BHP Group Limited (BHP) 6-K Current report (foreign)

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

April 18, 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

   18 April 2024

Operational review for the nine months ended 31 March 2024

Solid operational performance in copper, iron ore and energy coal.

“We remain on track to meet copper, iron ore and energy coal production for the year. Copper volumes have increased by 10 per cent reflecting strong performance and additional tonnes from Copper South Australia, record year-to-date performance from Spence, and improved grades and production at Escondida.

“Western Australia Iron Ore, the lowest cost iron ore producer globally, delivered another consistent period of production despite heavy rainfall. We continue to invest in improvements to our rail and port operations, which are essential for growth in the medium term to 305 million tonnes per annum and beyond.

“At our BMA metallurgical coal operations in Queensland, significant wet weather including the impact of two tropical cyclones and operational challenges impacted production and unit costs, and we have revised guidance for the year. We successfully completed the sale of the Blackwater and Daunia mines on 2 April for a total of up to US$4.1 bn (100%).

“In Canada, the Jansen Stage 1 project remains ahead of its initial schedule and is now 44 per cent complete. In Western Australia, we expect to announce a decision on the future of our nickel business in the coming months, where efforts to optimise operations and preserve value are underway.”

	Mike Henry
	BHP Chief Executive Officer
Summary
Operational performance	Portfolio
Copper production increased 10%	Completed sale of Blackwater and Daunia
Increased copper production driven by record production at Spence, strong operational performance at Copper South Australia (and the contribution from Prominent Hill and Carrapateena), and improved performance and grade at Escondida.	We completed the strategic reshaping of our metallurgical coal business with the divestment of BHP Mitsubishi Alliance’s (BMA) Blackwater and Daunia mines to Whitehaven Coal on 2 April for a total cash consideration of up to US$4.1 bn (100%).
FY24 production guidance for BMA has been lowered to 21.5 – 22.5 Mt (43 – 45 Mt at 100%). Other updates to FY24 production guidance are reflected in the table below. FY24 unit cost guidance1 for BMA has been increased to US$119/t – US$125/t.	BMA now has a more focused operational footprint and a greater portion of higher quality metallurgical coal (>85%) which is expected to achieve higher relative margins in a decarbonising world.
ESG	Governance
MSCI upgrade	Board update
In March 2024, ESG ratings provider MSCI upgraded BHP’s overall company score based on their assessment of performance under the Social Pillar. This reflects the progress made in Brazil, including in negotiations, and our commitment to deliver full and fair remediation and compensation.	In March, we announced the appointment of Ross McEwan and Don Lindsay as Non-executive Directors, effective 3 April 2024 and 1 May 2024 respectively. We also announced the retirement of Ian Cockerill as a Non-executive Director, effective 4 April 2024.

Production	Quarter performance								YTD performance					FY24 production guidance
	Q3 FY24		v Q2 FY24			v Q3 FY23			YTD Mar FY24		v YTD Mar FY23			Previous			Current
Copper (kt)		465.9		7	%		15	%		1,360.3		10	%		1,720 – 1,910			1,720 –1,910
Escondida (kt)		288.2		13	%		15	%		816.1		7	%		1,080 – 1,180			1,080 –1,180		Unchanged
Pampa Norte (kt)		61.6		3	%		(16	%)		199.7		(9	%)		210 – 250	i		210 – 250	i	Upper end
Copper South Australia (kt)		79.0		(4	%)		53	%		232.7		49	%		310 – 340			310 – 340		Unchanged
Antamina (kt)		33.9		(14	%)		15	%		105.6		4	%		120 – 140			120 – 140		Unchanged
Carajás (kt)		3.2		78	%					6.2					-			-		-
Iron ore (Mt)		61.5		(7	%)		3	%		190.5		(1	%)		254 – 264.5			254 – 264.5
WAIO (Mt)		60.3		(6	%)		3	%		186.8		(1	%)		250 – 260			250 – 260		Unchanged
WAIO (100% basis) (Mt)		68.1		(6	%)		3	%		210.2		(1	%)		282 – 294			282 – 294		Unchanged
Samarco (Mt)		1.2		(10	%)		12	%		3.7		13	%		4 – 4.5			4 – 4.5		Upper end
Metallurgical coal – BMA (Mt)		6.0		6	%		(13	%)		17.4		(16	%)		23 – 25			21.5 – 22.5		Lowered
BMA (100% basis) (Mt)		12.1		6	%		(13	%)		34.7		(16	%)		46 – 50			43 – 45		Lowered
Energy coal – NSWEC (Mt)		4.1		8	%		5	%		11.6		23	%		13 – 15			13 – 15		Upper end
Nickel – Western Australia Nickel (kt)		18.8		(4	%)		(4	%)		58.6		1	%		77 – 87			77 – 87		Lower half

Note: changes made to FY24 production guidance since the Q2 FY24 Operational review are shown in italics.

i Production guidance for FY24 is for Spence only and excludes Cerro Colorado which produced 11 kt before ceasing production on 9 November 2023.

