TIDMBHP
RNS Number : 8819Y
BHP Group PLC
19 January 2022
Release Time IMMEDIATE
Date 19 January 2022
Release Number 02/22
BHP OPERATIONAL REVIEW
FOR THE HALF YEARED 31 DECEMBER 2021
Note: All guidance is subject to further potential impacts from
COVID-19 during the 2022 financial year.
-- We remained fatality free at our operated assets for the third consecutive year.
-- WAIO achieved near record production for the half year and
Escondida achieved record material mined, notwithstanding the
impacts of significant wet weather and the COVID-19 Omicron variant
on some operations.
-- Production guidance for the 2022 financial year remains
unchanged for iron ore, energy coal and nickel. Full year total
copper production is trending towards the low end of the guidance
range, reflecting lower production guidance for Pampa Norte.
Metallurgical coal guidance has been reduced as a result of
significant wet weather impacts and COVID-19 related labour
constraints.
-- Full year unit cost guidance(1) for WAIO, Escondida and NSWEC
remains unchanged. Unit cost guidance for Queensland Coal has been
increased, reflecting lower expected volumes for the full year.
-- Progress on the review of our lower grade metallurgical coal
and thermal coal assets continues. The Cerrejón divestment to
Glencore completed in January 2022 and the announced share sale
agreement to divest BHP Mitsui Coal ( BMC) is expected to complete
in the middle of the 2022 calendar year.
-- Our potash major projects under development are tracking to
plan. The Jansen shaft project is 98% complete and the Jansen Stage
1 project has commenced contract awards.
-- BHP announced a final decision to unify BHP's corporate
structure under its existing Australian parent company, BHP Group
Limited. Shareholder meetings to vote on unification will be held
on 20 January 2022. Subject to shareholder approval and UK Court
sanction, unification is expected to complete by 31 January
2022.
-- Completion of the proposed merger of our Petroleum business
with Woodside is expected in the June 2022 quarter subject to
satisfaction of conditions precedent including approval by Woodside
shareholders. The half year financial results are being prepared on
the basis that the Petroleum business is a discontinued operation
and restated financial information for the year ended 30 June 2021
and the half year ended 31 December 2020 is provided in Attachment
1.
1
Dec H21 Dec Q21
Production (vs Dec H20) (vs Sep Q21) Dec Q21 vs Sep Q21 commentary
-------------------------- ------------- ------------- -------------------------------------------------------------------------------------------
Copper (kt) 742.0 365.5 Lower volumes at Olympic Dam due to the planned smelter maintenance campaign, completed in
January 2022. This was partially offset by higher volumes at Antamina.
(12%) (3%)
Iron ore (Mt) 129.4 66.1 Higher volumes reflecting strong supply chain performance, increased ore car availability
and the continued ramp up of South Flank. This was partially offset by the impact of tempor
ary
rail labour shortages due to COVID-19 related border restrictions.
1% 4%
Metallurgical coal (Mt)(2) 17.7 8.8 Volumes flat due to double the amount of rainfall recorded in this quarter impacting most
operations and planned maintenance in the previous quarter.
(8%) 0%
Energy coal (Mt)(3) 7.2 3.0 Lower volumes due to three times the amount of rainfall in this quarter impacting stripping
and mine productivity, partially offset by mining in lower strip ratio areas.
5% (30%)
Nickel (kt) 39.3 21.5 Higher volumes due to planned maintenance across the supply chain in the previous quarter.
(15%) 21%
Discontinued operations
Petroleum (MMboe) 53.2 25.7 Lower volumes due to reduced seasonal gas demand at Bass Strait. This was partially offset
by a Shenzi infill well brought online and higher production at North West Shelf .
5% (7%)
Group copper equivalent production decreased by 4%(4) in the
December 2021 half year largely due to lower copper and
metallurgical coal volumes.
2
Summary
BHP Chief Executive Officer, Mike Henry:
"BHP was fatality free at our operated assets for the third
consecutive year. Our continuing focus on people and on operational
reliability enabled us to achieve near record production in iron
ore and to reduce the impacts of adverse weather and COVID-19
related labour constraints in our operations. Cost control remained
strong across the business, in the face of a more inflationary
environment. Unit cost guidance remains intact bar a change to
metallurgical coal which is a function of the lowering of
production guidance as a result of significant wet weather and in
anticipation of Omicron headwinds in the early part of the second
half of the financial year.
We completed major planned maintenance programs in our Iron Ore,
Nickel West and Olympic Dam assets. In Nickel West, we achieved
first saleable production of nickel sulphate crystals from the
Kwinana plant, an exciting new addition to our product suite that
will further enhance our offering into the battery electric vehicle
market. The ramp-up of South Flank continues to progress well. The
Spence Growth project is realising lower than expected recoveries
and we are studying plant design modifications in order to lift
recoveries to planned levels.
We continued to progress a number of actions related to our
portfolio and corporate structure. We progressed the merger of our
petroleum assets with Woodside and prepared for a shareholder vote
on a unified corporate structure. We advanced the Jansen potash
project and announced a share sale agreement of our interest in the
BHP Mitsui Coal metallurgical coal joint venture. We bolstered
options in future facing commodities investing in prospective
copper assets in the Northern Territory and South Australia and we
secured an early stage entry into a world-scale nickel sulphide
resource in Tanzania.
Overall we made good progress in positioning our portfolio and
performance to deliver returns for shareholders now and into the
future."
3
Operational performance
Production and guidance are summarised below.
Note: All guidance is subject to further potential impacts from
COVID-19 during the 2022 financial year.
Dec H21 Dec Q21 Dec Q21 Current
Dec Dec vs vs vs Previous FY22 FY22
Production H21 Q21 Dec H20 Dec Q20 Sep Q21 guidance guidance
-------------------- ------ ------ -------- -------- -------- ------------------- ------------- --------------
Copper (kt) 742.0 365.5 (12%) (15%) (3%) 1,590 - 1,760 1,590 - 1,760 Low end
Escondida (kt) 488.3 244.6 (15%) (15%) 0% 1,000 - 1,080 1,020 - 1,080 Narrowed range
Pampa Norte (kt) 135.8 68.3 40% 26% 1% 330 - 370 260 - 300 Lowered
Olympic Dam (kt) 43.7 14.2 (56%) (70%) (52%) 140 - 170 140 - 150 Narrowed range
Antamina (kt) 74.2 38.4 1% (1%) 7% 120 - 140 120 - 140 Unchanged
Iron ore (Mt) 129.4 66.1 1% 6% 4% 249 - 259 249 - 259
WAIO (Mt) 127.3 65.1 (1%) 4% 5% 246 - 255 246 - 255 Unchanged
WAIO (100% basis)
(Mt) 144.4 73.9 0% 5% 5% 278 - 288 278 - 288 Unchanged
Samarco (Mt) 2.1 1.0 >100% >100% (2%) 3 - 4 3 - 4 Unchanged
Metallurgical coal
(Mt)(i) 17.7 8.8 (8%) (7%) 0% 39 - 44 38 - 41
Queensland Coal
(100% basis) (Mt) 30.7 15.1 (10%) (11%) (3%) 70 - 78 68 - 72 Lowered
Energy coal - NSWEC
(Mt) 7.2 3.0 5% (8%) (30%) 13 - 15 13 - 15 Unchanged
Energy coal -
Cerrejón
(Mt)(ii) 4.2 2.2 >100% >100% 6% n/a n/a
Nickel (kt) 39.3 21.5 (15%) (10%) 21% 85 - 95 85 - 95 Unchanged
Discontinued
operations
Petroleum
(MMboe)(iii) 53.2 25.7 5% 8% (7%) 99 - 106 n/a
(i) We announced the share sale agreement to divest our interest
in BHP Mitsui Coal (BMC) in November 2021, however will continue to
report BMC as part of Queensland Coal. We maintain economic and
operating control of BMC until the sale has completed.
(ii) We have ceased providing Cerrejón production guidance due
to the completion of the divestment of our interest. The
transaction has an effective economic date of 31 December 2020 and
volumes have been reported separately.
(iii) Given our announcement of a binding share sale agreement
for the merger of BHP's oil and gas portfolio with Woodside in
November 2021, no further annual production guidance for FY22 for
Petroleum will be provided. However, until merger completion, we
expect a production run rate broadly consistent with the original
FY22 production guidance of between 99 and 106 MMboe.
4
Summary of disclosures
BHP expects its December 2021 half year financial results to
reflect certain items as summarised in the table below. The table
does not provide a comprehensive list of all items impacting the
period. The financial statements are the subject of ongoing work
that will not be finalised until the release of the financial
results on 15 February 2022. Accordingly the information in the
table below contains preliminary information that is subject to
update and finalisation.
H1 FY22
impact
Description US$M(i) Classification(ii)
---------------------------------------------------------------------- ----------------- ---------------------------
Unit costs for WAIO, Escondida and NSWEC are expected to be in line - Operating costs
with full year guidance
(at guidance exchange rates), with WAIO tracking towards the bottom
end of guidance
Note: weaker Australian dollar and Chilean peso than guidance rates in
the period(iii)
Unit cost guidance for Queensland Coal has been increased to between - Operating costs
US$85 and US$94 per tonne
(at guidance exchange rates), reflecting lower expected volumes for
the full year
Exploration expense (minerals exploration programs) 80 Exploration expense
Higher depreciation and amortisation mainly at WAIO following South 425 - 475 Depreciation, amortisation
Flank commissioning and and impairments
prior period update of closure provision at Yandi.
The Group's adjusted effective tax rate for H1 FY22 is expected to be - Taxation expense
slightly below the full
year guidance range of 32 to 37 per cent given Petroleum will be
presented as a discontinued
operation. An updated guidance range will be provided in the half year
financial results
Working capital movements relating to royalties, inventory builds, net 2,000 - 2,500 Operating cash inflow
price impacts on receivables
and other movements.
