Quarterly Activities Report
Summary by AI BETAClose X
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20 January 2026 |
BHP Group Limited
Operational review for the half year ended 31 December 2025
Strong operational performance and increased copper production guidance capitalising on strong prices
"BHP delivered another half of very strong performance with operational records at our copper and iron ore assets. This was achieved safely and in a positive commodity price environment, with copper prices up 32% and iron ore prices 4% higher year on year.
We have increased FY26 group copper production guidance off the back of stronger delivery across our assets. Our flagship copper operation, Escondida, achieved record concentrator throughput and we have increased the FY26 production guidance range. Antamina has also lifted its production guidance, and Spence and Copper SA are tracking to plan, with Copper SA achieving record refined gold output.
In iron ore, WAIO achieved record first half production and shipments, positioning us well ahead of the typically wet third quarter. Volumes from Samarco rose as a result of strong operational performance at the second concentrator following its restart at the end of H1 FY25. We also announced a transaction with Global Infrastructure Partners involving WAIO's inland power network which, once completed, will see us realise proceeds of ~US$2 bn while retaining ownership and operational control in an innovative and value accretive transaction.
Steelmaking coal production increased, supported by a five-year high stripping performance at BMA, and energy coal was up 10%.
The Jansen potash project in Canada is on track to begin production in mid-2027. Jansen will be a long life, low cost and scalable asset that will add a new, future facing commodity to BHP's portfolio, which we expect will generate value for shareholders over many decades. We have separately provided an updated cost estimate for Jansen Stage 1 today.
China's commodity demand remains resilient, supported by targeted policy measures and solid exports. Momentum moderated in H2 CY25, notably in construction, manufacturing and infrastructure investments. India is emerging as a key engine of demand, with strong domestic activity sustaining steel and rising copper needs. Forecast global growth in 2026 is around 3%, creating a positive backdrop for commodity demand.
BHP enters the second half of FY26 with strong operating momentum. We're investing for the decade ahead, with a significant copper growth pipeline, and a pathway to ~2 Mt of attributable copper production in the 2030s."
Mike Henry,
BHP Chief Executive Officer
Summary
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Operational excellence |
Copper growth |
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Strong performance. Guidance upgrades |
Capitalising on stronger prices |
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At Escondida, we achieved record concentrator throughput, while Copper SA delivered record material mined. WAIO achieved record H1 production and shipments. Production at BMA increased 2%, while NSWEC production increased 10%. FY26 production guidance has increased for Group copper, Escondida and Antamina. NSWEC and Samarco are also now guiding to the upper half of their ranges, while BMA is now guiding to the lower half due to ongoing geotechnical challenges at Broadmeadow. FY26 unit cost guidance remains unchanged for all assets, with Escondida now guiding to the bottom end and BMA guiding to the upper half of their respective ranges. |
We have increased our FY26 copper production guidance, which enables us to further capitalise on record copper prices. The strong copper price is being driven by healthy demand and by supply disruptions at a number of competitors. We are also advancing our copper growth options. In December, Vicuña submitted its application for the Incentive Regime for Large Investments (RIGI) in Argentina. Vicuña remains on track to complete its integrated technical report in Q1 CY26. In Chile, the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, remains on track to be submitted in H2 FY26. |
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Disciplined capital management |
Social value |
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Extracting greater returns from our assets |
Progressing decarbonisation in the Pilbara |
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In December, BHP entered into a US$2 bn infrastructure agreement with Global Infrastructure Partners involving WAIO's power consumption. This innovative arrangement strengthens our balance sheet flexibility, supports long-term value creation and enhances BHP's shareholder value. |
In November, two battery-electric haul trucks arrived at BHP's Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing of Caterpillar's battery-electric technology. Australia's first purpose-built battery-electric heavy haulage locomotives also arrived in WA for trials on the WAIO rail network. |
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Production |
Quarter performance |
YTD performance |
FY26 guidance |
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Q2 FY26 |
v Q1 FY26 |
v Q2 FY25 |
HY26 |
v HY25 |
Previous |
Current |
Change |
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Copper (kt) |
490.5 |
(1%) |
(4%) |
984.1 |
0% |
1,800 - 2,000 |
1,900 - 2,000 |
Increased |
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Escondida (kt) |
317.2 |
(4%) |
(7%) |
646.1 |
0% |
1,150 - 1,250 |
1,200 - 1,275 |
Increased |
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Pampa Norte (Spence) (kt) |
57.7 |
3% |
(13%) |
113.5 |
(10%) |
230 - 250 |
230 - 250 |
- |
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Copper South Australia (kt) |
75.1 |
3% |
5% |
147.7 |
2% |
310 - 340 |
310 - 340 |
- |
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Antamina (kt) |
38.2 |
13% |
25% |
72.1 |
8% |
120 - 140 |
140 - 150 |
Increased |
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Carajás (kt) |
2.3 |
(2%) |
(22%) |
4.7 |
(12%) |
- |
- |
- |
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Iron ore (Mt) |
69.7 |
9% |
5% |
133.8 |
2% |
258 - 269 |
258 - 269 |
- |
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WAIO (Mt) |
67.8 |
9% |
5% |
129.8 |
1% |
251 - 262 |
251 - 262 |
- |
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WAIO (100% basis) (Mt) |
76.3 |
9% |
4% |
146.6 |
1% |
284 - 296 |
284 - 296 |
- |
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Samarco (Mt) |
1.9 |
(6%) |
34% |
4.0 |
48% |
7 - 7.5 |
7 - 7.5 |
Upper half |
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Steelmaking coal - BMA (Mt)ii |
4.3 |
(12%) |
(3%) |
9.2 |
2% |
18 - 20 |
18 - 20 |
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BMA (100% basis) (Mt)ii |
8.6 |
(12%) |
(3%) |
18.3 |
2% |
36 - 40 |
36 - 40 |
Lower half |
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Energy coal - NSWEC (Mt) |
4.6 |
31% |
25% |
8.1 |
10% |
14 - 16 |
14 - 16 |
Upper half |
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1
BHP | Operational review for the half year ended 31 December 2025
Summary of disclosures
BHP expects its financial results for the first half of FY26 (HY26) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 17 February 2026. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.
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Description |
HY26 impacti (US$M) |
Classificationii |
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Unit costs (at guidance FX) |
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At HY26, unit costs at Escondida and Spence are expected to be at the bottom end of their respective guidance ranges. Unit costs at Copper SA and WAIO are expected to be within their respective guidance ranges. Unit costs at BMA are expected to be in the upper half of its guidance range due to higher planned major maintenance in the first half. |
- |
Operating costs |
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For FY26, unit cost guidance remains unchanged for all assets, with unit costs at Escondida now expected to be at the bottom end of its guidance range, while BMA is expected to be in the upper half of its unit cost range - refer to page 6. |
- |
Operating costs |
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Average realised exchange rates for HY26 of AUD/USD 0.66 (guidance rate AUD/USD 0.65) and USD/CLP 947 (guidance rate USD/CLP 940) |
- |
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Income statement |
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Negative EBITDA for WA Nickel |
~100 |
EBITDA |
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Negative EBITDA for Potash |
~150 |
EBITDA |
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The Group's adjusted effective tax rate for HY26 is expected to be within the FY26 guidance range of 36 - 40% |
- |
Taxation expense |
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Cash flow statement |
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Increase in working capital (lower operating cash flow) |
2,300 - 2,400 |
Operating cash flow |
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Net cash tax paid |
3,600 - 3,700 |
Operating cash flow |
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Dividends received from equity-accounted investments |
~350 |
Operating cash flow |
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Capital and exploration expenditure |
~5,300 |
Investing cash flow |
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Cash outflow of BHP Brasil's obligations relating to the Samarco dam failure |
~1,100 |
Investing cash flow |
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Proceeds received from sale of assets |
100 - 200 |
Investing cash flow |
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Payment of the H2 FY25 dividend |
~3,100 |
Financing cash flow |
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Dividends paid to non-controlling interests |
~1,000 |
Financing cash flow |
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Balance sheet |
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The Group's net debt balance as at 31 December 2025 is expected to be between US$14 and US$15 bn. |
- |
Net debt |
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Exceptional items |
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Financial impact of the Samarco dam failure |
Refer footnoteiii |
Exceptional item |
i Amounts are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.
iii Financial impact is the subject of ongoing work and is not yet finalised. See iron ore section for further information on Samarco operations.