BHP | Operational Review for the nine months ended 31 March 2024

Segment and asset performance | FY24 YTD v FY23 YTD

      Further information in Appendix 1   Detailed production and sales information for all operations in Appendix 2

Copper
Production 1,360 kt 10% YTD Mar FY23 1,240 kt FY24e 1,720 – 1,910 kt Average realised price US$3.72/lb 5% HY24 US$3.66/lb	Total copper production increased by 10% to 1,360 kt. Copper production guidance for FY24 remains unchanged at between 1,720 and 1,910 kt. Escondida 816 kt 7% (100% basis) Increased production was primarily due to a higher concentrator feed grade of 0.85%, increasing from 0.79%, as mining progressed into areas of high grade ore as planned following the implementation of measures to manage geotechnical events. Concentrator feed grade for FY24 is expected to be between 0.85% and 0.90%, with 0.92% grade achieved in Q3 FY24. Production guidance for FY24 remains unchanged at between 1,080 and 1,180 kt. Pampa Norte 200 kt 9%
	Spence production increased by 3% to a nine-month record of 189 kt, driven by improved concentrator throughput and higher recoveries. Record concentrate production was partially offset by lower cathode production, in line with an expected decline in stacked feed grade. The concentrator plant modifications which commenced in August 2022 are expected to be completed in FY24.
	In March 2024, Spence achieved fully autonomous mine haulage operations (ahead of the Q4 FY24 target date) and has deployed a total of 33 autonomous trucks.
	FY24 production for Spence is expected to be at the upper end of the guidance range of between 210 and 250kt.
	Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period.
	Copper South Australia 233 kt 49%
	Production increased by 49% due to the addition of volumes this year from Prominent Hill and Carrapateena, and strong underlying operational performance at Olympic Dam including the highest quarter of material mined in over 10 years in Q3 FY24. Strong smelter performance at Olympic Dam was supported by ongoing transfers of concentrate from Prominent Hill and initial transfers from Carrapateena in Q3 FY24, for processing to higher margin cathode. Crusher 2 at Carrapateena was commissioned in Q3 FY24 and remains on track to ramp up in Q4 FY24.
	Production guidance for FY24 remains unchanged at between 310 and 340 kt.
	We are continuing exploration drilling across the Copper South Australia province to enhance our resource knowledge in support of our growth studies. At Oak Dam, we are progressing the external approval process for an underground access decline to enable faster and lower cost resource definition drilling of the mineral deposit, and we expect to be able to provide an Inferred Mineral Resource for Oak Dam later this calendar year.
	Other copper
	At Antamina, copper production increased by 4% to 106 kt, while zinc production was 2% higher at 88 kt, both as a result of higher throughput offsetting planned lower concentrator feed grades. Production guidance remains unchanged for FY24, with copper production of between 120 and 140 kt, and zinc production of between 85 and 105 kt.
	Carajás produced 6.2 kt of copper and 4.1 troy koz of gold. In Q3 FY24 operations continued to ramp back up, and shipments also resumed, following the temporary stoppage of operations between August and October 2023 due to a geotechnical event.

2

BHP | Operational Review for the nine months ended 31 March 2024

Iron ore

Production 190 Mt 1% YTD Mar FY23 192 Mt FY24e 254 – 264.5 Mt Average realised price US$104.53/wmt 3% HY24 US$103.70/wmt	Total iron ore production decreased by 1% to 190 Mt. Production guidance for FY24 remains unchanged at between 254 and 264.5 Mt. WAIO 187 Mt 1% | 210 Mt (100% basis) Production was marginally lower due to heavy rainfall throughout Q3 FY24, the continued tie-in activity for the Rail Technology Programme (RTP1), the impacts of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining Area C) and a bushfire near Yandi. South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the end of FY24. The Port Debottlenecking Project (PDP1) was commissioned in December 2023 and ramp up remains on track to be completed in CY24. Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). Samarco 3.7 Mt 13% | 7.4 Mt (100% basis) Production increased as a result of higher concentrator throughput. FY24 production is expected to be at the upper end of the 4 – 4.5 Mt guidance range.
Coal Metallurgical coal
Production 17.4 Mt 16% YTD Mar FY23 20.5 Mt FY24e 21.5 – 22.5 Mt Average realised price US$272.09/t 6% HY24 US$266.43/t	BMA 17.4 Mt 16% | 34.7 Mt (100% basis) Following the tragic fatality of a team member in January 2024, BMA operations were suspended for 24 hours while a safety stop was implemented across all mines, and for a further 3.5 days at Saraji. Production has been impacted by increased planned maintenance, an extended longwall move at Broadmeadow as well as increased stripping to improve supply chain stability at our open cut operations to restore depleted inventory positions arising from extended weather impacts and labour constraints over recent years. Our focus on restoring depleted inventory will continue into CY25. Despite improved production in Q3 FY24, the impacts of higher than planned wet weather, including two tropical cyclones in the region, and the temporary suspension of operations following the fatality at Saraji have impacted our FY24 production estimates. Production for FY24 is now expected to be between 21.5 and 22.5 Mt (43 and 45 Mt on a 100% basis). This has been lowered from 23 – 25 Mt (46 – 50 Mt on a 100% basis). As a result, unit cost guidance for FY241 has increased to between US$119/t and US$125/t, from US$110 – US$116/t.
Energy coal
Production 11.6 Mt 23% YTD Mar FY23 9.4 Mt FY24e 13 – 15 Mt Average realised price US$120.97/t 6% HY24 US$123.29/t	NSWEC 11.6 Mt 23% Increased production as a result of continued strong operating performance as improved weather conditions enabled an uplift in truck productivity. Domestic sales under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice commenced in Q4 FY23, which has resulted in a lower proportion of washed coal and further contributed to the higher volumes. Production for FY24 is expected to be at the upper end of the guidance range of between 13 and 15 Mt. The approval process in relation to the modification request submitted to the NSW Government to extend mining approval to 30 June 2030 will continue into FY25. The approval would allow NSWEC to continue mining beyond its current mining consent that expires in 2026 and proceed with a managed process to cease mining at the asset by the end of FY30.

