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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bhp Billiton Ltd | LSE:0HN3 | London | Ordinary Share | BHP BILLITON ADR REPTG 2 ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.49 | 385 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 54.19B | 12.92B | 2.5473 | 11.74 | 151.72B |
TIDMBHP
RNS Number : 1944N
BHP Group Limited
19 January 2023
Release Time IMMEDIATE Date 19 January 2023 Release Number 1/23
BHP OPERATIONAL REVIEW
FOR THE HALF YEARED 31 DECEMBER 2022
-- We remained fatality free at our operated assets for the fourth consecutive year and continued to deliver reliable operational performance during the quarter.
-- Western Australia Iron Ore (WAIO) achieved record production of 146 Mt (100% basis) for the half year.
-- Production guidance for the 2023 financial year remains unchanged, with Escondida and BHP Mitsubishi Alliance (BMA) trending to the low end of their respective guidance ranges.
-- Full year unit cost guidance(1) for Escondida and WAIO remains unchanged. Unit cost guidance for BMA and New South Wales Energy Coal (NSWEC) has been increased, largely reflecting production impacts from significant wet weather and inflationary pressures.
-- BHP entered into a Scheme Implementation Deed with OZ Minerals Ltd (OZL) to acquire 100% of OZL by way of a scheme arrangement for a cash price of A$28.25 per OZL share.
BHP Chief Executive Officer, Mike Henry:
"BHP delivered safe and reliable operating performance in the first half of the 2023 financial year. Employees and contractors across BHP continued to prioritise safety, resulting in the fourth consecutive year without a fatality.
WA Iron Ore (WAIO) delivered record production for the half year through strong supply chain performance, supported by the ongoing ramp-up at South Flank. Copper production at Escondida rose despite road blockades in Chile in the December quarter and the Spence Growth Option continued to ramp up, while Olympic Dam's ongoing smelter performance saw near-record material processing and record gold production. In Queensland, coal production was again impacted by heavy rainfall. As foreshadowed, we are seeing the impact of inflation across our global supply chains and continue to focus on productivity and controllable costs.
BHP believes China will be a stabilising force when it comes to commodity demand in the 2023 calendar year, with OECD nations experiencing economic headwinds. China's pro-growth policies, including in the property sector, and an easing of COVID-19 restrictions are expected to support progressive improvement from the difficult economic conditions of the first half. China is expected to achieve its fifth straight year of over 1 billion tonnes of steel production.
During the quarter, we continued to progress a number of growth pathways to shape our portfolio toward future facing commodities and reduce our operational emissions. In December 2022, BHP's scheme implementation deed to acquire 100% of Australian copper producer OZ Minerals received unanimous support from the OZ Minerals Board ahead of a shareholder vote in the coming months."
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Dec H22 Dec Q22 Production (vs Dec H21) (vs Sep Q22) Dec Q22 vs Sep Q22 commentary ----------------------- ------------- ------------- ---------------------------------------------------------------------------------------------- Copper (kt) 834.4 424.3 Higher volumes at Escondida due to higher throughput, higher concentrate volumes at Spence reflecting the ramp up of the Spence Growth Option, and strong volumes at Olympic Dam as a result of planned refinery maintenance in the prior period. 12% 3% Iron ore (Mt) 132.0 66.9 Record production at WAIO in the month of December 2022 due to strong supply chain performance and reduced impacts of labour constraints and wet weather. 2% 3% Metallurgical coal (Mt) 13.6 7.0 Higher volumes due to improved strip ratios and the planned longwall move at Broadmeadow in the prior period, partially offset by continued significant wet weather. 5% 4% Energy coal (Mt) 5.5 2.9 Higher volumes due to improved operating conditions, including less significant wet weather impacts and reduced labour shortages in the December 2022 quarter, partially offset by planned wash plant maintenance completed in November 2022. (24%) 9% Nickel (kt) 38.4 17.7 Lower volumes due to planned maintenance at the smelter and refinery. (2%) (14%)
Summary
Operational performance
Production and guidance are summarised below.