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Further information in Appendix 1 Detailed production and sales information for all operations in Appendix 2 |
2
BHP | Operational review for the half year ended 31 December 2025
Segment and asset performance | FY26 YTD v FY25 YTD
Copper
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Production 984 kt 0% HY25 987 kt FY26e 1,900 - 2,000 kt
Average realised price US$5.28/lb Up 32% HY25 US$3.99/lb
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Total copper production was broadly in line at 984 kt. Copper production guidance for FY26 has increased to between 1,900 and 2,000 kt (from between 1,800 and 2,000 kt previously). Escondida 646 kt 0% (100% basis)Strong operational performance, with record concentrator throughput and improved recoveries driven by operational enhancements, including the introduction of new reagents. This was partially offset by planned lower concentrator feed grade of 0.93% (H1 FY25: 1.03%). Production guidance for FY26 has been increased to between 1,200 and 1,275 kt (from between 1,150 and 1,250 kt previously) and is expected to be weighted to the first half, in line with higher concentrator feed grade. Concentrator feed grade is now expected to be between 0.85 and 0.90% for the full year (from ~0.85% previously). We are reviewing FY27 production and expect that it will be higher than the existing medium term production guidance (of between 900 and 1,000 kt). We continue to make progress on the optimised Escondida Growth Program. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26. Pampa Norte (Spence) 114 kt Down 10% Spence production decreased in line with planned lower cathode production as a result of a decline in stacked feed grade through the leaching circuit, driven by ore mineralogy as we transition into the deeper hypogene mineral deposits of the orebody. This was partially offset by improved leaching performance through optimising reagent usage. We continue to test the implementation of BHP's Simple Approach to Leaching 2 (SaL2) technology at the operation, to further utilise latent capacity in the cathode infrastructure. Production guidance for FY26 remains unchanged at between 230 and 250 kt. Copper South Australia 148 kt Up 2%Production increased as a result of solid operational performance including record material mined (and the weather-related power outage in the prior period). Improved performance included an increase in the transfer of ore to surface at Carrapateena which was offset by planned lower grades of 1.19% (H1 FY25: 1.41%). Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half as planned. By-product production was also strong, including record refined gold production.Other copperAt Antamina, copper production increased 8% to 72 kt as a result of planned higher feed grades and improved safety and operational performance. Zinc production was 49% higher at 63 kt, as a result of planned higher feed grades. Copper production guidance for FY26 has been increased to between 140 and 150 kt (from between 120 and 140 kt previously), while zinc production guidance for FY26 remains unchanged at between 90 and 110 kt. Carajás produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment of Carajás is expected to close in Q1 CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).
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3
BHP | Operational review for the half year ended 31 December 2025
Iron ore
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Production 134 Mt Up 2% HY25 131 Mt FY26e 258 - 269 Mt
Average realised price US$84.71/wmt Up 4% HY25 US$81.11/wmt
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Iron ore production increased 2% to 134 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 130 Mt Up 1% | 147 Mt (100% basis)WAIO achieved record first half production and shipments as a result of strong supply chain performance across our mine, rail and port operations, including record material mined (up 9%). Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow to the port. Sales were higher than the prior year, with lump sales up 3%. We are currently negotiating annual contract terms with the China Mineral Resources Group (CMRG). During negotiations, we continue to optimise product placement distribution channels and take actions within our operations to preserve operational flexibility and productivity. This has seen some impact to realised price. Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis). We have also announced an agreement with Rio Tinto to explore opportunities to mine up to 200 Mt of iron ore at BHP's Yandi and Rio Tinto's neighbouring Yandicoogina iron ore operations in the Pilbara. These new opportunities build on a history of successful Rio Tinto and BHP collaboration across these operations to enable mining up to the shared tenure boundary. Samarco 4.0 Mt Up 48% | 8 Mt (100% basis)Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries. In October, the Samarco Board approved the phase 3 concentrator project. Samarco will invest US$2.4 bn (100% basis) to lift production capacity to ~26 Mtpa (100% basis) through the staged recommissioning of remaining latent capacity in concentrator and pelletising plant infrastructure across CY28 and CY29. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt, with production now expected to be in the upper half of the range, and planned maintenance in the second half. |
Coal
Steelmaking coal
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Production 9.2 Mt Up 2% HY25 8.9 Mt FY26e 18 - 20 Mt
Average realised price US$188.58/t Down 9% HY25 US$206.37/t |
BMA 9.2 Mt Up 2% | 18.3 Mt (100% basis)Production increased due to strong operational performance at our open cut operations, supported by the highest H1 stripping volumes in five years, which offset the impact of planned higher strip ratios. We continue to safely manage ongoing geotechnical challenges at Broadmeadow. While underground production rates were strong in Q1, further deterioration in ground conditions in Q2 materially impacted operations and led to the deferral of the planned longwall move from Q2 to Q3 FY26. As announced in October, Saraji South transitioned into care and maintenance in Q2 in response to market conditions and the unsustainable impact of the Queensland Government's coal royalties on business returns. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis), with production now expected to be in the lower half of the range. Unit cost guidance for FY26 also remains unchanged at between US$116/t and US$128/t, with unit costs now expected to be in the upper half of the range. We expect to continue building raw coal inventory into CY27, to further improve operating stability. |
4
BHP | Operational review for the half year ended 31 December 2025
Energy coal
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Production 8.1 Mt Up 10% HY25 7.4 Mt FY26e 14 - 16 Mt
Average realised price US$95.76/t Down 23% HY25 US$124.42/t |
NSWEC 8.1 Mt Up 10%Strong operational performance due to increased bypass coal as well as mining lower strip ratio areas. Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production now expected to be in the upper half of the range, with minor planned wash plant maintenance scheduled in Q3 FY26.
