We have released our Operational Review for the quarter ended 30 September 2022.

BHP Chief Executive Officer, Mike Henry:

“We have started the new financial year strongly, achieving safe and reliable operating performance. The first quarter included significant planned major maintenance in Western Australia Iron Ore (WAIO), BHP Mitsubishi Alliance (BMA), and Olympic Dam.

Copper production was up nine per cent on the same quarter last year, with strong concentrator throughput at Escondida and record quarterly anode production at Olympic Dam. WAIO continued to perform strongly, with production up by 3% relative to the same period last year, and we managed through substantial rainfall and labour constraints in our coal assets with production only down marginally year on year. Our full year production and unit cost guidance is unchanged.

The South Flank iron ore ramp-up and the Jansen potash project are tracking well, with work ongoing to bring forward first production from Jansen Stage 1 and accelerate Jansen Stage 2.

During the quarter, BHP struck a new agreement to supply our WAIO port facilities with renewable electricity, which is expected to halve GHG emissions from the electricity used, signed an MoU with India’s Tata Steel to collaborate on lower GHG emission steelmaking and announced a partnership with Pan Pacific Copper to reduce GHG emissions from maritime transportation, as we take further action to reduce GHG emissions from our operations and support decarbonisation of our suppliers and customers.

We expect global macro-economic uncertainty in the short term to continue to affect supply chains, energy costs, labour markets and equipment and materials availability. BHP remains well positioned, with a portfolio and balance sheet to withstand external challenges and a strategy positioned to benefit from the global mega-trends of decarbonisation and electrification.”

BHP OPERATIONAL REVIEW
FOR THE QUARTER ENDED 30 SEPTEMBER 2022
? We continued to deliver safe and reliable operational performance during the quarter.
? All production and unit cost guidance1
remains unchanged for the 2023 financial year.
? Jansen Stage 1 is tracking to plan, with civil and mechanical construction activities progressing at the Jansen site and at the port. We are targeting Jansen Stage 1 first production in the 2026 calendar year and have accelerated the Jansen Stage 2 study.
? BHP announced the signing of a large-scale renewable Power Purchase Agreement (PPA) with Alinta Energy, which is expected to halve greenhouse gas (GHG) emissions from the electricity used in our Western Australian Iron Ore (WAIO) port facilities by the end of the 2024 calendar year.

Production Sep Q22 (vs Sep Q21) Sep Q22
(vs Jun Q22) Sep Q22 vs Jun Q22 commentary
Copper (kt) 410.1 9% 410.1 (11%)
Lower volumes at Escondida due to lower concentrator feed grade, lower ore stacked in prior months at Pampa Norte reducing cathode production, and lower volumes at
Olympic Dam as a result of planned refinery maintenance.
Iron ore (Mt) 65.1 3% 65.1 1%
Strong operational performance at WAIO, partially offset by planned car dumper
maintenance in the quarter.
Metallurgical coal (Mt) 6.7 (1%) 6.7 (19%)
Lower volumes due to significant wet weather in the quarter, mining higher strip ratio areas, a planned longwall move at Broadmeadow and planned wash plant
maintenance at Blackwater, Goonyella and Saraji.
Energy coal (Mt) 2.6 (38%) 2.6 (33%)
Lower volumes due to significant wet weather in the quarter and ongoing labour
shortages impacting stripping and mine productivity.
Nickel (kt) 20.7 16% 20.7 10%
Higher volumes due to unplanned downtime at the smelter in the prior period.

go to
https://www.bhp.com/investors/financial-results-operational-reviews