 (19)%
Weak coking
coal kt 727 710 1,064 529 752 1,281 1,327 (3)%
Thermal
coal kt 428 104 364 299 198 497 695 (28)%
Total kt 7,027 6,186 8,876 5,325 5,706 11,031 13,509 (18)%
Total
(100%) kt 14,054 12,372 17,752 10,650 11,412 22,062 27,018 (18)%
1 Production figures
include
some thermal coal.
11
BHP | Operational review for the half year ended 31 December
2023
Production Sales
------------------------------------------------------ -----------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
--------------------------------- ------------------- ---------------------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
NSWEC, BHP interest
Australia 100%
Export kt 2,862 3,667 4,693 3,087 3,942 7,029 5,303 33%
Domestic(1) kt 201 220 308 528
Total kt 2,851 3,934 4,765 3,613 3,855 7,468 5,473 36% 2,862 3,667 4,894 3,307 4,250 7,557 5,303 43%
1 Domestic sales are made under the NSW
Government Coal Market Price Emergency
(Directions for Coal Mines) Notice 2023.
Production Sales
------------------------------------------------------ -----------------------------------------------------
Quarter ended Year to date Quarter ended Year to date
--------------------------------- ------------------- ---------------------------------
Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var
2022 2023 2023 2023 2023 2023 2022 % 2022 2023 2023 2023 2023 2023 2022 %
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Other
Nickel production is
reported
on the basis of saleable
product.
Nickel West, Australia BHP interest
100%
Nickel
Mt Keith concentrate kt 39.6 38.8 44.5 42.7 43.8 86.5 82.2 5%
Average nickel
grade % 15.5 16.5 16.2 16.7 16.8 16.8 16.3 3%
Nickel
Leinster concentrate kt 47.9 68.4 71.1 66.0 63.4 129.4 114.7 13%
Average nickel
grade % 9.4 8.6 8.5 8.1 8.0 8.1 9.7 (17)%
Refined
nickel(1) kt 10.8 13.2 13.1 13.8 12.6 26.4 28.3 (7)% 10.2 13.0 13.1 13.2 13.0 26.2 28.3 (7)%
Nickel
sulphate(2) kt 0.4 0.9 0.7 0.9 0.7 1.6 1.6 0% 0.5 0.9 0.8 0.8 0.7 1.5 1.3 15%
Intermediates
and
nickel
by-products(3) kt 6.5 5.5 8.2 5.5 6.3 11.8 8.5 39% 7.7 5.7 9.5 4.9 6.3 11.2 9.5 18%
Total nickel kt 17.7 19.6 22.0 20.2 19.6 39.8 38.4 4% 18.4 19.6 23.4 18.9 20.0 38.9 39.1 (1)%
Cobalt
by-products t 93 175 246 192 182 374 331 13% 93 175 246 192 110 302 331 (9)%
1 High quality refined
nickel
metal, including
briquettes
and powder.
2 Nickel sulphate crystals
produced from nickel
powder.
3 Nickel contained in matte
and by-product streams.
12
BHP | Operational review for the half year ended 31 December
2023
Appendix 3
Explanatory Notes and JORC Table 1
Project status update - Olympic Dam "Deeps" (OD Deeps)
In 2006-07, three deep holes were drilled below known Olympic
Dam mineralisation, testing a modelled density anomaly, and
subsequently intersected mineralisation. These holes, RD1988,
RD2786A and RD2785 returned mineralised intercepts.
Table 1 . Historic deep drilling below Olympic Dam from
2006-07.