3

BHP | Operational Review for the nine months ended 31 March 2024

Group & Unallocated
Nickel
Production	Western Australia Nickel 59 kt 1%
59 kt 1% YTD Mar FY23 58 kt	Production increased, despite significant wet weather impacts in Q3 FY24. Production for FY24 is expected to be in the lower half of the guidance range of between 77 and 87 kt.
FY24e 77 – 87 kt Average realised price US$18,104/t 1%	As announced in our HY24 results in February 2024, we continue to review our plans for Western Australia Nickel with a focus on preserving cash. This includes optimising operations and maintenance schedules, reviewing capital plans, and reducing contractor spend and equipment hire. Our review also includes assessing the potential to place Nickel West into a period of care and maintenance and the phasing and capital spend for the development of the West Musgrave project. We expect to provide an update on the longer-term future of Western Australia Nickel by the FY24 results in August 2024.
HY24 US$18,602/t

Quarterly performance | Q3 FY24 v Q2 FY24

Copper		Iron ore
466 kt 7% Q2 FY24 437 kt	Higher concentrator grade at Escondida and concentrator throughput at Spence, partially offset by lower volumes at Copper South Australia due to planned maintenance and the commissioning of Crusher 2 at Carrapateena in Q3 FY24.	61 Mt 7% Q2 FY24 66 Mt	Lower production at WAIO as a result of wet weather, a bushfire near Yandi and the impacts of the RTP1 tie-in activity, partially offset by improved underlying mine performance.
Metallurgical coal		Energy coal
6.0 Mt 6% Q2 FY24 5.7 Mt	Production increased due to improved strip ratio and yield despite unfavourable weather. Operations were temporarily suspended for safety stops following the fatality of a team member at Saraji.	4.1 Mt 8% Q2 FY24 3.9 Mt	Increased production as a result of favourable mining sequence, strong production performance and a reduced proportion of washed coal.
Nickel
19 kt 4% Q2 FY24 20 kt	Lower volumes due to planned maintenance at the Kwinana Refinery and a severe weather event in March.

The following footnotes apply to this Operational Review:

1 FY24 unit cost guidance is based on exchange rate of AUD/USD 0.67.

4

BHP | Operational Review for the nine months ended 31 March 2024

Appendix 1

Average realised prices¹

	Q3 FY24		YTD Mar FY24		Q3 FY24 v Q2 FY24			YTD Mar FY24 v H1 FY24
Copper (US$/lb)2		3.85		3.72		5	%		5	%
Iron ore (US$/wmt, FOB)		106.30		104.53		(3	)%		3	%
Metallurgical coal (US$/t)		281.51		272.09		(4	)%		6	%
Hard coking coal (US$/t)3		293.94		281.98		(4	)%		7	%
Weak coking coal (US$/t)3		208.91		206.38		(2	)%		2	%
Thermal coal (US$/t)4		116.11		120.97		(4	)%		(6	)%
Nickel metal (US$/t)5		16,581		18,104		(1	)%		(1	)%

1 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.

2 Does not include sales from assets acquired through the purchase of OZL.

3 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.

4 Export sales only. Includes thermal coal sales from metallurgical coal mines.

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

Current year unit cost guidance

	Previous FY24 guidance1		Current FY24 guidance1
Escondida unit cost (US$/lb)2		1.40 –1.70		1.40 – 1.70	Unchanged
Spence unit cost (US$/lb)		2.00 – 2.30		2.00 – 2.30	Unchanged
WAIO unit cost (US$/t)		17.40 – 18.90		17.40 – 18.90	Unchanged
BMA unit cost (US$/t)		110 – 116		119 – 125	Increased

1 FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

Medium term guidance

	Production guidance		Unit cost guidance1
Escondida2		1,200 –1,300 kt		US$1.30 – $1.60/lb3
Spence4		~250 kt
WAIO (100% basis)		>305 Mt		<US$17/t

1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2 Medium term refers to an average across FY25 and FY26.