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Quarterly performance | Q2 FY26 v Q1 FY26
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Copper |
Iron ore |
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491 kt Down 1% Q1 FY26 494 kt |
Lower production at Escondida due to planned lower grades, partially offset by increased production at Copper SA and Spence following planned maintenance in the prior quarter, and strong performance at Antamina. |
70 Mt Up 9% Q1 FY26 64 Mt |
Higher production at WAIO driven by improved supply chain performance following the planned rebuild of Car Dumper 3 in the prior quarter. |
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Steelmaking coal |
Energy coal |
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4.3 Mt Down 12% Q1 FY26 4.9 Mt
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Lower production due to ongoing geotechnical challenges impacting underground performance and higher rainfall which impacted stripping. |
4.6 Mt Up 31% Q1 FY26 3.5 Mt |
Higher production due to increased bypass coal combined with favourable weather and mining lower strip ratio areas coal. Record wash plant throughput, following planned annual wash plant maintenance in Q1. |
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5
BHP | Operational review for the half year ended 31 December 2025
Appendix 1
Average realised pricesi
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Quarter performance |
YTD performance |
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Q2 FY26 |
v Q1 FY26 |
v Q2 FY25 |
HY26 |
v HY25 |
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Copper (US$/lb)ii, iii |
5.90 |
29% |
58% |
5.28 |
32% |
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Iron ore (US$/wmt, FOB)iv |
85.33 |
2% |
4% |
84.71 |
4% |
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Steelmaking coal (US$/t)v |
196.72 |
9% |
(1%) |
188.58 |
(9%) |
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Energy coal (US$/t)vi |
96.24 |
1% |
(23%) |
95.76 |
(23%) |
i Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.
ii The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.
iii At 31 December 2025, the Group had 456 kt of outstanding copper sales that were revalued at a weighted average price of US$5.65/lb. The final price of these sales will be determined over the remainder of FY26. In addition, 434 kt of copper sales from FY25 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.
iv The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for H1 FY26 were based on an average moisture rate of 6.8% (H1 FY25: 7.0%).
v The large majority of steelmaking coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.
vi Export sales only. Includes thermal coal sales from steelmaking coal mines.
Current year unit cost guidance
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FY26 guidancei |
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Unit cost |
Previous |
Current |
Change |
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Escondida (US$/lb) |
1.20 - 1.50 |
1.20 - 1.50 |
Bottom end |
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Spence (US$/lb) |
2.10 - 2.40 |
2.10 - 2.40 |
- |
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Copper SA (US$/lb)ii |
1.00 - 1.50ii |
1.00 - 1.50ii |
- |
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WAIO (US$/t) |
18.25 - 19.75 |
18.25 - 19.75 |
- |
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BMA (US$/t) |
116 - 128 |
116 - 128 |
Upper half |
i FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.
ii Calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.
Medium term guidancei
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Production |
Unit cost |
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guidance |
guidanceii |
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Escondidaiii |
900 - 1,000 ktpa |
US$1.50 - 1.80/lb |
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Spence |
~235 ktpa |
US$2.05 - 2.35/lb |
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WAIO (100% basis)iv |
>305 Mtpa |
<US$17.50/t |
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BMA (100% basis) |
43 - 45 Mtpa |
<US$110/t |
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.
iii Medium term refers to FY27 to FY31.
iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28.
Major projects
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Commodity |
Project and ownership |
Project scope / capacity |
Project expenditurei US$M |
First |
Progress |
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Potash |
Jansen Stage 1ii |
Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa. |
US$8.4 bn |
Mid-CY27 |
Project is 75% complete |
|
Potash |
Jansen Stage 2 |
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 - update expected in Q4 FY26 |
FY31 |
Project is 14% complete |
i Includes: project capital expenditure, project operating expenditure, cost to construct right-of-use assets (i.e. Westshore port terminal and third-party rail line) and related contingencies.
ii Refer to separate exchange announcement for more details: Update - Jansen Stage 1 Potash Project.
Exploration
Minerals exploration and evaluation expenditure was US$193 m for HY26 (HY25: US$199 m), of which US$167 m was expensed (HY25: US$174 m).
6
BHP | Operational review for the half year ended 31 December 2025
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Production |
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Sales |
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Quarter ended |
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Year to date |
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Quarter ended |
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Year to date |
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Dec |
Mar |
Jun |
Sep |
Dec |
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Dec |
Dec |
Var |
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Dec |
Mar |
Jun |
Sep |
Dec |