Hole ID Depth from Depth to Interval Cu U(3) O(8) Au Ag Density
(m) (m) (m) (%) (ppm) (g/t) (g/t) (g/cm(3) )
-------- ---------- -------- -------- ----- --------- ------- ------- ------------
RD1988 922 1897.9 975.9 1.53 266 0.98 4.24 3.73
RD2786A 1771 1847 76 1.36 279 0.92 4.67 3.82
and 1925 2027 102 1.52 288 0.74 5.92 3.57
RD2785 2058 2184 126 0.86 228 0.49 2.61 3.05
In 2020-21 BHP Olympic Dam geologists reviewed mineralisation
potential at depth and commenced exploration drilling in 2022. As
of 9(th) September 2023, total drilling of the OD Deeps
mineralisation, including historic drilling, was approximately 62
km, with nominal drill space ranging from 160 m to 320 m. All holes
completed to target depth intersected mineralisation and have
outlined a mineralisation extending more than 2 km along strike,
and more than 1 km in depth. Mineralisation continues to be open
along strike and at depth.
The iron oxide copper gold (IOCG) mineralisation style of the OD
Deeps appears similar to the main body of Olympic Dam (refer to
Section 2-Reporting of Exploration Results). Mineralisation is
dominantly chalcopyrite with some areas of bornite. To date, and
noting wide spaced drilling, continuity continues to appear
favourable above 1% copper grade. The absolute extent of
mineralisation has not been discovered. However, along strike there
are geological indications of decreasing brecciation as well as
decreasing iron content. These suggest a diminishing system along
strike.
Figure 1 describes the location of the new drilling and Figures
2, 3, 4 and 5 show the new drilling on cross section(s), long
section, and level plan. Mineralised intercepts provided in Table 2
and drilling collar location is provided in Table 3.
This release reflects progress in our exploration activities at
Olympic Dam. Further work will be required to enable an estimate of
Mineral Resources.
13
BHP | Operational review for the half year ended 31 December
2023
Table 2 . Length and density-weighted mineralised intercepts
reported as down hole lengths.
Hole ID Depth from Depth to Interval Cu U(3) O(8) Au Ag Density
(m) (m) (m) (%) (ppm) (g/t) (g/t) (g/cm(3) )
------------- ---------- ---------- -------- ----- --------- ------- ------- ------------
RU50-12091 516 1096 (EOH) 580 2.22 473 0.93 4.87 3.77
including 522 648 126 4.41 945 0.99 7.13 3.90
RD4552A 1608 2050 442 1.38 350 0.65 2.98 3.49
including 1790 1912 122 2.15 506 0.89 4.20 3.88
RD4552AW2 1862 2252 390 1.38 396 0.65 2.43 3.35
including 2124 2176 52 1.72 483 0.63 1.33 3.55
RD4577W1 2022 2322 300 1.53 426 0.72 4.16 3.52
RU50-17932 718 1000 (EOH) 282 1.46 340 0.88 3.66 3.70
including 718 744 26 3.34 876 0.93 2.04 3.98
RD4552AW3 2101 2401 300 1.50 330 1.04 5.81 3.60
including 2101 2143 42 2.09 327 1.39 12.52 3.71
RU48-14098W1 1807.5 1985 177.5 1.54 402 0.87 11.22 3.54
including 1912.5 1985 72.5 2.29 422 1.31 21.60 3.86
RU48-14099 1388 1587.5 199.5 1.68 357 0.80 6.37 3.63
including 1388 1462 74 2.35 534 0.73 6.42 3.69
RD4551 1298 1486 188 1.17 325 0.52 5.57 3.38
RD4551W1 1474 1646 172 1.52 348 0.65 7.91 3.61
including 1596 1646 50 2.03 355 0.83 9.11 3.82
RD4551W2A 1320 1390 70 1.33 327 0.73 5.09 3.76
RD4554W2 1917 1971 54 1.99 386 1.32 13.37 3.89
and 2123 2307 184 1.38 340 0.76 5.63 3.53
RD4554W3 1560 1662 102 1.74 468 0.95 2.62 3.85
and 1698 1734 36 1.67 415 0.66 1.30 3.87
RD4568W1 1384 1580 196 1.12 292 0.76 5.08 3.67
and 1626 1696 70 1.62 290 0.88 7.87 3.74
and 1816 1836 20 2.04 244 0.22 3.52 3.19
RD4554W1 1691 1911 220 1.09 293 0.77 5.69 3.50
including 1691 1713 22 1.68 456 0.91 12.02 3.50
