Note: All guidance is subject to further potential impacts from COVID-19 during the 2021 financial year.
? Record production was achieved at Western Australia Iron Ore (WAIO) and record average concentrator
throughput was delivered at Escondida.
? Production guidance for the 2021 financial year remains unchanged for petroleum and iron ore. Copper
guidance has increased to between 1,535 kt and 1,660 kt and reflects stronger than expected
performance at Escondida. Metallurgical coal guidance has been reduced to between 39 and 41 Mt as a
result of significant wet weather impacts during the December 2020 and March 2021 quarters. Energy
coal guidance has been reduced to between 18 and 20 Mt as a result of significant weather impacts at
New South Wales Energy Coal (NSWEC) and lower than expected volumes at Cerrejón.
? Full year unit cost guidance(1) (based on exchange rates of AUD/USD 0.70 and USD/CLP 769) remains
unchanged for Petroleum and WAIO. Unit costs for Escondida have been lowered to be between
US$0.95 and US$1.10(1) per pound, reflecting strong production and lower deferred stripping costs. Unit
costs for Queensland Coal have been increased to be between US$74 and US$78(1) per tonne, reflecting
lower expected volumes for the full year.
? The Bass Strait West Barracouta gas project achieved first production in April 2021, and is on schedule
and budget. Our major projects under development are also progressing to plan. The Ruby project in
Trinidad and Tobago is progressing ahead of schedule and on budget, with first production on track for
May 2021. South Flank is tracking well with commissioning activities planned for the June 2021 quarter
and is on schedule for first production in the middle of the 2021 calendar year. Jansen Stage 1 project
remains on track for Final Investment Decision in the middle of the 2021 calendar year.
Production Mar YTD21 (vs Mar YTD20) Mar Q21 (vs Dec Q20)
Mar Q21 vs Dec Q20 commentary
Petroleum (MMboe) 75.8 (8%) 25.4 7%
Higher volumes reflect increased Shenzi working interest (following completion of the
acquisition in November 2020) and impacts from Hurricanes Delta and Zeta in the
Gulf of Mexico in the prior quarter. This was partially offset by lower seasonal demand
at Bass Strait.
Copper (kt) 1,232.7 (6%) 391.4 (9%)
Lower volumes primarily as a result of decreased throughput at Escondida, reflecting
the impact of a reduced operational workforce due to the continuation of COVID-19
restrictions, and lower concentrator feed grade.
Iron ore (Mt) 188.3 4% 59.9 (4%)
Lower volumes at WAIO reflects weather impacts and planned Ore Handling Plant
and stacker maintenance at Newman, partially offset by improved car dumper
performance.
Metallurgical coal (Mt) 28.8 (2%) 9.6 1%
Queensland Coal volumes in line with prior quarter as operations continue to be
impacted by significant wet weather events.
Energy coal (Mt) 13.0 (26%) 4.8 34%
Higher volumes at Cerrejón as a result of a strike in the prior period, partially offset by
lower volumes at NSWEC due to significant wet weather impacts and increased
washed coal in response to reduced port capacity following damage to a shiploader
at the Newcastle port.
Nickel (kt) 66.6 19% 20.4 (15%)
Lower volumes largely as a result of planned maintenance undertaken at the Kwinana
refinery.
Group copper equivalent production was marginally lower over the nine months ended March 2021. Strong underlying operational
performance was offset by the impacts of planned maintenance, natural field decline, copper grade decline and adverse weather.