Dividends received from Cerrejón 240(iv) Operating cash inflow
Dividends paid to non-controlling interests 1,250 Financing cash outflow
Impairment of US deferred tax assets no longer expected to be 400 - 450 Exceptional item charge
recoverable after the Petroleum
merger (after tax)
Financial impact on BHP Brasil of the Samarco dam failure Refer footnote(v) Exceptional item charge
(i) Numbers are not tax effected, unless otherwise noted.
(ii) There will be a corresponding balance sheet, cash flow
and/or income statement impact as relevant, unless otherwise
noted.
(iii) Average exchange rates for H1 FY22 of AUD/USD 0.73
(guidance rate AUD/USD 0.78) and USD/CLP 798 (guidance rate USD/CLP
727).
(iv) There will be no net income statement impact in relation to
Cerrejón for H1 FY22. While the dividends received will be
recognised as other income, the associated adjustment to the
proceeds to be received on sale completion results in an offsetting
expense to reflect the reduction in the carrying value of the
Cerrejón assets held for sale.
(v) Financial impact is the subject of ongoing work and is not
yet finalised. See corporate update section for further information
on Samarco.
The December 2021 half year financial results are being prepared
on the basis that BHP Petroleum will be reported as a discontinued
operation. BHP Petroleum will be excluded from the consolidated
Income Statement and will not be included when calculating the
minimum dividend payout. BMC will continue to be consolidated with
Queensland Coal as a continuing operation until the expected
completion in the middle of the 2022 calendar year. On the Balance
Sheet, both BMC and BHP Petroleum will be reclassified as assets
held for sale and excluded from net operating assets.
Major development projects
At the end of December 2021, BHP had two major projects under
development, the US$2.97 billion Jansen mine shafts project and the
US$5.7 billion Jansen Stage 1 project.
5
Average realised prices
The average realised prices achieved for our major commodities
are summarised below.
Dec H21 Dec H21 Dec H21
vs vs vs
Average realised prices(i) Dec H21 Dec H20 Jun H21 FY21 Dec H20 Jun H21 FY21
------------------------------------- ------- ------- ------- ------ -------- -------- -------
Copper (US$/lb) 4.31 3.32 4.34 3.81 30% (1%) 13%
Iron ore (US$/wmt, FOB) 113.54 103.78 158.17 130.56 9% (28%) (13%)
Metallurgical coal (US$/t) 259.71 97.61 114.81 106.64 166% 126% 144%
Hard coking coal (US$/t)(ii) 278.60 106.30 118.54 112.72 162% 135% 147%
Weak coking coal (US$/t)(ii) 218.65 73.17 104.40 89.62 199% 109% 144%
Thermal coal (US$/t)(iii) 137.68 44.35 70.83 58.42 210% 94% 136%
Nickel metal (US$/t) 19,651 15,140 17,537 16,250 30% 12% 21%
Discontinued operations
Oil (crude and condensate) (US$/bbl) 74.26 41.40 63.05 52.56 79% 18% 41%
Natural gas (US$/Mscf)(iv) 5.80 3.83 4.86 4.34 51% 19% 34%
LNG (US$/Mscf) 15.10 4.45 7.04 5.63 239% 114% 168%
(i) Based on provisional, unaudited estimates. Prices exclude
sales from equity accounted investments, third party product and
internal sales, and represent the weighted average of various sales
terms (for example: FOB, CIF and CFR), unless otherwise noted.
Includes the impact of provisional pricing and finalisation
adjustments.
(ii) Hard coking coal (HCC) refers generally to those
metallurgical coals with a Coke Strength after Reaction (CSR) of 35
and above, which includes coals across the spectrum from Premium
Coking to Semi Hard Coking coals, while weak coking coal (WCC)
refers generally to those metallurgical coals with a CSR below
35.
(iii) Export sales only; excludes Cerrejón. Includes thermal
coal sales from metallurgical coal mines.
(iv) Includes internal sales.
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
7.2 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 pricing for quotation
periods one month after the month of shipment, and three to four
months after the month of shipment for copper concentrates sales
with price differentials applied for location and treatment costs.
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.
At 31 December 2021, the Group had 333 kt of outstanding copper
sales that were revalued at a weighted average price of US$4.42 per
pound. The final price of these sales will be determined over the
remainder of the 2022 financial year. In addition, 323 kt of copper
sales from the 2021 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$11 million in the December 2021 half year and are included in
the average realised copper price in the above table.
6
Corporate update
Portfolio
In November 2021, BHP announced it had signed a Share Sale and
Purchase Agreement with Stanmore Resources Limited to divest its 80
per cent interest in BHP Mitsui Coal Pty Ltd (BMC), an operated
metallurgical coal joint venture in Queensland. The purchase price
comprises US$1.1 billion cash on completion, US$100 million in cash
six months after completion and the potential for up to US$150
million in a price-linked earn-out payable in the 2024 calendar
year. Completion is expected in the middle of the 2022 calendar
year subject to the satisfaction of certain conditions, including
customary competition and regulatory conditions.
In November 2021, BHP signed a binding Share Sale Agreement for
the merger of BHP's oil and gas portfolio with Woodside to create a
global top 10 independent energy company by production. It is
proposed that Woodside will acquire BHP Petroleum in exchange for
new Woodside shares. Completion of the merger is subject to
satisfaction of conditions precedent including regulatory and
competition authority approvals and approval by Woodside's
shareholders. The process remains on track and the Australian
Competition and Consumer Commission provided informal clearance of
the merger in December 2021. The Woodside shareholder meeting to
vote on the merger as well as completion of the merger is targeted
for the June 2022 quarter. In addition to its primary listing on
the Australian Securities Exchange, Woodside is pursuing a standard
listing on the London Stock Exchange and a listing of American
Depositary Receipts on the New York Stock Exchange.
In December 2021, BHP announced a final decision to unify BHP's
corporate structure under its existing Australian parent company,
BHP Group Limited. The Board believes that unification is in the
best interests of BHP shareholders. Unification will create a
corporate structure that is simpler and more efficient, reduces
duplication and streamlines BHP's governance and internal
processes. Shareholder meetings of BHP Group Limited and BHP Group
Plc will take place on 20 January 2022 to approve unification.
Unification is expected to complete by 31 January 2022 subject to
shareholder approval of both BHP Group Limited and BHP Group Plc
and UK Court sanction of the scheme.
In December 2021, BHP announced it would not increase or extend
its offer to acquire Noront Resources. BHP is committed to its
strict capital discipline framework and while the Eagle's Nest
deposit is a promising resource, we do not see adequate long-term
value for BHP shareholders to support an increase in BHP's offer to
match the proposal from Wyloo Metals Pty Ltd.
In December 2021, BHP advanced its early-stage nickel interests
by agreeing to invest in the Kabanga Nickel Project (Kabanga), a
high-quality nickel sulphide deposit in Tanzania. Kabanga is a
joint venture between Kabanga Nickel Limited (84 per cent interest)
and the Government of Tanzania (16 per cent). BHP has made an
initial investment of US$40 million in Kabanga, which will convert
into an 8.9 per cent equity stake in Kabanga Nickel Limited once
approvals and conditions are met. The proceeds will be used to
accelerate drilling and study work. Further investments, including
a second tranche of US$50 million, have been agreed in principle
subject to the parties agreeing definitive documentation and
certain other conditions. In parallel, BHP has invested US$10
million in Lifezone Limited to progress its low-carbon
hydrometallurgical processing technology.
In January 2022, BHP completed the sale to Glencore of its 33.3
per cent interest in the Cerrejón joint venture in Colombia. The
transaction was first announced on 29 June 2021 for a total cash
consideration of US$294 million.
7
Samarco
Samarco's Judicial Reorganisation process is continuing in the
Commercial Courts of Belo Horizonte, State of Minas Gerais. The
Judicial Reorganisation is a process for Samarco to restructure its
financial debts in order to establish a sustainable independent
financial position that would allow Samarco to continue its
operations safely and meet its Renova Foundation obligations. BHP
Brasil will continue to support Samarco in this process.
Negotiations are ongoing with State and Federal Prosecutors and
certain other Brazilian public authorities in relation to the
review of the Framework Agreement. The Framework Agreement was
entered into between Samarco, Vale and BHP Brasil and the relevant
Brazilian authorities in March 2016 and established the Renova
Foundation to develop and implement environmental and
socio-economic programs to remediate and provide compensation for
damage caused by the Samarco dam failure.
In October 2021, the 12th Federal Court delivered a ruling that
expanded the scope of eligible individuals of the court mandated
compensation process ("Novel System"), extended its geographical
scope and increased indemnification amounts for certain categories
of damage. The decision is under appeal and applications have been
made to clarify certain aspects of the ruling. BHP is currently
reviewing the impact of the 12th Federal Court's decision on the
Group's provision for the Samarco dam failure and it is possible
that the provision could materially increase.
In December 2021, BHP agreed to fund US$700 million in further
financial support for the Renova Foundation, which will be offset
against the Group's provision for the Samarco dam failure. Further
funding requirements for the period to 31 December 2022 continue to
be assessed and, will be subject to future approval by BHP.
We will provide an update to the ongoing potential financial
impacts on BHP Brasil of the Samarco dam failure with the release
of the financial results on 15 February 2022. Any financial impacts
will continue to be treated as an exceptional item.
Copper
Production
Dec H21 Dec Q21 Dec Q21
vs vs vs
Dec H21 Dec Q21 Dec H20 Dec Q20 Sep Q21
------- ------- -------- -------- --------
Copper (kt) 742.0 365.5 (12%) (15%) (3%)
Zinc (t) 62,892 29,603 (18%) (29%) (11%)
Uranium (t) 818 287 (55%) (70%) (46%)
Copper - Total copper production decreased by 12 per cent to 742
kt. Full year production is trending towards the low end of the
guidance range for the 2022 financial year, which reflects lower
production guidance at Pampa Norte, and narrowed guidance ranges
for Escondida and Olympic Dam. Volumes will be weighted to the
second half of the financial year as expected.