and 2001 2041 40 2.32 439 0.57 9.20 3.36
and 2187 2211 24 1.18 464 0.24 1.50 3.06
RD4561W4 1772 1810 38 2.42 799 0.16 0.91 3.50
RU48-14097 1148 1198 50 1.25 328 0.27 0.59 3.26
and 1392 1426 34 2.37 224 0.73 8.97 3.76
and 1516 1580 64 1.38 254 0.93 5.46 3.80
RU50-12093W1 539.2 644 104.8 1.23 409 0.92 4.24 3.42
and 770 834 64 1.29 335 0.62 3.33 3.28
RU50-17930 618 782 164 1.02 306 0.61 3.93 3.41
RU48-14098 1604 1632 28 1.09 309 0.45 1.17 3.16
and 1690 1737.5 47.5 1.41 433 0.70 1.90 3.45
and 1760 1812.5 52.5 2.08 335 1.03 8.53 3.52
RU48-17326 1126 1192 66 1.36 264 0.25 <1.0 3.08
and 1332 1378 46 1.38 438 0.67 2.45 3.62
and 1524 1574 50 1.41 378 0.64 7.04 3.38
RD4573W1 1348 1380 32 1.47 340 0.20 1.07 3.00
and 1574 1680 106 1.32 331 0.75 5.71 3.94
RD4574W1 1459 1523 64 1.14 619 0.50 0.42 3.34
RD4575 1380 1390 10 1.39 349 0.31 1.15 3.04
and 1434 1494 60 1.07 511 0.38 0.75 3.29
RU50-17931 424 448 24 1.62 482 0.98 7.81 3.67
RD4561 1294 1334 40 1.31 348 0.73 5.39 3.87
RD4578A 1872 1886 14 1.03 1797 0.15 0.58 4.04
RD4571 1610 1628 18 1.08 989 0.26 4.20 3.63
14
BHP | Operational review for the half year ended 31 December
2023
Figure 1. New drill hole traces shown against all Olympic Dam
drilling. Reference sections provides for cross sections and long
section.
Figure 2. Representative cross-section (A-A' from Figure 1)
showing simplified geology and down hole Cu assays.
Figure 3. Representative cross-section (B-B' from Figure 1)
showing simplified geology and down hole Cu assays.
Figure 4. Representative composite long-section (C-C' and D-D'
from Figure 1) showing simplified geology and significant
intercepts.
Figure 5. Representative level plan at -1300mRL, with deeps
drilling projects to level.
Section 1 Sampling Techniques and Data
Sampling techniques
-- Drilling included oriented diamond drilling from surface and
available underground locations.
-- Diamond core was sampled at either 2 m or 2.5 m intervals in mineralisation.
Drilling techniques
-- Surface parent holes were collared in PQ3 diameter (83 mm) in
the overburden and continued in HQ3 (61.1 mm) or HQ (63.5 mm).
Wedge (child) holes were drilled in NQ2 (50.6 mm). Navigational
drilling was completed on surface drilling and select underground
drilling, and also used parent holes and subsequent wedges.
-- Underground parent holes were collared in HQ (63.5 mm) to a
depth of approximately 500 m, continued in NQ2 (50.6 mm) to a depth
of approximately 1,700 m, and drilling completed in BQ (36.5 mm)
when required.
-- All down hole surveys used a north-seeking gyroscope to end
of hole. The core was oriented using the Reflect ACT III tool. At
the end of each run, the low side of the core was marked by the
drillers and this was used as the reference for marking the whole
drill core.
Drill sample recovery
-- Sample recoveries were visually estimated to be greater than 99%.
-- The style of mineralisation and drilling methods employed
lead to very high sample recovery, so no further effort was
considered necessary to increase core recovery. In general for
drill core, there is no clear relationship between sample recovery
and grade, and no significant bias is expected from preferential
loss or gain of fine or coarse material.
Logging
-- Drill holes were logged in qualitative detail below the post mineral cover.
-- Logging included, but was not limited to, lithology
composition and texture, alteration minerals, sulphide distribution
and geotechnical logging for rock-mass qualification. Drill holes
were logged to a level of detail that would support future
studies.