Summary
BHP Chief Executive Officer, Mike Henry:
“BHP’s strong safety and operational performance continued during the quarter, with record year-to-date production at
Western Australia Iron Ore, the Goonyella Riverside metallurgical coal mine in Queensland and concentrator throughput
at Escondida in Chile.
We are reliably executing our major projects, bringing on new supply in copper, petroleum and iron ore. The Spence
Growth Option and Samarco are ramping up and West Barracouta, in Petroleum, started production this month. First
production from Petroleum’s Ruby project is expected in the coming weeks and South Flank, with its higher grade and
lump proportion, is on track to begin production in the middle of the year.
BHP continues to deliver on decarbonising, in line with the Paris Agreement goals. We have established emissions
reduction partnerships with three major steelmakers in China and Japan whose combined output equates to around
10 per cent of global steel production. In shipping, we have successfully completed an initial trial of marine biofuels, in
addition to the tender awarded last year for LNG-powered iron ore vessels. In our own operations, we have established
significant renewable power supply agreements for our Kwinana nickel refinery, Queensland Coal operations, and
Escondida and Spence copper mines.
With our focus on keeping our people safe, costs down and productivity up, we are well positioned to finish the year
strongly and continue delivering the essential products the world needs."
Operational performance
Production and guidance are summarised below.
Note: All guidance is subject to further potential impacts from COVID-19 during the 2021 financial year.
Production
Mar
YTD21
Mar
Q21
Mar YTD21
vs
Mar YTD20
Mar Q21
vs
Mar Q20
Mar Q21
vs
Dec Q20
Previous
FY21
guidance
Current
FY21
guidance
Petroleum (MMboe) 75.8 25.4 (8%) 1% 7% 95 – 102 95 – 102 Upper half of range
Copper (kt) 1,232.7 391.4 (6%) (8%) (9%) 1,510 – 1,645 1,535 – 1,660
Escondida (kt) 821.5 249.3 (8%) (14%) (13%) 970 – 1,030 1,010 – 1,060 Increased
Pampa Norte (kt) 148.8 52.0 (21%) (19%) (4%) 240 – 270 225 – 255 Lowered
Olympic Dam (kt) 154.5 55.4 25% 44% 16% 180 – 205 180 – 205 Upper half of range
Antamina (kt) 107.9 34.7 1% 5% (10%) 120 – 140 120 – 140 Upper end of range
Iron ore(i) (Mt) 188.3 59.9 4% 0% (4%) 245 – 255 245 – 255
WAIO (100% basis) (Mt) 211.3 66.7 3% (2%) (5%) 276 – 286 276 – 286 Upper half of range
Metallurgical coal (Mt) 28.8 9.6 (2%) 4% 1% 40 – 44 39 – 41
Queensland Coal (100% basis) (Mt) 51.4 17.3 (1%) 8% 2% 71 – 77 70 – 73 Lowered
Energy coal (Mt) 13.0 4.8 (26%) (17%) 34% 21 – 23 18 – 20
NSWEC (Mt) 9.8 3.0 (12%) (22%) (8%) 15 – 17 14 – 15 Lowered
Cerrejón (Mt) 3.2 1.8 (50%) (9%) 417% ~6 4 – 5 Lowered
Nickel (kt) 66.6 20.4 19% (2%) (15%) 85 – 95 85 – 95 Unchanged
(i) Iron ore comprises WAIO and Samarco.

Major development projects
At the end of March 2021, BHP had four major projects under development in petroleum, iron ore and potash, with a
combined budget of US$8.5 billion over the life of the projects. Our major projects under development are tracking
to plan.
In March 2021, the US Department of Agriculture directed the US Forest Service to rescind the Resolution Copper
Mining (RCM) project’s Final Environmental Impact Statement and the draft Record of Decision that were both issued
in January 2021. BHP supports RCM’s collaboration with the US Forest Service, and its commitment to further
consultation with local communities and Native American tribes in an effort to seek consent, as it continues to study
the project.
The Jansen Stage 1 project in Canada is expected to be presented to the BHP Board for Final Investment Decision
in the middle of the 2021 calendar year.
Corporate update
On 9 April 2021, Samarco announced that it filed for judicial reorganisation (JR) with the Commercial Courts of Belo
Horizonte, State of Minas Gerais, Brazil. The request for JR was granted by the Belo Horizonte Justice on 12 April
2021. The JR is a means for Samarco to restructure its financial debts in order to establish a sustainable independent
financial position for Samarco to continue to rebuild its operations safely and meet its Renova Foundation obligations.
Samarco's filing follows unsuccessful attempts to negotiate a debt restructure with financial creditors and multiple
legal actions filed by those creditors which threaten Samarco’s operations. Samarco’s operations will continue during
the JR and restructure process. The JR does not affect Samarco’s obligation or commitment to make full redress for
the 2015 Fundão dam failure, and it does not impact Renova Foundation’s ability to undertake that remediation and
compensation.
In February 2021, we signed a memorandum of understanding (MOU) with a large Japanese steel producer, JFE, to
jointly study technologies and pathways capable of making material reductions to greenhouse gas emissions from
the integrated steelmaking process. We have agreed to invest up to US$15 million over the five-year partnership.
In March 2021, we also signed a MOU with China’s HBIS Group Co., Ltd (HBIS), one of the world’s largest
steelmakers and one of our major customers of iron ore, with the intention to invest up to US$15 million over three
years to jointly study and explore greenhouse gas emissions reduction technologies and pathways. The three-year
partnership intends to collaborate on three priority areas: hydrogen-based direct reduction technology, the recycling
and reuse of steelmaking slag, and the role of iron ore lump utilisation to help reduce emissions from ironmaking and
steelmaking.
The partnerships with JFE and HBIS follow other investments to support the reduction of value chain emissions,
including up to US$35 million for the collaboration with China’s largest steelmaker, China Baowu (November 2020),
awarding our first LNG-fuelled Newcastlemax bulk carriers contract (September 2020), with the aim to reduce
CO2-e emissions by 30 per cent per voyage and a successfully completed marine biofuel trial which enables us to
develop an informed strategy on the structural supply and use of biofuels to support our key shipping routes (April
2021). The advanced biofuel reduces CO2-e emissions by 80 to 90 per cent well-to-exhaust compared with heavy
fuel oil (HFO) and very-low sulphur fuel oil (VLSFO), and uses sustainable waste and residue streams as feedstock.
In February 2021, we also executed a 10-year PPA contract with Merredin Solar Farm to supply up to 50 per cent of
the Nickel West Kwinana Refinery electricity needs by 2024, based on 2020 financial year levels. This contract will
further increase the sustainability of the nickel produced by Nickel West and will help to reduce emissions from
electricity at the refinery by up to 50 per cent.

