Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

BHP BHP Group Limited

BHP BHP Group Limited

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

17 October 2024

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a


				17 October 2024

Operational review for the quarter ended 30 September 2024

Strong operational performance with increased copper, iron ore and coal production.

“BHP had a strong start to the 2025 financial year, with production up across all major commodities for the quarter. Copper production was up 4% due to higher grade and recoveries at Escondida, and WAIO production was up 3% as we unlocked capacity by completing the debottlenecking work at the port.

We are also seeing signs of stabilisation in our steelmaking coal business with production up 20% in the quarter, excluding the recently divested Blackwater and Daunia mines.

We added to our copper growth prospects in the quarter, announcing a proposed 50/50 joint venture in Argentina with Lundin Mining to advance what we consider to be one of the most significant global copper discoveries in decades.

In Canada, our Jansen Stage 1 potash project is 58% complete after a productive summer period with first production scheduled in around two years.

China has announced a series of monetary easing policies in an effort to support economic growth, and has indicated more significant fiscal stimulus is on the horizon. Upcoming stimulus is likely to focus on relieving local debt, stabilising the property market and bolstering business confidence.”


		Mike Henry BHP Chief Executive Officer
Summary

Operational excellence		Social value

On track to meet FY25 production guidance		Climate Transition Action Plan

Strong operational performance with copper production increasing 4% driven by higher concentrator feed grades and recoveries at Escondida. Production at WAIO increased 2% following commissioning of the Port Debottlenecking Project (PDP1) and completion of the South Flank ramp up.		We released our second Climate Transition Action Plan (CTAP) which lays out our climate strategy and GHG emissions goals and targets, and provides an in depth view of our plans and how we’re progressing against them. The CTAP will be put to a shareholder advisory vote at our upcoming AGM on 30 October 2024. We also announced collaborations with India’s JSW Steel and Carbon Clean and Steel Authority of India to support decarbonisation technology in steelmaking.

Portfolio		Outlook

Increased exposure to copper		Copper outlook supports growth pipeline

In July, we agreed to jointly acquire Filo Corp. with Lundin Mining through a Canadian plan of arrangement. In September, the Filo Corp shareholders approved the plan of arrangement. We also agreed to form a 50/50 joint venture with Lundin Mining to consolidate and advance the Filo del Sol and Josemaria copper projects. We expect the transaction to complete in Q3 FY25, subject to regulatory approvals.		We published our outlook for the copper market, including copper demand, copper supply and long-term copper pricing. We expect copper demand to grow by 70% by 2050, as a result of traditional economic growth, electrification and the energy transition, and digital infrastructure (including data centres). We will be hosting an investor site visit to our Chilean copper assets in November 2024 to outline our attractive organic copper growth pipeline in the region.



Production	Quarter performance								Production guidance

	Q1 FY25		v Q4 FY24			v Q1 FY24			Current FY25 guidance

Copper (kt)		476.3		(6	%)		4	%		1,845 – 2,045

Escondida (kt)		304.2		(2	%)		11	%		1,180 – 1,300		Unchanged

Pampa Norte (kt)ⁱ		60.1		(9	%)		(23	%)ⁱ		240 – 270	ⁱ	Unchanged

Copper South Australia (kt)		73.4		(18	%)		2	%		310 – 340		Unchanged

Antamina (kt)		36.3		(5	%)		12	%		115 – 135		Unchanged

Carajás (kt)		2.3		10	%		92	%		-		-

Iron ore (Mt)		64.6		(7	%)		2	%		255 – 265.5

WAIO (Mt)		63.4		(7	%)		2	%		250 – 260		Unchanged

WAIO (100% basis) (Mt)		71.6		(7	%)		3	%		282 – 294		Unchanged

Samarco (Mt)		1.3		23	%		4	%		5 – 5.5		Unchanged

Steelmaking coal – BMA (Mt)		4.5		(8	%)		(19	%)ⁱⁱ		16.5 – 19

BMA (100% basis) (Mt)		9.0		(8	%)		(19	%)ⁱⁱ		33 – 38		Unchanged

Energy coal – NSWEC (Mt)		3.7		(2	%)		2	%		13 – 15		Unchanged

Nickel – Western Australia Nickel (kt)		19.6		(15	%)		(3	%)		-		-

i	Q1 FY24 includes 9.5 kt from Cerro Colorado which entered care and maintenance in December 2023. Excluding these volumes, Q1 FY25 production decreased 13%. Production guidance for FY25 is for Spence only. Refer to production and sales report and copper for further information.

ii	Q1 FY24 production includes 1.8 Mt (3.7 Mt on a 100% basis) from Blackwater and Daunia mines which were divested on 2 April 2024. Excluding these volumes, Q1 FY25 production increased 20%. Refer to production and sales report and steelmaking coal for further information.