Uncertainty around impacts from COVID-19 remains as the pandemic
evolves, despite an improved operating environment for our Chilean
assets in the December 2021 half year due to high COVID-19
vaccination rates and continued use of successful control measures
at our operating sites.
8
Escondida copper production decreased by 15 per cent to 488 kt
due to concentrator feed grade decline despite a record performance
for material mined. Guidance for the 2022 financial year has been
narrowed to between 1,020 and 1,080 kt as concentrator feed grade
is expected to improve in the June 2022 half year as the mine
sequence moves towards higher grade areas. Concentrator feed grade
decline remains forecasted at approximately two per cent for the
2022 financial year. Medium term guidance of an annual average of
1.2 Mt of copper production over the next five years remains
unchanged, with production expected to be weighted towards the
latter years.
Pampa Norte copper production increased by 40 per cent to 136
kt, reflecting the continued ramp up of the Spence Growth Option
(SGO), partially offset by the impact of planned lower ore stacking
grade, which is expected to decline by approximately 10 per cent
for the 2022 financial year. SGO demonstrated full concentrator
throughput of 95 ktpd in the December 2021 quarter. Guidance for
the 2022 financial year has been reduced from between 330 and 370
kt to between 260 and 300 kt, as the result of a fatality at the
third party desalination plant which impacted Spence operations,
operational uncertainty related to Cerro Colorado water access and
licencing, including water extraction, and lower than expected
recoveries at SGO. Plant design modifications, including
modifications to the rougher floatation circuit will be required to
increase SGO recoveries to achieve planned copper production
levels. The Spence guidance to average 300 ktpa (including
cathodes) in the first four years of production will be subject to
the timing of these modifications being completed.
Olympic Dam copper production decreased by 56 per cent to 44 kt
as a result of the major smelter maintenance campaign in the
period. The maintenance campaign was completed in January 2022 and
ramp up to full capacity is now expected by April 2022 (previously
March 2022), due to COVID-19 impacts on the availability of
workforce. The full scope of the maintenance campaign was
delivered, including the rebuild of the flash furnace and its
ancillary equipment and refurbishment of the acid plant, which has
resulted in significant plant improvements. Guidance for the 2022
financial year has been narrowed to between 140 and 150 kt as
production is trending towards the low end of the original guidance
range.
Antamina copper production increased by one per cent to 74 kt
reflecting higher copper head grades and zinc production decreased
by 18 per cent to 63kt reflecting lower zinc head grades. Guidance
remains unchanged for the 2022 financial year, with copper
production of between 120 and 140 kt, and zinc production of
between 115 and 130 kt.
Iron Ore
Production
Dec H21 Dec Q21 Dec Q21
vs vs vs
Dec H21 Dec Q21 Dec H20 Dec Q20 Sep Q21
-------- ------- -------- -------- --------
Iron ore production (kt) 129,401 66,102 1% 6% 4%
Iron ore - Total iron ore production increased by one per cent
to 129 Mt. Guidance for the 2022 financial year remains unchanged
at between 249 and 259 Mt.
9
WAIO finished the half year at near record production levels at
127 Mt (144 Mt on a 100 per cent basis), despite impacts of
temporary labour constraints relating to COVID-19 border
restrictions and the planned major maintenance on car dumper one
and the Jimblebar train load out. This reflects continued strong
supply chain performance including higher car dumper performance
and improved rail cycle times. South Flank ramp up to full
production capacity of 80 Mtpa (100 per cent basis) over three
years remains on track with a peak rate of 45 Mtpa achieved in the
half year contributing to record lump sales. In December 2021, we
approved the South Flank Autonomous Haulage Project to automate the
current fleet of Komatsu haul trucks. The project is scheduled to
commence in the June 2022 quarter and is expected to be completed
within 18 months. The proposed easing of Western Australia's border
restrictions on 5 February 2022 may introduce some short-term
disruption to the operating environment as the COVID-19 pandemic
evolves in the state.
Samarco production was 2.1 Mt (BHP share), following the
recommencement of iron ore pellet production at one concentrator in
December 2020. Guidance of between 3 and 4 Mt (BHP share) remains
unchanged for the 2022 financial year.
Coal
Production
Dec H21 Dec Q21 Dec Q21
vs vs vs
Dec H21 Dec Q21 Dec H20 Dec Q20 Sep Q21
------- ------- -------- -------- --------
Metallurgical coal (kt)(2) 17,668 8,818 (8%) (7%) 0%
Energy coal (kt)(3) 7,205 2,967 5% (8%) (30%)
Metallurgical coal - Metallurgical coal production decreased by
eight per cent to 18 Mt (31 Mt on a 100 per cent basis). Guidance
for the 2022 financial year has been reduced to between 38 and 41
Mt (68 and 72 Mt on a 100 per cent basis) from between 39 and 44 Mt
(70 and 78 Mt on a 100 per cent basis). The revision is a result of
significant La Niña related wet weather impacts during the December
2021 quarter coupled with COVID-19 related labour constraints.
Workforce absenteeism arising from the COVID-19 Omicron variant is
anticipated to continue into the early part of the second half of
the 2022 financial year.
Queensland Coal production decreased due to significant wet
weather, with double the amount of rainfall, coupled with COVID-19
related labour constraints impacting stripping and mine
productivity across most operations. A longwall move was
successfully executed at Broadmeadow and the Caval Ridge wash plant
maintenance was also completed on time during the December 2021
quarter.
Following the recent easing of Queensland's border restrictions,
COVID-19 related absenteeism has increased and remains a risk for
the remainder of the year.
Energy coal - Energy coal production increased by five per cent
to 7 Mt. Guidance for the 2022 financial year remains unchanged at
between 13 and 15 Mt. The divestment of our interest in Cerrejón
was completed in January 2022 and Cerrejón volumes are no longer
included in energy coal guidance.
NSWEC production increased as a result of increased stripping
volumes enabled by continued truck productivity and mining in lower
strip ratio areas, despite increased rainfall and COVID-19 related
impacts. High quality products now make up approximately 80 per
cent of sales compared to approximately 60 per cent of sales in the
prior period.
10
Other
Nickel production
Dec H21 Dec Q21 Dec Q21
vs vs vs
Dec H21 Dec Q21 Dec H20 Dec Q20 Sep Q21
------- ------- -------- -------- --------
Nickel (kt) 39.3 21.5 (15%) (10%) 21%
Nickel - Nickel West production decreased by 15 per cent to 39
kt, reflecting planned maintenance at the Kalgoorlie Smelter,
Kwinana Refinery and the Leinster and Kambalda concentrators in the
September 2021 quarter, and planned asset integrity work to support
operational stability completed in the December 2021 quarter.
Guidance for the 2022 financial year remains unchanged at between
85 and 95 kt, with volumes weighted towards the second half of the
financial year. The first batch of nickel sulphate crystals were
produced in the September 2021 quarter and customer certification
continues. First saleable production was achieved in the December
2021 quarter.
Potash
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
------------- ------------ ----------- ------------------------------- ---------------------
Jansen Potash 2,972 CY27 Investment to finish the The project is
excavation and lining of 98% complete. Target
the production and service project completion
shafts, and to continue in CY22.
the installation of essential
surface infrastructure
and utilities.
(Canada)
100%
Jansen Stage 5,723 CY27 Design, engineering and Approved in August
1 construction of an underground 2021, project is
potash mine and surface 3% complete
infrastructure, with capacity
to produce 4.35 Mtpa.
(Canada)
100%
Minerals exploration
Minerals exploration expenditure for the December 2021 half year
was US$110 million, of which US$80 million was expensed. We have
continued to add to our early stage options in future facing
commodities. Greenfield minerals exploration is being undertaken on
advancing copper targets in Chile, Ecuador, Mexico, Peru, Canada,
Australia and the south-west United States. Nickel targets are also
being advanced in Canada and Australia. Specifically in copper, we
are undertaking target drilling in Chile, Ecuador and the United
States while further drilling is underway in Australia.
In October 2021, BHP executed its farm-in agreement for the
early-stage prospective Elliott copper project covering 7,200 km(2)
in the Northern Territory, Australia. Under the terms of the
agreement, BHP can earn up to 75 per cent interest in Elliott by
spending up to A$25 million over 10 years.
Also in October 2021, BHP exercised its option to form an
exploration joint venture with Red Tiger Resources for the
Intercept Hill copper project, which borders Oak Dam in South
Australia.
At Oak Dam in South Australia, BHP is continuing next stage
resource definition drilling, after commencing the program in May
2021.
In December 2021, BHP advanced its early-stage nickel interests
by investing in the Kabanga Nickel Project (Kabanga), a
high-quality nickel sulphide deposit in Tanzania. Kabanga is a
joint venture between Kabanga Nickel Limited (84 per cent interest)
and the Government of Tanzania (16 per cent).
11
Discontinued operations - Petroleum
Production
Dec H21 Dec Q21 Dec Q21
vs vs vs
Dec H21 Dec Q21 Dec H20 Dec Q20 Sep Q21
------- ------- -------- -------- --------
Crude oil, condensate and natural gas liquids (MMboe) 25.1 12.3 13% 15% (3%)
Natural gas (bcf) 168.5 80.1 (1%) 2% (9%)
Total petroleum production (MMboe) 53.2 25.7 5% 8% (7%)
BHP announced on 22 November 2021 a binding share sale agreement
for the proposed merger of BHP's oil and gas portfolio with
Woodside. Completion of the merger is expected in the June 2022
quarter subject to satisfaction of conditions precedent including
approval by Woodside shareholders. The effective date of the merger
is 1 July 2021. T he half year financial results are being prepared
on the basis that BHP Petroleum is a discontinued operation.
Total petroleum production increased by 5 per cent to 53 MMboe.
No further guidance for the 2022 financial year will be provided
for Petroleum given the business will be presented as a
discontinued operation. However, until merger completion, we expect
a production run rate broadly consistent with the original 2022
financial year production guidance of between 99 and 106 MMboe.