3 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

4 Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not impact operations.

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 44 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		Approval announced October 2023

Exploration

Minerals exploration and evaluation expenditure was US$311 m for YTD March 24 (YTD Mar 23: US$239 m) of which US$267 m was expensed (YTD Mar 23: US$196 m).

5

BHP | Operational Review for the nine months ended 31 March 2024

Appendix 2

			Production																				Sales
			Quarter ended											Year to date									Quarter ended											Year to date
			Mar		Jun		Sep		Dec		Mar			Mar		Mar		Var					Mar		Jun		Sep		Dec		Mar			Mar		Mar		Var
			2023		2023		2023		2023		2024			2024		2023		%					2023		2023		2023		2023		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		262.4		310.7		317.3		308.7		339.1			965.1		807.2		20	%				268.4		323.1		298.0		316.5		281.6			896.1		801.4		12	%
	Escondida	kt		200.8		220.5		221.3		207.7		239.2			668.2		612.2		9	%				197.3		220.3		209.5		211.7		204.0			625.2		610.0		2	%
	Pampa Norte	kt		32.0		32.2		38.8		32.6		39.5			110.9		93.1		19	%				38.7		38.6		31.3		34.9		26.9			93.1		86.7		7	%
	Copper South Australia	kt				19.9		23.5		27.4		23.3			74.2											27.6		22.2		31.6		17.1			70.9
	Antamina	kt		29.6		36.5		32.5		39.2		33.9			105.6		101.9		4	%				32.4		34.5		32.8		38.3		31.3			102.4		104.7		(2	)%
	Carajás	kt				1.6		1.2		1.8		3.2			6.2											2.1		2.2		-		2.3			4.5
	Cathode	kt		143.5		165.5		139.7		128.7		126.8			395.2		433.1		(9	)%				130.3		179.9		131.9		137.6		120.1			389.6		420.4		(7	)%
	Escondida	kt		50.8		72.5		52.0		46.9		49.0			147.9		150.1		(1	)%				43.8		78.0		49.2		52.2		44.3			145.7		143.2		2	%
	Pampa Norte	kt		41.0		36.3		39.5		27.2		22.1			88.8		127.2		(30	)%				36.0		42.4		36.6		31.1		22.1			89.8		124.0		(28	)%
	Copper South Australia	kt		51.7		56.7		48.2		54.6		55.7			158.5		155.8		2	%				50.5		59.5		46.1		54.3		53.7			154.1		153.2		1	%
	Total	kt		405.9		476.2		457.0		437.4		465.9			1,360.3		1,240.3		10	%				398.7		503.0		429.9		454.1		401.7			1,285.7		1,221.8		5	%
Lead	Payable metal in concentrate	t		169		146		96		105		-			201		511		(61	)%				181		143		154		91		108			353		402		(12	)%
	Antamina	t		169		146		96		105		-			201		511		(61	)%				181		143		154		91		108			353		402		(12	)%
Zinc	Payable metal in concentrate	t		23,612		38,822		35,669		33,475		18,409			87,553		86,226		2	%				25,851		37,629		33,912		37,092		17,559			88,563		88,798		0	%
	Antamina	t		23,612		38,822		35,669		33,475		18,409			87,553		86,226		2	%				25,851		37,629		33,912		37,092		17,559			88,563		88,798		0	%
Gold	Payable metal in concentrate	troy oz		57,106		96,655		89,024		94,794		79,284			263,102		153,140		72	%				57,106		108,552		87,703		98,969		70,493			257,165		153,140		68	%
	Escondida	troy oz		48,954		53,503		48,063		48,633		38,955			135,651		135,592		0	%				48,954		53,503		48,063		48,633		38,955			135,651		135,592		0	%
	Pampa Norte	troy oz		8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51	)%				8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51	)%
	Copper South Australia	troy oz				32,736		36,228		42,051		36,427			114,706											44,098		34,176		47,482		28,136			109,794
	Carajás	troy oz				1,153		802		1,256		2,083			4,141											1,688		1,533		—		1,583			3,116
	Refined gold	troy oz		49,086		46,479		53,028		55,828		49,128			157,984		139,550		13	%				47,300		49,182		54,036		55,349		41,710			151,095		138,742		9	%
	Copper South Australia	troy oz		49,086		46,479		53,028		55,828		49,128			157,984		139,550		13	%				47,300		49,182		54,036		55,349		41,710			151,095		138,742		9	%
	Total	troy oz		106,192		143,134		142,052		150,622		128,412			421,086		292,690		44	%				104,406		157,734		141,739		154,318		112,203			408,260		291,882		40	%
Silver	Payable metal in concentrate	troy koz		2,556		2,592		2,582		3,074		2,620			8,276		7,886		5	%				2,523		2,409		2,527		2,938		2,431			7,896		7,605		4	%
	Escondida	troy koz		1,346		1,008		1,168		1,401		1,328			3,897		4,066		(4	)%				1,346		1,008		1,168		1,401		1,328			3,897		4,066		(4	)%
	Pampa Norte	troy koz		409		412		356		388		327			1,071		906		18	%				409		412		356		388		327			1,071		906		18	%
	Copper South Australia	troy koz				201		260		310		252			822											242		258		364		189			811
	Antamina	troy koz		801		971		798		975		713			2,486		2,914		(15	)%				768		747		745		785		587			2,117		2,633		(20	)%
	Refined silver	troy koz		277		256		261		221		248			730		833		(12	)%				307		270		219		222		188			629		860		(27	)%
	Copper South Australia	troy koz		277		256		261		221		248			730		833		(12	)%				307		270		219		222		188			629		860		(27	)%
	Total	troy koz		2,833		2,848		2,843		3,295		2,868			9,006		8,719		3	%				2,830		2,679		2,746		3,160		2,619			16,421		16,070		2	%
Uranium	Payable metal in concentrate	t		833		813		825		986		863			2,674		2,593		3	%				683		1,275		481		895		394			1,770		2,082		(15	)%
	Copper South Australia	t		833		813		825		986		863			2,674		2,593		3	%				683		1,275		481		895		394			1,770		2,082		(15	)%
Molybdenum	Payable metal in concentrate	t		636		666		612		481		824			1,917		1,496		28	%				789		594		564		468		677			1,709		1,578		8	%
	Pampa Norte	t		407		333		329		145		203			677		657		3	%				492		367		303		162		219			684		733		(7	)%
	Antamina	t		229		333		283		336		621			1,240		839		48	%				297		227		261		306		458			1,025		845		21	%
Iron ore	Western Australia Iron Ore (WAIO)	kt		58,725		64,074		62,004		64,460		60,299			186,763		188,457		(1	)%				59,204		62,926		64,180		62,606		61,868			188,654		185,957		1	%
	Samarco	kt		1,048		1,221		1,231		1,302		1,174			3,707		3,291		13	%				1,111		1,160		1,136		1,329		1,258			3,723		3,354		11	%
	Total	kt		59,773		65,295		63,235		65,762		61,473			190,470		191,748		(1	)%				60,315		64,086		65,316		63,935		63,126			192,377		189,311		2	%
Metallurgical coal¹	BHP Mitsubishi Alliance (BMA)	kt		6,929		8,477		5,601		5,717		6,035			17,353		20,543		(16	)%				6,186		8,876		5,325		5,706		6,359			17,390		19,695		(12	)%
Energy coal	NSW Energy Coal (NSWEC)	kt		3,934		4,765		3,613		3,855		4,149			11,617		9,407		23	%				3,667		4,894		3,307		4,250		3,932			11,489		8,970		28	%
Nickel	Western Australia Nickel	kt		19.6		22.0		20.2		19.6		18.8			58.6		58.0		1	%				19.6		23.4		18.9		20.0		18.8			57.7		58.7		(2	)%
Cobalt	Western Australia Nickel	t		175		246		192		182		179			553		506		9	%				175		246		192		110		179			481		506		(5	)%