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Dec |
Dec |
Var |
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2024 |
2025 |
2025 |
2025 |
2025 |
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2025 |
2024 |
% |
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2024 |
2025 |
2025 |
2025 |
2025 |
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2025 |
2024 |
% |
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Group production and sales summary |
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By commodity |
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Metals production is payable metal unless otherwise noted. |
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Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. |
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Copper |
Payable metal in concentrate |
kt |
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391.4 |
379.8 |
375.9 |
374.0 |
366.5 |
|
740.5 |
752.3 |
(2)% |
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372.8 |
399.0 |
377.6 |
343.0 |
373.8 |
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716.8 |
764.3 |
(6)% |
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Escondida |
kt |
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295.4 |
288.4 |
278.6 |
282.4 |
270.5 |
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552.9 |
560.2 |
(1)% |
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275.0 |
309.2 |
285.5 |
258.3 |
277.7 |
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536.0 |
548.2 |
(2)% |
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Pampa Norte (Spence) |
kt |
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36.6 |
36.1 |
42.2 |
35.4 |
33.3 |
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68.7 |
72.3 |
(5)% |
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36.5 |
36.5 |
37.3 |
33.2 |
27.9 |
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61.1 |
80.5 |
(24)% |
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Copper South Australia |
kt |
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25.9 |
22.5 |
31.7 |
19.9 |
22.2 |
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42.1 |
47.7 |
(12)% |
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25.9 |
23.8 |
30.9 |
15.9 |
24.8 |
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40.7 |
56.3 |
(28)% |
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Antamina |
kt |
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30.5 |
30.9 |
21.2 |
33.9 |
38.2 |
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72.1 |
66.8 |
8% |
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33.3 |
27.4 |
21.8 |
33.1 |
40.4 |
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73.5 |
72.9 |
1% |
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Carajás |
kt |
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3.0 |
1.9 |
2.2 |
2.4 |
2.3 |
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4.7 |
5.3 |
(12)% |
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2.1 |
2.1 |
2.1 |
2.5 |
3.0 |
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5.5 |
6.4 |
(14)% |
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Cathode |
kt |
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119.4 |
133.6 |
140.3 |
119.6 |
124.0 |
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243.6 |
234.8 |
4% |
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120.0 |
133.3 |
148.4 |
105.9 |
130.7 |
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236.6 |
230.7 |
3% |
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Escondida |
kt |
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44.4 |
45.2 |
48.7 |
46.5 |
46.7 |
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93.2 |
83.8 |
11% |
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43.2 |
47.4 |
52.7 |
38.1 |
50.0 |
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88.1 |
80.8 |
9% |
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Pampa Norte (Spence) |
kt |
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29.6 |
31.8 |
31.2 |
20.4 |
24.4 |
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44.8 |
54.0 |
(17)% |
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30.0 |
30.7 |
34.1 |
17.9 |
25.4 |
|
43.3 |
54.1 |
(20)% |
|
|
|
Copper South Australia |
kt |
|
45.4 |
56.6 |
60.4 |
52.7 |
52.9 |
|
105.6 |
97.0 |
9% |
|
|
46.8 |
55.2 |
61.6 |
49.9 |
55.3 |
|
105.2 |
95.8 |
10% |
|
|
|
Total |
kt |
|
510.8 |
513.4 |
516.2 |
493.6 |
490.5 |
|
984.1 |
987.1 |
0% |
|
|
492.8 |
532.3 |
526.0 |
448.9 |
504.5 |
|
953.4 |
995.0 |
(4)% |
|
|
Lead |
Payable metal in concentrate |
t |
|
148 |
234 |
1,829 |
754 |
91 |
|
845 |
169 |
400% |
|
|
35 |
181 |
837 |
1,469 |
551 |
|
2,020 |
160 |
1,163% |
|
|
|
Antamina |
t |
|
148 |
234 |
1,829 |
754 |
91 |
|
845 |
169 |
400% |
|
|
35 |
181 |
837 |
1,469 |
551 |
|
2,020 |
160 |
1,163% |
|
|
Zinc |
Payable metal in concentrate |
t |
|
22,792 |
26,026 |
40,415 |
35,991 |
27,003 |
|
62,994 |
42,166 |
49% |
|
|
25,328 |
22,249 |
37,263 |
41,499 |
26,046 |
|
67,545 |
44,937 |
50% |
|
|
|
Antamina |
t |
|
22,792 |
26,026 |
40,415 |
35,991 |
27,003 |
|
62,994 |
42,166 |
49% |
|
|
25,328 |
22,249 |
37,263 |
41,499 |
26,046 |
|
67,545 |
44,937 |
50% |
|
|
Gold |
Payable metal in concentrate |
troy oz |
|
90,468 |
89,841 |
95,949 |
76,242 |
73,585 |
|
149,827 |
176,136 |
(15)% |
|
|
89,174 |
92,357 |
95,523 |
66,377 |
82,099 |
|
148,476 |
188,110 |
(21)% |
|
|
|
Escondida |
troy oz |
|
37,293 |
44,527 |
40,292 |
35,348 |
31,927 |
|
67,275 |
84,256 |
(20)% |
|
|
37,293 |
44,527 |
40,292 |
35,348 |
31,927 |
|
67,275 |
84,256 |
(20)% |
|
|
|
Pampa Norte (Spence) |
troy oz |
|
2,635 |
3,341 |
2,961 |
2,589 |
2,724 |
|
5,313 |
6,678 |
(20)% |
|
|
2,635 |
3,341 |
2,961 |
2,589 |
2,724 |
|
5,313 |
6,678 |
(20)% |
|
|
|
Copper South Australia |
troy oz |
|
48,309 |
40,457 |
50,871 |
36,489 |
36,993 |
|
73,482 |
81,237 |
(10)% |
|
|
47,719 |
42,825 |
50,577 |
26,476 |
45,024 |
|
71,500 |
92,480 |
(23)% |
|
|
|
Carajás |
troy oz |
|
2,231 |
1,516 |
1,825 |