Dec H22 Dec Q22 Dec Q22 Previous Current Dec Dec vs vs vs FY23 FY23 Production H22 Q22 Dec H21 Dec Q21 Sep Q22 guidance guidance Copper (kt) 834.4 424.3 12% 16% 3% 1,635 - 1,825 1,635 - 1,825 Escondida (kt) 510.7 258.0 5% 5% 2% 1,080 - 1,180 1,080 - 1,180 Low end Pampa Norte (kt) 147.3 76.7 8% 12% 9% 240 - 290 240 - 290 Unchanged Olympic Dam (kt) 104.1 54.4 138% 283% 9% 195 - 215 195 - 215 Unchanged Antamina (kt) 72.3 35.2 (3%) (8%) (5%) 120 - 140 120 - 140 Unchanged Iron ore (Mt) 132.0 66.9 2% 1% 3% 249 - 260 249 - 260 WAIO (Mt) 129.7 65.8 2% 1% 3% 246 - 256 246 - 256 Unchanged WAIO (100% basis) (Mt) 146.4 74.3 1% 1% 3% 278 - 290 278 - 290 Unchanged Samarco (Mt) 2.2 1.1 8% 6% (5%) 3 - 4 3 - 4 Unchanged Metallurgical coal - BMA (Mt) 13.6 7.0 5% 10% 4% 29 - 32 29 - 32 BMA (100% basis) (Mt) 27.2 13.9 5% 10% 4% 58 - 64 58 - 64 Low end Energy coal - NSWEC (Mt) 5.5 2.9 (24%) (4%) 9% 13 - 15 13 - 15 Unchanged Nickel (kt) 38.4 17.7 (2%) (18%) (14%) 80 - 90 80 - 90 Unchanged
Summary of disclosures
BHP expects its financial results for the half year ended 31 December 2022 to reflect certain items as 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 21 February 2023. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.
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H1 FY23 impact Description US$M(i) Classification(ii) ---------------------------------------------------------------------------- ------------------ -------------------- Unit costs for the December 2022 half year at Escondida are expected to be - Operating costs towards the upper end of full year guidance; unit costs at WAIO, BMA and NSWEC are expected to be above full year guidance (at guidance exchange rates) Note: weaker Australian dollar and Chilean peso than guidance rates in the period(iii) For the 2023 financial year, unit costs at WAIO and Escondida are tracking - Operating costs towards the upper end of full year guidance (at guidance exchange rates) Unit cost guidance for BMA has been increased to between US$100 and US$105 per tonne (at guidance exchange rates) reflecting full year volumes tracking to the low end of production guidance due to significant wet weather, inventory movements and inflationary pressures Unit cost guidance for NSWEC has been increased to between US$84 and US$91 per tonne (at guidance exchange rates) reflecting production impacts from record wet weather, inflationary pressures and price-linked logistics costs Exploration expense 127 Exploration expense The Group's adjusted effective tax rate for H1 FY23 is expected to be - Taxation expense slightly below the full year guidance range of 30 to 35 per cent Working capital movements relating to royalties, net price impacts on 1,000-1,400 Operating cash flow receivables and payables, and other movements Settlement of derivative related to the funding of the final FY22 dividend 210 Operating cash flow (note: together with the payment of US$8.7 billion reported in financing cash outflow, the combined payment of US$8.9 billion represents the final dividend determined on 16 August 2022 in the financial results for the year ended 30 June 2022) Additional net proceeds(iv) received from the sale of BHP's 80 per cent 74 Investing cash flow interest in BMC Dividends paid to non-controlling interests 527 Financing cash flow Financial impact on BHP Brasil of the Samarco dam failure Refer footnote (v) Exceptional item The financial impact is expected to primarily relate to amortisation of discounting on the
provision and the impact of foreign exchange i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.
iii Average exchange rates for H1 FY23 of AUD/USD 0.67 (guidance rate AUD/USD 0.72) and USD/CLP 920 (guidance rate USD/CLP 830).
iv Second purchase price instalment offset by working capital adjustments .
v Financial impact is the subject of ongoing work and is not yet finalised. See corporate update section for further information on Samarco.
Average realised prices
The average realised prices achieved for our major commodities are summarised below.
Dec H22 Dec H22 Dec H22 vs vs vs Average realised prices(i) Dec H22 Dec H21 Jun H22 FY22 Dec H21 Jun H22 FY22 --------------------------------- ------- ------- ------- ------ -------- -------- ------- Copper (US$/lb) 3.49 4.31 4.02 4.16 (19%) (13%) (16%) Iron ore (US$/wmt, FOB) 85.46 113.54 112.65 113.10 (25%) (24%) (24%) Metallurgical coal (US$/t) 268.73 259.71 423.82 347.10 3% (37%) (23%) Hard coking coal (US$/t)(ii) 270.65 278.60 437.60 366.82 (3%) (38%) (26%) Weak coking coal (US$/t)(ii) 252.12 218.65 382.56 296.51 15% (34%) (15%) Thermal coal (US$/t)(iii) 354.30 137.68 302.60 216.78 157% 17% 63% Nickel metal (US$/t) 24,362 19,651 27,399 23,275 24% (11%) 5%
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 Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.
iii Includes thermal coal sales from metallurgical coal mines.
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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 the December 2022 half year were based on an average moisture rate of 6.8 per cent. The large majority of metallurgical 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. 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.
At 31 December 2022, the Group had 319 kt of outstanding copper sales that were revalued at a weighted average price of US$3.80 per pound. The final price of these sales will be determined over the remainder of the 2023 financial year. In addition, 354 kt of copper sales from the 2022 financial year were subject to a finalisation adjustment in the current period. The provisional pricing and finalisation adjustments will decrease Underlying EBITDA by US$59 million in the December 2022 half year and are included in the average realised copper price in the above table.
