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Operational Review for the year ended 30 June 2020
BHP Group Plc
Registration number 3196209
Registered in England and Wales
Share code: BHP
ISIN: GB00BH0P3Z91
NEWS RELEASE LOGO
Release Time IMMEDIATE
Date 21 July 2020
Release Number 07/20
BHP OPERATIONAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2020
Note: All guidance is subject to further potential impacts from COVID-19 during
the 2021 financial year.
. The commitment of our workforce, our disciplined controls and financial
strength has enabled us to continue to safely operate through the COVID-19
pandemic and deliver a strong performance.
. Met full year production guidance for iron ore, metallurgical coal and
our operated copper and energy coal assets. Petroleum production
marginally below guidance with lower than expected gas demand due to the
impact of COVID-19 in the June 2020 quarter. Antamina and Cerrejon
production lower than guidance following the temporary suspension
of operations due to COVID-19, with both operations now ramping back up.
. Record production was achieved at Western Australia Iron Ore (WAIO),
Caval Ridge and Poitrel despite impacts from wet weather and COVID-19,
while record coal was mined at Broadmeadow and record average concentrator
throughput was delivered at Escondida.
. Group copper equivalent production for the 2020 financial year broadly
in line with the prior year, with volumes expected to be slightly lower in
the 2021 financial year due to impacts from a reduction in
operational workforces in copper in response to COVID-19 and petroleum
natural field decline.
. We expect to achieve full year unit cost guidance/(1)/ at WAIO,
Queensland Coal and New South Wales Energy Coal (NSWEC). Petroleum and
Escondida unit costs are expected to be slightly better than guidance
(based on 2020 financial year guidance exchange rates of AUD/USD 0.70 and
USD/CLP 683).
. Our major projects under development in petroleum and iron ore are
tracking to plan. As a result of measures put in place to reduce the spread
of COVID-19 in Chile, first production from the Spence Growth Option is now
expected between December 2020 and March 2021. We continue to assess the
impacts of COVID-19 and the temporary reduction in construction activity
at Jansen.
. As previously announced, we will provide updated capital and exploration
expenditure guidance for the 2021 financial year with our full year
results.
. An update on our short-term economic and commodities outlook is included
on pages 4 to 5.
FY20 Jun Q20
Production (vs FY19) (vs Mar Q20) Jun Q20 vs Mar Q20 commentary
----------- -------------- ------------ -----------------------------
Petroleum (MMboe) ............ 109 26 Increased production at Bass Strait due to higher seasonal demand,
(10%) 5% partially offset by lower volumes at Atlantis due to planned maintenance
and preparation work for Phase 3 project commissioning, and lower demand in Trinidad and Tobago.
Copper (kt) .................. 1,724 414 Higher production at Escondida (record concentrator throughput) and
2% (3%) Olympic Dam (improved operating stability) offset by lower production at
Antamina due to temporary suspension in response to COVID-19.
Iron ore (Mt) ................ 248 67 Higher volumes reflecting record quarter production at Mining Area C and
4% 11% Yandi, strong supply chain performance (increased car dumper availability
and utilisation and reduced rail cycle times), coupled with wet weather
impacts in the previous quarter.
Metallurgical coal (Mt) ...... 41 12 Higher volumes at Queensland Coal including record production at Poitrel
(3%) 26% mine, following significant wet weather events impacting operations in
the prior quarter.
Energy coal (Mt) ............. 23 6 Higher production at NSWEC was offset by lower volumes at Cerrejon as a
(16%) (2%) result of a temporary shutdown in response to COVID-19.
Nickel (kt) .................. 80 24 Higher volumes following ramp back up to full capacity at the Kwinana
(8%) 14% refinery and Kalgoorlie smelter during the prior quarter.
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BHP Operational Review for 1
the year ended 30 June 2020
Summary
BHP Chief Executive Officer, Mike Henry:
“BHP safely delivered a strong operational performance in the 2020 financial year, achieving record
production in a number of our operations, and an improved cost base. This performance, achieved in
the face of COVID-19 and other challenges, is a result of the outstanding effort of our people and
the support of our communities, governments, customers and suppliers. We have sought to support those
who rely on BHP through the pandemic with increased hiring, shorter payment terms for small, local
and indigenous suppliers, support for contract workers and community funding for health and social
services.
Our diversified portfolio and high quality assets, together with our strong balance sheet, make us
resilient to the ongoing uncertainty in the markets for our commodities. We expect to continue to
generate solid cash flow through the cycle and we remain confident in the outlook for demand for
our products over the medium to long-term. We continue to focus on becoming even safer, delivering
exceptional operational performance, maintaining disciplined capital allocation, creating and
securing more options in future facing commodities and building social value. We have learned new
ways of working, both internally and with others, through the COVID-19 pandemic. We will seek to
embed these in a way that helps to reinforce these priorities.”
Operational performance
Production and guidance are summarised below.
Note: All guidance is subject to further potential impacts from COVID-19 during
the 2021 financial year.
FY20 Jun Q20 Jun Q20
Jun vs vs vs FY21 FY21e
Production FY20 Q20 FY19 Jun Q19 Mar Q20 guidance vs FY20
--------------------------------------------- ----- --- ---- ------- ------- ------------- -------------
Petroleum (MMboe)............................ 109 26 (10%) (11%) 5% 95 - 102 (13%) - (6%)
Copper (kt).................................. 1,724 414 2% (7%) (3%) 1,480 - 1,645 (14%) - (5%)
Escondida (kt)............................. 1,185 294 4% 2% 1% 940 - 1,030 (21%) - (13%)
Pampa Norte (kt)........................... 243 55 (2%) (26%) (15%) 240 - 270 (1%) - 11%
Olympic Dam (kt)........................... 172 48 7% 5% 24% 180 - 205 5% - 19%
Antamina (kt).............................. 125 18 (15%) (52%) (46%) 120 - 140 (4%) - 12%
Iron ore (Mt)................................ 248 67 4% 7% 11% 244 - 253 (2%) - 2%
WAIO (100% basis) (Mt)..................... 281 76 4% 6% 11% 276 - 286 (2%) - 2%
Metallurgical coal (Mt)...................... 41 12 (3%) (2%) 26% 40 - 44 (3%) - 7%
Queensland Coal (100% basis) (Mt).......... 73 21 (2%) (1%) 29% 71 - 77 (2%) - 6%
Energy coal (Mt)............................. 23 6 (16%) (24%) (2%) 22 - 24 (5%) - 4%
NSWEC (Mt)................................. 16 5 (12%) (10%) 28% 15 - 17 (7%) - 6%
Cerrejon (Mt).............................. 7 1 (23%) (62%) (61%) ~7 Broadly
unchanged
Nickel (kt).................................. 80 24 (8%) (17%) 14% 85 - 95 6% - 19%
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BHP Operational Review for 2
the year ended 30 June 2020
Summary of disclosures
BHP expects its financial results for the second half of the 2020 financial
year 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 our full year financial results on 18 August 2020.
Accordingly the information is subject to update.
H2 FY20
impact
Description US$M/(i)/ Classification/(ii)/
----------- -------------- -------------------------
Unit costs for WAIO, Queensland Coal and NSWEC Refer footnote/(iii)/ Operating costs
expected to be in line with full year guidance (at guidance
exchange rates)
Unit costs for Petroleum and Escondida tracking slightly Refer footnote/(iii)/ (down arrow) Operating costs
better than full year guidance (at guidance exchange rates)
due to lower price linked costs, cost efficiencies and deferred
activity due to COVID-19 (Petroleum) and higher than
expected by-product credits and lower than expected deferred
stripping costs (Escondida)
Increase in closure and rehabilitation provision for closed 600 - 700 (up arrow) Operating costs
mines (reported in group and unallocated)
Exploration expense (including petroleum and minerals 286 (up arrow) Exploration expense
exploration programs)
The Group's net debt target range is US$12 to US$17 billion, -- Net debt
with net debt expected to be towards the lower end of the
range/(iv)/
Settlement of derivative related to the funding of the interim ~320 (up arrow) Operating cash outflow
dividend (Note: together with the payment of US$2.9 billion
reported in financing cash outflow, the combined payment of
US$3.3 billion represents the interim dividend determined on
18 February 2020 in the financial results for the half year
ended 31 December 2019)
Insurance proceeds received in relation to the ~450 (up arrow) Operating cash inflow
Samarco dam failure (Note: income statement impact will be
treated as an exceptional item)
Dividends paid to non-controlling interests ~430 (up arrow) Financing cash outflow
Impairment charge related to property, plant and equipment at 450 - 500 (up arrow) Exceptional item charge
Cerro Colorado, in addition to a valuation allowance
recognised against Cerro Colorado's deferred tax assets (after
tax)
Costs directly attributable to COVID-19 (after tax) 100 - 150 (up arrow) Exceptional item charge
Financial impact on BHP Brasil of the Samarco dam failure Refer footnote/(iii)/ Exceptional item
(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.