1 Includes BMA thermal coal sales.

6

BHP | Operational Review for the nine months ended 31 March 2024

			Production																			Sales
			Quarter ended											Year to date								Quarter ended											Year to date
			Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024			Mar 2024		Mar 2023		Var %				Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024			Mar 2024		Mar 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		106,170		95,451		87,462		95,168		103,872			286,502		318,405		(10)%
	Concentrator throughput	kt		33,309		30,750		33,332		34,752		31,653			99,737		100,114		0%
	Average copper grade - concentrator	%		0.78%		0.93%		0.85%		0.78%		0.92%			0.85%		0.79%		7%
	Production ex mill	kt		210.0		228.9		225.7		217.6		238.6			681.9		637.4		7%
	Payable copper	kt		200.8		220.5		221.3		207.7		239.2			668.2		612.2		9%				197.3		220.3		209.5		211.7		204.0			625.2		610.0		2%
	Copper cathode (EW)	kt		50.8		72.5		52.0		46.9		49.0			147.9		150.1		(1)%				43.8		78.0		49.2		52.2		44.3			145.7		143.2		2%
	Oxide leach	kt		14.7		29.3		17.5		17.0		14.4			48.9		47.5		3%
	Sulphide leach	kt		36.1		43.2		34.5		29.9		34.6			99.0		102.6		(4)%
	Total copper	kt		251.6		293.0		273.3		254.6		288.2			816.1		762.3		7%				241.1		298.3		258.7		263.9		248.3			770.9		753.2		2%
	Payable gold concentrate	troy oz		48,954		53,503		48,063		48,633		38,955			135,651		135,592		0%				48,954		53,503		48,063		48,633		38,955			135,651		135,592		0%
	Payable silver concentrate	troy koz		1,346		1,008		1,168		1,401		1,328			3,897		4,066		(4)%				1,346		1,008		1,168		1,401		1,328			3,897		4,066		(4)%
1 Shown on a 100% basis.
Pampa Norte, Chile		BHP interest 100%
Copper	Payable metal in concentrate	kt		32.0		32.2		38.8		32.6		39.5			110.9		93.1		19%				38.7		38.6		31.3		34.9		26.9			93.1		86.7		7%
	Cathode	kt		41.0		36.3		39.5		27.2		22.1			88.8		127.2		(30)%				36.0		42.4		36.6		31.1		22.1			89.8		124.0		(28)%
	Total copper	kt		73.0		68.5		78.3		59.8		61.6			199.7		220.3		(9)%				74.7		81.0		67.9		66.0		49.0			182.9		210.7		(13)%
Gold		troy oz		8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51)%				8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51)%
Silver		troy koz		409		412		356		388		327			1,071		906		18%				409		412		356		388		327			1,071		906		18%
Molybdenum		t		407		333		329		145		203			677		657		3%				492		367		303		162		219			684		733		(7)%
Cerro Colorado¹
	Material mined	kt		172		145		-		-		-			-		3,934		(100)%
	Ore stacked	kt		3,567		3,928		154		-		-			154		12,059		(99)%
	Average copper grade - stacked	%		0.57%		0.53%		0.58%		-		-			0.58%		0.56%		4%
	Copper cathode (EW)	kt		12.0		12.2		9.5		1.6		-			11.1		37.0		(70)%				10.9		14.1		8.8		3.7		-			12.5		36.4		(66)%
Spence
	Material mined	kt		24,858		25,622		27,654		25,973		15,968			69,595		78,794		(12)%
	Ore stacked	kt		4,947		5,625		5,113		4,744		6,008			15,865		15,679		1%
	Average copper grade - stacked	%		0.60%		0.58%		0.60%		0.59%		0.56%			0.58%		0.66%		(11)%
	Concentrator throughput	kt		7,290		6,927		8,473		7,151		8,055			23,679		21,325		11%
	Average copper grade - concentrator	%		0.61%		0.61%		0.64%		0.65%		0.64%			0.64%		0.61%		5%
	Payable copper	kt		32.0		32.2		38.8		32.6		39.5			110.9		93.1		19%				38.7		38.6		31.3		34.9		26.9			93.1		86.7		7%
	Copper cathode (EW)	kt		29.0		24.1		30.0		25.6		22.1			77.7		90.2		(14)%				25.1		28.3		27.8		27.4		22.1			77.3		87.6		(12)%
	Total copper	kt		61.0		56.3		68.8		58.2		61.6			188.6		183.3		3%				63.8		66.9		59.1		62.3		49.0			170.4		174.3		(2)%
	Payable gold concentrate	troy oz		8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51)%				8,152		9,263		3,931		2,854		1,819			8,604		17,548		(51)%
	Payable silver concentrate	troy koz		409		412		356		388		327			1,071		906		18%				409		412		356		388		327			1,071		906		18%
	Payable molybdenum	t		407		333		329		145		203			677		657		3%				492		367		303		162		219			684		733		(7)%