Corporate update
Portfolio
In December 2022, BHP announced the signing of a Scheme Implementation Deed (SID) with OZ Minerals Ltd (OZL) to acquire 100 per cent of OZL through a scheme of arrangement for a cash price of A$28.25 per OZL share. The SID confirms the terms of the scheme and BHP's non-binding indicative proposal announced on 18 November 2022. The implementation of the scheme is subject to satisfaction of certain conditions including OZL shareholder approval. The OZL Board has unanimously recommended that OZL shareholders vote in favour of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of OZL shareholders.
In October 2022, BHP agreed to invest an additional US$50 million (the second investment) in the Kabanga Nickel Project (Kabanga) in Tanzania, subject to the satisfaction of customary conditions precedent. On closing, BHP's equity stake in Kabanga will increase to 14.3 per cent. In addition, BHP has signed an agreement with Kabanga Nickel Limited giving BHP the option to increase its interest in Kabanga to 51 per cent.
Decarbonisation
Throughout the December 2022 quarter we continued to make progress towards our decarbonisation targets and goals and supported efforts to reduce greenhouse gas (GHG) emissions across our value chain.
In October 2022, BHP entered into an agreement with ArcelorMittal, Mitsubishi Heavy Industries and Mitsubishi Development for a multi-year trial of carbon capture technology, which will involve a feasibility and design study to support progress to full scale deployment, and trials at two of ArcelorMittal's steel plants.
In November 2022, BHP signed a renewable Power Purchase Agreement (PPA) with Neoen , which is expected to meet half of Olympic Dam's electricity needs from the 2026 financial year, based on current forecast demand, and allow Olympic Dam to record a net zero emission position for the contracted volume of supply.
Samarco
In December 2022, BHP agreed to fund US$915 million in further financial support for the Renova Foundation. The funding is for the 2023 calendar year and will be offset against the Group's provision for the Samarco dam failure.
We will provide an update to the ongoing potential financial impacts on BHP Brasil of the Samarco dam failure with the release of the financial results on 21 February 2023. Any financial impacts will continue to be treated as an exceptional item.
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Copper
Production
Dec H22 Dec Q22 Dec Q22 vs vs vs Dec H22 Dec Q22 Dec H21 Dec Q21 Sep Q22 Copper (kt) 834.4 424.3 12% 16% 3% Zinc (t) 62,614 29,929 0% 1% (8%) Uranium (t) 1,760 943 115% 229% 15%
Copper - Total copper production increased by 12 per cent to 834 kt. Guidance for the 2023 financial year remains unchanged at between 1,635 and 1,825 kt.
Escondida copper production increased by five per cent to 511 kt primarily due to higher concentrator feed grade of 0.79 per cent, compared to 0.72 per cent in the December 2021 half year. The higher grade was partially offset by lower throughput and the impact of road blockades across Chile in the December 2022 quarter, which reduced availability of some key mine supplies. Full year production is trending towards the low end of the guidance range of between 1,080 and 1,180 kt as a result of lower than expected concentrator feed grade and throughput. Production is weighted to the second half of the year, with concentrator feed grade expected to improve compared to the December 2022 half year. Medium term guidance of 1.2 Mtpa of copper production on average over the next five years remains unchanged.
Pampa Norte copper production increased by eight per cent to 147 kt reflecting the continued ramp up of the Spence Growth Option (SGO). Guidance for the 2023 financial year remains unchanged at between 240 and 290 kt. The SGO plant modifications started in August 2022 and are planned to be completed in the 2023 calendar year. Expected capital expenditure for the works remains unchanged at approximately US$100 million. Further studies are ongoing for additional capacity uplift at SGO. Cerro Colorado continues to transition towards planned closure at the end of the 2023 calendar year.
At Spence, we continue to closely monitor previously identified Tailings Storage Facility (TSF) anomalies. We have reduced the volume of water in the tailings facility and continue to work with the local regulatory agencies, including on the implementation of a remediation plan for the TSF. The SGO concentrator continues to operate with no impact to production or market guidance. Spence is expected to reach an average of approximately 270 ktpa of production for four years (including cathodes) following the completion of the SGO plant modifications and remediation of TSF anomalies.
Olympic Dam copper production increased by 138 per cent to 104 kt primarily as a result of the major smelter maintenance campaign (SCM21) in the prior period. Continued strong concentrator and smelter performance resulted in near record material milled and concentrate smelted in the half year. Record gold production was also achieved in the half year as a result of debottlenecking initiatives implemented in the prior year. Copper production guidance for the 2023 financial year remains unchanged at between 195 and 215 kt.
Antamina copper production decreased by three per cent to 72 kt reflecting lower copper head grades partially offset by higher throughput. Zinc production was flat at 63 kt reflecting lower zinc head grades offset by higher throughput. Guidance remains unchanged for the 2023 financial year, with copper production of between 120 and 140 kt, and zinc production of between 115 and 135 kt.