1,816 |
1,941 |
|
3,757 |
3,965 |
(5)% |
|
|
1,527 |
1,664 |
1,693 |
1,964 |
2,424 |
|
4,388 |
4,696 |
(7)% |
|
|
|
Refined gold |
troy oz |
|
47,478 |
57,006 |
46,789 |
50,716 |
61,910 |
|
112,626 |
84,863 |
33% |
|
|
43,479 |
57,982 |
49,241 |
51,147 |
59,054 |
|
110,201 |
83,805 |
31% |
|
|
|
Copper South Australia |
troy oz |
|
47,478 |
57,006 |
46,789 |
50,716 |
61,910 |
|
112,626 |
84,863 |
33% |
|
|
43,479 |
57,982 |
49,241 |
51,147 |
59,054 |
|
110,201 |
83,805 |
31% |
|
|
|
Total |
troy oz |
|
137,946 |
146,847 |
142,738 |
126,958 |
135,495 |
|
262,453 |
260,999 |
1% |
|
|
132,653 |
150,339 |
144,764 |
117,524 |
141,153 |
|
258,677 |
271,915 |
(5)% |
|
|
Silver |
Payable metal in concentrate |
troy koz |
|
3,277 |
3,418 |
3,911 |
4,114 |
4,109 |
|
8,223 |
6,427 |
28% |
|
|
3,084 |
3,198 |
3,526 |
4,136 |
4,252 |
|
8,388 |
6,210 |
35% |
|
|
|
Escondida |
troy koz |
|
1,619 |
1,787 |
1,906 |
1,942 |
2,176 |
|
4,118 |
3,165 |
30% |
|
|
1,619 |
1,787 |
1,906 |
1,942 |
2,176 |
|
4,118 |
3,165 |
30% |
|
|
|
Pampa Norte (Spence) |
troy koz |
|
451 |
428 |
441 |
358 |
316 |
|
674 |
954 |
(29)% |
|
|
451 |
428 |
441 |
358 |
316 |
|
674 |
954 |
(29)% |
|
|
|
Copper South Australia |
troy koz |
|
253 |
186 |
251 |
182 |
179 |
|
361 |
476 |
(24)% |
|
|
218 |
173 |
226 |
131 |
207 |
|
338 |
513 |
(34)% |
|
|
|
Antamina |
troy koz |
|
954 |
1,017 |
1,313 |
1,632 |
1,438 |
|
3,070 |
1,832 |
68% |
|
|
796 |
810 |
953 |
1,705 |
1,553 |
|
3,258 |
1,578 |
106% |
|
|
|
Refined silver |
troy koz |
|
133 |
462 |
216 |
227 |
284 |
|
511 |
339 |
51% |
|
|
110 |
486 |
213 |
255 |
250 |
|
505 |
312 |
62% |
|
|
|
Copper South Australia |
troy koz |
|
133 |
462 |
216 |
227 |
284 |
|
511 |
339 |
51% |
|
|
110 |
486 |
213 |
255 |
250 |
|
505 |
312 |
62% |
|
|
|
Total |
troy koz |
|
3,410 |
3,880 |
4,127 |
4,341 |
4,393 |
|
8,734 |
6,766 |
29% |
|
|
3,194 |
3,684 |
3,739 |
4,391 |
4,502 |
|
8,893 |
6,522 |
36% |
|
|
Uranium |
Payable metal in concentrate |
t |
|
725 |
783 |
974 |
819 |
903 |
|
1,722 |
1,397 |
23% |
|
|
640 |
710 |
1,230 |
649 |
815 |
|
1,464 |
1,317 |
11% |
|
|
|
Copper South Australia |
t |
|
725 |
783 |
974 |
819 |
903 |
|
1,722 |
1,397 |
23% |
|
|
640 |
710 |
1,230 |
649 |
815 |
|
1,464 |
1,317 |
11% |
|
|
Molybdenum |
Payable metal in concentrate |
t |
|
751 |
801 |
337 |
341 |
281 |
|
622 |
1,835 |
(66)% |
|
|
872 |
839 |
714 |
347 |
322 |
|
669 |
1,734 |
(61)% |
|
|
|
Pampa Norte (Spence) |
t |
|
136 |
187 |
189 |
257 |
269 |
|
526 |
318 |
65% |
|
|
138 |
223 |
190 |
208 |
256 |
|
464 |
319 |
45% |
|
|
|
Antamina |
t |
|
615 |
614 |
148 |
84 |
12 |
|
96 |
1,517 |
(94)% |
|
|
734 |
616 |
524 |
139 |
66 |
|
205 |
1,415 |
(86)% |
|
|
Iron ore |
Western Australia Iron Ore (WAIO) |
kt |
|
64,751 |
60,137 |
68,348 |
62,015 |
67,766 |
|
129,781 |
128,114 |
1% |
|
|
64,341 |
59,234 |
67,830 |
62,430 |
66,909 |
|
129,339 |
127,749 |
1% |
|
|
|
Samarco |
kt |
|
1,441 |
1,603 |
1,951 |
2,066 |
1,938 |
|
4,004 |
2,700 |
48% |
|
|
1,477 |
1,416 |
1,973 |
2,042 |
2,512 |
|
4,554 |
2,459 |
85% |
|
|
|
Total |
kt |
|
66,192 |
61,740 |
70,299 |
64,081 |
69,704 |
|
133,785 |
130,814 |
2% |
|
|
65,818 |
60,650 |
69,803 |
64,472 |
69,421 |
|
133,893 |
130,208 |
3% |
|
|
Steelmaking coal |
BHP Mitsubishi Alliance (BMA) |
kt |
|
4,430 |
3,919 |
5,146 |
4,865 |
4,291 |
|
9,156 |
8,945 |
2% |
|
|
4,726 |
3,791 |
5,030 |
4,472 |
4,413 |
|
8,885 |
8,999 |
(1)% |
|
|
Energy coal |
NSW Energy Coal (NSWEC) |
kt |
|
3,698 |
3,596 |
4,067 |
3,518 |
4,610 |
|
8,128 |
7,373 |
10% |
|
|
3,803 |
3,509 |
3,926 |
3,707 |
4,372 |
|
8,079 |
7,754 |
4% |
|
|
Nickel1 |
Western Australia Nickel |
kt |
|
8.0 |
2.3 |
0.3 |
0.0 |
- |
|
- |
27.6 |
(100)% |
|
|
11.2 |
2.2 |
0.2 |
0.0 |
- |
|
- |
31.1 |
(100)% |
|
|
Cobalt1 |
Western Australia Nickel |
t |
|
121 |
35 |
- |
- |
- |
|
- |
415 |
(100)% |
|
|
121 |
- |
- |
- |
- |
|
- |
415 |
(100)% |
|
|
1 WA Nickel ramped down and entered temporary suspension in December 2024. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
8
BHP | Operational review for the half year ended 31 December 2025
|
|
|
|
|
Production |
|
|
Sales |
||||||||||||||||
|
|
|
|
|
Quarter ended |
|
Year to date |
|
|
Quarter ended |
|
Year to date |
||||||||||||
|
|
|
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
|
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
Production and sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By asset |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals production is payable metal unless otherwise noted. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Escondida, Chile¹ |
|
BHP interest 57.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Material mined |
kt |
|
116,083 |
117,038 |
122,386 |
114,527 |
112,808 |
|
227,335 |
216,499 |
5% |
|
|
|
|
|
||||||
|
|
Concentrator throughput |
kt |
|
35,293 |
32,889 |
36,490 |
36,721 |
35,628 |
|
72,349 |
67,781 |
7% |
|
|
|
||||||||
|
|
Average copper grade - concentrator |
% |
|
1.06% |
1.09% |
0.95% |
0.94% |
0.91% |
|
0.93% |
1.03% |
(10)% |
|
|
|
||||||||
|
|
Production ex mill |
kt |
|
309.8 |
295.6 |
291.0 |
294.2 |
279.7 |
|
573.9 |
579.7 |
(1)% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
295.4 |
288.4 |
278.6 |
282.4 |
270.5 |
|
552.9 |
560.2 |
(1)% |
|
|
275.0 |
309.2 |
285.5 |
258.3 |
277.7 |
|
536.0 |
548.2 |
(2)% |
|
|
Copper cathode (EW) |
kt |
|
44.4 |
45.2 |
48.7 |
46.5 |
46.7 |
|
93.2 |
83.8 |
11% |
|
|
43.2 |
47.4 |
52.7 |
38.1 |
50.0 |
|
88.1 |
80.8 |
9% |
|
|
Oxide leach |
kt |
|
12.2 |
14.3 |
16.3 |
16.8 |
11.1 |
|
27.9 |
20.0 |
40% |
|
|
|
|
|
||||||
|
|
Sulphide leach |
kt |
|
32.2 |
30.9 |
32.4 |
29.7 |
35.6 |
|
65.3 |
63.8 |
2% |
|
|
|
||||||||
|
|
Total copper |
kt |
|
339.8 |
333.6 |
327.3 |
328.9 |
317.2 |
|
646.1 |
644.0 |
0% |
|
|
318.2 |
356.6 |
338.2 |
296.4 |
327.7 |
|
624.1 |
629.0 |
(1)% |
|
|
Payable gold concentrate |
troy oz |
|
37,293 |
44,527 |
40,292 |
35,348 |
31,927 |
|
67,275 |
84,256 |
(20)% |
|
|
37,293 |
44,527 |
40,292 |
35,348 |
31,927 |
|
67,275 |
84,256 |
(20)% |
|
|
Payable silver concentrate |
troy koz |