BHP | Operational review for the year ended 30 September 2024

Segment and asset performance | FY25 YTD v FY24 YTD

LOGO

Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2


Copper

Production 476 kt _4% Q1 FY24 457 kt FY25e 1,845 – 2,045 kt Average realised price US$4.24/lb _17% Q1 FY24 US$3.63/lb		Total copper production increased 4% to 476 kt. Copper production guidance for FY25 remains unchanged at between 1,845 and 2,045 kt. Escondida _{304 kt 11% (100% basis)} Increased production primarily due to a higher concentrator feed grade of 1.00% (Q1 FY24: 0.85%) and higher recoveries as mining progressed into areas of higher-grade ore as planned. This was partially offset by planned lower cathode production, as the integration of the FullSaL project continued. The project remains on track for first production later in FY25. A new collective agreement with Union N°1 of Operators and Maintainers was signed and became effective for 36 months from 2 August 2024. The associated industrial action did not have a material impact on production during the quarter as a result of mitigating actions taken by management, including mine resequencing and prioritisation of ore movement. During Q1 FY25, one access ramp into the PL1 high grade mining area was impacted by geotechnical instability. We utilised alternative access ramps and completed stabilisation works, and as a result no material production impacts are expected. Production guidance for FY25 remains unchanged at between 1,180 and 1,300 kt, weighted to the second half. Concentrator feed grade for FY25 is expected to remain above 0.90%. Pampa Norte _{60 kt 23%}
		Spence production decreased 13% as expected, as a result of lower cathode production in line with an expected decline in stacked feed grade and planned quarterly maintenance at the concentrator. Concentrator feed grade and recoveries are in line with prior periods.

		Production guidance for Spence remains unchanged at between 240 and 270 kt for FY25.

		Cerro Colorado remains in temporary care and maintenance (having contributed 9.5 kt in Q1 FY24).

		Copper South Australia _{73 kt 2%}

		Higher production primarily driven by strong underlying operational performance, particularly at Carrapateena following the commissioning of Crusher 2 in Q3 FY24 which has enabled higher productivity from the sub-level cave and resulted in an increase in ore mined and milled. We also completed planned major maintenance at Olympic Dam on the hoist and underground materials handling system, and annual planned maintenance at the refinery. Production was lower at Prominent Hill due to minor pit geotechnical instability and ventilation constraints which impacted trucking capacity and ore mined, both of which have since been rectified.

		Production guidance for FY25 remains unchanged at between 310 and 340 kt, weighted to the second half.

		Other copper

		At Antamina, copper production increased 12% to 36 kt as a result of higher ore grade and recoveries, partially offset by planned lower concentrator throughput. Zinc production was 46% lower at 19 kt, as a result of planned lower feed grades. FY25 copper production guidance of between 115 and 135 kt and zinc production guidance of between 90 and 110 kt remain unchanged.

		Carajás produced 2.3 kt of copper and 1.7 troy koz of gold.

BHP | Operational review for the year ended 30 September 2024

Iron ore


Production 65 Mt _2% Q1 FY24 63 Mt FY25e 255 – 265.5 Mt Average realised price US$80.10/wmt _18% Q1 FY24 US$98.04/wmt		Iron ore production increased 2% to 65 Mt. Production guidance for FY25 remains unchanged at between 255 and 265.5 Mt. WAIO _{63.4 Mt 2% \| 71.6 Mt (100% basis)} Production increased as a result of strong supply chain performance with increased capacity unlocked by PDP1. Higher volumes were delivered from the Central Pilbara hub (South Flank and Mining Area C) following the completion of South Flank ramp up in FY24. We continue to progress the multi-year Rail Technology Program (RTP1), with tie-in activity increasing in FY25. Production guidance for FY25 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). Samarco _{1.3 Mt 4% \| 2.6 Mt (100% basis)]} Production increased due to early resumption of Pelletizing Plant No. 4 enabling improved performance. Production guidance for FY25 remains unchanged at between 5 and 5.5 Mt. The second concentrator at Samarco is expected to come online during Q3 FY25, which will increase production capacity to ~16 Mtpa of pellets (100% basis) once fully ramped up, which is expected to be by the end of FY26. BHP Brasil, Samarco and Vale have been engaging in negotiations with the Brazilian State and Federal Governments and other public entities to seek a settlement of obligations under the Framework Agreement, the Federal Public Prosecution Office Claim, and other claims by government entities relating to the Samarco dam failure. Those negotiations are ongoing. BHP Group Limited and BHP Group (UK) Limited are defendants to a group action claim in the English High Court, brought by over 600,000 claimants seeking damages in relation to the Fundão Dam failure in 2015. The liability hearing for the group action will begin on 21 October 2024.

Coal Steelmaking coal
Production 4.5 Mt _19% Q1 FY24 5.6 Mt FY25e 16.5 – 19 Mt Average realised price US$214.86/t _9% Q1 FY24 US$237.07/t		BMA _{4.5 Mt 19% \| 9 Mt (100% basis)} Production increased 20% (excluding 1.8 Mt from Blackwater and Daunia in Q1 FY24), due to increased stripping enabled by improved truck productivity as well as Q1 FY24 being impacted by the extended longwall move at Broadmeadow. We maintain our focus on restoring value chain stability, with an increase in raw coal inventory, which will continue into CY26. During the quarter we completed planned maintenance at Goonyella Riverside and Hay Point Coal Terminal, and commenced a longwall move at Broadmeadow. Production guidance for FY25 remains unchanged at between 16.5 and 19 Mt (33 and 38 Mt on a 100% basis).