(iii) Financial impact is the subject of ongoing work and is not yet finalised.
(iv) Our Net Debt definition is currently under review in relation to vessel
lease contracts that are priced with reference to a freight index. Such
contracts are required to be re-measured to the prevailing index at each
reporting date. Volatility in the index throughout FY2020 has created
significant short-term fluctuation in these liabilities which, if
included, does not align with how the Group uses net debt for decision
making in relation to the capital allocation framework.
Major development projects
During the year, the BHP Board approved the Ruby oil and gas project in
Trinidad and Tobago. At the end of the 2020 financial year, BHP had six major
projects under development in petroleum, copper, iron ore and potash, with a
combined budget of US$11.4 billion over the life of the projects. Our major
projects under development in petroleum and iron ore are tracking to plan.
The Spence Growth Option is continuing to progress, however, as a result of
measures put in place to reduce the spread of COVID-19, first production is now
expected between December 2020 and March 2021. As a result of the reduction of
the on-site workforce, the commissioning of the desalination plant and
capitalisation of the associated US$600 million lease (approximate) will now
occur in the first half of the 2021 financial year.
In June 2020, final shaft lining work for the Jansen project, which was reduced
to focus on one shaft as part of our COVID-19 response plan to reduce our
on-site interprovincial workforce, was resumed in both shafts.
Timing for completion of the shafts continues to be under review. BHP continues to
assess the impacts of COVID-19 and the temporary reduction in construction
activity.
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BHP Operational Review for 3
the year ended 30 June 2020
COVID-19 update
During the June 2020 quarter, our operated assets have continued with additional
protocols in place to protect our workforce and communities from the spread of
COVID-19, in line with guidelines from local and federal government bodies and
expert health advice in the geographies where we operate.
In Australia, we have only had a small number of cases among our workforce since
COVID-19 began, none with workplace exposure, and some assets are returning to
more normal rosters. We remain vigilant and will continue with social distancing
and hygiene practices and other protocols as appropriate to minimise the risk of
transmission.
In South America, COVID-19 infection rates have seen governments continue with
travel and lockdown restrictions. We continue to operate with a reduced number
of people at mine sites and other operational facilities, with only business
critical personnel on site. We have implemented a comprehensive plan for COVID-19
including various hygiene and health controls and a proactive testing regime for
people before entering sites and boarding transportation.
In addition, we have implemented a company-wide COVID-19 app for employees and
contractors so that in the event of a positive result, movement on site can be
tracked to trace others who may have been in contact, and targeted isolation and
sanitation can be undertaken. Medical and wellbeing support is in place for the
workforce.
Our supply chains remain open and we have adequate supplies to operate and maintain
critical equipment, with alternative suppliers identified for many of these.
Marketing update/(2)/
Short term economic outlook
The global economy has been dramatically impacted by COVID-19. Many major
economies contracted heavily in the June 2020 quarter, including the United
States (US), Europe and India. In contrast, China has moved from intensive
viral suppression to economic recovery. Much of the developing world is still
in the escalation phase of their COVID-19 outbreaks. The developed world has
begun to re-emerge from wave one lockdowns, but early indications are that
there is likely to be a period of uncertainty, with re-escalation of infection
rates and re-implementation of COVID-19 response measures in some jurisdictions.
The pace and scope of recovery will vary across countries. Where "hibernation
policies"/(3)/ have been enacted, we anticipate a smoother resumption of
activity after the first wave. A considerable amount of monetary, liquidity and
fiscal policy support has been mobilised in response to COVID-19. It is still
uncertain how significant the multiplier effect will be of the monetary and
fiscal stimulus policies measures that have been taken. A lower multiplier
could result from depressed consumer and business confidence due to the impact
of COVID-19 on both jobs and profitability. A higher multiplier could occur if
the lagged impact of stimulus coincides with the release of pent-up demand as
economies emerge from the lockdown, with the caveat that major second waves do
not occur.
The International Monetary Fund's (IMF) latest forecasts predict that the world
economy will contract by 4.9 per cent in the 2020 calendar year and rebound by
5.4 per cent in the 2021 calendar year. While we plan against a range, our base
case is similar across the two years. If this case eventuated, the world
economy would be around 6 per cent smaller, on average, in the 2021 calendar
year than it would otherwise have been if COVID-19 had not occurred.
Regionally, we note that Chinese domestic industrial activity has been
improving, spurred on by supportive credit and fiscal policy. The major risk to
maintaining that positive trajectory is the possibility of a widespread second
wave of infections emerging. That is among the range of pathways that we
consider and it is the key uncertainty in each of our regional outlooks.
Elsewhere, indications are that the US, India, Japan and Europe will all
experience a flatter recovery trajectory than China. Negative feedback loops to
China from the downturn in the rest of the world are factored in to our range
analysis.
Short term commodities outlook
Exchange traded commodity prices have recovered slightly from their March/April
2020 lows. Bulk commodity prices have diverged, with iron ore higher than in
April 2020 while metallurgical coal prices are lower. Across the suite of
commodities, a combination of economic supply-side curtailments and COVID-19
induced supply-side disruptions have served as a partial offset to the lower
demand.
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BHP Operational Review for 4
the year ended 30 June 2020
We maintain our view that steel production ex-China could contract by a
double-digit percentage in the 2020 calendar year. We estimate that capacity
utilisation ex-China fell to between 50 and 60 per cent across the June
quarter. Steel makers from other regions, including Europe, the Americas, India
and Japan have cut production. This reflects logistical difficulties created by
COVID-19 (e.g. inter-state labour availability in India) as well as collapsing
demand in downstream industries, such as automotive (e.g. Europe and Japan).
In China, blast furnace utilisation rates have increased from around 80 per
cent earlier in February 2020 to above 90 per cent in June 2020. Daily rebar
transactions were above normal seasonal levels for much of the June 2020
quarter, helping support a crude steel run-rate of 1,117 Mtpa in June 2020
(+4.5 per cent year-on-year). Year-to-date annualised production of 1,004 Mt is
broadly consistent with our base case. Finished inventories have fallen as
downstream activity has improved. While we note that only about 10 per cent of
Chinese apparent steel demand/(4)/ is exported in finished products, the
weakness in global demand will weigh on Chinese flat products manufacturers.
However, better than expected outcomes for domestic machinery and auto
production have narrowed the gap between long and flat product performance seen
early in the year. Electric-arc furnace utilisation fell as low as 12 per cent
in February 2020, but has now recovered to normal seasonal levels around 70 per
cent. We continue to believe that if China can avoid a second wave of COVID-19,
steel and pig iron production can both rise in the 2020 calendar year versus
the prior year.
The Platts 62% Fe Iron Ore Fines price index has been resilient so far. This
reflects solid Chinese pig iron production of 935 Mtpa in June 2020 (+4.1 per
cent year-on-year), and the impact of constrained Brazilian exports. Meanwhile,
preliminary shipping data suggest Australian exports hit a record of 1,072 Mtpa
in June 2020. Weakness ex-China is less consequential for price formation in
iron ore than in other commodities.
The Platts Premium Low-Volatile Metallurgical Coal price index has been under
downward pressure through the June 2020 quarter. Negative demand impacts from
COVID-19 lockdowns in the major importing regions of Europe, India and
developed Asia have been the major influence on the market. Chinese demand, on
the other hand has been firm. However, China's coal import policy remains a key
uncertainty. As demand disruption ex-China accelerated early in the June
quarter, prices traded below the lows seen in the second half of the 2019
calendar year. They have since stabilised at these levels. The geographic
diversification of metallurgical coal demand is a long term advantage but an
impediment under today's unique circumstances. Developments in both supply and
demand imply that lower quality products may face headwinds for an extended
period. Premium coking coals exhibit attractive medium-term fundamentals.
The energy coal market is in a difficult state. The GCNewc 6000kcal price
recently fell below the levels reached during the 2015/16 downturn. Wood
Mackenzie has estimated that at late June 2020 spot prices around two-thirds of
seaborne supply was likely to be earning negative margins. Short term increases
in producer currencies and diesel prices have amplified cost challenges. An
uplift in power demand across developed Asia as re-starts progress could help
to stabilise the market. China's policy in respect of energy coal imports
remains a key uncertainty.