Crude oil, condensate and natural gas liquids production
increased by 13 per cent to 25 MMboe, reflecting the additional 28
percent working interest acquired in Shenzi in November 2020,
increased volumes from Ruby following first production in May 2021,
and lower impact from weather events in the Gulf of Mexico,
partially offset by natural field decline across the portfolio.
Natural gas production decreased by one per cent to 169 bcf,
reflecting decreased production at North West Shelf and natural
field decline across the portfolio, partially offset by increased
volumes from Ruby and higher seasonal demand for gas at Bass
Strait.
Projects
Initial
Capital production
Project and expenditure target
ownership US$M date Capacity Progress
--------------------- ------------ ----------- --------------------------- ------------------------
Mad Dog Phase 2,154 Mid-CY22 New floating production On schedule and budget.
2 facility with the capacity The overall project
(US Gulf of to produce up to 140,000 is 97% complete.
Mexico) gross barrels of oil
23.9% (non-operator) equivalent per day.
Shenzi North 392 CY24 A two-well subsea tie-in On schedule and budget.
development to the Shenzi platform, The overall project
(US Gulf of with the capacity to is 5% complete.
Mexico) produce up to 30,000
72% (operator) gross barrels of oil
equivalent per day.
Scarborough 1,500 CY26 New upstream facilities Sanctioned in November
(Western Australia) designed to deliver 2021.
26.5% (non-operator) daily gas quantities On schedule and budget.
to manufacture 8 Mtpa The overall project
LNG and 180 TJ/day of is 10% complete.
domestic gas.
On 22 November 2021, we announced the approval of US$1.5 billion
in capital expenditure for development of the Scarborough upstream
project located in the North Carnarvon Basin, Western Australia.
The approved capital expenditure represents BHP's 26.5 per cent
participating interest in Phase 1 of the upstream development.
Final investment decisions have also been made by Woodside and the
Scarborough Joint Venture.
In the December 2021 quarter, we completed the Ruby project in
Trinidad & Tobago. The project was completed on schedule and
within budget, and the Ruby field is currently producing both oil
and gas.
12
The Mad Dog Phase 2 project's semi-submersible platform, Argos,
was towed to final location in the US Gulf of Mexico and moored.
Offshore execution of construction and commissioning is in
progress. First production from Mad Dog Phase 2 is expected from
mid-calendar year 2022.
In December 2021, we reached a commercial milestone with the
Trion project in Mexico with the filing of a Declaration of
Commerciality with the National Hydrocarbons Commission. As
announced in August 2021, we have moved Trion into the Front End
Engineering Design (FEED) phase and work is progressing to plan.
Studies are underway, focused on completion of the engineering,
commercial arrangements and execution planning required to progress
readiness for a Final Investment Decision from mid-calendar year
2022.
Petroleum exploration
Exploration and appraisal wells drilled during the December 2021
quarter are summarised below.
Total
Formation Water well
Well Location Target age BHP equity Spud date depth depth Status
----------- ----------- ------- ----------- ------------------- ----------- ---------- ---------- ------------
Trinidad &
Tobago
Block Late 27 July Hydrocarbons
Bongos-3X TTDAA 14 Gas Miocene 70% (BHP Operator) 2021 2,114 m 5,174 m encountered
Trinidad &
Tobago
Bongos-3X Block Late 27 July Hydrocarbons
ST01 TTDAA 14 Gas Miocene 70% (BHP Operator) 2021 2,114 m 5,169 m encountered
Trinidad &
Tobago
Block Late 6 August Hydrocarbons
Bongos-4 TTDAA 14 Gas Miocene 70% (BHP Operator) 2021 2,177 m 5,163 m encountered
Gulf of
Mexico Early 7 October Plugged and
Wasabi-1 GC124 Oil Miocene 75% (BHP Operator) 2021 764 m 2,673 m abandoned
Gulf of
Mexico Early 17 November Drilling
Wasabi-2 GC124 Oil Miocene 75% (BHP Operator) 2021 764 m 6,895 m ahead(i)
(i) Well depth and status as at 31 December 2021.
In Trinidad and Tobago, the Calypso appraisal drilling programme
concluded on 20 December 2021. All wells encountered hydrocarbons.
Bongos-3 confirmed volumes downdip of prior penetrations and
Bongos-4 established volumes in a new segment. The well results are
currently under evaluation and will be incorporated into the
development plan.
In the central Gulf of Mexico, the Wasabi-1 well encountered a
mechanical difficulty and was plugged and abandoned on 13 November
2021. Wasabi-2 (GC124-002) was spud on 17 November 2021 and
drilling operations continue.
In Barbados, a 3D seismic survey was acquired in November 2021
over a portion of the Bimshire and Carlisle Bay blocks(6) .
Processed data is expected to be delivered in mid-calendar year
2022.
BHP has acquired interests in offshore exploration blocks in the
Red Sea in Egypt. In December 2021, the Minister of Energy in Egypt
signed the Deed of Assignment for Red Sea Block 1, finalising the
assignment of a 45 per cent participating interest from Chevron to
BHP. The effective date of the transfer is 12 September 2021. This
follows a separate agreement with Shell in March 2021 for BHP to
acquire a 30 and 25 per cent non-operated working interest in
Egypt's Red Sea Blocks 3 and 4, respectively. The effective date of
BHP's participation in Blocks 3 and 4 is pending final government
approvals.
Petroleum exploration expenditure for the December 2021 half
year was US$243 million, of which US$112 million was expensed. An
approximately US$540 million exploration and appraisal program is
being executed for the 2022 financial year.
13
Variance analysis relates to the relative performance of BHP
and/or its operations during the December 2021 half year compared
with the December 2020 half 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 is based on
2021 financial year average realised prices.
The following footnotes apply to this Operational Review:
(1) 2022 financial year unit cost guidance: Escondida
US$1.20-1.40/lb, WAIO US$17.50-18.50/t, Queensland Coal US$85-94/t
and NSWEC US$62-70/t; based on exchange rates of AUD/USD 0.78 and
USD/CLP 727.
(2) We announced the divestment of our interest in BMC in
November 2021, however will continue to report BMC production as
part of Queensland Coal. We maintain economic and operating control
of BMC until the sale has completed.
(3) We have ceased providing Cerrejón production guidance due to
the completion of the divestment of our interest. The transaction
has an effective economic date of 31 December 2020 and volumes have
been reported separately.
(4) Excludes Petroleum production.
(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) Permission for survey granted by the Barbados Ministry of Energy.
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', the '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 30
'Subsidiaries' in section 3.1 of BHP's 30 June 2021 Annual Report
and Form 20-F. 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, Cerrejón, Samarco, Atlantis, Mad Dog, Bass Strait
and North West Shelf. BHP Group cautions against undue reliance on
any forward-looking statement or guidance in this release,
particularly in light of the current economic climate and
significant volatility, uncertainty and disruption arising in
connection with COVID-19. These forward looking statements are
based on information available as at the date of this release and
are not guarantees or predictions of future performance and involve
known and unknown risks, uncertainties and other factors, many of
which are beyond our control and which may cause actual results to
differ materially from those expressed in the statements contained
in this release.
14
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
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15
NEWS RELEASE
19 January 2022
BHP OPERATIONAL REVIEW
FOR THE HALF YEARED 31 DECEMBER 2021
Production and sales summary (Excel version)
16
Production summary
Quarter ended Year to date
------------------------------------------- ------------------
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2020 2021 2021 2021 2021 2021 2020
---------- ------- ------- ------- ------- ------- -------- --------
Copper (1)
Copper
Payable metal in concentrate
(kt)
Escondida (2) 57.5% 236.7 202.7 195.6 194.7 196.2 390.9 473.4
Pampa Norte (3) 100.0% 0.7 5.6 21.1 26.4 24.2 50.6 0.7
Antamina 33.8% 38.6 34.7 36.1 35.8 38.4 74.2 73.2
Total 276.0 243.0 252.8 256.9 258.8 515.7 547.3
Cathode (kt)
Escondida (2) 57.5% 50.9 46.6 51.1 49.0 48.4 97.4 98.8
Pampa Norte (3) 100% 53.6 46.4 48.3 41.1 44.1 85.2 96.1
Olympic Dam 100% 47.6 55.4 50.8 29.5 14.2 43.7 99.1
Total 152.1 148.4 150.2 119.6 106.7 226.3 294.0
Total copper (kt) 428.1 391.4 403.0 376.5 365.5 742.0 841.3
Lead
Payable metal in concentrate
(t)
Antamina 33.8% 993 468 381 378 277 655 1,683
Total 993 468 381 378 277 655 1,683
Zinc
Payable metal in concentrate
(t)
Antamina 33.8% 41,909 33,299 35,483 33,289 29,603 62,892 76,307
Total 41,909 33,299 35,483 33,289 29,603 62,892 76,307
Gold
Payable metal in concentrate
(troy oz)
Escondida (2) 57.5% 47,789 37,954 38,893 41,962 42,937 84,899 90,121
Pampa Norte (3) 100% - - 4,728 6,967 5,776 12,743 -
Olympic Dam (refined
gold) 100% 23,837 37,075 48,478 26,277 37,805 64,082 60,445
Total 71,626 75,029 92,099 75,206 86,518 161,724 150,566
Silver
Payable metal in concentrate
(troy koz)
Escondida (2) 57.5% 1,627 1,318 1,234 1,291 1,462 2,753 3,207
Pampa Norte (3) 100% - - 214 273 215 488 -
Antamina 33.8% 1,767 1,463 1,409 1,367 1,308 2,675 3,093
Olympic Dam (refined
silver) 100% 193 275 185 191 258 449 350
Total 3,587 3,056 3,042 3,122 3,243 6,365 6,650
17
Production summary
Quarter ended Year to date
------------------------------------------- ------------------
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2020 2021 2021 2021 2021 2021 2020
---------- ------- ------- ------- ------- ------- -------- --------
Uranium
Payable metal in concentrate
(t)
Olympic Dam 100% 945 834 614 531 287 818 1,819
Total 945 834 614 531 287 818 1,819
Molybdenum
Payable metal in concentrate
(t)
Pampa Norte (3) 100% - - - - - - -
Antamina 33.8% 192 276 111 142 217 359 476
Total 192 276 111 142 217 359 476
Iron Ore
Iron Ore
Production (kt) (4)
Newman 85% 17,637 14,614 14,560 16,461 14,577 31,038 34,047
Area C Joint Venture 85% 11,567 13,010 15,920 18,947 22,911 41,858 23,456
Yandi Joint Venture 85% 16,413 16,112 18,405 11,834 12,261 24,095 34,079
Jimblebar (5) 85% 16,740 15,241 15,337 15,009 15,324 30,333 36,815
Samarco 50% 37 878 1,023 1,048 1,029 2,077 37
Total 62,394 59,855 65,245 63,299 66,102 129,401 128,434
Coal
Metallurgical coal
Production (kt) (6)
BMA 50% 7,539 7,727 9,253 6,715 6,300 13,015 14,904
BHP Mitsui Coal (7)
(8) 80% 1,983 1,863 2,570 2,135 2,518 4,653 4,308
Total 9,522 9,590 11,823 8,850 8,818 17,668 19,212
Energy coal
Production (kt)
NSW Energy Coal 100% 3,229 2,981 4,492 4,238 2,967 7,205 6,853
Total 3,229 2,981 4,492 4,238 2,967 7,205 6,853
Production (kt)
Cerrejón 33.3% 347 1,795 1,784 2,060 2,176 4,236 1,385
Total 347 1,795 1,784 2,060 2,176 4,236 1,385
Other
Nickel
Saleable production
(kt)
Nickel West 100% 24.0 20.4 22.4 17.8 21.5 39.3 46.2
Total 24.0 20.4 22.4 17.8 21.5 39.3 46.2
Cobalt
Saleable production
(t)
Nickel West 100% 236 273 241 177 220 397 474
Total 236 273 241 177 220 397 474
18
Production summary
Quarter ended Year to date
------------------------------------------- ----------------
BHP Dec Mar Jun Sep Dec Dec Dec
interest 2020 2021 2021 2021 2021 2021 2020
----------- ------- ------- ------- ------- ------- ------- -------
Discontinued operations
Petroleum (9)
Production
Crude oil, condensate
and NGL (Mboe) 10,729 11,601 12,205 12,751 12,345 25,096 22,236
Natural gas (bcf) 78.5 82.6 88.6 88.4 80.1 168.5 169.4
Total (Mboe) 23,812 25,368 26,972 27,484 25,695 53,179 50,469
(1) Metal production is reported on the basis of payable metal.