BHP | Operational review for the year ended 30 September 2024



Energy coal
Production 3.7 Mt _2% Q1 FY24 3.6 Mt FY25e 13 – 15 Mt Average realised price US$124.32/t _1% Q1 FY24 US$125.66/t		NSWEC _{3.7 Mt 2%} Production increased 2%, including a higher proportion of washed coal in line with our strategy of prioritising higher quality coals. This was enabled by a drawdown of inventory to offset the impacts of reduced truck availability and unfavourable weather conditions. Production guidance for FY25 remains unchanged at between 13 and 15 Mt. The modification to extend mining consent to 30 June 2030 is currently being assessed by the NSW Government with an outcome anticipated in Q3 FY25.
Group & Unallocated

Nickel

Production		Western Australia Nickel _{19.6 kt 3%}

19.6 kt _3% Q1 FY24 20.2 kt Average realised price US$16,359/t _20% Q1 FY24 US$20,354/t		Production decreased as we commenced the temporary suspension of operations at Nickel West. Operations will be suspended from October 2024 and handover activities will be completed by December 2024. We continue to support the workforce through this transition period and have made redeployment offers to a large portion of our frontline employees. We expect costs to remain elevated during the transition to suspension in the first half and we plan to invest ~US$300 m per annum beginning in January 2025 to preserve optionality for a potential restart. No production guidance has been provided for FY25.

Quarterly performance | Q1 FY25 v Q4 FY24


Copper		Iron ore
476 kt _6% Q4 FY24 505 kt	Lower production due to planned maintenance, in particular across Copper SA, lower concentrator throughput and production across leaching at Escondida due to mine sequencing, and planned lower grades at Spence.	65 Mt _7% Q4 FY24 69 Mt	Lower production at WAIO as a result of planned equipment maintenance and increased RTP1 tie-in activity.
Steelmaking coal		Energy coal
4.5 Mt _8% Q4 FY24 4.9 Mt	Lower production as a result of the ramp down and commencement of the longwall move at Broadmeadow in Q1 FY25, and higher yield and lower strip ratio in the prior quarter as a result of mine sequencing.	3.7 Mt _2% Q4 FY24 3.8 Mt	Slightly lower production due to operational challenges from truck availability and wet weather, partially offset by a drawdown of inventory.
Nickel
19.6 kt _15% Q4 FY24 23.0 kt	Lower production as transition of operations to temporary suspension commenced.

BHP | Operational review for the year ended 30 September 2024

Appendix 1

Average realised pricesⁱ


	Quarter
	Q1 FY25		v Q4 FY24			v Q1 FY24
Copper (US$/lb)ⁱⁱ		4.24		(7	%)		17	%
Iron ore (US$/wmt, FOB)		80.10		(12	%)		(18	%)
Steelmaking coal (US$/t)ⁱⁱⁱ		214.86		(12	%)		(9	%)
Thermal coal (US$/t)^iv		124.32		1	%		(1	%)
Nickel metal (US$/t)^v		16,359		(11	%)		(20	%)

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	Sales from Carrapateena and Prominent Hill acquired through the purchase of OZL are included from Q4 FY24.

iii

From FY25, steelmaking coal refers to Hard Coking Coal which is generally those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and above, and includes coals across the spectrum from Premium Coking to Semi Hard Coking coals. Comparative periods include impacts from Weak Coking Coal, which refers generally to those steelmaking coals with a CSR below 35, which were sold by Blackwater and Daunia mines, divested on 2 April 2024.

iv	Export sales only. Includes thermal coal sales from steelmaking coal mines.

v	Relates to refined nickel metal only, excludes intermediate products and nickel sulphate.

Current year unit cost guidance


Unit cost	Current FY25 guidanceⁱ

Escondida (US$/lb)		1.30 –1.60		Unchanged

Spence (US$/lb)		2.00 – 2.30		Unchanged

Copper South Australia (US$/lb)		1.30 –1.80	ⁱⁱ	Unchanged

WAIO (US$/t)		18.00 –19.50		Unchanged

BMA (US$/t)		112 – 124		Unchanged

i	FY25 unit cost guidance is based on exchange rates of AUD/USD 0.66 and USD/CLP 842.

ii	Calculated using the following assumptions for by-products: gold US$2,000/oz, and uranium US$80/lb.

Medium term guidanceⁱ


	Production guidance		Unit cost guidanceⁱⁱ

Escondidaⁱⁱⁱ		900 –1,000 ktpa	US$	1.50 –1.80/lb

Spence		~250 ktpa	US$	2.05 – 2.35/lb

WAIO		>305 Mtpa		<US$17.50/t

BMA		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 0.66 and USD/CLP 842.

iii	Medium term refers to FY27 onwards. Production for FY25 and FY26 are expected to average between 1,200 and 1,300 kt.

Major projects

Commodity

Project and ownership

Project scope / capacity

Capital

expenditure

US$M

First

production

target date

Progress

Potash

Jansen Stage 1
(Canada)
100%

Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.

5,723

End-CY26

Project is 58

complete

Potash

Jansen Stage 2
(Canada)
100%

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.

4,859

FY29

Project is 4

complete

The operating expenditure related to Potash for FY25 is expected to be ~US$300 m.

Exploration

Minerals exploration and evaluation expenditure was US$104 m for Q1 FY25 (Q1 FY24: US$105 m) of which US$91 m was expensed (Q1 FY24: US$93 m).