Copper prices fell sharply in March 2020 amidst depressed macro investor
sentiment. They have since rebounded, first on improving sentiment towards
pro-growth assets, and more recently on news of supply challenges in South
America due to COVID-19. In terms of demand fundamentals, our view is that the
decline in ex-China copper demand will be less severe than for steel.
Conversely, in China, copper demand could be marginally weaker than steel in
the 2020 calendar year, based partly on copper's greater exposure to indirect
exports from China (approximately 20 per cent versus approximately 10 per cent
for steel). Copper also benefits less than steel from transport and non-power
utilities infrastructure, which are benefitting from strong policy support. On
the supply side, Peru and Chile have experienced difficulty in containing
COVID-19, with flow-on impacts to copper operations and the broader supply
chain. This has led to a material tightening of the copper concentrate balance,
with treatment and refining charges moving lower in response. Scrap
availability has also been constrained.
After crashing in March 2020, crude oil prices exhibited considerable
volatility in April 2020. However, conditions improved in May and June 2020, as
the early impact of global supply cuts, China's demand recovery and activity
re-starts in the US and Europe took some pressure off global storage. Large and
small producers alike have announced sharp cuts in capital spending in response
to the price decline. In North America, rigs targeting oil have declined by
more than 70 per cent, to a level last seen before the shale boom. We believe
that the most significant risks to the physical market have passed. However, a
return to pre-COVID-19 demand levels is not expected to occur before the end of
the 2021 calendar year.
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BHP Operational Review for 5
the year ended 30 June 2020
Average realised prices
The average realised prices achieved for our major commodities are summarised
below.
FY20 Jun H20 Jun H20
vs vs vs
Average realised prices/(i)/ Jun H20 Dec H19 FY20 FY19 FY19 Jun H19 Dec H19
---------------------------- ------- ------- ------ ------ ---- ------- -------
Oil (crude and condensate) (US$/bbl).... 37.51 60.64 49.53 66.59 (26%) (41%) (38%)
Natural gas (US$/Mscf)/(ii)/............ 3.76 4.26 4.04 4.55 (11%) (15%) (12%)
LNG (US$/Mscf).......................... 6.87 7.62 7.26 9.43 (23%) (19%) (10%)
Copper (US$/lb)......................... 2.39 2.60 2.50 2.62 (5%) (11%) (8%)
Iron ore (US$/wmt, FOB)................. 76.67 78.30 77.36 66.68 16% (1%) (2%)
Metallurgical coal (US$/t).............. 121.25 140.94 130.97 179.67 (27%) (32%) (14%)
Hard coking coal (US$/t)/(iii)/...... 133.51 154.01 143.65 199.61 (28%) (34%) (13%)
Weak coking coal (US$/t)/(iii)/...... 84.43 101.06 92.59 130.18 (29%) (33%) (16%)
Thermal coal (US$/t)/(iv)/.............. 55.91 58.55 57.10 77.90 (27%) (23%) (5%)
Nickel metal (US$/t).................... 12,459 15,715 13,860 12,462 11% 0% (21%)
(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) Includes internal sales.
(iii)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.
(iv) Export sales only; excludes Cerrejon. Includes thermal coal sales from
metallurgical coal mines.
The large majority of oil sales were linked to West Texas intermediate (WTI) or
Brent based indices, with differentials applied for quality, locational and
transportation costs. 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 were
based on an average moisture rate of 7.5 per cent. The large majority of
metallurgical coal and energy coal exports were linked to index pricing for the
month of shipment or sold on the spot market at fixed or index-linked prices,
with price differentials reflecting product quality. The 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 30 June 2020, the Group had 304 kt of outstanding copper sales that were
revalued at a weighted average price of US$2.73 per pound. The final price of
these sales will be determined in the 2021 financial year. In addition, 322 kt
of copper sales from the 2019 financial year were subject to a finalisation
adjustment in the current period. The provisional pricing and finalisation
adjustments will increase Underlying EBITDA/(5)/ by US$125 million in the
2020 financial year and is included in the average realised copper price in the
above table.
Corporate update
In December 2019, BHP agreed to fund a total of US$793 million in financial
support for the Renova Foundation and Samarco. This comprises US$581 million to
fund the Renova Foundation until 31 December 2020 which will be offset against
the Group's provision for the Samarco dam failure, and a short-term facility of
up to US$212 million to be made available to Samarco until 31 December 2020.
We will provide an update to the ongoing potential financial impacts on BHP
Brasil of the Samarco dam failure with our full year Results Announcement on
18 August 2020. Any financial impacts will continue to be treated as an
exceptional item.
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BHP Operational Review for 6
the year ended 30 June 2020
Petroleum
Production
FY20 Jun Q20 Jun Q20
vs vs vs
FY20 Jun Q20 FY19 Jun Q19 Mar Q20
---- ------- ----- ------- -------
Crude oil, condensate and natural gas liquids (MMboe).... 49 11 (11%) (15%) (2%)
Natural gas (bcf)........................................ 360 90 (9%) (8%) 11%
Total petroleum production (MMboe)....................... 109 26 (10%) (11%) 5%
Petroleum - Total petroleum production decreased by 10 per cent to 109 MMboe,
with volumes marginally below guidance as a result of weaker than expected gas
demand due to the impact of COVID-19 and a decrease in tax barrels at Trinidad
and Tobago due to low commodity prices in the June 2020 quarter. Volumes are
expected to decrease to between 95 and 102 MMboe in the 2021 financial year,
reflecting expected lower gas demand in Eastern Australia and Trinidad and
Tobago, the previously announced delay of several small and medium sized
projects with short lifecycles and natural field decline across the portfolio.
Crude oil, condensate and natural gas liquids production decreased by 11 per
cent to 49 MMboe due to the impacts of Tropical Storm Barry in the Gulf of
Mexico, Tropical Cyclone Damien at our North West Shelf operations, maintenance
at Atlantis and natural field decline across the portfolio. Weaker market
conditions, including impacts from COVID-19, also contributed to lower volumes
in the June 2020 quarter. This decline was partially offset by higher uptime at
Pyrenees following the 70 day dry dock maintenance program during the prior
year.
Natural gas production decreased by nine per cent to 360 bcf, reflecting a
decrease in both production and tax barrels (in accordance with the terms of
our Production Sharing Contract) due to weaker market conditions in Trinidad
and Tobago, impacts of maintenance and Tropical Cyclone Damien at North West
Shelf and natural field decline across the portfolio.
Projects
Capital Initial
Project and expenditure production
ownership US$M target date Capacity Progress
----------- ----------- ----------- -------------------------------------- ---------------------------------------
Atlantis Phase 3 696 CY20 New subsea production system that On schedule and budget. The overall
(US Gulf of Mexico) will tie back to the existing project is 79% complete.
44% (non-operator) Atlantis facility, with capacity to
produce up to 38,000 gross barrels
of oil equivalent per day.
Ruby 283 CY21 Five production wells tied back into On schedule and budget. The overall
(Trinidad & Tobago) existing operated processing project is 28% complete.
68.46% (operator) facilities, with capacity to produce
up to 16,000 gross barrels of oil per
day and 80 million gross standard
cubic feet of natural gas per day.
Mad Dog Phase 2 2,154 CY22 New floating production facility with On schedule and budget. The overall
(US Gulf of Mexico) the capacity to produce up to 140,000 project is 77% complete.
23.9% (non-operator) grossbarrels of crude oil per day.
The Bass Strait West Barracouta project is on schedule and budget, and is still
expected to achieve first production in the 2021 calendar year, despite delays
in component delivery and equipment fabrication due to COVID-19 restrictions.
Additional measures have been put in place across each of our projects to
protect workforce health and safety as a result of COVID-19. All projects
currently in execution remain on track and we do not expect an impact on the
timing of first production.
As previously announced, in light of the recent significant disruption to oil
and gas markets and heightened risk of interruption to field activity, we have
reviewed our capital, operating, exploration and appraisal expenditure
programs. We will provide updated capital and exploration expenditure guidance
for the 2021 financial year with our full year Results Announcement to be
released on 18 August 2020.
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BHP Operational Review for 7
the year ended 30 June 2020
Petroleum exploration
No exploration and appraisal wells were drilled during the June 2020 quarter.
The Deepwater Invictus rig is anticipated to mobilise to Trinidad and Tobago in
the September 2020 quarter to drill one exploration well, Broadside, in our
Southern licences as part of Phase 5 of our deepwater drilling campaign,
subject to any further COVID-19 constraints on mobilisation.