(2) Shown on a 100% basis. BHP interest in saleable production
is 57.5%.
(3) Includes Cerro Colorado and Spence.
(4) Iron ore production is reported on a wet tonnes basis.
(5) Shown on a 100% basis. BHP interest in saleable production is 85%.
(6) Metallurgical coal production is reported on the basis of
saleable product. Production figures include some thermal coal.
(7) Shown on a 100% basis. BHP interest in saleable production
is 80%.
(8) We announced the divestment of our interest in BHP Mitsui
Coal (BMC) in November 2021, but will continue to report BMC as
part of Queensland Coal as we maintain economic and operating
control of BMC until the sale has completed.
(9) 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.
Throughout this report figures in italics indicate that this
figure has been adjusted since it was previously reported.
19
Production and sales report
Year to
Quarter ended date
---------------------------------------------- ------------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- -------- -------- -------- -------- --------
Copper
Metals production is payable metal
unless otherwise stated.
Escondida, Chile (1)
Material mined (kt) 97,274 95,978 104,043 113,874 117,284 231,158 180,631
Concentrator throughput (kt) 36,303 32,654 31,903 33,528 35,787 69,315 71,036
Average copper grade
- concentrator (%) 0.83% 0.78% 0.77% 0.73% 0.71% 0.72% 0.84%
Production ex mill (kt) 246.1 207.8 202.8 201.2 203.6 404.8 490.0
Production
Payable copper (kt) 236.7 202.7 195.6 194.7 196.2 390.9 473.4
Copper cathode (EW) (kt) 50.9 46.6 51.1 49.0 48.4 97.4 98.8
- Oxide leach (kt) 18.0 16.1 14.5 14.8 13.1 27.9 33.3
- Sulphide leach (kt) 32.9 30.5 36.6 34.2 35.3 69.5 65.5
Total copper (kt) 287.6 249.3 246.7 243.7 244.6 488.3 572.2
(troy
Payable gold concentrate oz) 47,789 37,954 38,893 41,962 42,937 84,899 90,121
(troy
Payable silver concentrate koz) 1,627 1,318 1,234 1,291 1,462 2,753 3,207
Sales
Payable copper (kt) 244.3 196.9 194.1 190.5 200.2 390.7 481.4
Copper cathode (EW) (kt) 47.7 49.6 49.6 46.7 49.7 96.4 94.2
(troy
Payable gold concentrate oz) 47,789 37,954 38,893 41,962 42,937 84,899 90,121
(troy
Payable silver concentrate koz) 1,627 1,318 1,234 1,291 1,462 2,753 3,207
(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
20
Production and sales report
Year to
Quarter ended date
--------------------------------------------- ----------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- -------- -------- ------- ------- -------
Pampa Norte, Chile
Cerro Colorado
Material mined (kt) 6,750 6,153 5,498 5,378 4,782 10,160 19,368
Ore stacked (kt) 3,562 3,283 3,702 3,566 4,029 7,595 7,598
Average copper grade
- stacked (%) 0.58% 0.58% 0.58% 0.60% 0.62% 0.61% 0.62%
Production
Copper cathode (EW) (kt) 15.8 13.9 14.7 13.4 15.3 28.7 31.6
Sales
Copper cathode (EW) (kt) 16.6 13.2 15.4 12.1 16.0 28.1 31.2
Spence
Material mined (kt) 18,485 19,195 21,262 21,154 24,025 45,179 36,745
Ore stacked (kt) 5,602 5,536 4,609 5,258 5,071 10,329 10,010
Average copper grade
- stacked (%) 0.83% 0.64% 0.72% 0.64% 0.66% 0.65% 0.95%
Concentrator throughput (kt) 1,207 2,471 4,929 5,786 6,234 12,020 1,207
Average copper grade
- concentrator (%) - 0.58% 0.63% 0.65% 0.60% 0.62% -
Production
Payable copper (kt) 0.7 5.6 21.1 26.4 24.2 50.6 0.7
Copper cathode (EW) (kt) 37.8 32.5 33.6 27.7 28.8 56.5 64.5
Total copper (kt) 38.5 38.1 54.7 54.1 53.0 107.1 65.2
(troy
Payable gold concentrate oz) - - 4,728 6,967 5,776 12,743 -
(troy
Payable silver concentrate koz) - - 214 273 215 488 -
Payable molybdenum (t) - - - - - - -
Sales
Payable copper (kt) - 1.8 20.8 28.4 24.9 53.3 -
Copper cathode (EW) (kt) 40.9 30.7 34.1 27.7 31.2 58.9 65.0
(troy
Payable gold concentrate oz) - - 4,728.0 6,967.0 5,776 12,743 -
(troy
Payable silver concentrate koz) - - 214.0 273.0 215 488 -
Payable molybdenum (t) - - - - - - -
21
Production and sales report
Year to
Quarter ended date
------------------------------------------- ------------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- ------- ------- ------- -------- --------
Copper (continued)
Metals production is payable metal unless otherwise stated.
Antamina, Peru
Material mined (100%) (kt) 57,029 53,762 63,393 66,581 58,179 124,760 102,487
Concentrator throughput
(100%) (kt) 14,083 12,651 13,466 13,219 13,011 26,230 27,285
Average head grades
- Copper (%) 0.97% 0.94% 0.93% 0.97% 1.00% 0.98% 0.96%
- Zinc (%) 1.30% 1.16% 1.24% 1.16% 1.11% 1.14% 1.30%
Production
Payable copper (kt) 38.6 34.7 36.1 35.8 38.4 74.2 73.2
Payable zinc (t) 41,909 33,299 35,483 33,289 29,603 62,892 76,307
(troy
Payable silver koz) 1,767 1,463 1,409 1,367 1,308 2,675 3,093
Payable lead (t) 993 468 381 378 277 655 1,683
Payable molybdenum (t) 192 276 111 142 217 359 476
Sales
Payable copper (kt) 40.7 31.7 37.3 32.7 41.9 74.6 74.5
Payable zinc (t) 45,109 34,141 32,044 32,635 32,513 65,148 77,878
(troy
Payable silver koz) 1,728 1,342 1,540 1,103 1,405 2,508 3,038
Payable lead (t) 945 689 556 232 344 576 1,693
Payable molybdenum (t) 352 192 268 86 170 256 744
Olympic Dam, Australia
Material mined (1) (kt) 2,379 1,979 2,143 1,935 1,998 3,933 4,582
Ore Milled (kt) 2,377 2,238 2,429 2,024 1,105 3,129 4,820
Average copper grade (%) 2.01% 2.02% 1.95% 2.03% 2.17% 2.08% 2.02%
Average uranium grade (kg/t) 0.60 0.61 0.56 0.55 0.55 0.55 0.56
Production
Copper cathode (ER
and EW) (kt) 47.6 55.4 50.8 29.5 14.2 43.7 99.1
Payable uranium (t) 945 834 614 531 287 818 1,819
(troy
Refined gold oz) 23,837 37,075 48,478 26,277 37,805 64,082 60,445
(troy
Refined silver koz) 193 275 185 191 258 449 350
Sales
Copper cathode (ER
and EW) (kt) 46.6 55.6 52.7 29.1 17.9 47.0 96.1
Payable uranium (t) 999 779 1,179 536 541 1,077 1,858
(troy
Refined gold oz) 21,390 38,852 47,300 24,654 38,768 63,422 57,444
(troy
Refined silver koz) 165 242 245 126 290 416 387
(1) Material mined refers to underground ore mined, subsequently
hoisted or trucked to surface.