Petroleum
Production
Mar YTD21 Mar Q21
Mar YTD21
vs
Mar YTD20
Mar Q21
vs
Mar Q20
Mar Q21
vs
Dec Q20
Crude oil, condensate and natural gas liquids (MMboe) 33.8 11.6 (10%) 0% 8%
Natural gas (bcf) 252.0 82.6 (7%) 2% 5%
Total petroleum production (MMboe) 75.8 25.4 (8%) 1% 7%
Petroleum – Total petroleum production decreased by eight per cent to 76 MMboe. Guidance for the 2021 financial
year remains unchanged at between 95 and 102 MMboe, with volumes expected to be in the upper half of the
guidance range.
Crude oil, condensate and natural gas liquids production decreased by 10 per cent to 34 MMboe reflecting lower
demand at Bass Strait and North West Shelf, and production impacts at Atlantis due to planned tie-in and
commissioning activities in the first half of the year and unplanned downtime in the March 2021 quarter, as well as
natural field decline across the portfolio. Production was further impacted by higher downtime at our Gulf of Mexico
assets due to a more active hurricane season in the first half of the year. These impacts were partially offset by the
earlier than scheduled achievement of first production from the Atlantis Phase 3 project in the September 2020
quarter and the acquisition of an additional 28 per cent working interest in Shenzi, completed on 6 November 2020.
Natural gas production decreased by seven per cent to 252 bcf, reflecting planned shutdowns at Angostura related
to the Ruby tie-in, a decrease in tax barrels at Trinidad and Tobago in accordance with the terms of our Production
Sharing Contract, lower domestic gas sales at Bass Strait and North West Shelf in the first half of the year, and
natural field decline across the portfolio. This decline was partially offset by higher domestic gas sales at Macedon.

see & read more on
https://www.bhp.com/-/media/documents/media/reports-and-presentations/2021/210421_bhpoperationalreviewfortheninemonthsended31march2021.pdf?la=en

BHP Chief Executive Officer, Mike Henry:
“BHP’s strong safety and operational performance continued during the quarter, with record year-to-date production at Western Australia Iron Ore, the Goonyella Riverside metallurgical coal mine in Queensland and concentrator throughput at Escondida in Chile.

We are reliably executing our major projects, bringing on new supply in copper, petroleum and iron ore. The Spence Growth Option and Samarco are ramping up and West Barracouta, in Petroleum, started production this month. First production from Petroleum’s Ruby project is expected in the coming weeks and South Flank, with its higher grade and lump proportion, is on track to begin production in the middle of the year.

BHP continues to deliver on decarbonising, in line with the Paris Agreement goals. We have established emissions reduction partnerships with three major steelmakers in China and Japan whose combined output equates to around 10 per cent of global steel production. In shipping, we have successfully completed an initial trial of marine biofuels, in addition to the tender awarded last year for LNG-powered iron ore vessels. In our own operations, we have established significant renewable power supply agreements for our Kwinana nickel refinery, Queensland Coal operations, and Escondida and Spence copper mines.

With our focus on keeping our people safe, costs down and productivity up, we are well positioned to finish the year strongly and continue delivering the essential products the world needs."