In the US Gulf of Mexico, following lease sale 254, blocks GC80 and GC123 were
awarded in July 2020 in the central Gulf of Mexico, building on our Green
Canyon position. Block GB721 was also awarded in June 2020, expanding our
western Gulf of Mexico position. As previously announced, we are the apparent
high bidder on Blocks AC36, AC80, AC81 in the western Gulf of Mexico. We are
completing prospect maturation of the Green Canyon blocks we acquired in the
recent lease sales, with plans to drill an exploration well during the 2021
calendar year.
In the Gippsland Basin, we participated in a multi-client 3D seismic survey
(non-operated)/(6)/ which is expected to be completed in the September 2020
quarter.
Petroleum exploration expenditure for the 2020 financial year was
US$564 million, of which US$394 million was expensed.
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BHP Operational Review for 8
the year ended 30 June 2020
Copper
Production
FY20 Jun Q20 Jun Q20
vs vs vs
FY20 Jun Q20 FY19 Jun Q19 Mar Q20
------ ------- ---- ------- -------
Copper (kt)....... 1,724 414 2% (7%) (3%)
Zinc (t).......... 88,462 13,736 (10%) (39%) (57%)
Uranium (t)....... 3,678 1,016 3% 4% 31%
Copper - Total copper production increased by two per cent to 1,724 kt.
Production of between 1,480 and 1,645 kt is expected in the 2021 financial year.
For the majority of the June 2020 quarter, our Chilean assets operated with a
reduction in their operational workforces of approximately 35 per cent to
incorporate measures in response to COVID-19. We have implemented a comprehensive
plan for COVID-19 including various hygiene and health controls and a proactive
testing regime for people before entering sites and boarding transportation.
The operating environment across our Chilean assets is likely to remain challenging,
with reductions in our workforce expected to remain at a similar level during
the September 2020 quarter.
Escondida copper production increased by four per cent to 1,185 kt, with record
June 2020 quarter concentrator throughput of 382 ktpd lifting annual concentrator
throughput to a record 371 ktpd. This offsets the impact of a three per cent decline
in copper grade, stoppages associated with the social unrest in Chile (7 kt impact)
and a reduced workforce due to COVID-19 preventative measures. The new records were
achieved through continued improvements in operational and maintenance practices
leading to increased availability and utilisation at the site’s three concentrators.
Production of between 940 and 1,030 kt is expected for the 2021 financial year, with
a decline in copper grade of concentrator feed approximately four per cent. Lower
volumes reflect the need to continue to balance mine development and production
requirements, with processing capacity at concentrators and leaching plants, as a
result of a reduced operational workforce due to COVID-19. It is expected that
production levels are likely to be impacted in the 2022 financial year as a result
of reduced operational workforce and material movement in the 2021 financial year.
Guidance of an annual average of 1,200 kt of copper production over the next five
years remains unchanged.
Pampa Norte copper production decreased by two per cent to 243 kt, with strong
operating performance offset by grade decline of approximately 14 per cent.
Production for the 2021 financial year is expected to be between 240 and 270 kt,
reflecting the reduced operational workforce due to COVID-19, the start-up of
the Spence Growth Option project and expected grade decline of approximately
seven per cent. On 1 July 2020, Cerro Colorado announced it had started a
four-month process to adjust its mine plan to reduce throughput and costs to
achieve improved cash returns and ensure viable mining operations for the
remaining period of its current environmental licence, which expires at the end
of the 2023 calendar year.
Olympic Dam copper production increased by seven per cent to 172 kt supported by
solid underground mine performance with strong development metres achieved,
record grade and the prior period acid plant outage. This was partially offset
by the impact of planned preparatory work undertaken in the September 2019
quarter related to the replacement of the refinery crane and unplanned downtime
at the smelter during the March 2020 quarter. The physical replacement and
commissioning of the refinery crane is expected to be completed in the March
2021 quarter. Underground development into the Southern Mine Area progressed to
plan over the year, and provided access to higher copper grade ore. Following
strong mine development over a number of years, we plan to draw down surplus
run-of-mine stockpiles. Production for the 2021 financial year
is expected to increase to between 180 and 205 kt. Production for the 2022
financial year is expected to be lower as a result of the major smelter
maintenance campaign planned for the first half of the year.
--------------------------------------------------------------------------------
BHP Operational Review for 9
the year ended 30 June 2020
Antamina copper production decreased by 15 per cent to 125 kt and zinc
production decreased by 10 per cent to 88 kt, reflecting lower copper head
grades and the impacts of operating with a reduced workforce and a six-week
shutdown during the June 2020 quarter in response to COVID-19. Antamina is
ramping back up and will continue to operate with a reduced workforce, which
will impact material mined in the 2021 financial year. Copper production of
between 120 and 140 kt and zinc production of between 140 and 160 kt is
expected for the 2021 financial year
Projects
Capital Initial
Project and expenditure production
ownership US$M target date Capacity Progress
----------- ----------- ----------- -------------------------------- -----------------------------
Spence Growth Option.... 2,460 FY21 New 95 ktpd concentrator is On budget.
(Chile) expected to increase payable First production is expected
100% copper in concentrate between December 2020 and
production by ~185 ktpa in March 2021.
the first 10 years of operation The overall project is 93%
and extend the mining complete.
operations by more than
50 years.
The Spence Growth Option schedule is continuing to progress, however, as a
result of measures put in place to reduce the spread of COVID-19, first
production is now expected between December 2020 and March 2021. The
commissioning of the desalination plant and capitalisation of the associated
US$600 million lease (approximate) will now occur in the first half of the
2021 financial year.
--------------------------------------------------------------------------------
BHP Operational Review for 10
the year ended 30 June 2020
Iron Ore
Production
FY20 Jun Q20 Jun Q20
vs vs vs
FY20 Jun Q20 FY19 Jun Q19 Mar Q20
------- ------- ---- ------- -------
Iron ore production (kt).... 248,159 66,729 4% 7% 11%
------- ------- ---- ------- -------
Iron ore - Total iron ore production increased by four per cent to a record 248
Mt (281 Mt on a 100 per cent basis). Production of between 244 and 253 Mt (276
and 286 Mt on a 100 per cent basis) is expected in the 2021 financial year. We
continue with our program to improve productivity and provide a stable base for
our tightly coupled supply chain and this includes a major maintenance campaign
on car dumper three planned for the September 2020 quarter, with a corresponding
impact expected on production.
WAIO achieved record production, with higher volumes reflecting record
production at Jimblebar and Yandi. Weather impacts from Tropical Cyclone Blake
and Tropical Cyclone Damien, were offset by strong performance across the supply
chain, with significant improvements in productivity and reliability following a
series of targeted maintenance programs over the past four years. This enabled
WAIO to produce at a record annualised run rate above 300 Mt (100 per cent
basis) during the June 2020 quarter.
Consistent with our revised mine plan, the typical specification of Jimblebar
fines improved to above 60 per cent Fe grade in the June 2020 quarter.
WAIO continues to focus on operating safely and despite the de-escalation of
COVID-19 restrictions in Western Australia, a series of preventative measures
remain in place to minimise the spread of COVID-19. WAIO has returned to normal
shift rosters and has reopened the Perth office. To meet border controls
introduced by the Western Australian Government, over 900 employees and
contractors in business critical roles temporarily relocated to Western
Australia, including the majority of specialist roles who are based interstate,
such as train drivers and train load out operators. These employees remain in
Western Australia.
Mining and processing operations at Samarco remain suspended following the
failure of the Fundao tailings dam and Santarem water dam on 5 November 2015.
Operation readiness activities for Samarco's restart have been slowed as a
result of a reduced workforce, as part of the COVID-19 response. Restart can
occur when the filtration system is complete and Samarco has met all necessary
safety requirements, and will be subject to final approval by Samarco's
shareholders.
Projects
Capital Initial
Project and expenditure production
ownership US$M target date Capacity Progress
----------- ----------- ----------- ----------------------------- -----------------------------
South Flank............. 3,061 Mid-CY21 Sustaining iron ore mine to On schedule and budget.
(Australia) replace production from the The overall project is 76%
85% 80 Mtpa (100 per cent basis) complete.
Yandi mine.
The South Flank project is tracking well and remains on schedule for first
production in the middle of the 2021 calendar year. Consistent with our other
assets, measures designed to conduct safe operations in compliance with strict
health and travel guidelines remain in place at South Flank to help reduce the
spread of COVID-19.