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Iron ore
Production
Dec H22 Dec Q22 Dec Q22 vs vs vs Dec H22 Dec Q22 Dec H21 Dec Q21 Sep Q22 -------- ------- -------- -------- -------- Iron ore production (kt) 131,975 66,902 2% 1% 3%
Iron ore - Total iron ore production increased by two per cent to 132 Mt. Guidance for the 2023 financial year remains unchanged at between 249 and 260 Mt.
WAIO achieved record production of 130 Mt (146 Mt on a 100 per cent basis) in the December 2022 half year. This reflects continued strong supply chain performance, including improved car dumper utilisation, and lower COVID-19 related impacts than the prior period. This was partially offset by wet weather impacts in the September 2022 quarter. South Flank ramp up to full production capacity of 80 Mtpa (100 per cent basis) by the end of the 2024 financial year remains on track. Natural variability in the ore grade is expected as the mine progresses through the close to surface material, however this is expected to stabilise as we move deeper into the ore body and achieve full ramp up.
WAIO production guidance for the 2023 financial year remains unchanged at between 246 and 256 Mt (278 and 290 Mt on a 100 per cent basis) and reflects the tie-in of the port debottlenecking project (PDP1) as well as the continued ramp up of South Flank in the second half of the year.
Samarco production increased by eight per cent to 2.2 Mt (BHP share), reflecting the successful ramp up of one concentrator, following the recommencement of iron ore pellet production in December 2020. Guidance for the 2023 financial year remains unchanged at between 3 and 4 Mt (BHP share).
Coal
Production
Dec H22 Dec Q22 Dec Q22 vs vs vs Dec H22 Dec Q22 Dec H21 Dec Q21 Sep Q22 ------- ------- -------- -------- -------- Metallurgical coal (kt) 13,614 6,952 5% 10% 4% Energy coal (kt) 5,473 2,851 (24%) (4%) 9%
Metallurgical coal - BMA production increased by five per cent to 14 Mt (27 Mt on a 100 per cent basis) driven by an improvement in underlying truck productivity, in particular for the autonomous fleets following completion of the transitions at Goonyella and Daunia, higher yields as a result of mine sequencing, as well as the reduced impact of labour constraints relative to the prior period. This was partially offset by the impact of significant wet weather during the December 2022 half year(2) . Full year production is trending to the low end of the guidance range of between 29 and 32 Mt (58 and 64 Mt on a 100 per cent basis) as a result of significant wet weather. An additional long wall move at Broadmeadow has been accelerated into the June 2023 quarter due to improved mining rates.
Negotiations for the BMA Enterprise Agreement (EA) 2022 have concluded with a successful workforce ballot on 22 December 2022. The EA applies to the Goonyella Riverside, Peak Downs, Saraji and Blackwater mines. The new EA has been approved by the Fair Work Commission and will operate from 19 January 2023 for a period of three years.
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The Queensland Government's decision to raise coal royalties to the highest maximum rate in the world makes Queensland uncompetitive and puts investment and jobs at risk. We see strong long-term demand from global steelmakers for Queensland's high quality metallurgical coal, however in the absence of government policy that is both competitive and predictable, we are unable to make significant new investments in Queensland. This increase to royalties will impact the local businesses, suppliers and communities in Central Queensland where we operate.
Energy coal - NSWEC production decreased by 24 per cent to 5 Mt, reflecting the ongoing impacts of record wet weather, continued labour shortages, planned wash plant maintenance during the December 2022 quarter and an increased proportion of washed coal. Higher quality coals made up approximately 90 per cent of sales, compared to approximately 80 per cent in the December 2021 half year. Production guidance for the 2023 financial year remains unchanged at between 13 and 15 Mt.
Other
Nickel production
Dec H22 Dec Q22 Dec Q22 vs vs vs Dec H22 Dec Q22 Dec H21 Dec Q21 Sep Q22 ------- ------- -------- -------- -------- Nickel (kt) 38.4 17.7 (2%) (18%) (14%)
Nickel - Nickel West production decreased by two per cent to 38 kt, reflecting the slower than expected ramp up of the refinery following planned smelter and refinery maintenance during the December 2022 quarter. Guidance for the 2023 financial year remains unchanged at between 80 and 90 kt, with volumes weighted to the second half of the financial year.
Potash - Our major potash project under development at Jansen is tracking to plan. For the 2023 financial year, we will continue to focus on civil and mechanical construction on the surface and underground, as well as equipment procurement and port construction.
Projects
Capital Initial expenditure production Project and US$M target ownership date Capacity Progress ------------ ------------ ----------- ------------------------------- -------------- Jansen Stage 5,723 End-CY26 Design, engineering and Project is 16% 1 construction of an underground complete potash mine and surface infrastructure, with capacity to produce 4.35 Mtpa. (Canada) 100%
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Minerals exploration
Minerals exploration expenditure for the December 2022 half year was US$156 million, of which US$127 million was expensed.