-- Structural measurements were recorded from oriented core.
-- Core was photographed dry.
Sub-sampling techniques and sample preparation
-- Diamond core was split by core saw, with half core submitted
for assay and the other half stored in trays at Olympic Dam.
Samples are submitted as 2 m or 2.5 m intervals.
-- Approximately 4-8 kg samples were submitted to an analytical
laboratory for final drying, staged crushing to 2 mm, splitting to
approximately 2-3 kg portion, followed by pulverisation to 90%
passing 75 micron particle size pulp.
-- Duplicate samples were collected at each preparation stage
where a reduction in sample mass occurred.
15
BHP | Operational review for the half year ended 31 December
2023
-- Bulk dry density measurements were collected on all assayed
samples using water immersion method.
-- Sample sizes are considered appropriate for the style of the mineralisation.
Quality of assay data and laboratory tests
-- All samples were submitted to Intertek Group Plc (Intertek),
Adelaide Laboratory, South Australia.
-- Drill hole results reported here were analysed for either the
routine Olympic Dam multi-element suite or an expanded Olympic Dam
multi-element suite. The routine suite includes Cu, Ag, Co, Ni, Pb,
Zn (3-acid digest, measured via IOC-OES) and Li-borate fusion
measured via ICP-OES/MS (Al, As, Ba, Bi, Ca, Ce, Cr, Fe, K, La, Mg,
Mn, Mo, Na, P, Sb, Sc, Si, Sr, Ti, U, V, Y, Zr). The expanded suite
includes 4-acid digest measured via ICP-OES/MS (Cu, Ni, Pb, Zn, Ag,
As, Bi, Cd, Co, Ge, In, Li, Re, Se, Te, Tl) and Li-borate fusion
measured via ICP-OES/MS (Al, Ba, Be, Ca, Ce, Cr, Cs, Dy, Er, Eu,
Fe, Ga, Gd, Hf, Ho, K, La, Lu, Mg, Mn, Mo, Na, Nb, Nd, P, Pr, Rb,
Sb, Sc, Si, Sm, Sn, Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, Zr) and
loss-on-ignition. All samples were assayed for Au (via 25-g FA with
ICP-OES finish), and C and S (via induction furnace combustion,
measured by infrared analyser).
-- Comparative analysis between the 4- and 3-acid digest methods
demonstrates equal accuracy and precision within the Olympic Dam
mineral system. The 4-acid digest is used to expand the geochemical
suite of elements when initially characterising new parts of the
deposit. Drill holes (Table 3) assayed via the 3-acid method were
RD4552A, RD4554, RD45554W1, RD4554W2, RD4554W3, RU48-14097,
RU48-14098, RU48-14098W1, RU48-14099, RU48-17326. The remainder
were assayed via the 4-acid method.
-- Quality control samples consisted of duplicates (1:25),
analytical blanks (1:50) and certified standards (1:25).
-- Quality control results were reviewed when received. All
performed within acceptable accuracy and precision limits.
Verification of sampling and assaying
-- BHP has robust QAQC standards and procedures relating to
sampling and assay quality control.
-- Significant intersections were compiled by BHP staff members,
and were verified by the Competent Person.
-- There were no adjustments to the assay data. Data is
electronically uploaded to the database from the external
laboratory.
-- All drill hole data is managed internally via a SQL server
hosted database with strict validation rules.
-- No twinned holes have been drilled.
Location of data points
-- All surface drill hole collar locations (historic and recent)
have been surveyed with Leica GS16 Rover and manually entered into
acQuire database. Underground drill holes collar locations have
been surveyed using Leica TS16 Total Station.
-- All coordinates are provided in Geocentric Datum of Australia
1994 (GDA94 Zone 53), and all surface collars correlate well with
the Olympic Dam topographic model, and all underground drill
collars correlate well with underground development.
Table 3 . Collar Dip and Azimuths as presented may not reflect
the variation of deep directional drilling effect at depth as per
section A-A' in Figure 3.