BHP | Operational Review for the quarter ended 30 September 2024

Appendix 2


			Production																	Sales
			Quarter ended										Year to date							Quarter ended										Year to date
			Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var			Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var
			2023		2023		2024		2024		2024		2024		2023		%			2023		2023		2024		2024		2024		2024		2023		%
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.
Copper	Payable metal in concentrate	kt		317.3		308.7		339.0		370.4		360.9		360.9		317.3		14	%		298.0		316.5		281.5		378.7		429.1		429.1		298.0		44	%
	Escondida	kt		221.3		207.7		239.2		258.5		264.8		264.8		221.3		20	%		209.5		211.7		204.0		261.3		310.8		310.8		209.5		48	%
	Pampa Norte	kt		38.8		32.6		39.5		39.4		35.7		35.7		38.8		(8	)%		31.3		34.9		26.9		49.3		44.0		44.0		31.3		41	%
	Copper South Australia	kt		23.5		27.4		23.3		32.1		21.8		21.8		23.5		(7	)%		22.2		31.6		17.1		28.0		30.4		30.4		22.2		37	%
	Antamina	kt		32.5		39.2		33.9		38.3		36.3		36.3		32.5		12	%		32.8		38.3		31.3		37.4		39.6		39.6		32.8		21	%
	Carajás	kt		1.2		1.8		3.1		2.1		2.3		2.3		1.2		92	%		2.2		-		2.2		2.7		4.3		4.3		2.2		95	%
	Cathode	kt		139.7		128.7		126.8		134.4		115.4		115.4		139.7		(17	)%		131.9		137.6		120.1		142.3		110.7		110.7		131.9		(16	)%
	Escondida	kt		52.0		46.9		49.0		50.7		39.4		39.4		52.0		(24	)%		49.2		52.2		44.3		54.6		37.6		37.6		49.2		(24	)%
	Pampa Norte	kt		39.5		27.2		22.1		26.5		24.4		24.4		39.5		(38	)%		36.6		31.1		22.1		26.5		24.1		24.1		36.6		(34	)%
	Copper South Australia	kt		48.2		54.6		55.7		57.2		51.6		51.6		48.2		7	%		46.1		54.3		53.7		61.2		49.0		49.0		46.1		6	%
	Total	kt		457.0		437.4		465.8		504.8		476.3		476.3		457.0		4	%		429.9		454.1		401.6		521.0		539.8		539.8		429.9		26	%
Lead	Payable metal in concentrate	t		96		105		-		131		21		21		96		(78	)%		154		91		108		9		125		125		154		(19	)%
	Antamina	t		96		105		-		131		21		21		96		(78	)%		154		91		108		9		125		125		154		(19	)%
Zinc	Payable metal in concentrate	t		35,669		33,475		18,409		15,839		19,374		19,374		35,669		(46	)%		33,912		37,092		17,559		14,118		19,609		19,609		33,912		(42	)%
	Antamina	t		35,669		33,475		18,409		15,839		19,374		19,374		35,669		(46	)%		33,912		37,092		17,559		14,118		19,609		19,609		33,912		(42	)%
Gold	Payable metal in concentrate	troy oz		89,020		94,768		79,159		100,013		85,668		85,668		89,020		(4	)%		87,687		98,969		70,398		92,323		98,936		98,936		87,687		13	%
	Escondida	troy oz		48,063		48,633		38,955		45,410		46,963		46,963		48,063		(2	)%		48,063		48,633		38,955		45,410		46,963		46,963		48,063		(2	)%
	Pampa Norte	troy oz		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%
	Copper South Australia	troy oz		36,228		42,051		36,427		48,355		32,928		32,928		36,228		(9	)%		34,176		47,482		28,136		40,507		44,761		44,761		34,176		31	%
	Carajás	troy oz		798		1,230		1,958		1,572		1,734		1,734		798		117	%		1,517		-		1,488		1,730		3,169		3,169		1,517		109	%
	Refined gold	troy oz		53,028		55,828		49,128		49,139		37,385		37,385		53,028		(29	)%		54,036		55,349		41,710		52,687		40,326		40,326		54,036		(25	)%
	Copper South Australia	troy oz		53,028		55,828		49,128		49,139		37,385		37,385		53,028		(29	)%		54,036		55,349		41,710		52,687		40,326		40,326		54,036		(25	)%
	Total	troy oz		142,048		150,596		128,287		149,152		123,053		123,053		142,048		(13	)%		141,723		154,318		112,108		145,010		139,262		139,262		141,723		(2	)%
Silver	Payable metal in concentrate	troy koz		2,582		3,074		2,620		3,317		3,150		3,150		2,582		22	%		2,527		2,938		2,431		3,137		3,126		3,126		2,527		24	%
	Escondida	troy koz		1,168		1,401		1,328		1,549		1,546		1,546		1,168		32	%		1,168		1,401		1,328		1,549		1,546		1,546		1,168		32	%
	Pampa Norte	troy koz		356		388		327		583		503		503		356		41	%		356		388		327		583		503		503		356		41	%
	Copper South Australia	troy koz		260		310		252		312		223		223		260		(14	)%		258		364		189		311		295		295		258		14	%
	Antamina	troy koz		798		975		713		873		878		878		798		10	%		745		785		587		694		782		782		745		5	%
	Refined silver	troy koz		261		221		248		265		206		206		261		(21	)%		219		222		188		329		202		202		219		(8	)%
	Copper South Australia	troy koz		261		221		248		265		206		206		261		(21	)%		219		222		188		329		202		202		219		(8	)%
	Total	troy koz		2,843		3,295		2,868		3,582		3,356		3,356		2,843		18	%		2,746		3,160		2,619		3,466		3,328		6,454		5,273		22	%
Uranium	Payable metal in concentrate	t		825		986		863		929		672		672		825		(19	)%		481		895		394		1,554		677		677		481		41	%
	Copper South Australia	t		825		986		863		929		672		672		825		(19	)%		481		895		394		1,554		677		677		481		41	%
Molybdenum	Payable metal in concentrate	t		612		481		824		699		1,084		1,084		612		77	%		564		468		677		678		862		862		564		53	%
	Pampa Norte	t		329		145		203		117		182		182		329		(45	)%		303		162		219		134		181		181		303		(40	)%
	Antamina	t		283		336		621		582		902		902		283		219	%		261		306		458		544		681		681		261		161	%
Iron ore	Western Australia Iron Ore (WAIO)	kt		62,004		64,460		60,299		68,173		63,363		63,363		62,004		2	%		64,180		62,606		61,868		67,323		63,408		63,408		64,180		(1	)%
	Samarco	kt		1,231		1,302		1,174		1,041		1,285		1,285		1,231		4	%		1,136		1,329		1,258		1,043		1,002		1,002		1,136		(12	)%
	Total	kt		63,235		65,762		61,473		69,214		64,648		64,648		63,235		2	%		65,316		63,935		63,126		68,366		64,410		64,410		65,316		(1	)%
Steelmaking coal¹	BHP Mitsubishi Alliance (BMA)	kt		5,601		5,717		6,035		4,922		4,515		4,515		5,601		(19	)%		5,325		5,706		6,359		4,904		4,273		4,273		5,325		(20	)%
Energy coal	NSW Energy Coal (NSWEC)	kt		3,613		3,855		4,149		3,751		3,675		3,675		3,613		2	%		3,307		4,250		3,932		3,678		3,951		3,951		3,307		19	%
Nickel	Western Australia Nickel	kt		20.2		19.6		18.8		23.0		19.6		19.6		20.2		(3	)%		18.9		20.0		18.8		23.2		19.9		19.9		18.9		5	%
Cobalt	Western Australia Nickel	t		192		182		179		181		294		294		192		53	%		192		110		179		181		294		294		192		53	%