--------------------------------------------------------------------------------
BHP Operational Review for 11
the year ended 30 June 2020
Coal
Production
FY20 Jun Q20 Jun Q20
vs vs vs
FY20 Jun Q20 FY19 Jun Q19 Mar Q20
------ ------- ---- ------- -------
Metallurgical coal (kt)....... 41,118 11,614 (3%) (2%) 26%
Energy coal (kt).............. 23,167 5,654 (16%) (24%) (2%)
Metallurgical coal - Metallurgical coal production was down three per cent to 41
Mt (73 Mt on a 100 per cent basis) as a result of significant wet weather events
in the prior quarter and geotechnical constraints at South Walker Creek.
Production is expected to be between 40 and 44 Mt (71 and 77 Mt on a 100 per
cent basis) in the 2021 financial year, a similar level to the prior year as it
reflects an expected deterioration in market outlook due to the impact of
COVID-19. With Blackwater returning to full capacity towards the end of the
September 2020 quarter after flooding in the March 2020 quarter, volumes will be
weighted to the second half of the financial year.
At Queensland Coal, strong underlying operational performance, including record
underground coal mined at Broadmeadow and record annual production at Caval
Ridge and Poitrel, was offset by planned major wash plant shutdowns in the first
half of the year and significantly higher rainfall during January and February
2020 compared with historical averages. Blackwater, our largest mine, was the
most severely impacted, with mining operations stabilised during the June 2020
quarter and a return to full capacity expected towards the end of the September
2020 quarter.
Energy coal - Energy coal production decreased by 16 per cent to 23 Mt.
Production is expected to be between 22 and 24 Mt in the 2021 financial year.
Further potential impacts from COVID-19, including weak demand, represent
possible downside risk to the 2021 financial year guidance.
NSWEC production decreased by 12 per cent to 16 Mt as a result of the change in
product strategy to focus on higher quality products and unfavourable weather
impacts from December 2019 to February 2020. This was partially offset by a
strong performance in the June 2020 quarter driven by record truck utilisation.
Production is expected to be between 15 and 17 Mt in the 2021 financial year.
Cerrejon production decreased by 23 per cent to 7 Mt due to a temporary shutdown
during the June 2020 quarter in response to COVID-19, as well as a focus on
higher quality products, in line with the mine plan. The temporary shutdown
lasted for approximately six weeks and allowed for completion of COVID-19
control measures to meet the Colombian Government's regulations.
Production is expected to be approximately 7 Mt in the 2021 financial year.
--------------------------------------------------------------------------------
BHP Operational Review for 12
the year ended 30 June 2020
Other
Nickel production
FY20 Jun Q20 Jun Q20
vs vs vs
FY20 Jun Q20 FY19 Jun Q19 Mar Q20
---- ------ ------ ------- -------
Nickel (kt).............. 80.1 23.9 (8%) (17%) 14%
Nickel - Nickel West production decreased by eight per cent to 80 kt due to the
major quadrennial maintenance shutdowns at the Kwinana refinery and the
Kalgoorlie smelter, as well as planned routine maintenance at the concentrators,
in the December 2019 quarter. Operations ramped back up to full capacity during
the March 2020 quarter and ran at full capacity during the June 2020 quarter.
With the major planned maintenance and the transition to new mines now complete,
total nickel production is expected to increase to between 85 and 95 kt in the
2021 financial year.
Operations Services - In Australia, we have created 2,800 permanent jobs, with
Operations Services deployed at 20 locations across WAIO, Queensland Coal and
NSWEC and successfully accelerating safety, productivity and efficiency
outcomes. In May 2020, Operations Services launched a new national training
program to be delivered through the BHP FutureFit Academy which has been
developed to provide a customised training pathway, utilising nationally
recognised curricula for trade apprenticeships and maintenance traineeships. The
first two FutureFit Academy campuses opened in Mackay in Queensland and Perth in
Western Australia, with students to graduate and be deployed to an Operations
Services Maintenance team from the 2021 calendar year.
Potash project
Project and Investment
ownership US$M Scope Progress
----------- ---------- ------------------------------------ -----------------------------
Jansen Potash .......... 2,700 Investment to finish the excavation The project is 86% complete.
(Canada) and lining of the production and
100% service shafts, and to continue the
installation of essential surface
infrastructure and utilities.
In June 2020, final shaft lining work, which was reduced to focus on one shaft
as part of our COVID-19 response, was resumed in both shafts.
Timing for completion of the shafts continues to be under review.
BHP continues to assess the impacts of COVID-19 and the temporary reduction
in construction activity.
Minerals exploration
Minerals exploration expenditure for the 2020 financial year was US$176 million,
of which US$123 million was expensed. Greenfield minerals exploration is
predominantly focused on advancing copper targets within Chile, Ecuador, Mexico,
Peru, Canada, South Australia and the south-west United States.
At Oak Dam in South Australia, the third phase of the drilling program was
completed in the June 2020 quarter, bringing the total area drilled to
approximately 21,500 m and the results are currently being analysed. This
follows encouraging results from the previous drilling phases, which confirmed
high-grade mineralised intercepts of copper, with associated gold, uranium and
silver.
In June 2020, BHP agreed to acquire the Honeymoon Well development project and a
50 per cent interest in the Albion Downs North and Jericho exploration joint
ventures from MPI Nickel Pty Ltd, a wholly owned subsidiary of Norilsk Nickel
Australian Holdings BV. BHP is currently a 50 per cent shareholder in the Albion
Downs North and Jericho Joint Ventures. The combined tenement package is located
in the northern Goldfields region of Western Australia, approximately 50 km from
our Mt Keith mine and 100 km from the Leinster concentrator. Completion of the
agreement is subject to a number of conditions including government and third
party approvals.
--------------------------------------------------------------------------------
BHP Operational Review for 13
the year ended 30 June 2020
Variance analysis relates to the relative performance of BHP and/or its
operations during the 2020 financial year compared with the 2019 financial year,
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.
Copper equivalent production based on 2020 financial year average realised
prices.
Thefollowing footnotes apply to this Operational Review:
--------
(1)2020 financial year unit cost guidance: Petroleum US$10.50-11.50/boe,
Escondida US$1.20-1.35/lb, WAIO US$13-14/t, Queensland Coal US$67-74/t and
NSWEC US$55-61/t; based on exchange rates of AUD/USD 0.70 and USD/CLP 683.
(2)All data presented in this report is the latest available as of 16 July 2020.
(3)The phrase "economic hibernation" was coined by ANU Professor's Tourky and
Pitchford. It describes the comprehensive support that the public balance
sheet can provide to mitigate the no-fault unemployment, default and
insolvency that the effort to suppress a pandemic can bring.
(4)Incremental to apparent demand is around 45 Mt in direct net exports of
steel.
(5)Underlying EBITDA is used to help assess current operational profitability
excluding the impacts of sunk costs (i.e. depreciation from initial
investment). Underlying EBITDA is earnings before net finance costs,
depreciation, amortisation and impairments, taxation expense, discontinued
operations and exceptional items. Underlying EBITDA includes BHP's share of
profit/(loss) from investments accounted for using the equity method
including net finance costs, depreciation, amortisation and impairments and
taxation expense/(benefit).
(6)Non-operated CGG, EP:4619.
The following abbreviations may have been used throughout this report: barrels
(bbl); billion cubic feet (bcf); 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); metre (m); million
barrels of oil equivalent (MMboe); million barrels of oil per day (MMbpd);
million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per
annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent
(Mboe); thousand barrels of oil equivalent per day (Mboe/d); thousand ounces
(koz); thousand standard cubic feet (Mscf); 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', 'Group', 'BHP Group', 'we', 'us', 'our' and
ourselves' are used to refer to BHP Group Limited, BHP Group plc and, except
where the context otherwise requires, their respective subsidiaries as defined
in note 28 'Subsidiaries' in section 5.1 of BHP's 30 June 2019 Annual Report and
Form 20-F, unless stated otherwise. 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, Cerrejon, Samarco, Atlantis, Mad Dog, Bass Strait and North West
Shelf. BHP Group cautions against undue reliance on any forward-looking
statement or guidance, particularly in light of the current economic climate and
significant volatility, uncertainty and disruption, including that caused by the
COVID-19 outbreak. These forward looking statements 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.