|
1,619 |
1,787 |
1,906 |
1,942 |
2,176 |
|
4,118 |
3,165 |
30% |
|
|
1,619 |
1,787 |
1,906 |
1,942 |
2,176 |
|
4,118 |
3,165 |
30% |
|
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pampa Norte (Spence), Chile¹ |
BHP interest 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Material mined |
kt |
|
25,238 |
21,848 |
25,944 |
24,695 |
22,895 |
|
47,590 |
48,498 |
(2)% |
|
|
|
|
|
||||||
|
|
Ore stacked |
kt |
|
5,974 |
5,584 |
5,413 |
5,652 |
5,354 |
|
11,006 |
10,902 |
1% |
|
|
|
||||||||
|
|
Average copper grade - stacked |
% |
|
0.81% |
0.62% |
0.67% |
0.61% |
0.58% |
|
0.60% |
0.77% |
(23)% |
|
|
|
||||||||
|
|
Concentrator throughput |
kt |
|
7,722 |
7,754 |
7,792 |
7,778 |
8,002 |
|
15,780 |
15,269 |
3% |
|
|
|
||||||||
|
|
Average copper grade - concentrator |
% |
|
0.62% |
0.63% |
0.66% |
0.65% |
0.60% |
|
0.62% |
0.63% |
(1)% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
36.6 |
36.1 |
42.2 |
35.4 |
33.3 |
|
68.7 |
72.3 |
(5)% |
|
|
36.5 |
36.5 |
37.3 |
33.2 |
27.9 |
|
61.1 |
80.5 |
(24)% |
|
|
Copper cathode (EW) |
kt |
|
29.6 |
31.8 |
31.2 |
20.4 |
24.4 |
|
44.8 |
54.0 |
(17)% |
|
|
30.0 |
30.7 |
34.1 |
17.9 |
25.4 |
|
43.3 |
54.1 |
(20)% |
|
|
Total copper |
kt |
|
66.2 |
67.9 |
73.4 |
55.8 |
57.7 |
|
113.5 |
126.3 |
(10)% |
|
|
66.5 |
67.2 |
71.4 |
51.1 |
53.3 |
|
104.4 |
134.6 |
(22)% |
|
|
Payable gold concentrate |
troy oz |
|
2,635 |
3,341 |
2,961 |
2,589 |
2,724 |
|
5,313 |
6,678 |
(20)% |
|
|
2,635 |
3,341 |
2,961 |
2,589 |
2,724 |
|
5,313 |
6,678 |
(20)% |
|
|
Payable silver concentrate |
troy koz |
|
451 |
428 |
441 |
358 |
316 |
|
674 |
954 |
(29)% |
|
|
451 |
428 |
441 |
358 |
316 |
|
674 |
954 |
(29)% |
|
|
Payable molybdenum |
t |
|
136 |
187 |
189 |
257 |
269 |
|
526 |
318 |
65% |
|
|
138 |
223 |
190 |
208 |
256 |
|
464 |
319 |
45% |
|
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
9
BHP | Operational review for the half year ended 31 December 2025
|
|
|
|
|
Production |
|
|
Sales |
||||||||||||||||
|
|
|
|
|
Quarter ended |
|
Year to date |
|
|
Quarter ended |
|
Year to date |
||||||||||||
|
|
|
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
|
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
Copper (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper South Australia, Australia |
BHP interest 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Copper |
Payable metal in concentrate |
kt |
|
28.0 |
24.8 |
33.2 |
25.5 |
24.8 |
|
50.3 |
55.9 |
(10)% |
|
|
25.9 |
23.8 |
30.9 |
15.9 |
24.8 |
|
40.7 |
56.3 |
(28)% |
|
|
Cathode |
kt |
|
45.4 |
56.6 |
60.4 |
52.7 |
52.9 |
|
105.6 |
97.0 |
9% |
|
|
46.8 |
55.2 |
61.6 |
49.9 |
55.3 |
|
105.2 |
95.8 |
10% |
|
|
Total copper |
kt |
|
73.4 |
81.4 |
93.6 |
78.2 |
77.7 |
|
155.9 |
152.9 |
2% |
|
|
72.7 |
79.0 |
92.5 |
65.8 |
80.1 |
|
145.9 |
152.1 |
(4)% |
|
|
Payable metal in concentrate transfer to Olympic Dam |
kt |
|
(2.1) |
(2.3) |
(1.5) |
(5.6) |
(2.6) |
|
(8.2) |
(8.2) |
0% |
|
|
|
||||||||
|
|
Net copper |
kt |
|
71.3 |
79.1 |
92.1 |
72.6 |
75.1 |
|
147.7 |
144.7 |
2% |
|
|
|||||||||
|
Gold |
Payable metal in concentrate |
troy oz |
|
52,288 |
46,097 |
53,055 |
47,893 |
41,351 |
|
89,244 |
98,740 |
(10)% |
|
|
47,719 |
42,825 |
50,577 |
26,476 |
45,024 |
|
71,500 |
92,480 |
(23)% |
|
|
Refined gold |
troy oz |
|
47,478 |
57,006 |
46,789 |
50,716 |
61,910 |
|
112,626 |
84,863 |
33% |
|
|
43,479 |
57,982 |
49,241 |
51,147 |
59,054 |
|
110,201 |
83,805 |
31% |
|
|
Total gold |
troy oz |
|
99,766 |
103,103 |
99,844 |
98,609 |
103,261 |
|
201,870 |
183,603 |
10% |
|
|
91,198 |
100,807 |
99,818 |
77,623 |
104,078 |
|
181,701 |
176,285 |
3% |
|
|
Payable metal in concentrate transfer to Olympic Dam |
troy oz |
|
(3,979) |
(5,640) |
(2,184) |
(11,404) |
(4,358) |
|
(15,762) |
(17,503) |
(10)% |
|
|
|
||||||||
|
|
Net gold |
troy oz |
|
95,787 |
97,463 |
97,660 |
87,205 |
98,903 |
|
186,108 |
166,100 |
12% |
|
|
|||||||||
|
Silver |
Payable metal in concentrate |
troy koz |
|
264 |
198 |
258 |
213 |
193 |
|
406 |
518 |
(22)% |
|
|
218 |
173 |
226 |
131 |
207 |
|
338 |
513 |
(34)% |
|
|
Refined silver |
troy koz |
|
133 |
462 |
216 |
227 |
284 |
|
511 |
339 |
51% |
|
|
110 |
486 |
213 |
255 |
250 |
|
505 |
312 |
62% |
|
|
Total silver |
troy koz |
|
397 |
660 |
474 |
440 |
477 |
|
917 |
857 |
7% |
|
|
328 |
659 |
439 |
386 |
457 |
|
843 |
825 |
2% |
|
|
Payable metal in concentrate transfer to Olympic Dam |
troy koz |
|
(11) |
(12) |
(7) |
(31) |
(14) |
|
(45) |
(42) |
7% |
|
|
|
||||||||
|
|
Net silver |
troy koz |
|
386 |
648 |
467 |
409 |
463 |
|
872 |
815 |
7% |
|
|
|||||||||
|
Uranium |
|
t |
|
725 |
783 |
974 |
819 |
903 |
|
1,722 |
1,397 |
23% |
|
|
640 |
710 |
1,230 |
649 |
815 |
|
1,464 |
1,317 |
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympic Dam |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined |
kt |
|
1,918 |
2,498 |
2,587 |
2,818 |
2,763 |
|
5,581 |
4,652 |
20% |
|
|
|
|
|
||||||
|
|
Ore milled |
kt |
|
2,407 |
2,462 |
2,859 |
2,640 |
2,926 |
|
5,566 |
5,024 |
11% |
|
|
|
||||||||
|
|
Average copper grade |
% |
|
2.09% |
1.99% |
2.05% |
1.97% |
1.97% |
|
1.97% |
2.04% |
(3)% |
|
|
|
||||||||
|
|
Average uranium grade |
kg/t |
|
0.59 |
0.56 |
0.56 |
0.55 |
0.56 |
|
0.56 |
0.60 |
(7)% |
|
|
|
||||||||
|
|
Copper cathode (ER and EW) |
kt |
|
45.4 |
56.6 |
60.4 |
52.7 |
52.9 |
|
105.6 |
97.0 |
9% |
|
|
46.8 |
55.2 |
61.6 |
49.9 |
55.3 |
|
105.2 |
95.8 |
10% |
|
|
Refined gold |
troy oz |
|
47,478 |
57,006 |
46,789 |
50,716 |
61,910 |
|
112,626 |
84,863 |
33% |
|
|
43,479 |
57,982 |
49,241 |
51,147 |
59,054 |
|
110,201 |
83,805 |
31% |
|
|
Refined silver |
troy koz |
|
133 |
462 |
216 |
227 |
284 |
|
511 |
339 |
51% |
|
|
110 |
486 |
213 |
255 |
250 |
|
505 |
312 |
62% |
|
|
Payable uranium |
t |
|
725 |
783 |
974 |
819 |
903 |
|
1,722 |
1,397 |
23% |
|
|
640 |
710 |
1,230 |
649 |
815 |
|
1,464 |
1,317 |
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prominent Hill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined |
kt |
|
1,111 |
1,119 |
1,210 |
1,049 |
1,014 |
|
2,063 |
2,038 |
1% |
|
|
|
|
|