Hole ID Type Collar location Easting Northing RL End of Hole Dip Azimuth
(m) (m) (m) (m) (deg) (deg)
---------- ------- ---------------- ------- --------- ---- ----------- ------ -------
RD4551 parent surface 682,771 6,628,552 100 2262.8 -76 335
RD4551W1 wedge surface 682,771 6,628,552 100 2260.3 -76 335
RD4551W2A wedge surface 682,771 6,628,552 100 2257.5 -76 335
RD4552A parent surface 681,234 6,628,589 99 2337.6 -75 337
RD4552AW2 wedge surface 681,234 6,628,589 99 2445.3 -75 337
RD4552AW3 wedge surface 681,234 6,628,589 99 2523.7 -75 337
RD4554 parent surface 681,885 6,628,678 98 1419.3 -76 327
RD4554W1 wedge surface 681,885 6,628,678 98 2346.8 -76 327
RD4554W2 wedge surface 681,885 6,628,678 98 2565.8 -76 327
RD4554W3 wedge surface 681,885 6,628,678 98 2231.3 -76 327
16
BHP | Operational review for the half year ended 31 December
2023
Hole ID Type Collar location Easting Northing RL End of Hole Dip Azimuth
(m) (m) (m) (m) (deg) (deg)
------------- ------- ---------------- ------- --------- ---- ----------- ------ -------
RD4561 parent surface 682,257 6,628,686 101 1609.1 -74 353
RD4561W4 wedge surface 682,257 6,628,686 101 1867.0 -74 353
RD4568W1 wedge surface 682,257 6,628,681 101 2145.5 -76 319
RD4571 parent surface 683,123 6,630,335 105 2554.9 -59 152
RD4572W1 wedge surface 683,364 6,630,263 103 2661.9 -63 148
RD4573W1 wedge surface 682,628 6,630,057 102 2320.0 -69 158
RD4574W1 wedge surface 683,142 6,628,612 99 2667.0 -60 334
RD4575 parent surface 683,444 6,628,602 102 1614.8 -61 336
RD4577 parent surface 681,226 6,628,588 99 691.4 -77 326
RD4577W1 wedge surface 681,226 6,628,588 99 2511.7 -79 330
RD4578A parent surface 683,439 6,628,607 102 2449.1 -65 352
RU48-14097 parent underground 681,942 6,630,450 -474 2254.4 -55 165
RU48-14098 parent underground 681,942 6,630,451 -474 1982.5 -62 143
RU48-14098W1 wedge underground 681,942 6,630,451 -474 2388.4 -62 143
RU48-14099 parent underground 681,837 6,630,515 -472 2073.9 -52 174
RU48-17326 parent underground 681,942 6,630,449 -474 1801.1 -42 155
RU50-12091 parent underground 681,581 6,629,753 -462 1100.0 65 229
RU50-12093W1 wedge underground 681,587 6,629,752 -461 900.0 -59 189
RU50-17930 parent underground 681,587 6,629,751 -461 867.5 -54 154
RU50-17931 parent underground 681,586 6,629,751 -461 896.4 -45 190
RU50-17932 parent underground 681,587 6,629,752 -462 1000.0 -69 198
Data spacing and distribution
-- Drilling from surface, and some underground, used parent and wedge-styled drilling.
-- Nominal drill space ranging from 160 m to 320 m.
-- Sample length was 2 m to 2.5m in length. No compositing was undertaken for reporting.
-- Drilling is perpendicular to the interpreted orebody
orientation. The current drilling does not provide sufficient
information for estimation of a Mineral Resource.
Orientation of data in relation to geological structure
-- Drilling at Olympic Dam is designed to intersect nominally
perpendicular to the strike of the mineralisation.
-- Drill holes were angled approximately north-south and were
designed to drill from outside the hydrothermal system, inwards
towards mineralisation.
Sample security
-- Core trays are transported by BHP contractors from the drill
rigs to the core processing facility at Olympic Dam, Roxby Downs.
Samples in calico bags are transported from Olympic Dam via road on
trucks to Intertek, Adelaide, South Australia.