22
Production and sales report
Quarter ended Year to date
------------------------------------------- ------------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- ------- ------- ------- -------- --------
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.
Western Australia Iron
Ore, Australia
Production
Newman (kt) 17,637 14,614 14,560 16,461 14,577 31,038 34,047
Area C Joint Venture (kt) 11,567 13,010 15,920 18,947 22,911 41,858 23,456
Yandi Joint Venture (kt) 16,413 16,112 18,405 11,834 12,261 24,095 34,079
Jimblebar (1) (kt) 16,740 15,241 15,337 15,009 15,324 30,333 36,815
Wheelarra (kt) - - - - - - -
Total production (kt) 62,357 58,977 64,222 62,251 65,073 127,324 128,397
Total production (100%) (kt) 70,407 66,695 72,848 70,587 73,852 144,439 144,559
Sales
Lump (kt) 16,703 15,593 16,410 17,546 17,827 35,373 33,759
Fines (kt) 46,124 42,939 48,837 45,039 46,809 91,848 94,514
Total (kt) 62,827 58,532 65,247 62,585 64,636 127,221 128,273
Total sales (100%) (kt) 70,772 66,032 73,712 70,815 73,222 144,037 144,127
(1) Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil (1)
Production (kt) 37 878 1,023 1,048 1,029 2,077 37
Sales (kt) - 646 1,052 1,111 950 2,061 -
(1) Samarco commenced iron ore pellet production in December
2020 after meeting the licencing requirements to restart operations
at the Germano complex in Minas Gerais and Ubu complex in Espírito
Santo, Brazil.
23
Production and sales report
Quarter ended Year to date
------------------------------------------- ----------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
Queensland Coal, Australia
Production (1)
BMA
Blackwater (kt) 1,737 1,416 1,887 1,403 1,202 2,605 2,921
Goonyella (kt) 2,152 2,232 2,752 1,798 1,797 3,595 4,464
Peak Downs (kt) 1,213 1,595 1,597 1,223 960 2,183 2,700
Saraji (kt) 1,043 1,238 1,391 999 1,081 2,080 1,860
Daunia (kt) 464 496 478 377 304 681 954
Caval Ridge (kt) 930 750 1,148 915 956 1,871 2,005
Total BMA (kt) 7,539 7,727 9,253 6,715 6,300 13,015 14,904
Total BMA (100%) (kt) 15,078 15,454 18,506 13,430 12,600 26,030 29,808
BHP Mitsui Coal (2)
(3)
South Walker Creek (kt) 1,118 1,031 1,500 1,462 1,535 2,997 2,356
Poitrel (kt) 865 832 1,070 673 983 1,656 1,952
Total BHP Mitsui Coal (kt) 1,983 1,863 2,570 2,135 2,518 4,653 4,308
Total Queensland Coal (kt) 9,522 9,590 11,823 8,850 8,818 17,668 19,212
Total Queensland Coal
(100%) (kt) 17,061 17,317 21,076 15,565 15,118 30,683 34,116
Sales
BMA
Coking coal (kt) 6,531 6,752 7,801 5,415 4,875 10,290 12,718
Weak coking coal (kt) 936 1,038 1,069 734 754 1,488 1,913
Thermal coal (kt) 3 206 400 576 455 1,031 61
Total BMA (kt) 7,470 7,996 9,270 6,725 6,084 12,809 14,692
Total BMA (100%) (kt) 14,940 15,992 18,540 13,450 12,168 25,618 29,384
BHP Mitsui Coal (2)
(3)
Coking coal (kt) 604 357 535 313 458 771 1,275
Weak coking coal (kt) 1,518 1,404 2,027 1,788 1,812 3,600 3,063
Thermal coal (kt) - - - - - - -
Total BHP Mitsui Coal (kt) 2,122 1,761 2,562 2,101 2,270 4,371 4,338
Total Queensland Coal (kt) 9,592 9,757 11,832 8,826 8,354 17,180 19,030
Total Queensland Coal
(100%) (kt) 17,062 17,753 21,102 15,551 14,438 29,989 33,722
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
(3) We announced the divestment of our interest in BHP Mitsui
Coal (BMC) in November 2021, but will continue to report BMC as
part of Queensland Coal as we maintain economic and operating
control of BMC until the sale has completed.
24
Production and sales report
Quarter ended Year to date
-------------------------------------- ---------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------ ------ ------ ------ ------ ------- ------
NSW Energy Coal, Australia
Production (kt) 3,229 2,981 4,492 4,238 2,967 7,205 6,853
Sales
Sales thermal coal
- export (kt) 3,940 2,827 4,691 3,780 3,718 7,498 7,108
Inland thermal coal
(1) (kt) - - - - - - -
Total (kt) 3,940 2,827 4,691 3,780 3,718 7,498 7,108
(1) The domestic sales contract ended in the September 2019 quarter.
Quarter ended Year to date
-------------------------------------- ---------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------ ------ ------ ------ ------ ------- ------
Cerrejón, Colombia
Production (kt) 347 1,795 1,784 2,060 2,176 4,236 1,385
Sales thermal coal
- export (kt) 370 1,746 1,619 2,180 2,012 4,192 1,364
Other
Nickel production is reported on the basis of saleable product
Nickel West, Australia
Mt Keith
Nickel concentrate (kt) 55.7 54.1 50.4 53.7 47.0 100.7 120.1
Average nickel grade (%) 14.7 13.3 13.3 14.6 13.2 13.9 15.3
Leinster
Nickel concentrate (kt) 72.8 71.5 71.4 73.8 77.4 151.2 139.0
Average nickel grade (%) 9.5 10.2 10.5 8.9 9.1 9.0 9.3
Saleable production
Refined nickel (1) (kt) 20.4 15.2 17.1 14.4 18.2 32.6 37.7
Nickel sulphate (2) (kt) - - - - 0.4 0.4 -
Intermediates and nickel
by-products (3) (kt) 3.6 5.2 5.3 3.4 2.9 6.3 8.5
Total nickel (kt) 24.0 20.4 22.4 17.8 21.5 39.3 46.2
Cobalt by-products (t) 236 273 241 177 220 397 474
Sales
Refined nickel (1) (kt) 20.9 15.0 17.8 13.8 16.9 30.7 38.0
Nickel sulphate (2) (kt) - - - - 0.1 0.1 -
Intermediates and nickel
by-products (3) (kt) 2.6 5.9 4.0 3.9 3.1 7.0 7.2
Total nickel (kt) 23.5 20.9 21.8 17.7 20.1 37.8 45.2
Cobalt by-products (t) 237 273 241 177 220 397 475
(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.
25
Production and sales report
Year to
Quarter ended date
-------------------------------------- ----------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------ ------ ------ ------ ------ ------- -------
Discontinued operations
Petroleum (1)
Bass Strait
Crude oil and condensate (Mboe) 1,003 859 1,205 1,201 971 2,172 2,308
NGL (Mboe) 1,057 1,035 1,563 1,655 1,140 2,795 2,717
Natural gas (bcf) 23.4 22.7 32.8 35.8 25.8 61.6 57.5
Total petroleum products (Mboe) 5,960 5,677 8,235 8,823 6,411 15,234 14,608
North West Shelf
Crude oil and condensate (Mboe) 1,180 1,183 933 973 1,027 2,000 2,395
NGL (Mboe) 165 188 177 148 180 328 327
Natural gas (bcf) 30.4 31.1 26.5 24.3 25.8 50.1 60.0
Total petroleum products (Mboe) 6,412 6,554 5,527 5,171 5,507 10,678 12,722
Pyrenees
Crude oil and condensate (Mboe) 826 679 690 710 723 1,433 1,663
Total petroleum products (Mboe) 826 679 690 710 723 1,433 1,663
Macedon
Crude oil and condensate (Mboe) 1 1 - 1 1 2 2
Natural gas (bcf) 12.6 12.4 12.6 12.7 12.6 25.3 25.3
Total petroleum products (Mboe) 2,101 2,068 2,100 2,118 2,101 4,219 4,219
Atlantis (2)
Crude oil and condensate (Mboe) 2,385 2,590 3,117 3,171 3,222 6,393 4,806
NGL (Mboe) 147 171 218 222 186 408 301
Natural gas (bcf) 1.1 1.4 1.6 1.7 1.5 3.2 2.3
Total petroleum products (Mboe) 2,715 2,994 3,602 3,676 3,658 7,334 5,490
Mad Dog (2)
Crude oil and condensate (Mboe) 930 1,209 1,099 1,155 1,137 2,292 2,141
NGL (Mboe) 38 57 77 46 56 102 86
Natural gas (bcf) 0.1 0.2 0.2 0.2 0.1 0.3 0.3
Total petroleum products (Mboe) 985 1,299 1,209 1,234 1,210 2,444 2,277
Shenzi (2) (3)
Crude oil and condensate (Mboe) 1,764 2,328 2,023 2,016 2,335 4,351 3,159
NGL (Mboe) 87 130 87 102 134 236 158
Natural gas (bcf) 0.3 0.4 0.1 0.4 0.4 0.8 0.6
Total petroleum products (Mboe) 1,901 2,525 2,127 2,185 2,536 4,721 3,417
Trinidad/Tobago
Crude oil and condensate (Mboe) 96 139 236 491 396 887 198
Natural gas (bcf) 10.5 14.4 14.7 13.3 13.9 27.2 23.3
Total petroleum products (Mboe) 1,846 2,539 2,686 2,708 2,713 5,421 4,081
Other Americas (2)
(4)
Crude oil and condensate (Mboe) 190 187 104 83 81 164 402
NGL (Mboe) 11 - 8 3 - 3 13
Natural gas (bcf) 0.1 - 0.1 - - - 0.1
Total petroleum products (Mboe) 218 187 129 86 81 167 432
Algeria
Crude oil and condensate (Mboe) 849 845 668 774 756 1,530 1,560
Total petroleum products (Mboe) 849 845 668 774 756 1,530 1,560
26
Production and sales report
Year to
Quarter ended date
------------------------------------------- ----------------
Dec Mar Jun Sep Dec Dec Dec
2020 2021 2021 2021 2021 2021 2020
------- ------- ------- ------- ------- ------- -------
Discontinued operations
(continued)
Petroleum (1)
Total production
Crude oil and condensate (Mboe) 9,224 10,020 10,075 10,575 10,649 21,224 18,634
NGL (Mboe) 1,505 1,581 2,130 2,176 1,696 3,872 3,602
Natural gas (bcf) 78.5 82.6 88.6 88.4 80.1 168.5 169.4
Total (Mboe) 23,812 25,368 26,972 27,484 25,695 53,179 50,469
(1) Total boe conversions are based on 6 bcf of natural gas
equals 1,000 Mboe. Negative production figures represent
finalisation adjustments.