1 Includes BMA thermal coal sales.

BHP | Operational Review for the quarter ended 30 September 2024


			Production																	Sales
			Quarter ended										Year to date							Quarter ended										Year to date
			Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %			Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %
Production and sales
By asset
Copper

Metals production is payable metal unless otherwise noted.
Escondida, Chile¹		BHP interest 57.5%
	Material mined	kt		87,462		95,168		103,872		102,752		100,416		100,416		87,462		15	%
	Concentrator throughput	kt		33,332		34,752		31,653		34,377		32,488		32,488		33,332		(3	)%
	Average copper grade—concentrator	%		0.85%		0.78%		0.92%		0.99%		1.00%		1.00%		0.85%		18	%
	Production ex mill	kt		225.7		217.6		238.6		279.5		269.9		269.9		225.7		20	%
	Payable copper	kt		221.3		207.7		239.2		258.5		264.8		264.8		221.3		20	%		209.5		211.7		204.0		261.3		310.8		310.8		209.5		48	%
	Copper cathode (EW)	kt		52.0		46.9		49.0		50.7		39.4		39.4		52.0		(24	)%		49.2		52.2		44.3		54.6		37.6		37.6		49.2		(24)	%
	Oxide leach	kt		17.5		17.0		14.4		13.8		7.8		7.8		17.5		(55	)%
	Sulphide leach	kt		34.5		29.9		34.6		36.9		31.6		31.6		34.5		(8	)%
	Total copper	kt		273.3		254.6		288.2		309.2		304.2		304.2		273.3		11	%		258.7		263.9		248.3		315.9		348.4		348.4		258.7		35	%
	Payable gold concentrate	troy oz		48,063		48,633		38,955		45,410		46,963		46,963		48,063		(2	)%		48,063		48,633		38,955		45,410		46,963		46,963		48,063		(2)	%
	Payable silver concentrate	troy koz		1,168		1,401		1,328		1,549		1,546		1,546		1,168		32	%		1,168		1,401		1,328		1,549		1,546		1,546		1,168		32	%
1 Shown on a 100% basis.
Pampa Norte, Chile		BHP interest 100%
Copper	Payable metal in concentrate	kt		38.8		32.6		39.5		39.4		35.7		35.7		38.8		(8	)%		31.3		34.9		26.9		49.3		44.0		44.0		31.3		41	%
	Cathode	kt		39.5		27.2		22.1		26.5		24.4		24.4		39.5		(38	)%		36.6		31.1		22.1		26.5		24.1		24.1		36.6		(34)	%
	Total copper	kt		78.3		59.8		61.6		65.9		60.1		60.1		78.3		(23	)%		67.9		66.0		49.0		75.8		68.1		68.1		67.9		0	%
Gold		troy oz		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%
Silver		troy koz		356		388		327		583		503		503		356		41	%		356		388		327		583		503		503		356		41	%
Molybdenum		t		329		145		203		117		182		182		329		(45	)%		303		162		219		134		181		181		303		(40)	%