17
BHP | Operational review for the half year ended 31 December
2023
-- Calico bag numbers are automatically generated. Intertek is
informed of the sample number ranges for each pending shipment and
are recorded in their management system. Intertek use these to
create barcode labels for Kraft geochemical bags used for storing
the pulverised samples. On sample receipt, Intertek manually checks
the submitted sample list against all samples in the shipment. Once
the samples are pulverised, all further steps are tracked using the
bar codes. BHP is informed of any discrepancies.
-- BHP has internal governance and standards related to sample
security and data management. BHP undertakes routine verification
of these practices.
Audits or reviews
-- OD Deeps exploration results have not been externally audited.
-- BHP routinely reviews standards, procedures and results from
external laboratories. No issues have been noted from any BHP
review.
Section 2 Reporting of Exploration Results
Mineral tenement and land tenure status
-- The Roxby Downs (Indenture Ratification) Act 1982 (SA)
provides statutory authority for an agreement (Indenture) between
BHP and the State of South Australia. The Indenture establishes the
legal framework for existing and future operations at Olympic Dam
and defines the roles and responsibilities of the South Australian
Government and BHP. Part of the Indenture provides for the grant of
Olympic Dam's special mining lease (SML).
-- The indenture confers continuous mining rights (via the SML)
to BHP until the deposit is economically depleted. The lease is
granted for 50 years, with extension rights for a further 50 years.
Additional extensions can be requested. The current 50-year period
ends in 2036. All agreements are in place as part of the normal
operating practices.
Exploration done by other parties
-- The project has a long exploration history, dating back to
1975 by Western Mining Corporation (prior to their acquisition by
BHP in 2005) and BHP.
Geology
-- The geology of the Olympic Dam iron-oxide copper uranium gold
and silver (IOCG) deposit is described comprehensively in numerous
publications. In summary, the deposit occurs entirely within the
Olympic Dam Breccia Complex (ODBC) (see Figure 6), hosted within
the 1,593.28 +/- 0.26 Ma Roxby Downs Granite (RDG). The ODBC, which
contains the mineralised rock volume, has an overall areal extent
of around 50 km(2) . It is approximately 6 km long and 3 km wide,
and typically extends to depths of 900 m and up to 2,300 m beneath
the surface locally.
The ODBC is unconformably overlain by approximately 350 m of
unaltered, unmineralized Neoproterozoic to Cambrian flat-lying
sedimentary rocks. The primary host rock within the ODBC is the
RDG. Lesser, yet significant bedded clastic facies, clasts of
1594.63 +/- 0.71 Ma Gawler Range Volcanic felsic feldspar-phyric
lavas in hematite-rich breccias and dykes, and mafic-ultramafic
lavas/dykes (MDY) which are pre-, syn- and post-mineralisation, are
an integral part of the Olympic Dam ore-forming system. The ODBC
and surrounding unbrecciated RDG are intruded by the regionally
extensive ca 825 Ma Gairdner Dyke Swarm (dolerite). The host rocks
for mineralisation consist of RDG and other lithologies (bedded
clastic facies, felsic lavas, mafic-ultramafic lavas, sills and
dykes, and a subvolcanic quartz-phyric rhyolite), all of which have
been weakly to intensely brecciated (via tectonic, magmatic and
hydrothermal processes). These are variably replaced by iron oxides
forming a compositional continuum from recognisable lithologies to
iron oxide breccias, where the primary lithology texture is
obliterated by iron oxide alteration. Lithological contacts are
typically obscured by faulting and brecciation.
There are more than 125 minerals within the deposit, 15 of which
account for more than 98 per cent of the rock mass. The most common
gangue minerals are hematite, quartz, muscovite, K-feldspar,
chlorite, fluorite, siderite and barite. The dominant sul de
minerals within the deposit are chalcocite/digenite/djurleite
(referred to here as chalcocite), bornite, chalcopyrite and pyrite,
with lesser concentrations of sphalerite, galena, molybdenite,
tennantite-tetrahedrite and trace amounts of native copper. The sul
des typically occur as disseminated grains in the breccia matrix
and clasts. The grain size varies from <20 <MU> m up to
several millimetres, with an average size of 100 <MU> m. Sul
des occur rarely as veins in granite-dominated breccias.