In August 2022, we announced the establishment of BHP Xplor , an innovative accelerator program to support early-stage mineral exploration companies to find critical resources, such as copper and nickel. The program merges concepts from venture capital and early-stage accelerators offering participants in-kind services, mentorship, and networking opportunities. Applications for the program closed on 31 October 2022 and we received a significant number of applications from around the world. We have selected seven companies into the accelerator program which begins in January 2023.
We initiated greenfield exploration activities in southern Colombia and continue to progress activity in Australia, Canada, Chile, Ecuador, north-west Mexico, Peru and the south-west United States.
At Oak Dam in South Australia, BHP is continuing next stage resource definition drilling with six drill rigs.
Following a review of prospectivity and core results, BHP acquired a 19.9 per cent interest via a placement in Brixton Metals, providing exposure to a large block of ground prospective for copper in northern British Columbia, Canada.
The termination agreement in respect of the Earn-In Agreement over the Tarqui copper project in Ecuador has been signed by BHP and Luminex. BHP's exit from the project was finalised in early January 2023.
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Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2022 compared with the six months ended December 2021, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent 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.
The following footnotes apply to this Operational Review:
1 2023 financial year unit cost guidance: Escondida US$1.25-1.45/lb, WAIO US$18-19/t, BMA US$100-105/t and NSWEC US$84-91/t; based on exchange rates of AUD/USD 0.72 and USD/CLP 830.
2 493 mm of rainfall recorded at Moranbah in the December 2022 half year compared to 368 mm in the December 2021 half year.
The following abbreviations may have been used throughout this report: cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); megawatt (MW); metre (m); millimetre (mm); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand ounces (koz); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
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 30 June 2022 Appendix 4E 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, particularly in light of the current economic climate and significant volatility, uncertainty and disruption arising in connection with COVID-19. 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.
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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 Gabrielle Notley Dinesh Bishop Tel: +61 3 9609 3830 Mobile: Mobile: +61 407 033 909 +61 411 071 715 Europe, Middle East and Africa Europe, Middle East and Africa James Bell Neil Burrows Tel: +44 20 7802 7144 Mobile: Tel: +44 20 7802 7484 Mobile: +44 7961 636 432 +44 7786 661 683 Americas Americas Monica Nettleton Renata Fernandez Mobile: +1 416 518 6293 Mobile: +56 9 8229 5357 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 BHP Group is headquartered in Australia Follow us on social media
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Production summary
Quarter ended Year to date ------------------------------------------- ------------------ BHP Dec Mar Jun Sep Dec Dec Dec interest 2021 2022 2022 2022 2022 2022 2021 ---------- ------- ------- ------- ------- ------- -------- -------- Copper (1) Copper Payable metal in concentrate (kt) Escondida (2) 57.5% 196.2 178.2 233.5 203.1 208.3 411.4 390.9 Pampa Norte (3) 100.0% 24.2 32.4 28.2 28.6 32.5 61.1 50.6 Antamina 33.8% 38.4 36.1 39.6 37.1 35.2 72.3 74.2 Total 258.8 246.7 301.3 268.8 276.0 544.8 515.7 Cathode (kt) Escondida (2) 57.5% 48.4 48.2 55.8 49.6 49.7 99.3 97.4 Pampa Norte (3) 100% 44.1 35.8 49.0 42.0 44.2 86.2 85.2 Olympic Dam 100% 14.2 39.0 55.7 49.7 54.4 104.1 43.7 Total 106.7 123.0 160.5 141.3 148.3 289.6 226.3 Total copper (kt) 365.5 369.7 461.8 410.1 424.3 834.4 742.0 Lead Payable metal in concentrate (t) Antamina 33.8% 277 282 181 228 114 342 655 Total 277 282 181 228 114 342 655 Zinc Payable metal in concentrate (t) Antamina 33.8% 29,603 32,732 27,576 32,685 29,929 