Cerro Colorado¹
	Material mined	kt		-		-		-		-		-		-		-		-
	Ore stacked	kt		154		-		-		-		-		-		154		(100	)%
	Average copper grade—stacked	%		0.58%		-		-		-		-		-		0.58%		(100	)%
	Copper cathode (EW)	kt		9.5		1.6		-		-		-		-		9.5		(100	)%		8.8		3.7		-		-		-		-		8.8		(100)	%

Spence
	Material mined	kt		27,654		25,973		15,968		19,951		23,260		23,260		27,654		(16	)%
	Ore stacked	kt		5,113		4,744		6,008		5,926		4,928		4,928		5,113		(4	)%
	Average copper grade—stacked	%		0.60%		0.59%		0.56%		0.54%		0.73%		0.73%		0.60%		22	%
	Concentrator throughput	kt		8,473		7,151		8,055		7,766		7,547		7,547		8,473		(11	)%
	Average copper grade—concentrator	%		0.64%		0.65%		0.64%		0.70%		0.64%		0.64%		0.64%		0%
	Payable copper	kt		38.8		32.6		39.5		39.4		35.7		35.7		38.8		(8	)%		31.3		34.9		26.9		49.3		44.0		44.0		31.3		41	%
	Copper cathode (EW)	kt		30.0		25.6		22.1		26.5		24.4		24.4		30.0		(19	)%		27.8		27.4		22.1		26.5		24.1		24.1		27.8		(13)	%
	Total copper	kt		68.8		58.2		61.6		65.9		60.1		60.1		68.8		(13	)%		59.1		62.3		49.0		75.8		68.1		68.1		59.1		15	%
	Payable gold concentrate	troy oz		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%		3,931		2,854		1,819		4,676		4,043		4,043		3,931		3	%
	Payable silver concentrate	troy koz		356		388		327		583		503		503		356		41	%		356		388		327		583		503		503		356		41	%
	Payable molybdenum	t		329		145		203		117		182		182		329		(45	)%		303		162		219		134		181		181		303		(40)	%

1 Cerro Colorado entered temporary care and maintenance in December 2023.

BHP | Operational Review for the quarter ended 30 September 2024


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var		Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var
			2023		2023		2024		2024		2024		2024		2023		%		2023		2023		2024		2024		2024		2024		2023		%
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt		26.2		30.6		27.4		34.7		27.9		27.9		26.2		6%		22.2		31.6		17.1		28.0		30.4		30.4		22.2		37%
	Cathode	kt		48.2		54.6		55.7		57.2		51.6		51.6		48.2		7%		46.1		54.3		53.7		61.2		49.0		49.0		46.1		6%
	Total copper	kt		74.4		85.2		83.1		91.9		79.5		79.5		74.4		7%		68.3		85.9		70.8		89.2		79.4		79.4		68.3		16%
	Payable metal in concentrate transfer to Olympic Dam¹	kt		(2.7)		(3.2)		(4.1)		(2.6)		(6.1)		(6.1)		(2.7)		126%
	Net copper	kt		71.7		82		79		89.3		73.4		73.4		71.7		2%
Gold	Payable metal in concentrate	troy oz		41,424		48,051		43,209		52,045		46,452		46,452		41,424		12%		34,176		47,482		28,136		40,507		44,761		44,761		34,176		31%
	Refined gold	troy oz		53,028		55,828		49,128		49,139		37,385		37,385		53,028		(29)%		54,036		55,349		41,710		52,687		40,326		40,326		54,036		(25)%
	Total gold	troy oz		94,452		103,879		92,337		101,184		83,837		83,837		94,452		(11)%		88,212		102,831		69,846		93,194		85,087		85,087		88,212		(4)%
	Payable metal in concentrate transfer to Olympic Dam¹	troy oz		(5,196)		(6,000)		(6,782)		(3,690)		(13,524)		(13,524)		(5,196)		160%
	Net gold	troy oz		89,256		97,879		85,555		97,494		70,313		70,313		89,256		(21)%
Silver	Payable metal in concentrate	troy koz		271		323		282		333		254		254		271		(6)%		258		364		189		311		295		295		258		14%
	Refined silver	troy koz		261		221		248		265		206		206		261		(21)%		219		222		188		329		202		202		219		(8)%
	Total silver	troy koz		532		544		530		598		460		460		532		(14)%		477		586		377		640		497		497		477		4%
	Payable metal in concentrate transfer to Olympic Dam¹	troy koz		(11)		(13)		(30)		(21)		(31)		(31)		(11)		182%
	Net silver	troy koz		521		531		500		577		429		429		521		(18)%
Uranium		t		825		986		863		929		672		672		825		(19)%		481		895		394		1,554		677		677		481		41%

