BHP Operational Review for the nine months ended 31 March 2023

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Algemeen advies 11/05/2023 06:55
BHP Chief Executive Officer, Mike Henry:

“Safety is paramount, and we are deeply saddened by the tragic death of Jody Byrne in an incident at Port Hedland in February. An investigation into the cause of the incident is underway, the findings of which will be shared widely.

Our WA iron ore business achieved record production, and total copper output for the Group was up for the nine months, while metallurgical coal volumes were down slightly due to significant wet weather. Overall copper production for the year remains on track, however we’ve reduced production guidance at Escondida and also at Nickel West.

We continue to focus on safety, productivity and costs as we navigate ongoing challenges and inflationary impacts.

“Last week, OZ Minerals shareholders voted overwhelmingly in favour of BHP’s offer. We are now focused on the safe integration of the two businesses and we look forward to building an internationally competitive copper business in South Australia and incorporating West Musgrave into our nickel options in Western Australia. We are pursuing growth options in copper and nickel globally – we aim to have up to 10 drill rigs on the ground at Oak Dam in South Australia in the next few months and have seen promising results from a potential new copper prospect in Arizona.

In Canada, we signed $260 million (CAD) in new contracts with Indigenous suppliers in March, and construction of the Jansen potash project is on track.

Recent engagements with customers in China and India have reaffirmed our positive outlook for commodity demand, with China’s economic rebound and solid momentum in India’s steelmaking growth helping to offset the impact of slowing growth in the US, Japan and Europe.”
• A colleague, Jody Byrne, tragically was fatally injured in a rail incident in our Port Hedland operations in
• Production guidance for the 2023 financial year remains unchanged for iron ore, metallurgical coal and
energy coal. Strong performance means Olympic Dam and Pampa Norte are expected to be toward the
upper end of their guidance ranges, while BHP Mitsubishi Alliance (BMA) is expected to be at the bottom
of its range.
• Production guidance at Escondida has been lowered to between 1,050 and 1,080 kt (from between 1,080
and 1,180 kt). Given the strong performance at the other copper assets, full year total copper production
guidance remains unchanged at between 1,635 and 1,825 kt. Full year nickel production has been lowered
to between 75 and 85 kt (from between 80 and 90 kt).
• Western Australia Iron Ore (WAIO) achieved record production of 212.6 Mt (100% basis) for the nine month
period. Pleasingly, there was no significant damage or reported injuries at our WAIO sites as a result of
Tropical Cyclone Ilsa. Our Port Hedland operations were suspended in coordination with the Pilbara Ports
• Full year unit cost guidance1
remains unchanged from the half year period ended 31 December 2022.
Escondida and WAIO are expected to be at the top of their respective ranges.
• On 13 April 2023, shareholders of OZ Minerals Ltd (OZL) voted to approve the scheme of arrangement for
BHP to acquire 100 per cent of the shares in OZL. The Scheme became effective on 18 April 2023 and is
expected to be implemented on 2 May 2023.
• The South Australian government has granted environmental approval for the next phase of exploration
drilling at Oak Dam.
• BHP has identified a new copper porphyry mineralised system, Ocelot, in the Miami-Globe copper district in Arizona, United States.

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