62,614 62,892 Total 29,603 32,732 27,576 32,685 29,929 62,614 62,892 Gold Payable metal in concentrate (troy oz) Escondida (2) 57.5% 42,937 36,303 45,770 38,236 48,402 86,638 84,899 Pampa Norte (3) 100% 5,776 7,929 8,198 5,521 3,875 9,396 12,743 Olympic Dam (refined gold) 100% 37,805 29,355 26,080 47,184 43,280 90,464 64,082 Total 86,518 73,587 80,048 90,941 95,557 186,498 161,724 Silver Payable metal in concentrate (troy koz) Escondida (2) 57.5% 1,462 1,270 1,311 1,210 1,510 2,720 2,753 Pampa Norte (3) 100% 215 261 262 252 245 497 488 Antamina 33.8% 1,308 1,191 1,212 1,190 923 2,113 2,675 Olympic Dam (refined silver) 100% 258 149 145 295 261 556 449 Total 3,243 2,871 2,930 2,947 2,939 5,886 6,365
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Production summary
Quarter ended Year to date ------------------------------------------- ------------------ BHP Dec Mar Jun Sep Dec Dec Dec interest 2021 2022 2022 2022 2022 2022 2021 ---------- ------- ------- ------- ------- ------- -------- -------- Uranium Payable metal in concentrate (t) Olympic Dam 100% 287 781 776 817 943 1,760 818 Total 287 781 776 817 943 1,760 818 Molybdenum Payable metal in concentrate (t) Pampa Norte (3) 100% - - 71 34 216 250 - Antamina 33.8% 217 190 249 262 348 610 359 Total 217 190 320 296 564 860 359 Iron Ore Iron Ore Production (kt) (4) Newman 85% 14,577 11,940 14,063 14,053 16,172 30,225 31,038 Area C Joint Venture 85% 22,911 24,888 27,685 26,971 26,302 53,273 41,858 Yandi Joint Venture 85% 12,261 8,418 6,409 5,497 5,613 11,110 24,095 Jimblebar (5) 85% 15,324 13,444 15,005 17,404 17,720 35,124 30,333 Samarco 50% 1,029 994 1,000 1,148 1,095 2,243 2,077 Total 66,102 59,684 64,162 65,073 66,902 131,975 129,401 Coal Metallurgical coal Production (kt) (6) BHP Mitsubishi Alliance (BMA) 50% 6,300 7,944 8,183 6,662 6,952 13,614 13,015 Total 6,300 7,944 8,183 6,662 6,952 13,614 13,015 Energy coal Production (kt) NSW Energy Coal 100% 2,967 2,577 3,919 2,622 2,851 5,473 7,205 Total 2,967 2,577 3,919 2,622 2,851 5,473 7,205 Other Nickel Saleable production (kt) Nickel West 100% 21.5 18.7 18.8 20.7 17.7 38.4 39.3 Total 21.5 18.7 18.8 20.7 17.7 38.4 39.3 Cobalt Saleable production (t) Nickel West 100% 220 125 110 238 93 331 397 Total 220 125 110 238 93 331 397 ------- ------- ------- ------- ------- -------- -------- 1 Metal production is reported on the basis of payable metal. 2 Shown on a 100% basis. BHP interest in saleable production is 57.5%. 3 Includes Cerro Colorado and Spence. 4 Iron ore production is reported on a wet tonnes basis. 5 Shown on a 100% basis. BHP interest in saleable production is 85%.
6 Metallurgical coal production is reported on the basis of saleable product. Production figures may include some thermal coal.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
13
Production and sales report
Quarter ended Year to date ------------------------------------------------ ------------------ Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 -------- -------- -------- -------- -------- -------- -------- Copper Metals production is payable metal unless otherwise stated. Escondida, Chile (1) Material mined (kt) 117,284 107,676 115,409 110,248 101,987 212,235 231,158 Concentrator throughput (kt) 35,787 30,235 34,318 32,894 33,911 66,805 69,315 Average copper grade - concentrator (%) 0.71% 0.80% 0.88% 0.83% 0.76% 0.79% 0.72% Production ex mill (kt) 203.6 191.5 239.5 214.6 212.8 427.4 404.8 Production Payable copper (kt) 196.2 178.2 233.5 203.1 208.3 411.4 390.9 Copper cathode (EW) (kt) 48.4 48.2 55.8 49.6 49.7 99.3 97.4 - Oxide leach (kt) 13.1 12.2 17.5 15.2 17.6 32.8 27.9 - Sulphide leach (kt) 35.3 36.0 38.3 34.4 32.1 66.5 69.5 Total copper (kt) 244.6 226.4 289.3 252.7 258.0 510.7 488.3 (troy Payable gold concentrate oz) 42,937 36,303 45,770 38,236 48,402 86,638 84,899 (troy
Payable silver concentrate koz) 1,462 1,270 1,311 1,210 1,510 2,720 2,753 Sales Payable copper (kt) 200.2 177.0 230.4 196.7 216.0 412.7 390.7 Copper cathode (EW) (kt) 49.7 47.2 58.9 45.9 53.5 99.4 96.4 (troy Payable gold concentrate oz) 42,937 36,303 45,770 38,236 48,402 86,638 84,899 (troy Payable silver concentrate koz) 1,462 1,270 1,311 1,210 1,510 2,720 2,753 1 Shown on a 100% basis. BHP interest in saleable production is 57.5%.