The Cu +/- Fe sul des display a distinct upwards and inwards
deposit scale zonation, from pyrite -> chalcopyrite-pyrite ->
chalcopyrite exsolution lamellae in brown bornite -> purple
bornite-chalcocite symplectites -> digenite lamellae in
chalcocite.
Figure 6. Simplified geological plan of the Olympic Dam deposit,
approximately 350 m below surface.
18
BHP | Operational review for the half year ended 31 December
2023
Drill hole information
-- Table 1 provides historic hole information for context.
Tables 2 and 3, as well as Figures 1 and 5 provide details of new
drill hole coordinates, orientations and locations, lengths and
mineralised intercepts for the OD Deeps exploration drilling.
Figures 2 and 3 provide representative cross sections. Figure 4
provides a representative long section.
Data aggregation methods
-- All reported intersections are length and density weighted
with reported intersection in Table 2.
-- Intervals in Table 2 have more than 1% Cu with no more than
10 consecutive metres of less than 0.5% Cu, with an average
internal waste of no more than 3 m. Two exceptions, due drilling
orientation, to this are RD4552A (442 m mineralised interval
reported) and RU48-14098W1 (177.5 m mineralised interval reported)
which have single instances of 14m and 18m, respectively, internal
waste <0.5%Cu.
Relationship between mineralisation widths and intercept
lengths
-- Intersections are presented as apparent (downhole) lengths. True width is unknown.
Diagrams
-- Figures in the main body text provide details of drill hole location and context.
Balanced reporting
-- All exploration results from the OD Deeps exploration program
to 9 September 2023 have been included.
Other substantive exploration data
-- Representative magnetic susceptibility measurements are
recorded at 1 m intervals within mineralisation.
-- 2D and pseudo 3D seismic data acquisition was undertaken in
July 2022. In June-August 2023 BHP acquired 3D seismic data, with
processing underway.
Further work
-- BHP will consider future drilling to test lateral and depth
extents, as well as grade continuity.
Competent Person statement
The information in the report to which this statement is
attached that relates to Exploration Results is based on
information compiled by Dr Kathy Ehrig, a Competent Person who is a
Member of The Australasian Institute of Mining and Metallurgy
(FAusIMM(CP)). Dr Ehrig is a full-time employee of BHP. Dr Ehrig
has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves'. Dr
Ehrig consents to the inclusion in the report of the matters based
on her information in the form and context in which it appears.
19
BHP | Operational review for the half year ended 31 December
2023
Variance analysis relates to the relative performance of BHP
and/or its operations during the six months ended December 2023
compared with the six months ended December 2022, 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.
The following abbreviations may have be en used throughout this
report: billion tonnes (Bt); cost and freight (CFR); cost,
insurance and freight (CIF), carbon dioxide equivalent (CO2-e), dry
metric tonne unit (dmtu); free on board (FOB); giga litres (GL);
greenhouse gas (GHG); grams per cubic centimeter (g/cm3), grams per
tonne (g/t); high-potential injury (HPI); kilograms per tonne
(kg/t); kilometre (km); million ounces per annum (Mozpa); metres
(m), million pounds (Mlb); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); OZ Minerals Limited (OZL); part per
million (ppm), pounds (lb); thousand ounces (koz); thousand ounces
per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum
(ktpa); thousand tonnes per day (ktpd); tonnes (t); total
recordable injury frequency (TRIF); wet metric tonnes (wmt); and
year to date (YTD).
In this release, the terms 'BHP', the 'Group', 'BHP Group',
'we', 'us', 'our' and 'ourselves' are used to refer to BHP Group
Limited and, except where the context otherwise requires, our
subsidiaries. Refer to note 30 'Subsidiaries' of the Financial
Statements in BHP's 30 June 2023 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 and Samarco. 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
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