Olympic Dam
	Material mined	kt		2,655		2,537		2,747		2,815		2,734		2,734		2,655		3%
	Ore milled	kt		2,596		2,634		2,511		2,912		2,617		2,617		2,596		1%
	Average copper grade	%		1.96%		2.12%		1.96%		2.00%		1.99%		1.99%		1.96%		2%
	Average uranium grade	kg/t		0.56		0.62		0.57		0.58		0.60		0.60		0.56		7%
	Copper cathode (ER and EW)	kt		48.2		54.6		55.7		57.2		51.6		51.6		48.2		7%		46.1		54.3		53.7		61.2		49.0		49.0		46.1		6%
	Refined gold	troy oz		53,028		55,828		49,128		49,139		37,385		37,385		53,028		(29)%		54,036		55,349		41,710		52,687		40,326		40,326		54,036		(25)%
	Refined silver	troy koz		261		221		248		265		206		206		261		(21)%		219		222		188		329		202		202		219		(8)%
	Payable uranium	t		825		986		863		929		672		672		825		(19)%		481		895		394		1,554		677		677		481		41%

Prominent Hill²
	Material mined	kt		1,110		1,125		1,094		1,175		927		927		1,110		(16)%
	Ore milled	kt		1,652		1,800		1,473		1,815		1,559		1,559		1,652		(6)%
	Average copper grade	%		0.85%		0.83%		0.86%		0.94%		0.73%		0.73%		0.85%		(14)%
	Concentrate produced	kt		23.8		23.6		22.3		28.4		19.6		19.6		23.8		(18)%
	Payable copper	kt		12.1		12.9		10.9		14.6		9.5		9.5		12.1		(21)%		8.4		10.6		6.5		7.3		10.9		10.9		8.4		30%
	Payable gold concentrate	troy oz		22,031		25,779		21,019		25,357		20,976		20,976		22,031		(5)%		15,524		20,045		14,644		12,955		18,719		18,719		15,524		21%
	Payable silver concentrate	troy koz		63		65		62		90		63		63		63		0%		53		59		38		48		73		73		53		38%

Carrapateena²
	Material mined	kt		1,201		1,310		1,232		1,486		1,470		1,470		1,201		22%
	Ore milled	kt		1,230		1,307		1,226		1,450		1,446		1,446		1,230		18%
	Average copper grade	%		1.29%		1.52%		1.52%		1.57%		1.45%		1.45%		1.29%		12%
	Concentrate produced	kt		37.6		49.2		45.9		62.0		59.2		59.2		37.6		57%
	Payable copper	kt		14.1		17.7		16.5		20.1		18.4		18.4		14.1		30%		13.8		21.0		10.6		20.7		19.5		19.5		13.8		41%
	Payable gold concentrate	troy oz		19,393		22,272		22,190		26,688		25,476		25,476		19,393		31%		18,652		27,437		13,492		27,552		26,042		26,042		18,652		40%
	Payable silver concentrate	troy koz		208		258		220		243		191		191		208		(8)%		205		305		151		263		222		222		205		8%

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.

BHP | Operational Review for the quarter ended 30 September 2024


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %		Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %

Copper (continued)

Antamina, Peru		BHP interest 33.75%
	Material mined	kt		63,310		61,539		56,233		62,481		64,094		64,094		63,310		1%
	Concentrator throughput	kt		14,246		14,824		14,312		14,534		13,096		13,096		14,246		(8)%
	Average head grade - copper	%		0.83%		0.90%		0.83%		0.91%		0.91%		0.91%		0.83%		10%
	Average head grade - zinc	%		1.17%		1.03%		0.68%		0.68%		0.67%		0.67%		1.17%		(43)%
	Payable copper	kt		32.5		39.2		33.9		38.3		36.3		36.3		32.5		12%		32.8		38.3		31.3		37.4		39.6		39.6		32.8		21%
	Payable zinc	t		35,669		33,475		18,409		15,839		19,374		19,374		35,669		(46)%		33,912		37,092		17,559		14,118		19,609		19,609		33,912		(42)%
	Payable silver	troy koz		798		975		713		873		878		878		798		10%		745		785		587		694		782		782		745		5%
	Payable lead	t		96		105		-		131		21		21		96		(78)%		154		91		108		9		125		125		154		(19)%
	Payable molybdenum	t		283		336		621		582		902		902		283		219%		261		306		458		544		681		681		261		161%


Carajás, Brazil¹		BHP interest 100%
	Material mined	kt		74		115		163		134		180		180		74		143%
	Ore milled	kt		70		119		163		135		161		161		70		130%
	Average copper grade	%		1.91%		1.69%		2.07%		1.68%		1.61%		1.61%		1.91%		(16)%
	Production ex mill	kt		5.2		7.6		12.9		8.8		9.9		9.9		5.2		90%
	Payable copper	kt		1.2		1.8		3.1		2.1		2.3		2.3		1.2		92%		2.2		-		2.2		2.7		4.3		4.3		2.2		95%
	Payable gold concentrate	troy oz		798		1,230		1,958		1,572		1,734		1,734		798		117%		1,517		-		1,488		1,730		3,169		3,169		1,517		109%
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.


Iron ore
Iron ore production and sales are reported on a wet tonnes basis.