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

7

BHP | Operational Review for the nine months ended 31 March 2024

			Production																						Sales
			Quarter ended												Year to date										Quarter ended											Year to date
			Mar		Jun		Sep		Dec		Mar				Mar		Mar		Var						Mar		Jun		Sep		Dec		Mar			Mar		Mar		Var
			2023		2023		2023		2023		2024				2024		2023		%						2023		2023		2023		2023		2024			2024		2023		%
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt				19.9		26.2		30.6		27.4				84.2												27.6		22.2		31.6		17.1			70.9
	Cathode	kt		51.7		56.7		48.2		54.6		55.7				158.5		155.8		2%						50.5		59.5		46.1		54.3		53.7			154.1		153.2		1%
	Total copper	kt		51.7		76.6		74.4		85.2		83.1				242.7		155.8		56%						50.5		87.1		68.3		85.9		70.8			225.0		153.2		47%
	Payable metal in concentrate transfer to Olympic Dam¹	kt				-		(2.7)		(3.2)		(4.1)				(10.0)
	Net copper	kt		51.7		76.6		71.7		82.0		79.0				232.7		155.8		49%
Gold	Payable metal in concentrate	troy oz				32,736		41,424		48,051		43,209				132,684												44,098		34,176		47,482		28,136			109,794
	Refined gold	troy oz		49,086		46,479		53,028		55,828		49,128				157,984		139,550		13%						47,300		49,182		54,036		55,349		41,710			151,095		138,742		9%
	Total gold	troy oz		49,086		79,215		94,452		103,879		92,337				290,668		139,550		108%						47,300		93,280		88,212		102,831		69,846			260,889		138,742		88%
	Payable metal in concentrate transfer to Olympic Dam¹	troy oz				-		(5,196)		(6,000)		(6,782)				(17,978)
	Net gold	troy oz		49,086		79,215		89,256		97,879		85,555				272,690		139,550		95%
Silver	Payable metal in concentrate	troy koz				201		271		323		282				876												242		258		364		189			811
	Refined silver	troy koz		277		256		261		221		248				730		833		(12)%						307		270		219		222		188			629		860		(27)%
	Total silver	troy koz		277		457		532		544		530				1,606		833		93%						307		512		477		586		377			1,440		860		67%
	Payable metal in concentrate transfer to Olympic Dam¹	troy koz				-		(11)		(13)		(30)				(54)
	Net silver	troy koz		277		457		521		531		500				1,552		833		86%
Uranium		t		833		813		825		986		863				2,674		2,593		3%						683		1,275		481		895		394			1,770		2,082		(15)%
Olympic Dam
	Material mined	kt		2,317		2,356		2,655		2,537		2,747				7,939		6,993		14%
	Ore milled	kt		2,433		2,755		2,596		2,634		2,511				7,741		7,690		1%
	Average copper grade	%		1.95%		2.00%		1.96%		2.12%		1.96%				2.01%		2.06%		(2)%
	Average uranium grade	kg/t		0.59		0.55		0.56		0.62		0.57				0.58		0.58		0%
	Copper cathode (ER and EW)	kt		51.7		56.7		48.2		54.6		55.7				158.5		155.8		2%						50.5		59.5		46.1		54.3		53.7			154.1		153.2		1%
	Refined gold	troy oz		49,086		46,479		53,028		55,828		49,128				157,984		139,550		13%						47,300		49,182		54,036		55,349		41,710			151,095		138,742		9%
	Refined silver	troy koz		277		256		261		221		248				730		833		(12)%						307		270		219		222		188			629		860		(27)%
	Payable uranium	t		833		813		825		986		863				2,674		2,593		3%						683		1,275		481		895		394			1,770		2,082		(15)%
Prominent Hill²
	Material mined	kt				661		1,110		1,125		1,094				3,329
	Ore milled	kt				1,228		1,652		1,800		1,473				4,925
	Average copper grade	%				0.77%		0.85%		0.83%		0.86%				0.85%
	Production ex mill	kt				16.3		23.8		23.6		22.3				69.7
	Payable copper	kt				8.2		12.1		12.9		10.9				35.9												15.7		8.4		10.6		6.5			25.5
	Payable gold concentrate	troy oz				17,432		22,031		25,779		21,019				68,829												28,856		15,524		20,045		14,644			50,213
