BHP Group Limited
Operational review for the quarter ended 30 September 2025
Delivering operational and project excellence into a constructive commodity price environment
“We’ve made a strong start to the year, highlighted by disciplined operating performance and execution of scheduled maintenance.
Group copper production rose 4%, with record concentrator throughput at Escondida.
In iron ore, WAIO delivered another standout quarter, achieving record material mined while completing critical infrastructure upgrades ahead of schedule.
In steelmaking coal, production rose 8%, supported by strong mining rates at Broadmeadow and increased stripping at our open cut mines.
We progressed key growth and decarbonisation milestones in the quarter, including securing environmental approval for the Laguna Seca Expansion at Escondida and Copper South Australia entering into its largest renewable electricity agreement.
Both stages of the Jansen potash project in Canada are advancing, with Stage 1 reaching 73% completion and on track for production to begin in 2027, while Stage 2 is now 13% complete. The long-term demand fundamentals for potash are attractive and Jansen is expected to be one of the lowest cost producers.
Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher. While we expect some deceleration in growth in H2 CY25, in China we still expect GDP growth of ~5% for the year. In copper, major disruptions at some of our competitors’ mines have tightened overall market fundamentals, benefitting our world-class portfolio of assets.
With momentum from a strong first quarter, BHP is on track to deliver on full-year guidance and we are making progress on our growth pipeline across Australia and the Americas.”
Summary
| Operational and project excellence | Portfolio |
| Strong performance; maintenance executed Copper production increased 4% driven by record concentrator throughput at Escondida. Performance at Copper SA was strong and major planned maintenance was safely executed. In our steelmaking commodities, WAIO achieved record Q1 material mined and a 5% increase in lump sales, while delivering the planned rebuild of Car Dumper 3 (CD3) ~8% ahead of schedule. BMA production increased 8% enabled by strong stripping performance and improved mining rates at Broadmeadow. | Progressing our organic growth options In September, we received approval for the Environmental Impact Declaration (DIA) for the Laguna Seca Expansion at Escondida. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26. BHP welcomed state and federal ministers for a site visit to Copper SA, where we are progressing initiatives aimed at increasing growth through strengthening mining productivity as we continue building a world-class copper province. |
| Strong balance sheet | Social value |
| Successful capital management. During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn and USD bonds totalling US$1.5 bn competitively priced across four tranches and refinanced its US$5.5 bn revolving credit facility. These demonstrate disciplined execution underpinning our strong balance sheet. | A continued evolution as we grow. In September, we held an ESG Roundtable covering operational decarbonisation, Scope 3 steelmaking emissions, Indigenous partnerships, and the Doce River Basin Agreement (Samarco). Copper South Australia entered into its largest renewable electricity supply agreement, taking another step forward in its operational decarbonisation journey. |
| Production | Quarter performance | Production guidance | |||
| Q1 FY26 | v Q4 FY25 | v Q1 FY25 | FY26 guidance | ||
| Copper (kt) | 493.6 | (4%) | 4% | 1,800 – 2,000 | |
| Escondida (kt) | 328.9 | 0% | 8% | 1,150 – 1,250 | Unchanged |
| Pampa Norte (Spence) (kt) | 55.8 | (24%) | (7%) | 230 – 250 | Unchanged |
| Copper South Australia (kt) | 72.6 | (21%) | (1%) | 310 – 340 | Unchanged |
| Antamina (kt) | 33.9 | 60% | (7%) | 120 – 140 | Unchanged |
| Carajás (kt) | 2.4 | 7% | 2% | – | – |
| Iron ore (Mt) | 64.1 | (9%) | (1%) | 258 – 269 | |
| WAIO (Mt) | 62.0 | (9%) | (2%) | 251 – 262 | Unchanged |
| WAIO (100% basis) (Mt) | 70.2 | (9%) | (2%) | 284 – 296 | Unchanged |
| Samarco (Mt) | 2.1 | 6% | 64% | 7 – 7.5 | Unchanged |
| Steelmaking coal – BMA (Mt) | 4.9 | (5%) | 8% | 18 – 20 | |
| BMA (100% basis) (Mt) | 9.7 | (5%) | 8% | 36 – 40 | Unchanged |
| Energy coal – NSWEC (Mt) | 3.5 | (13%) | (4%) | 14 – 16 | Unchanged |