WAIO, Australia		BHP interest 85%
	Newman Joint Venture	kt		13,234		15,468		15,032		14,368		13,358		13,358		13,234		1%
	Area C Joint Venture	kt		25,804		26,074		24,920		29,070		28,839		28,839		25,804		12%
	Yandi Joint Venture	kt		3,150		4,978		4,434		5,293		4,440		4,440		3,150		41%
	Jimblebar¹	kt		19,816		17,940		15,913		19,442		16,726		16,726		19,816		(16)%
	Total	kt		62,004		64,460		60,299		68,173		63,363		63,363		62,004		2%
	Total (100%)	kt		69,448		72,670		68,131		76,773		71,593		71,593		69,448		3%
	Lump	kt																		20,969		19,176		19,175		20,260		19,377		19,377		20,969		(8)%
	Fines	kt																		43,211		43,430		42,693		47,063		44,031		44,031		43,211		2%
	Total	kt																		64,180		62,606		61,868		67,323		63,408		63,408		64,180		(1)%
	Total (100%)	kt																		71,748		70,340		69,775		75,898		71,543		71,543		71,748		0%
1 Shown on a 100% basis. BHP interest in saleable production is 85%.


Samarco, Brazil		BHP interest 50%
	Total	kt		1,231		1,302		1,174		1,041		1,285		1,285		1,231		4%		1,136		1,329		1,258		1,043		1,002		1,002		1,136		(12)%

BHP | Operational Review for the quarter ended 30 September 2024


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %		Sep 2023		Dec 2023		Mar 2024		Jun 2024		Sep 2024		Sep 2024		Sep 2023		Var %
Coal

Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%

	Blackwater¹	kt		1,295		1,182		1,070		25		-		-		1,295		(100)%

	Goonyella	kt		827		1,736		1,824		2,047		1,359		1,359		827		64%

	Peak Downs	kt		1,121		846		1,012		1,238		1,249		1,249		1,121		11%

	Saraji	kt		1,010		701		759		817		940		940		1,010		(7)%

	Daunia¹	kt		545		431		524		13		-		-		545		(100)%

	Caval Ridge	kt		803		821		846		782		967		967		803		20%

	Total²	kt		5,601		5,717		6,035		4,922		4,515		4,515		5,601		(19)%

	Total (100%)	kt		11,202		11,434		12,070		9,844		9,030		9,030		11,202		(19)%

	Coking coal	kt																		4,497		4,756		5,410		4,862		4,273		4,273		4,497		(5)%

	Weak coking coal	kt																		529		752		927		42		-		-		529		(100)%

	Thermal coal	kt																		299		198		22		-		-		-		299		(100)%

	Total	kt																		5,325		5,706		6,359		4,904		4,273		4,273		5,325		(20)%

	Total (100%)	kt																		10,650		11,412		12,718		9,808		8,546		8,546		10,650		(20)%

1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024. 2 Production figures include some thermal coal.

NSWEC, Australia		BHP interest 100%

	Export	kt																		3,087		3,942		3,558		3,254		3,416		3,416		3,087		11%

	Domestic¹	kt																		220		308		374		424		535		535		220		143%

	Total	kt		3,613		3,855		4,149		3,751		3,675		3,675		3,613		2%		3,307		4,250		3,932		3,678		3,951		3,951		3,307		19%

1 Domestic sales in FY24 were made under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice 2023.

Other

Nickel production is reported on the basis of saleable product.

Western Australia Nickel, Australia		BHP interest 100%

Mt Keith	Nickel concentrate	kt		42.7		43.8		32.4		42.6		35.9		35.9		42.7		(16)%

	Average nickel grade	%		16.7		16.8		15.2		17.8		17.1		17.1		16.7		2%

Leinster	Nickel concentrate	kt		66.0		63.4		60.3		76.6		72.5		72.5		66.0		10%

	Average nickel grade	%		8.1		8.0		7.8		9.0		8.8		8.8		8.1		9%

	Refined nickel¹	kt		13.8		12.6		8.8		14.7		12.1		12.1		13.8		(12)%		13.2		13.0		8.6		14.8		13.5		13.5		13.2		2%

	Nickel sulphate²	kt		0.9		0.7		1.0		1.6		0.3		0.3		0.9		(67)%		0.8		0.7		0.8		1.5		0.6		0.6		0.8		(25)%

	Intermediates and nickel by-products³	kt		5.5		6.3		9.0		6.7		7.2		7.2		5.5		31%		4.9		6.3		9.4		6.9		5.8		5.8		4.9		18%

	Total nickel	kt		20.2		19.6		18.8		23.0		19.6		19.6		20.2		(3)%		18.9		20.0		18.8		23.2		19.9		19.9		18.9		5%

	Cobalt by-products	t		192		182		179		181		294		294		192		53%		192		110		179		181		294		294		192		53%

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.

BHP | Operational review for the year ended 30 September 2024

Variance analysis relates to the relative performance of BHP and/or its operations during the three months ended September 2024 compared with the three months ended September 2023, 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 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 2024 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

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary


Media Relations		Investor Relations

Email: media.relations@bhp.com		Email: investor.relations@bhp.com

Australia and Asia		Australia and Asia

Josie Brophy		John-Paul Santamaria
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Europe, Middle East and Africa		Europe, Middle East and Africa

Gabrielle Notley		James Bell
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North America		Americas

Megan Hjulfors		Monica Nettleton
Mobile: +1 403 605 2314		Mobile: +1 416 518 6293

Latin America

Renata Fernandez
Mobile: +56 9 8229 5357

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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BHP Group Limited

Date: October 17, 2024

/s/ Stefanie Wilkinson

Stefanie Wilkinson

Group General Counsel and Group Company Secretary