	Payable silver concentrate	troy koz				44		63		65		62				190												87		53		59		38			150
Carrapateena²
	Material mined	kt				880		1,201		1,310		1,232				3,743
	Ore milled	kt				856		1,230		1,307		1,226				3,763
	Average copper grade	%				1.52%		1.29%		1.52%		1.52%				1.44%
	Production ex mill	kt				30.1		37.6		49.2		45.9				132.7
	Payable copper	kt				11.7		14.1		17.7		16.5				48.3												11.9		13.8		21.0		10.6			45.4
	Payable gold concentrate	troy oz				15,304		19,393		22,272		22,190				63,855												15,242		18,652		27,437		13,492			59,581
	Payable silver concentrate	troy koz				157		208		258		220				686												155		205		305		151			661

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.

8

BHP | Operational Review for the nine months ended 31 March 2024

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024		Mar 2024		Mar 2023		Var %		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024		Mar 2024		Mar 2023		Var %
Copper (continued)
Antamina, Peru		BHP interest 33.75%
	Material mined	kt		57,939		62,894		63,310		61,539		56,233		181,082		190,554		(5)%
	Concentrator throughput	kt		12,349		13,897		14,246		14,824		14,312		43,382		40,479		7%
	Average head grade - copper	%		0.88%		0.88%		0.83%		0.90%		0.83%		0.85%		0.89%		(4)%
	Average head grade - zinc	%		1.06%		1.25%		1.17%		1.03%		0.68%		0.96%		1.05%		(8)%
	Payable copper	kt		29.6		36.5		32.5		39.2		33.9		105.6		101.9		4%		32.4		34.5		32.8		38.3		31.3		102.4		104.7		(2)%
	Payable zinc	t		23,612		38,822		35,669		33,475		18,409		87,553		86,226		2%		25,851		37,629		33,912		37,092		17,559		88,563		88,798		0%
	Payable silver	troy koz		801		971		798		975		713		2,486		2,914		(15)%		768		747		745		785		587		2,117		2,633		(20)%
	Payable lead	t		169		146		96		105		-		201		511		(61)%		181		143		154		91		108		353		402		(12)%
	Payable molybdenum	t		229		333		283		336		621		1,240		839		48%		297		227		261		306		458		1,025		845		21%
Carajás, Brazil¹		BHP interest 100%
	Material mined	kt				103		74		115		163		352
	Ore milled	kt				100		70		119		163		352
	Average copper grade	%				1.71%		1.91%		1.69%		1.93%		1.84%
	Production ex mill	kt				6.6		5.2		7.6		12.9		25.7
	Payable copper	kt				1.6		1.2		1.8		3.2		6.2								2.1		2.2		-		2.3		4.5
	Payable gold concentrate	troy oz				1,153		802		1,256		2,083		4,141								1,688		1,533		-		1,583		3,116
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		11,925		14,795		13,234		15,468		15,032		43,734		42,150		4%
	Area C Joint Venture	kt		25,284		28,818		25,804		26,074		24,920		76,798		78,557		(2)%
	Yandi Joint Venture	kt		4,941		5,359		3,150		4,978		4,434		12,562		16,051		(22)%
	Jimblebar¹	kt		16,575		15,102		19,816		17,940		15,913		53,669		51,699		4%
	Total	kt		58,725		64,074		62,004		64,460		60,299		186,763		188,457		(1)%
	Total (100%)	kt		66,163		72,717		69,448		72,670		68,131		210,249		212,590		(1)%
	Lump	kt																		18,021		20,022		20,969		19,176		19,175		59,320		57,957		2%
	Fines	kt																		41,183		42,904		43,211		43,430		42,693		129,334		128,000		1%
	Total	kt																		59,204		62,926		64,180		62,606		61,868		188,654		185,957		1%
	Total (100%)	kt																		66,580		71,172		71,748		70,340		69,775		211,863		209,544		1%
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil		BHP interest 50%
	Total	kt		1,048		1,221		1,231		1,302		1,174		3,707		3,291		13%		1,111		1,160		1,136		1,329		1,258		3,723		3,354		11%