--------------------------------------------------------------------------------
BHP Operational Review for 14
the year ended 30 June 2020
Further information on BHP can be found at: bhp.com
Sponsor: UBS South Africa (Pty) Limited
Authorised for lodgement by:
Caroline Cox
Group General Counsel and Company Secretary
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--------------------------------------------------------------------------------
BHP Operational Review for 15
the year ended 30 June 2020
Production summary
Quarter ended Year to date
-------------------------------------------- -------------------
Jun Sep Dec Mar Jun Jun Jun
BHP 2019 2019 2019 2020 2020 2020 2019
interest -------- -------- -------- -------- -------- --------- ---------
Petroleum /(1)/
Petroleum
Production
Crude oil, condensate and NGL (Mboe)... 13,366 12,507 13,412 11,589 11,355 48,863 55,186
Natural gas (bcf)...................... 97.8 100.4 88.7 80.7 89.8 359.6 396.9
-------- -------- -------- -------- -------- --------- ---------
Total (Mboe)........................... 29,666 29,240 28,195 25,039 26,322 108,796 121,336
-------- -------- -------- -------- -------- --------- ---------
-------- -------- -------- -------- -------- --------- ---------
Total petroleum production (MMboe)........ 29,666.0 29,240.3 28,195.3 25,045.0 26,317.0 108,797.6 147,267.6
-------- -------- -------- -------- -------- --------- ---------
Copper /(2)/
Copper
Payable metal in concentrate (kt)
Escondida /(3)/........................ 57.5% 224.1 237.0 240.3 220.1 228.5 925.9 882.1
Antamina............................... 33.8% 37.4 37.6 36.2 32.9 17.8 124.5 147.2
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 261.5 274.6 276.5 253.0 246.3 1,050.4 1,029.3
-------- -------- -------- -------- -------- --------- ---------
Cathode (kt)
Escondida /(3)/........................ 57.5% 63.5 55.9 68.4 69.6 65.5 259.4 253.2
Pampa Norte /(4)/...................... 100% 74.1 63.9 60.0 64.3 54.5 242.7 246.5
Olympic Dam............................ 100% 45.2 35.1 50.5 38.4 47.6 171.6 160.3
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 182.8 154.9 178.9 172.3 167.6 673.7 660.0
-------- -------- -------- -------- -------- --------- ---------
-------- -------- -------- -------- -------- --------- ---------
Total copper (kt)......................... 444.3 429.5 455.4 425.3 413.9 1,724.1 1,689.3
-------- -------- -------- -------- -------- --------- ---------
Lead
Payable metal in concentrate (t)
Antamina............................... 33.8% 770 405 383 621 262 1,671 2,389
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 770 405 383 621 262 1,671 2,389
-------- -------- -------- -------- -------- --------- ---------
Zinc
Payable metal in concentrate (t)
Antamina............................... 33.8% 22,469 20,454 22,483 31,789 13,736 88,462 98,112
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 22,469 20,454 22,483 31,789 13,736 88,462 98,112
-------- -------- -------- -------- -------- --------- ---------
Gold
Payable metal in concentrate (troy oz)
Escondida /(3)/........................ 57.5% 74,704 48,801 49,209 35,990 43,422 177,422 286,006
Olympic Dam (refined gold)............. 100% 37,032 43,205 35,382 33,235 34,150 145,972 106,968
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 111,736 92,006 84,591 69,225 77,572 323,394 392,974
-------- -------- -------- -------- -------- --------- ---------
Silver
Payable metal in concentrate (troy koz)
Escondida /(3)/........................ 57.5% 2,074 1,626 1,798 1,390 1,599 6,413 8,830
Antamina............................... 33.8% 1,209 1,101 1,173 1,216 626 4,116 4,758
Olympic Dam (refined silver)........... 100% 268 245 203 241 295 984 923
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 3,551 2,972 3,174 2,847 2,520 11,513 14,511
-------- -------- -------- -------- -------- --------- ---------
Uranium
Payable metal in concentrate (t)
Olympic Dam............................ 100% 975 937 949 776 1,016 3,678 3,565
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 975 937 949 776 1,016 3,678 3,565
-------- -------- -------- -------- -------- --------- ---------
Molybdenum
Payable metal in concentrate (t)
Antamina............................... 33.8% 178 405 527 491 243 1,666 1,141
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 178 405 527 491 243 1,666 1,141
-------- -------- -------- -------- -------- --------- ---------
--------------------------------------------------------------------------------
BHP Operational Review for 16
the year ended 30 June 2020
Production summary
Quarter ended Year to date
-------------------------------------------- -------------------
Jun Sep Dec Mar Jun Jun Jun
BHP 2019 2019 2019 2020 2020 2020 2019
interest -------- -------- -------- -------- -------- --------- ---------
Iron Ore
Iron Ore
Production (kt) /(5)/
Newman................................. 85% 17,058 16,316 15,766 16,449 17,110 65,641 66,622
Area C Joint Venture................... 85% 13,837 12,620 12,727 12,179 13,973 51,499 47,440
Yandi Joint Venture.................... 85% 17,486 17,827 14,857 17,491 19,087 69,262 65,197
Jimblebar /(6)/........................ 85% 14,209 14,239 17,045 13,911 16,559 61,754 58,546
Wheelarra.............................. 85% 5 3 -- -- -- 3 159
Samarco................................ 50% -- -- -- -- -- -- --
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 62,595 61,005 60,395 60,030 66,729 248,159 237,964
-------- -------- -------- -------- -------- --------- ---------
Coal
Metallurgical coal
Production (kt) /(7)/
BMA.................................... 50% 9,090 6,905 8,723 6,869 9,078 31,575 32,136
BHP Mitsui Coal /(8)/.................. 80% 2,804 2,453 2,201 2,353 2,536 9,543 10,265
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 11,894 9,358 10,924 9,222 11,614 41,118 42,401
-------- -------- -------- -------- -------- --------- ---------
Energy coal
Production (kt)
Australia.............................. 100% 5,412 3,592 3,763 3,810 4,887 16,052 18,257
Colombia............................... 33.3% 2,017 2,055 2,315 1,978 767 7,115 9,230
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 7,429 5,647 6,078 5,788 5,654 23,167 27,487
-------- -------- -------- -------- -------- --------- ---------
Other
Nickel
Saleable production (kt)
Nickel West /(9)/...................... 100% 28.7 21.6 13.7 20.9 23.9 80.1 87.4
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 28.7 21.6 13.7 20.9 23.9 80.1 87.4
-------- -------- -------- -------- -------- --------- ---------
Cobalt
Saleable production (t)
Nickel West............................ 100% 302 211 120 132 312 775 899
-------- -------- -------- -------- -------- --------- ---------
Total.................................. 302 211 120 132 312 775 899
-------- -------- -------- -------- -------- --------- ---------
(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific
conversions are made and NGL is reported in barrels of oil equivalent (boe).
Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product.
Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%.
(9) Production restated to include other nickel by-products.
Throughout this report figures in italics indicate that this figure has been
adjusted since it was previously reported.