14
Production and sales report
Quarter ended Year to date ------------------------------------------- ---------------- Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------- ------- ------- ------- ------- ------- ------- Pampa Norte, Chile Cerro Colorado Material mined (kt) 4,782 3,516 3,604 3,179 583 3,762 10,160 Ore stacked (kt) 4,029 3,181 4,259 4,373 4,119 8,492 7,595 Average copper grade - stacked (%) 0.62% 0.53% 0.55% 0.54% 0.56% 0.55% 0.61% Production Copper cathode (EW) (kt) 15.3 11.6 14.7 12.8 12.2 25.0 28.7 Sales Copper cathode (EW) (kt) 16.0 10.5 16.2 13.3 12.2 25.5 28.1 Spence Material mined (kt) 24,025 24,040 26,749 26,956 26,980 53,936 45,179 Ore stacked (kt) 5,071 5,055 5,099 5,577 5,155 10,732 10,329 Average copper grade - stacked (%) 0.66% 0.67% 0.66% 0.70% 0.66% 0.68% 0.65% Concentrator throughput (kt) 6,234 6,512 6,311 6,433 7,602 14,035 12,020 Average copper grade - concentrator (%) 0.60% 0.65% 0.66% 0.63% 0.60% 0.61% 0.62% Production Payable copper (kt) 24.2 32.4 28.2 28.6 32.5 61.1 50.6 Copper cathode (EW) (kt) 28.8 24.2 34.3 29.2 32.0 61.2 56.5 Total copper (kt) 53.0 56.6 62.5 57.8 64.5 122.3 107.1 (troy Payable gold concentrate oz) 5,776 7,929 8,198 5,521 3,875 9,396 12,743 (troy Payable silver concentrate koz) 215 261 262 252 245 497 488 Payable molybdenum (t) - - 71 34 216 250 - Sales Payable copper (kt) 24.9 28.1 28.1 26.0 22.0 48.0 53.3 Copper cathode (EW) (kt) 31.2 20.2 35.4 29.1 33.4 62.5 58.9 (troy Payable gold concentrate oz) 5,776 7,929 8,198 5,521 3,875 9,396 12,743 (troy Payable silver concentrate koz) 215 261 262 252 245 497 488 Payable molybdenum (t) - - 25 25 216 241 -
15
Production and sales report
Quarter ended Year to date ------------------------------------------- ------------------ Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------- ------- ------- ------- ------- -------- -------- Copper (continued) Metals production is payable metal unless otherwise stated. Antamina, Peru Material mined (100%) (kt) 58,179 58,118 64,026 63,865 68,750 132,615 124,760 Concentrator throughput (100%) (kt) 13,011 13,135 13,131 13,858 14,272 28,130 26,230 Average head grades - Copper (%) 1.00% 0.94% 1.02% 0.93% 0.86% 0.89% 0.98% - Zinc (%) 1.11% 1.13% 1.05% 1.09% 0.99% 1.04% 1.14% Production Payable copper (kt) 38.4 36.1 39.6 37.1 35.2 72.3 74.2 Payable zinc (t) 29,603 32,732 27,576 32,685 29,929 62,614 62,892 (troy Payable silver koz) 1,308 1,191 1,212 1,190 923 2,113 2,675 Payable lead (t) 277 282 181 228 114 342 655 Payable molybdenum (t) 217 190 249 262 348 610 359 Sales Payable copper (kt) 41.9 32.9 40.7 37.6 34.7 72.3 74.6 Payable zinc (t) 32,513 29,920 30,847 33,820 29,127 62,947 65,148 (troy Payable silver koz) 1,405 1,078 1,230 1,015 850 1,865 2,508 Payable lead (t) 344 269 363 130 91 221 576 Payable molybdenum (t) 170 199 205 250 298 548 256 Olympic Dam, Australia Material mined (1) (kt) 1,998 2,424 2,477 2,412 2,264 4,676 3,933 Ore milled (kt) 1,105 2,122 2,436 2,570 2,687 5,257 3,129 Average copper grade (%) 2.17% 2.21% 2.15% 2.13% 2.08% 2.10% 2.08% Average uranium grade (kg/t) 0.55 0.62 0.56 0.58 0.58 0.58 0.55 Production Copper cathode (ER and EW) (kt) 14.2 39.0 55.7 49.7 54.4 104.1 43.7 Payable uranium (t) 287 781 776 817 943 1,760 818 (troy Refined gold oz) 37,805 29,355 26,080 47,184 43,280 90,464 64,082 (troy Refined silver koz) 258 149 145 295 261 556 449 Sales Copper cathode (ER and EW) (kt) 17.9 36.3 55.8 45.9 56.8 102.7 47.0 Payable uranium (t) 541 236 1,031 272 1,127 1,399 1,077 (troy Refined gold oz) 38,768 30,935 24,622 49,542 41,900 91,442 63,422 (troy Refined silver koz) 290 182 87 320 233 553 416 1 Material mined refers to underground ore mined, subsequently hoisted or trucked to surface.