9

BHP | Operational Review for the nine months ended 31 March 2024

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024		Mar 2024		Mar 2023		Var %		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Mar 2024		Mar 2024		Mar 2023		Var %
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%
	Blackwater	kt		1,107		1,505		1,295		1,182		1,070		3,547		3,550		0%
	Goonyella	kt		2,185		2,348		827		1,736		1,824		4,387		5,962		(26)%
	Peak Downs	kt		1,251		1,424		1,121		846		1,012		2,979		4,056		(27)%
	Saraji	kt		1,007		1,326		1,010		701		759		2,470		3,270		(24)%
	Daunia	kt		607		617		545		431		524		1,500		1,372		9%
	Caval Ridge	kt		772		1,257		803		821		846		2,470		2,333		6%
	Total¹	kt		6,929		8,477		5,601		5,717		6,035		17,353		20,543		(16)%
	Total (100%)	kt		13,858		16,954		11,202		11,434		12,070		34,706		41,086		(16)%
	Coking coal	kt																		5,372		7,448		4,497		4,756		5,410		14,663		16,859		(13)%
	Weak coking coal	kt																		710		1,064		529		752		927		2,208		2,037		8%
	Thermal coal	kt																		104		364		299		198		22		519		799		(35)%
	Total	kt																		6,186		8,876		5,325		5,706		6,359		17,390		19,695		(12)%
	Total (100%)	kt																		12,372		17,752		10,650		11,412		12,718		34,780		39,390		(12)%
1 Production figures include some thermal coal.
NSWEC, Australia		BHP interest 100%
	Export	kt																		3,667		4,693		3,087		3,942		3,558		10,587		8,970		18%
	Domestic¹	kt																				201		220		308		374		902
	Total	kt		3,934		4,765		3,613		3,855		4,149		11,617		9,407		23%		3,667		4,894		3,307		4,250		3,932		11,489		8,970		28%
1 Domestic sales are 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		38.8		44.5		42.7		43.8		32.4		118.9		121.0		(2)%
	Average nickel grade	%		16.5		16.2		16.7		16.8		15.2		16.3		16.3		0%
Leinster	Nickel concentrate	kt		68.4		71.1		66.0		63.4		60.3		189.7		183.1		4%
	Average nickel grade	%		8.6		8.5		8.1		8.0		7.8		8.0		9.3		(14)%
	Refined nickel¹	kt		13.2		13.1		13.8		12.6		8.8		35.2		41.5		(15)%		13.0		13.1		13.2		13.0		8.6		34.8		41.3		(16)%
	Nickel sulphate²	kt		0.9		0.7		0.9		0.7		1.0		2.6		2.5		4%		0.9		0.8		0.8		0.7		0.8		2.3		2.2		5%
	Intermediates and nickel by-products³	kt		5.5		8.2		5.5		6.3		9.0		20.8		14.0		49%		5.7		9.5		4.9		6.3		9.4		20.6		15.2		36%
	Total nickel	kt		19.6		22.0		20.2		19.6		18.8		58.6		58.0		1%		19.6		23.4		18.9		20.0		18.8		57.7		58.7		(2)%
	Cobalt by-products	t		175		246		192		182		179		553		506		9%		175		246		192		110		179		481		506		(5)%

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.

10

BHP | Operational Review for the nine months ended 31 March 2024

Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2024 compared with the nine months ended March 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.

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 30 June 2023 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
Gabrielle Notley	John-Paul Santamaria
Tel: +61 3 9609 3830 Mobile: +61 411 071 715	Mobile: +61 499 006 018
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11

SIGNATURES

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.

		BHP Group Limited
Date: April 18, 2024	By:	/s/ Stefanie Wilkinson
	Name:	Stefanie Wilkinson
	Title:	Group Company Secretary