||||||
|
|
Ore milled |
kt |
|
1,761 |
1,364 |
1,998 |
1,621 |
1,376 |
|
2,997 |
3,320 |
(10)% |
|
|
|
||||||||
|
|
Average copper grade |
% |
|
0.72% |
0.82% |
0.92% |
0.71% |
0.83% |
|
0.77% |
0.72% |
6% |
|
|
|
||||||||
|
|
Concentrate produced |
kt |
|
21.5 |
19.2 |
33.0 |
19.0 |
19.1 |
|
38.1 |
41.1 |
(7)% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
10.9 |
9.7 |
16.2 |
9.9 |
9.7 |
|
19.6 |
20.4 |
(4)% |
|
|
8.0 |
9.5 |
12.8 |
4.4 |
7.5 |
|
11.9 |
18.9 |
(37)% |
|
|
Payable gold concentrate |
troy oz |
|
25,445 |
24,309 |
28,593 |
24,105 |
17,406 |
|
41,511 |
46,421 |
(11)% |
|
|
19,658 |
22,614 |
25,222 |
9,033 |
17,671 |
|
26,704 |
38,377 |
(30)% |
|
|
Payable silver concentrate |
troy koz |
|
70 |
63 |
98 |
61 |
49 |
|
110 |
133 |
(17)% |
|
|
48 |
51 |
69 |
29 |
45 |
|
74 |
121 |
(39)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrapateena |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Material mined |
kt |
|
1,476 |
1,202 |
1,583 |
1,488 |
1,479 |
|
2,967 |
2,946 |
1% |
|
|
|
|
|
||||||
|
|
Ore milled |
kt |
|
1,429 |
1,306 |
1,557 |
1,511 |
1,415 |
|
2,926 |
2,875 |
2% |
|
|
|
||||||||
|
|
Average copper grade |
% |
|
1.37% |
1.31% |
1.24% |
1.18% |
1.20% |
|
1.19% |
1.41% |
(16)% |
|
|
|
||||||||
|
|
Concentrate produced |
kt |
|
57.6 |
50.6 |
58.7 |
52.4 |
53.4 |
|
105.8 |
116.8 |
(9)% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
17.1 |
15.1 |
17.0 |
15.6 |
15.1 |
|
30.7 |
35.5 |
(14)% |
|
|
17.9 |
14.3 |
18.1 |
11.5 |
17.3 |
|
28.8 |
37.4 |
(23)% |
|
|
Payable gold concentrate |
troy oz |
|
26,843 |
21,788 |
24,462 |
23,788 |
23,945 |
|
47,733 |
52,319 |
(9)% |
|
|
28,061 |
20,211 |
25,355 |
17,443 |
27,353 |
|
44,796 |
54,103 |
(17)% |
|
|
Payable silver concentrate |
troy koz |
|
194 |
135 |
160 |
152 |
144 |
|
296 |
385 |
(23)% |
|
|
170 |
122 |
157 |
102 |
162 |
|
264 |
392 |
(33)% |
10
BHP | Operational review for the half year ended 31 December 2025
|
|
|
|
|
Production |
|
|
Sales |
||||||||||||||||
|
|
|
|
|
Quarter ended |
|
Year to date |
|
|
Quarter ended |
|
Year to date |
||||||||||||
|
|
|
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
|
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
Copper (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Antamina, Peru |
|
BHP interest 33.75% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Material mined |
kt |
|
57,497 |
51,529 |
39,369 |
58,970 |
57,442 |
|
116,412 |
121,591 |
(4)% |
|
|
|
|
|
||||||
|
|
Concentrator throughput |
kt |
|
13,323 |
13,140 |
10,154 |
13,307 |
13,725 |
|
27,032 |
26,419 |
2% |
|
|
|
||||||||
|
|
Average head grade - copper |
% |
|
0.77% |
0.81% |
0.76% |
0.86% |
0.98% |
|
0.92% |
0.84% |
10% |
|
|
|
||||||||
|
|
Average head grade - zinc |
% |
|
0.84% |
0.85% |
1.70% |
1.26% |
1.01% |
|
1.13% |
0.76% |
50% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
30.5 |
30.9 |
21.2 |
33.9 |
38.2 |
|
72.1 |
66.8 |
8% |
|
|
33.3 |
27.4 |
21.8 |
33.1 |
40.4 |
|
73.5 |
72.9 |
1% |
|
|
Payable zinc |
t |
|
22,792 |
26,026 |
40,415 |
35,991 |
27,003 |
|
62,994 |
42,166 |
49% |
|
|
25,328 |
22,249 |
37,263 |
41,499 |
26,046 |
|
67,545 |
44,937 |
50% |
|
|
Payable silver |
troy koz |
|
954 |
1,017 |
1,313 |
1,632 |
1,438 |
|
3,070 |
1,832 |
68% |
|
|
796 |
810 |
953 |
1,705 |
1,553 |
|
3,258 |
1,578 |
106% |
|
|
Payable lead |
t |
|
148 |
234 |
1,829 |
754 |
91 |
|
845 |
169 |
400% |
|
|
35 |
181 |
837 |
1,469 |
551 |
|
2,020 |
160 |
1,163% |
|
|
Payable molybdenum |
t |
|
615 |
614 |
148 |
84 |
12 |
|
96 |
1,517 |
(94)% |
|
|
734 |
616 |
524 |
139 |
66 |
|
205 |
1,415 |
(86)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carajás, Brazil |
|
BHP interest 100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Material mined |
kt |
|
152 |
140 |
148 |
134 |
147 |
|
281 |
332 |
(15)% |
|
|
|
|
|
||||||
|
|
Ore milled |
kt |
|
170 |
128 |
176 |
160 |
172 |
|
333 |
332 |
0% |
|
|
|
||||||||
|
|
Average copper grade |
% |
|
1.92% |
1.64% |
1.40% |
1.63% |
1.51% |
|
1.57% |
1.77% |
(11)% |
|
|
|
||||||||
|
|
Production ex mill |
kt |
|
12.6 |
7.9 |
9.5 |
10.3 |
9.8 |
|
20.1 |
22.5 |
(11)% |
|
|
|
||||||||
|
|
Average gold grade |
g/t |
|
0.54 |
0.50 |
0.43 |
0.46 |
0.47 |
|
0.47 |
0.50 |
(7)% |
|
|
|
||||||||
|
|
Payable copper |
kt |
|
3.0 |
1.9 |
2.2 |
2.4 |
2.3 |
|
4.7 |
5.3 |
(12)% |
|
|
2.1 |
2.1 |
2.1 |
2.5 |
3.0 |
|
5.5 |
6.4 |
(14)% |
|
|
Payable gold concentrate |
troy oz |
|
2,231 |
1,516 |
1,825 |
1,816 |
1,941 |
|
3,757 |
3,965 |
(5)% |
|
|
1,527 |
1,664 |
1,693 |
1,964 |
2,424 |
|
4,388 |
4,696 |
(7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iron ore production is reported on the basis of saleable product, which is wet metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
WAIO, Australia |
|
BHP interest 85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Newman Joint Venture |
kt |
|
13,796 |
11,991 |
15,073 |
13,724 |
13,340 |
|
27,064 |
27,154 |
0% |
|
|
|
|
|
||||||
|
|
Area C Joint Venture |
kt |
|
29,578 |
27,869 |
32,824 |
29,415 |
32,265 |
|
61,680 |
58,417 |
6% |
|
|
|
||||||||
|
|
Yandi Joint Venture |
kt |
|
3,777 |
3,819 |
3,854 |
3,498 |
2,899 |
|
6,397 |
8,217 |
(22)% |
|
|
|
||||||||
|
|
Jimblebar¹ |
kt |
|
17,600 |
16,458 |
16,597 |
15,378 |
19,262 |
|
34,640 |
34,326 |
1% |
|
|
|
||||||||
|
|
Total |
kt |
|
64,751 |
60,137 |
68,348 |
62,015 |
67,766 |
|
129,781 |
128,114 |
1% |
|
|
|
||||||||
|
|
Total (100%) |
kt |
|
73,071 |
67,844 |
77,480 |
70,246 |
76,326 |
|
146,572 |
144,664 |
1% |
|
|
|
||||||||
|
|
Lump |
kt |
|
|
|
|
|
|
20,319 |
18,822 |
21,285 |
20,250 |
20,595 |
|
40,845 |
39,696 |
3% |
||||||
|
|
Fines |
kt |
|
|
|
|
44,022 |
40,412 |
46,545 |
42,180 |
46,314 |
|
88,494 |
88,053 |
1% |
||||||||
|
|
Total |
kt |
|
|
|
|
64,341 |
59,234 |
67,830 |
62,430 |
66,909 |
|
129,339 |
127,749 |
1% |
||||||||
|
|
Total (100%) |
kt |
|
|
|
|
72,594 |
66,765 |
76,723 |
70,592 |
75,397 |
|
145,989 |
144,137 |
1% |
||||||||
|
1 Presented on a 100% basis. BHP interest in saleable production is 85%. |
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Samarco, Brazil |