--------------------------------------------------------------------------------
BHP Operational Review for 17
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
------- ------- ------- ------- ------ ------- -------
Petroleum /(1)/
Bass Strait
Crude oil and condensate............................ (Mboe) 1,246 1,409 1,427 926 1,231 4,993 5,193
NGL................................................. (Mboe) 1,299 1,810 1,405 958 1,493 5,666 5,435
Natural gas......................................... (bcf) 30.6 36.6 27.8 18.4 28.1 110.9 111.9
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 7,645 9,319 7,465 4,957 7,408 29,149 29,278
------- ------- ------- ------- ------ ------- -------
North West Shelf
Crude oil and condensate............................ (Mboe) 1,357 1,337 1,376 1,266 1,260 5,239 5,822
NGL................................................. (Mboe) 189 202 200 191 203 796 830
Natural gas......................................... (bcf) 34.8 32.1 32.9 35.0 35.2 135.2 145.5
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 7,346 6,889 7,059 7,287 7,334 28,569 30,902
------- ------- ------- ------- ------ ------- -------
Pyrenees
Crude oil and condensate............................ (Mboe) 1,001 979 934 917 971 3,801 3,324
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 1,001 979 934 917 971 3,801 3,324
------- ------- ------- ------- ------ ------- -------
Other Australia /(2)/
Crude oil and condensate............................ (Mboe) 7 8 1 1 1 11 28
Natural gas......................................... (bcf) 12.2 12.0 11.4 11.2 11.9 46.5 52.9
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 2,040 2,008 1,901 1,874 1,987 7,770 8,845
------- ------- ------- ------- ------ ------- -------
Atlantis /(3)/
Crude oil and condensate............................ (Mboe) 3,607 2,759 3,525 2,769 2,223 11,276 14,487
NGL................................................. (Mboe) 248 192 245 178 54 669 1,006
Natural gas......................................... (bcf) 2.2 1.4 1.8 1.3 1.1 5.6 7.6
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 4,222 3,184 4,070 3,170 2,456 12,880 16,760
------- ------- ------- ------- ------ ------- -------
Mad Dog /(3)/
Crude oil and condensate............................ (Mboe) 1,246 1,096 1,202 1,272 1,297 4,867 4,932
NGL................................................. (Mboe) 23 49 52 55 33 189 196
Natural gas......................................... (bcf) 0.2 0.2 0.2 0.2 0.3 0.9 0.8
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 1,302 1,178 1,287 1,355 1,374 5,195 5,261
------- ------- ------- ------- ------ ------- -------
Shenzi /(3)/
Crude oil and condensate............................ (Mboe) 1,725 1,345 1,671 1,645 1,584 6,245 7,646
NGL................................................. (Mboe) (2) 70 94 94 40 298 353
Natural gas......................................... (bcf) 0.4 0.2 0.3 0.3 0.4 1.2 1.6
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 1,790 1,448 1,815 1,791 1,686 6,740 8,266
------- ------- ------- ------- ------ ------- -------
Trinidad/Tobago
Crude oil and condensate............................ (Mboe) 235 175 166 97 72 510 1,166
Natural gas......................................... (bcf) 17.3 17.9 14.2 14.0 12.8 58.9 74.8
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 3,118 3,158 2,533 2,427 2,201 10,319 13,633
------- ------- ------- ------- ------ ------- -------
Other Americas /(3) (4)/
Crude oil and condensate............................ (Mboe) 272 185 230 344 198 957 981
NGL................................................. (Mboe) 3 2 4 22 5 33 28
Natural gas......................................... (bcf) 0.1 -- 0.1 0.3 -- 0.4 0.4
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 292 187 251 412 209 1,059 1,076
------- ------- ------- ------- ------ ------- -------
UK /(5)/
Crude oil and condensate............................ (Mboe) -- -- -- -- -- -- 72
NGL................................................. (Mboe) -- -- -- -- -- -- 42
Natural gas......................................... (bcf) -- -- -- -- -- -- 1.4
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) -- -- -- -- -- -- 347
------- ------- ------- ------- ------ ------- -------
Algeria
Crude oil and condensate............................ (Mboe) 910 889 880 854 690 3,313 3,645
------- ------- ------- ------- ------ ------- -------
Total petroleum products............................ (Mboe) 910 889 880 854 690 3,313 3,645
------- ------- ------- ------- ------ ------- -------
--------------------------------------------------------------------------------
BHP Operational Review for 18
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
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Petroleum /(1)/
Total production
Crude oil and condensate............................ (Mboe) 11,606 10,182 11,412 10,091 9,527 41,212 47,296
NGL................................................. (Mboe) 1,760 2,325 2,000 1,498 1,828 7,651 7,890
Natural gas......................................... (bcf) 97.8 100.4 88.7 80.7 89.8 359.6 396.9
------- ------- ------- ------- ------ ------- -------
Total............................................... (Mboe) 29,666 29,240 28,195 25,039 26,322 108,796 121,336
------- ------- ------- ------- ------ ------- -------
(1) Total boe conversions are based on 6 bcf of natural gas equals 1,000 Mboe.
Negative production figures represent finalisation adjustments.
(2) Other Australia includes Minerva and Macedon.
(3) Gulf of Mexico volumes are net of royalties.
(4) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
(5) BHP completed the sale of its interest in the Bruce and Keith oil and gas
fields on 30 November 2018. The sale has an effective date of 1 January
2018.
--------------------------------------------------------------------------------
BHP Operational Review for 19
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
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Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile /(1)/
Material mined...................................... (kt) 100,693 101,026 100,057 107,268 75,062 383,413 417,469
Sulphide ore milled................................. (kt) 32,519 33,956 33,659 33,440 34,755 135,810 125,566
Average concentrator head grade..................... (%) 0.86% 0.86% 0.87% 0.82% 0.81% 0.84% 0.87%
Production ex mill.................................. (kt) 230.9 245.0 246.1 230.0 236.8 957.9 909.6
Production
Payable copper...................................... (kt) 224.1 237.0 240.3 220.1 228.5 925.9 882.1
Copper cathode (EW)................................. (kt) 63.5 55.9 68.4 69.6 65.5 259.4 253.2
- Oxide leach....................................... (kt) 23.4 21.9 28.3 29.3 26.8 106.3 87.2
- Sulphide leach.................................... (kt) 40.1 34.1 40.1 40.2 38.7 153.1 165.9
------- ------- ------- ------- ------ ------- -------
Total copper........................................ (kt) 287.6 292.9 308.7 289.7 294.0 1,185.3 1,135.3
------- ------- ------- ------- ------ ------- -------
Payable gold concentrate............................ (troy oz) 74,704 48,801 49,209 35,990 43,422 177,422 286,006
Payable silver concentrate.......................... (troy koz) 2,074 1,626 1,798 1,390 1,599 6,413 8,830
Sales
Payable copper...................................... (kt) 223.4 222.2 248.3 212.0 221.0 903.5 881.1
Copper cathode (EW)................................. (kt) 67.5 52.3 70.6 65.9 72.1 260.9 249.6
Payable gold concentrate............................ (troy oz) 74,704 48,801 49,209 35,990 43,422 177,422 286,007
Payable silver concentrate.......................... (troy koz) 2,074 1,626 1,798 1,390 1,599 6,413 8,830
(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte, Chile
Cerro Colorado
Material mined...................................... (kt) 13,534 15,071 18,102 18,710 15,734 67,617 67,458
Ore milled.......................................... (kt) 4,740 3,995 5,009 4,574 4,553 18,131 18,888
Average copper grade................................ (%) 0.64% 0.54% 0.57% 0.54% 0.60% 0.56% 0.60%
Production
Copper cathode (EW)................................. (kt) 23.4 16.4 13.8 20.4 16.9 67.5 75.2
Sales
Copper cathode (EW)................................. (kt) 26.8 14.5 15.8 18.3 18.7 67.3 75.1
Spence
Material mined...................................... (kt) 19,213 21,040 23,132 23,304 24,082 91,558 82,513
Ore milled.......................................... (kt) 5,224 5,635 5,133 5,191 2,829 18,788 20,670
Average copper grade................................ (%) 1.02% 0.95% 0.90% 0.87% 0.95% 0.91% 1.09%
Production
Copper cathode (EW)................................. (kt) 50.7 47.5 46.2 43.9 37.6 175.2 171.3
Sales
Copper cathode (EW)................................. (kt) 55.0 46.7 44.3 44.8 41.0 176.8 169.9
--------------------------------------------------------------------------------
BHP Operational Review for 20
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
------- ------- ------- ------- ------ ------- -------
Copper (continued)
Metals production is payable metal unless otherwise stated.
Antamina, Peru
Material mined (100%)............................... (kt) 58,994 59,299 63,224 52,872 13,975 189,370 242,214
Sulphide ore milled (100%).......................... (kt) 12,864 13,121 13,637 12,906 6,736 46,400 50,439
Average head grades
- Copper............................................ (%) 1.02% 0.99% 0.96% 0.88% 0.91% 0.94% 1.01%
- Zinc.............................................. (%) 0.86% 0.80% 0.82% 1.09% 1.02% 0.92% 0.92%
Production
Payable copper...................................... (kt) 37.4 37.6 36.2 32.9 17.8 124.5 147.2
Payable zinc........................................ (t) 22,469 20,454 22,483 31,789 13,736 88,462 98,112
Payable silver...................................... (troy koz) 1,209 1,101 1,173 1,216 626 4,116 4,758
Payable lead........................................ (t) 770 405 383 621 262 1,671 2,389
Payable molybdenum.................................. (t) 178 405 527 491 243 1,666 1,141
Sales
Payable copper...................................... (kt) 36.0 33.1 43.6 30.8 18.2 125.7 143.6
Payable zinc........................................ (t) 21,750 20,196 23,808 31,007 11,680 86,691 100,239
Payable silver...................................... (troy koz) 937 954 1,396 815 581 3,746 4,393
Payable lead........................................ (t) 296 844 432 151 188 1,615 2,306
Payable molybdenum.................................. (t) 127 173 400 531 223 1,327 1,126
Olympic Dam, Australia
Material mined /(1)/................................ (kt) 2,425 2,477 2,347 1,920 1,928 8,672 9,094
Ore milled.......................................... (kt) 2,195 2,200 2,153 2,178 2,416 8,947 7,965
Average copper grade................................ (%) 2.30% 2.31% 2.36% 2.31% 2.17% 2.28% 2.18%
Average uranium grade............................... (kg/t) 0.65 0.65 0.71 0.69 0.60 0.66 0.64
Production
Copper cathode (ER and EW).......................... (kt) 45.2 35.1 50.5 38.4 47.6 171.6 160.3
Payable uranium..................................... (t) 975 937 949 776 1,016 3,678 3,565
Refined gold........................................ (troy oz) 37,032 43,205 35,382 33,235 34,150 145,972 106,968
Refined silver...................................... (troy koz) 268 245 203 241 295 984 923
Sales
Copper cathode (ER and EW).......................... (kt) 50.5 32.1 49.0 41.4 48.5 171.0 158.4
Payable uranium..................................... (t) 1,427 778 638 702 1,293 3,411 3,570
Refined gold........................................ (troy oz) 36,133 40,073 36,507 36,956 37,743 151,279 102,664
Refined silver...................................... (troy koz) 257 250 202 259 270 981 891
(1) Material mined refers to run of mine ore mined and hoisted.