(2) Gulf of Mexico volumes are net of royalties.
(3) BHP completed the acquisition of an additional 28% working
interest in Shenzi on 6 November 2020, taking its total working
interest to 72%.
(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.
27
Attachment 1
Restated financial information
For the year ended 30 June 2021 and the half year ended 31
December 2020
28
Contents
Restated financial information Page
Basis of preparation of restated financial information 24
Consolidated Income Statement - Restated 25
Consolidated Statement of Comprehensive Income 25
Consolidated Balance Sheet 26
Consolidated Cash Flow Statement - Restated 27
Consolidated Statement of Changes in Equity 28
Restated supplementary financial information 29
29
Basis of preparation of restated financial information
This financial information for the year ended 30 June 2021 and
the half year ended 31 December 2020 for the Group is not audited
and has been prepared to restate previously published information
for the effects of applying IFRS 5/AASB 5 'Non-current Assets Held
for Sale and Discontinued Operations' to the Group's Petroleum
business.
On 22 November 2021, the Group and Woodside Petroleum Ltd
('Woodside') signed a binding share sale agreement (SSA) for the
merger of the Group's oil and gas portfolio with Woodside
('Merger'). The merger, which has an effective date of 1 July 2021,
is subject to satisfaction of conditions precedent by 30 June 2022
or an agreed later date including shareholder, regulatory and other
approvals.
Prior to completion, the Group will carry on its Petroleum
business in the normal course and, while the effective date at
which the right to net cash flows transferred to Woodside was 1
July 2021, the Group continues to control its Petroleum assets
until the completion date of the transaction.
As such , the Group will continue to recognise its share of
revenue, expenses, net finance costs and associated income tax
expense related to the operation until the completion date.
However, as a t 31 December 2021, the Petroleum business will be
classified as a disposal group held for sale and as a discontinued
operation .
The nature of each change reflected in the attached restated
financial information is as follows:
- All income and expense items relating to the Petroleum
Discontinued Operation have been removed from the individual line
items in the Consolidated Income Statement. The post-tax loss of
the Petroleum Discontinued Operation is presented as a single
amount in the line item titled "Loss after taxation from
Discontinued operations"; and
- All cash flows and other items relating to the Petroleum
Discontinued Operation have been removed from the individual line
items in the Consolidated Cash Flow Statement. The net cash flows
attributable to the operating, investing and financing activities
of the Petroleum Discontinued Operation are each disclosed in
single amounts in each section of the Consolidated Cash Flow
Statement.
The Consolidated Balance Sheet, the Consolidated Statement of
Comprehensive Income and the Consolidated Statement of Changes in
Equity for these periods are not required to be restated.
30
Consolidated Income Statement - Restated
Half year Year
ended ended
31 Dec 2020 30 June 2021
US$M US$M
------------- --------------
Continuing operations
Revenue 24,044 56,921
Other income 136 380
Expenses excluding net finance costs (13,821) (30,871)
Loss from equity accounted investments, related impairments and expenses (470) (915)
Profit from operations 9,889 25,515
Financial expenses (922) (1,290)
Financial income 46 67
Net finance costs (876) (1,223)
Profit before taxation 9,013 24,292
Income tax expense (3,965) (10,376)
Royalty-related taxation (net of income tax benefit) (28) (240)
Total taxation expense (3,993) (10,616)
Profit after taxation from Continuing operations 5,020 13,676
Discontinued operations
Loss after taxation from Discontinued operations (192) (225)
Profit after taxation from Continuing and Discontinued operations 4,828 13,451
Attributable to non-controlling interests 952 2,147
Attributable to BHP shareholders 3,876 11,304
Basic earnings per ordinary share (cents) 76.6 223.5
Diluted earnings per ordinary share (cents) 76.5 223.0
Basic earnings from Continuing operations per ordinary share (cents) 80.4 228.0
Diluted earnings from Continuing operations per ordinary share (cents) 80.3 227.5
31
Consolidated Statement of Comprehensive Income
Half year Year
ended ended
31 Dec 2020 30 June 2021
US$M US$M
------------- --------------
Profit after taxation from Continuing and Discontinued operations 4,828 13,451
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Hedges:
Gains taken to equity 1,074 863
Gains transferred to the income statement (1,000) (837)
Exchange fluctuations on translation of foreign operations taken to equity - 5
Tax recognised within other comprehensive income (22) (8)
Total items that may be reclassified subsequently to the income statement 52 23
Items that will not be reclassified to the income statement:
Re-measurement (losses)/gains on pension and medical schemes (4) 58
Equity investments held at fair value 2 (2)
Tax recognised within other comprehensive income 1 (20)
Total items that will not be reclassified to the income statement (1) 36
Total other comprehensive income 51 59
Total comprehensive income 4,879 13,510
Attributable to non-controlling interests 953 2,158
Attributable to BHP shareholders 3,926 11,352
32
Consolidated Balance Sheet
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
---------------- --------------
ASSETS
Current assets
Cash and cash equivalents 9,291 15,246
Trade and other receivables 4,573 6,059
Other financial assets 227 230
Inventories 4,511 4,426
Assets held for sale - 324
Current tax assets 295 279
Other 113 129
Total current assets 19,010 26,693
Non-current assets
Trade and other receivables 270 337
Other financial assets 2,269 1,610
Inventories 1,159 1,358
Property, plant and equipment 73,711 73,813
Intangible assets 1,508 1,437
Investments accounted for using the equity method 2,094 1,742
Deferred tax assets 3,178 1,912
Other 34 25
Total non-current assets 84,223 82,234
Total assets 103,233 108,927
LIABILITIES
Current liabilities
Trade and other payables 5,663 7,027
Interest bearing liabilities 3,560 2,628
Liabilities directly associated with the assets held for sale - 17
Other financial liabilities 237 130
Current tax payable 1,184 2,800
Provisions 2,631 3,696
Deferred income 86 105
Total current liabilities 13,361 16,403
Non-current liabilities
Interest bearing liabilities 19,159 18,355
Other financial liabilities 1,187 1,146
Non-current tax payable 173 120
Deferred tax liabilities 3,603 3,314
Provisions 12,128 13,799
Deferred income 199 185
Total non-current liabilities 36,449 36,919
Total liabilities 49,810 53,322
Net assets 53,423 55,605
EQUITY
Share capital - BHP Group Limited 1,111 1,111
Share capital - BHP Group Plc 1,057 1,057
Treasury shares (30) (33)
Reserves 2,335 2,350
Retained earnings 44,449 46,779
Total equity attributable to BHP shareholders 48,922 51,264
Non-controlling interests 4,501 4,341
Total equity 53,423 55,605
33
Consolidated Cash Flow Statement - Restated
Half year Year
ended ended
31 Dec 2020 30 June 2021
US$M US$M
------------- --------------
Operating activities
Profit before taxation from Continuing operations 9,013 24,292
Adjustments for:
Depreciation and amortisation expense 2,405 5,084
Impairments of property, plant and equipment, financial assets and intangibles 629 2,507
Net finance costs 876 1,223
Loss from equity accounted investments, related impairments and expenses 470 915
Other 294 573
Changes in assets and liabilities:
Trade and other receivables (1,049) (2,389)
Inventories (296) (405)
Trade and other payables 45 1,149
Provisions and other assets and liabilities (59) 486
Cash generated from operations 12,328 33,435
Dividends received 355 728
Interest received 60 97
Interest paid (447) (766)
Settlement of cash management related instruments (202) (401)
Net income tax and royalty-related taxation refunded 47 222
Net income tax and royalty-related taxation paid (2,993) (7,432)
Net operating cash flows from Continuing operations 9,148 25,883
Net operating cash flows from Discontinued operations 221 1,351
Net operating cash flows 9,369 27,234
Investing activities
Purchases of property, plant and equipment (2,835) (5,612)
Exploration expenditure (86) (192)
Exploration expenditure expensed and included in operating cash flows 56 134
Net investment and funding of equity accounted investments (361) (553)
Proceeds from sale of assets 86 158
Other investing (89) (260)
Net investing cash flows from Continuing operations (3,229) (6,325)
Net investing cash flows from Discontinued operations (980) (1,520)
Net investing cash flows (4,209) (7,845)
Financing activities
Proceeds from interest bearing liabilities 218 568
Proceeds from debt related instruments 90 167
Repayment of interest bearing liabilities (6,181) (8,357)
Purchase of shares by Employee Share Ownership Plan (ESOP) trusts (174) (234)
Dividends paid (2,767) (7,901)
Dividends paid to non-controlling interests (762) (2,127)
Net financing cash flows from Continuing operations (9,576) (17,884)
Net financing cash flows from Discontinued operations (19) (38)
Net financing cash flows (9,595) (17,922)
Net (decrease)/increase in cash and cash equivalents from Continuing operations (3,657) 1,674
Net decrease in cash and cash equivalents from Discontinued operations (778) (207)
Cash and cash equivalents, net of overdrafts, at the beginning of the financial year 13,426 13,426