16
Production and sales report
Quarter ended Year to date ------------------------------------------- ------------------ Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------- ------- ------- ------- ------- -------- -------- Iron Ore Iron ore production and sales are reported on a wet tonnes basis. Western Australia Iron Ore, Australia Production Newman (kt) 14,577 11,940 14,063 14,053 16,172 30,225 31,038 Area C Joint Venture (kt) 22,911 24,888 27,685 26,971 26,302 53,273 41,858 Yandi Joint Venture (kt) 12,261 8,418 6,409 5,497 5,613 11,110 24,095 Jimblebar (1) (kt) 15,324 13,444 15,005 17,404 17,720 35,124 30,333 Total production (kt) 65,073 58,690 63,162 63,925 65,807 129,732 127,324 Total production (100%) (kt) 73,852 66,674 71,660 72,135 74,292 146,427 144,439 Sales Lump (kt) 17,827 16,966 20,006 19,561 20,375 39,936 35,373 Fines (kt) 46,809 42,187 44,308 42,696 44,121 86,817 91,848 Total (kt) 64,636 59,153 64,314 62,257 64,496 126,753 127,221 Total sales (100%) (kt) 73,222 67,110 72,796 70,276 72,688 142,964 144,037 1 Shown on a 100% basis. BHP interest in saleable production is 85%. Samarco, Brazil Production (kt) 1,029 994 1,000 1,148 1,095 2,243 2,077 Sales (kt) 950 943 991 1,146 1,097 2,243 2,061
17
Production and sales report
Quarter ended Year to date ------------------------------------------- ---------------- Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------- ------- ------- ------- ------- ------- ------- Coal Coal production is reported on the basis of saleable product. BHP Mitsubishi Alliance (BMA), Australia Production (1) Blackwater (kt) 1,202 1,478 1,751 1,283 1,160 2,443 2,605 Goonyella (kt) 1,797 2,336 2,429 1,780 1,997 3,777 3,595 Peak Downs (kt) 960 1,395 1,366 1,325 1,480 2,805 2,183 Saraji (kt) 1,081 1,366 1,168 1,020 1,243 2,263 2,080 Daunia (kt) 304 338 472 324 441 765 681 Caval Ridge (kt) 956 1,031 997 930 631 1,561 1,871 Total production (kt) 6,300 7,944 8,183 6,662 6,952 13,614 13,015 Total production (100%) (kt) 12,600 15,888 16,366 13,324 13,904 27,228 26,030 Sales Coking coal (kt) 4,875 6,334 6,734 5,615 5,872 11,487 10,290 Weak coking coal (kt) 754 805 1,118 600 727 1,327 1,488 Thermal coal (kt) 455 484 765 267 428 695 1,031 Total sales (kt) 6,084 7,623 8,617 6,482 7,027 13,509 12,809 Total sales (100%) (kt) 12,168 15,246 17,234 12,964 14,054 27,018 25,618 1 Production figures include some thermal coal.
18
Production and sales report
Quarter ended Year to date ------------------------------ ---------------------- Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------ ------ ------ ------ ------ ------ ------ NSW Energy Coal, Australia Production (kt) 2,967 2,577 3,919 2,622 2,851 5,473 7,205 Sales - export (kt) 3,718 2,703 3,923 2,441 2,862 5,303 7,498 Quarter ended Year to date ------------------------------ ---------------------- Dec Mar Jun Sep Dec Dec Dec 2021 2022 2022 2022 2022 2022 2021 ------ ------ ------ ------ ------ ------ ------ Other Nickel production is reported on the basis of saleable product Nickel West, Australia Mt Keith Nickel concentrate (kt) 47.0 47.1 48.0 42.6 39.6 82.2 100.7 Average nickel grade (%) 13.2 14.4 16.1 17.0 15.5 16.3 13.9 Leinster Nickel concentrate (kt) 77.4 78.0 76.0 66.8 47.9 114.7 151.2 Average nickel grade (%) 9.1 8.9 10.3 9.9 9.4 9.7 9.0 Saleable production Refined nickel (1) (kt) 18.2 13.3 11.7 17.5 10.8 28.3 32.6 Nickel sulphate (2) (kt) 0.4 0.7 0.5 1.2 0.4 1.6 0.4 Intermediates and nickel by-products (3) (kt) 2.9 4.7 6.6 2.0 6.5 8.5 6.3 Total nickel (kt) 21.5 18.7 18.8 20.7 17.7 38.4 39.3 Cobalt by-products (t) 220 125 110 238 93 331 397 Sales Refined nickel (1) (kt) 16.9 15.3 11.7 18.1 10.2 28.3 30.7 Nickel sulphate (2) (kt) 0.1 0.7 0.5 0.8 0.5 1.3 0.1 Intermediates and nickel by-products (3) (kt) 3.1 2.7 6.4 1.8 7.7 9.5 7.0 Total nickel (kt) 20.1 18.7 18.6 20.7 18.4 39.1 37.8 Cobalt by-products (t) 220 125 110 238 93 331 397 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.
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January 19, 2023 02:00 ET (07:00 GMT)
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