--------------------------------------------------------------------------------
BHP Operational Review for 21
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
------- ------- ------- ------- ------ ------- -------
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.
Pilbara, Australia
Production
Newman.............................................. (kt) 17,058 16,316 15,766 16,449 17,110 65,641 66,622
Area C Joint Venture................................ (kt) 13,837 12,620 12,727 12,179 13,973 51,499 47,440
Yandi Joint Venture................................. (kt) 17,486 17,827 14,857 17,491 19,087 69,262 65,197
Jimblebar /(1)/..................................... (kt) 14,209 14,239 17,045 13,911 16,559 61,754 58,546
Wheelarra........................................... (kt) 5 3 -- -- -- 3 159
------- ------- ------- ------- ------ ------- -------
Total production.................................... (kt) 62,595 61,005 60,395 60,030 66,729 248,159 237,964
------- ------- ------- ------- ------ ------- -------
Total production (100%)............................. (kt) 71,133 69,257 68,044 68,168 75,589 281,058 269,599
------- ------- ------- ------- ------ ------- -------
Sales
Lump................................................ (kt) 15,568 14,785 15,982 15,617 17,252 63,636 58,205
Fines............................................... (kt) 48,064 45,509 45,785 44,764 50,904 186,962 180,631
------- ------- ------- ------- ------ ------- -------
Total............................................... (kt) 63,632 60,294 61,767 60,381 68,156 250,598 238,836
------- ------- ------- ------- ------ ------- -------
Total sales (100%).................................. (kt) 72,173 68,291 69,481 68,439 77,048 283,259 270,205
------- ------- ------- ------- ------ ------- -------
(1) Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil /(1)/
Production.......................................... (kt) -- -- -- -- -- -- --
Sales............................................... (kt) -- -- -- -- -- -- 10
(1) Mining and processing operations remain suspended following the failure of
the Fundao tailings dam and Santarem water dam on 5 November 2015.
--------------------------------------------------------------------------------
BHP Operational Review for 22
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
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Coal
Coal production is reported on the basis of saleable product.
Queensland Coal
Production /(1)/
BMA
Blackwater.......................................... (kt) 1,735 1,045 1,734 1,063 1,703 5,545 6,603
Goonyella........................................... (kt) 2,620 1,489 2,662 1,963 2,651 8,765 8,563
Peak Downs.......................................... (kt) 1,649 1,423 1,386 1,339 1,635 5,783 5,933
Saraji.............................................. (kt) 1,243 1,214 1,325 1,025 1,399 4,963 4,892
Daunia.............................................. (kt) 669 556 579 447 588 2,170 2,178
Caval Ridge......................................... (kt) 1,174 1,178 1,037 1,032 1,102 4,349 3,967
------- ------- ------- ------- ------ ------- -------
Total BMA........................................... (kt) 9,090 6,905 8,723 6,869 9,078 31,575 32,136
------- ------- ------- ------- ------ ------- -------
Total BMA (100%).................................... (kt) 18,180 13,810 17,446 13,738 18,156 63,150 64,272
------- ------- ------- ------- ------ ------- -------
BHP Mitsui Coal /(2)/
South Walker Creek.................................. (kt) 1,624 1,378 1,196 1,577 1,264 5,415 6,194
Poitrel............................................. (kt) 1,180 1,075 1,005 776 1,272 4,128 4,071
------- ------- ------- ------- ------ ------- -------
Total BHP Mitsui Coal............................... (kt) 2,804 2,453 2,201 2,353 2,536 9,543 10,265
------- ------- ------- ------- ------ ------- -------
------- ------- ------- ------- ------ ------- -------
Total Queensland Coal............................... (kt) 11,894 9,358 10,924 9,222 11,614 41,118 42,401
------- ------- ------- ------- ------ ------- -------
Total Queensland Coal (100%)........................ (kt) 20,984 16,263 19,647 16,091 20,692 72,693 74,537
------- ------- ------- ------- ------ ------- -------
Sales
Coking coal......................................... (kt) 7,932 7,299 7,775 7,084 8,325 30,483 30,023
Weak coking coal.................................... (kt) 2,942 2,466 2,475 2,335 2,796 10,072 12,095
Thermal coal........................................ (kt) 350 94 30 224 183 531 1,027
------- ------- ------- ------- ------ ------- -------
Total............................................... (kt) 11,224 9,859 10,280 9,643 11,304 41,086 43,145
------- ------- ------- ------- ------ ------- -------
Total (100%)........................................ (kt) 19,789 17,145 18,459 16,928 20,074 72,606 75,885
------- ------- ------- ------- ------ ------- -------
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
NSW Energy Coal, Australia
Production ......................................... (kt) 5,412 3,592 3,763 3,810 4,887 16,052 18,257
Sales
Export thermal coal................................. (kt) 5,181 3,075 3,952 3,403 4,871 15,301 17,068
Inland thermal coal................................. (kt) 975 567 -- -- -- 567 2,002
------- ------- ------- ------- ------ ------- -------
Total............................................... (kt) 6,156 3,642 3,952 3,403 4,871 15,868 19,070
------- ------- ------- ------- ------ ------- -------
Cerrejon, Colombia
Production ......................................... (kt) 2,017 2,055 2,315 1,978 767 7,115 9,230
Sales thermal coal - export ........................ (kt) 2,245 2,069 2,261 2,028 1,143 7,501 9,331
--------------------------------------------------------------------------------
BHP Operational Review for 23
the year ended 30 June 2020
Production and sales report
Quarter ended Year to date
------------------------------------------ ----------------
Jun Sep Dec Mar Jun Jun Jun
2019 2019 2019 2020 2020 2020 2019
------- ------- ------- ------- ------ ------- -------
Other
Nickel production is reported on the basis of saleable product
Nickel West, Australia
Mt Keith
Nickel concentrate.................................. (kt) 52.8 43.7 31.5 42.8 60.2 178.2 200.4
Average nickel grade................................ (%) 19.5 18.3 17.3 15.8 16.5 16.9 19.3
Leinster
Nickel concentrate.................................. (kt) 48.3 67.2 56.6 57.8 72.0 253.6 244.2
Average nickel grade................................ (%) 10.8 10.0 8.6 9.8 10.2 9.7 9.1
Saleable production
Refined nickel /(1) (2)/............................ (kt) 19.9 17.4 11.1 16.6 20.5 65.6 73.6
Intermediates and nickel by-products /(1) (3)/...... (kt) 8.8 4.2 2.6 4.3 3.4 14.5 13.8
------- ------- ------- ------- ------ ------- -------
Total nickel /(1)/.................................. (kt) 28.7 21.6 13.7 20.9 23.9 80.1 87.4
------- ------- ------- ------- ------ ------- -------
Cobalt by-products.................................. (t) 302 211 120 132 312 775 899
Sales
Refined nickel /(1) (2)/............................ (kt) 19.9 17.0 10.6 16.8 19.7 64.1 74.4
Intermediates and nickel by-products /(1) (3)/...... (kt) 8.4 5.7 2.7 2.9 4.2 15.5 12.8
------- ------- ------- ------- ------ ------- -------
Total nickel /(1)/.................................. (kt) 28.3 22.7 13.3 19.7 23.9 79.6 87.2
------- ------- ------- ------- ------ ------- -------
Cobalt by-products.................................. (t) 302 212 131 132 312 787 899
(1) Production and sales restated to include other nickel by-products.
(2) High quality refined nickel metal, including briquettes and powder.
(3) Nickel contained in matte and by-product streams.
--------------------------------------------------------------------------------
BHP Operational Review for 24
the year ended 30 June 2020
Date: 21-07-2020 07:05:00
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