|
BHP interest 50% |
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||
|
|
Total |
kt |
|
1,441 |
1,603 |
1,951 |
2,066 |
1,938 |
|
4,004 |
2,700 |
48% |
|
|
1,477 |
1,416 |
1,973 |
2,042 |
2,512 |
|
4,554 |
2,459 |
85% |
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Coal |
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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 |
|
1,439 |
1,228 |
1,811 |
1,880 |
1,254 |
|
3,134 |
2,798 |
12% |
|
|
|
|
|
||||||
|
|
Peak Downs |
kt |
|
1,073 |
1,098 |
1,154 |
1,111 |
967 |
|
2,078 |
2,322 |
(11)% |
|
|
|
||||||||
|
|
Saraji |
kt |
|
1,171 |
883 |
1,079 |
884 |
1,146 |
|
2,030 |
2,111 |
(4)% |
|
|
|
||||||||
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|
Caval Ridge |
kt |
|
747 |
710 |
1,102 |
990 |
924 |
|
1,914 |
1,714 |
12% |
|
|
|
||||||||
|
|
Total1 |
kt |
|
4,430 |
3,919 |
5,146 |
4,865 |
4,291 |
|
9,156 |
8,945 |
2% |
|
|
|
||||||||
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|
Total (100%)1 |
kt |
|
8,860 |
7,838 |
10,292 |
9,730 |
8,582 |
|
18,312 |
17,890 |
2% |
|
|
|
||||||||
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|
Hard coking coal |
kt |
|
|
|
|
|
|
4,695 |
3,708 |
4,831 |
4,428 |
4,302 |
|
8,730 |
8,968 |
(3)% |
||||||
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|
Energy coal |
kt |
|
|
|
|
31 |
83 |
199 |
44 |
111 |
|
155 |
31 |
400% |
||||||||
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Total |
kt |
|
|
|
|
4,726 |
3,791 |
5,030 |
4,472 |
4,413 |
|
8,885 |
8,999 |
(1)% |
||||||||
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|
Total (100%) |
kt |
|
|
|
|
9,452 |
7,582 |
10,060 |
8,944 |
8,826 |
|
17,770 |
17,998 |
(1)% |
||||||||
|
1 Production figures include some energy coal. |
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11
BHP | Operational review for the half year ended 31 December 2025
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Production |
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Sales |
|||||||||||||||||
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Quarter ended |
|
Year to date |
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Quarter ended |
|
Year to date |
|||||||||||||
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Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
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|
Dec |
Mar |
Jun |
Sep |
Dec |
|
Dec |
Dec |
Var |
|
|
|
|
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
|
2024 |
2025 |
2025 |
2025 |
2025 |
|
2025 |
2024 |
% |
|
|
NSWEC, Australia |
|
BHP interest 100% |
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Energy coal - Export |
kt |
|
|
|
|
|
|
3,471 |
3,128 |
3,554 |
3,549 |
4,190 |
|
7,739 |
6,887 |
12% |
|||||||
|
|
Energy coal - Domestic |
kt |
|
|
|
|
332 |
381 |
372 |
158 |
182 |
|
340 |
867 |
(61)% |
|||||||||
|
|
Total |
kt |
|
3,698 |
3,596 |
4,067 |
3,518 |
4,610 |
|
8,128 |
7,373 |
10% |
|
|
3,803 |
3,509 |
3,926 |
3,707 |
4,372 |
|
8,079 |
7,754 |
4% |
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Other |
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|
Nickel production is reported on the basis of saleable product. |
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|
Western Australia Nickel, Australia¹ |
BHP interest 100% |
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|
Mt Keith |
Nickel concentrate |
kt |
|
5.4 |
- |
- |
- |
- |
|
- |
41.3 |
(100)% |
|
|
|
|
|
|||||||
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|
Average nickel grade |
% |
|
16.7 |
- |
- |
- |
- |
|
- |
17.0 |
(100)% |
|
|
|
|||||||||
|
Leinster |
Nickel concentrate |
kt |
|
- |
- |
- |
- |
- |
|
- |
72.4 |
(100)% |
|
|
|
|||||||||
|
|
Average nickel grade |
% |
|
- |
- |
- |
- |
- |
|
- |
8.8 |
(100)% |
|
|
|
|||||||||
|
|
Refined nickel |
kt |
|
0.1 |
- |
- |
- |
- |
|
- |
12.2 |
(100)% |
|
|
0.8 |
- |
- |
- |
- |
|
- |
14.3 |
(100)% |
|
|
|
Nickel sulphate |
kt |
|
- |
- |
- |
- |
- |
|
- |
0.3 |
(100)% |
|
|
0.3 |
0.1 |
0.1 |
- |
- |
|
- |
0.9 |
(100)% |
|
|
|
Intermediates and nickel by-products |
kt |
|
7.9 |
2.3 |
0.3 |
- |
- |
|
- |
15.1 |
(100)% |
|
|
10.1 |
2.1 |
0.1 |
- |
- |
|
- |
15.9 |
(100)% |
|
|
|
Total nickel |
kt |
|
8.0 |
2.3 |
0.3 |
- |
- |
|
- |
27.6 |
(100)% |
|
|
11.2 |
2.2 |
0.2 |
- |
- |
|
- |
31.1 |
(100)% |
|
|
|
Cobalt by-products |
t |
|
121 |
35 |
- |
- |
- |
|
- |
415 |
(100)% |
|
|
121 |
- |
- |
- |
- |
|
- |
415 |
(100)% |
|
|
1 WA Nickel ramped down and entered temporary suspension in December 2024. |
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||
12
Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2025 compared with the six months
ended December 2024, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding. Medium term refers to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point (ppt); ounces (oz); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).
In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our' and 'ourselves' are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries of the Financial Statements in BHP's 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.
Further information on BHP can be found at bhp.com
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
|
Media Relations
Email: media.relations@bhp.com |
|
Investor Relations
Email: investor.relations@bhp.com |
|
|
|
|
|
Australia and Asia
Gabrielle Notley Mobile: +61 411 071 715
Europe, Middle East and Africa
Amanda Saunders Mobile: +44 7887 468 926
North America
Megan Hjulfors Mobile: +1 403 605 2314
Latin America
Renata Fernandez Mobile: +56 9 8229 5357 |
|
Australia and Asia
John-Paul Santamaria Mobile: +61 499 006 018
Europe, Middle East and Africa
Adam Sanderson Mobile: +44 7884 735 515
Americas
Li Hua Mobile: +1 647 828 9830 |
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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 |
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BHP Group is headquartered in Australia Follow us on social media |
||
13
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