Foreign currency exchange rate changes on cash and cash equivalents 300 353
Cash and cash equivalents, net of overdrafts, at the end of period 9,291 15,246
34
Consolidated Statement of Changes in Equity for the half year
ended 31 December 2020 and the year ended 30 June 2021
Attributable to BHP shareholders
-----------------------------------------------------------------------------
Share capital Treasury shares
------------------ ------------------
Total equity
BHP BHP BHP BHP attributable Non-
Group Group Group Group Retained to BHP controlling Total
US$M Limited Plc Limited Plc Reserves earnings shareholders interests equity
-------------- --------- ------- --------- ------- --------- ---------- -------------- ------------- --------
Balance as at
1 July 2020 1,111 1,057 (5) - 2,306 43,396 47,865 4,310 52,175
Total
comprehensive
income - - - - 53 3,873 3,926 953 4,879
Transactions
with owners:
Purchase of
shares by
ESOP Trusts - - (171) (3) - - (174) - (174)
Employee share
awards
exercised net
of employee
contributions
net of tax - - 147 2 (106) (43) - - -
Vested
employee
share awards
that have
lapsed, been
cancelled or
forfeited - - - - (2) 2 - - -
Accrued
employee
entitlement
for
unexercised
awards net of
tax - - - - 84 - 84 - 84
Dividends - - - - - (2,779) (2,779) (762) (3,541)
Balance as at
31 December
2020 1,111 1,057 (29) (1) 2,335 44,449 48,922 4,501 53,423
Attributable to BHP shareholders
-----------------------------------------------------------------------------
Share capital Treasury shares
------------------- ------------------- ------------- ------------
Total equity
BHP BHP BHP BHP attributable Non-
Group Group Group Group Retained to BHP controlling Total
US$M Limited Plc Limited Plc Reserves earnings shareholders interests equity
-------------- --------- -------- --------- -------- --------- --------- ------------- ------------ ---------
Balance as at
1 July 2020 1,111 1,057 (5) - 2,306 43,396 47,865 4,310 52,175
Total
comprehensive
income - - - - 22 11,330 11,352 2,158 13,510
Transactions
with owners:
Purchase of
shares by
ESOP Trusts - - (229) (5) - - (234) - (234)
Employee share
awards
exercised net
of employee
contributions
net of tax - - 202 4 (149) (57) - - -
Vested
employee
share awards
that have
lapsed, been
cancelled or
forfeited - - - - (4) 4 - - -
Accrued
employee
entitlement
for
unexercised
awards net of
tax - - - - 175 - 175 - 175
Dividends - - - - - (7,894) (7,894) (2,127) (10,021)
Balance as at
30 June 2021 1,111 1,057 (32) (1) 2,350 46,779 51,264 4,341 55,605
35
Restated supplementary financial information
For the half year ended 31 December 2020 and financial year
ended 30 June 2021
The following pages present the supplementary financial
information for the Group for the half year ended 31 December 2020
and the financial year ended 30 June 2021, restated for the effect
of the application of IFRS 5/AASB 5 'Non-current Assets Held for
Sale and Discontinued Operations'.
As a consequence of this accounting treatment, the Group's
Petroleum business no longer meets the reporting segment
recognition criteria as outlined in IFRS 8/AASB 8 'Operating
segments' and therefore does not form part of the Group's
reportable segments as summarised below. Petroleum underlying
EBITDA, revenue, net operating assets and capital and exploration
expenditure do not form part of the comparative restated reportable
segment(1) .
Segment summary(2)
A summary of performance for the 31 December 2020 half year and
30 June 2021 financial year is presented below and excludes
Petroleum discontinued operations.
Half year
ended Net Exploration
31 Dec 2020 Underlying Underlying Exceptional operating Capital Exploration to
US$M Revenue(3) EBITDA EBIT Items(4) assets expenditure gross(5) profit(6)
------------ ----------- ----------- ----------- ------------ ---------- ------------ ------------ ------------
Copper 7,067 3,738 2,899 (38) 26,623 1,108 18 18
Iron Ore 14,058 10,244 9,320 (500) 19,026 1,101 49 26
Coal 2,170 (201) (601) (959) 8,792 320 11 4
Group and
unallocated
items(7) 749 106 (218) (14) 3,892 306 8 8
Total Group 24,044 13,887 11,400 (1,511) 58,333 2,835 86 56
Year ended Net Exploration
30 June 2021 Underlying Underlying Exceptional operating Capital Exploration to
US$M Revenue(3) EBITDA EBIT Items(4) assets expenditure gross(5) profit(6)
------------ ----------- ----------- ----------- ------------ ---------- ------------ ------------ ------------
Copper 15,726 8,489 6,809 (144) 26,928 2,180 53 53
Iron Ore 34,475 26,278 24,294 (1,319) 18,663 2,188 100 55
Coal 5,154 288 (577) (1,567) 7,512 579 20 7
Group and
unallocated
items(7) 1,566 18 (673) (1,308) 2,921 665 19 19
Total Group 56,921 35,073 29,853 (4,338) 56,024 5,612 192 134
(1) As a result of the above mentioned planned Merger
transaction with Woodside, the Group's Petroleum business does not
form part of the reportable segments summarised above. Restated
Petroleum financial information has been included below to reflect
the performance of the Group's Petroleum discontinued operations
business.
Petroleum -
Discontinued Net
operations Underlying Underlying operating Capital Exploration Exploration
US$M Revenue EBITDA D&A EBIT assets expenditure gross to profit
--------------- -------- ----------- ------ -------------- ----------- ------------- ------------ ------------
Half year ended
31 December
2020 1,595 793 901 (108) 8,548 498 195 242
Year ended 30
June 2021 3,896 2,306 1,868 438 8,073 994 322 382
(2) Group and segment level information is reported on a
statutory basis which reflects the application of the equity
accounting method in preparing the Group financial statements - in
accordance with IFRS. Underlying EBITDA of the Group and the
reportable segments, includes depreciation, amortisation and
impairments (D&A), net finance costs and taxation expense of
US$259 million for H1 FY21 and US$626 million for FY21 related to
equity accounted investments. It excludes exceptional items loss of
US$678 million for H1 FY21 and US$1,456 million for FY21 related to
share of profit/loss from equity accounted investments, related
impairments and expenses.
Group profit before taxation comprised Underlying EBITDA,
exceptional items, depreciation, amortisation and impairments of
US$3,998 million for H1 FY21 and US$9,558 million for FY21 and net
finance costs of US$876 million for H1 FY21 and US$1,223 million
for FY21.
36
(3) Revenue is based on Group realised prices and includes third
party products. Sale of third party products by the Group
contributed revenue of US$958 million and Underlying EBITDA of
US$58 million for H1 FY21 and revenue of US$2,285 million and and
Underlying EBITDA of US$65 million for FY21.
(4) Exceptional items loss of US$1,511 million H1 FY21 (FY21:
US$4,338 million) excludes net finance costs of US$41 million H1
FY21 (FY21: US$85 million) included in the total loss before
taxation of US$358 million H1 FY21 (US$1,087 million FY21) related
to the Samarco dam failure. Refer to Exceptional items and
Significant events - Samarco dam failure notes to the financial
statements evident in the respective published 2021 annual report
and FY21 half year reports for further information.
(5) Includes US$30 million capitalised exploration H1 FY21 (FY21: US$58 million).
(6) Includes US$ nil of exploration expenditure previously
capitalised, written off as impaired (included in depreciation and
amortisation) H1 FY21 (FY21: US$ nil).
(7) Group and unallocated items includes functions, other
unallocated operations including Potash, Nickel West, legacy
assets, and consolidation adjustments. Revenue not attributable to
reportable segments comprises the sale of freight and fuel to third
parties, as well as revenues from unallocated operations.
Exploration and technology activities are recognised within
relevant segments.
Restated financial information for Petroleum Discontinued
operations for the 31 December 2020 half year and the 30 June 2021
financial year, is presented below.
Half year ended Net Exploration
31 Dec 2020 Underlying Underlying operating Capital Exploration to
US$M Revenue(1) EBITDA D&A EBIT assets expenditure gross(2) profit(3)
---------------- ----------- ------------ ---- ------------ ----------- ------------ ------------ ------------
Australia
Production
Unit(4) 123 80 95 (15) 176 14
Bass Strait 478 319 396 (77) 1,407 33
North West Shelf 402 311 120 191 1,224 47
Atlantis 212 127 71 56 1,131 125
Shenzi 137 89 59 30 1,005 10
Mad Dog 88 61 26 35 1,774 164
Trinidad/Tobago 68 40 19 21 439 70
Algeria 75 54 - 54 95 1
Exploration - (181) 80 (261) 1,122 1
Other(5) 39 (105) 37 (142) 175 33
Total Petroleum
from Group
production 1,622 795 903 (108) 8,548 498
Third party
products 3 - - - - -
Total Petroleum 1,625 795 903 (108) 8,548 498 195 242
Adjustment for
equity
accounted
investments(6) (6) (2) (2) - - - - -
Total Petroleum
statutory
result 1,619 793 901 (108) 8,548 498 195 242
Inter-segment
adjustments (24) - - - - - - -
Total
Discontinued
Operations -
Petroleum 1,595 793 901 (108) 8,548 498 195 242
37
Year ended Net Exploration
30 June 2021 Underlying Underlying operating Capital Exploration to
US$M Revenue(1) EBITDA D&A EBIT assets expenditure gross(2) profit(3)
---------------- ----------- ----------- ------ ----------- ----------- ------------ ------------ ------------
Australia
Production
Unit(4) 327 202 186 16 64 23
Bass Strait 1,066 798 775 23 1,136 70
North West Shelf 893 761 239 522 1,281 104
Atlantis 560 401 162 239 1,109 178
Shenzi 417 309 175 134 970 113
Mad Dog 231 174 54 120 1,885 308
Trinidad/Tobago 204 80 44 36 433 152
Algeria 164 135 - 135 107 2
Exploration - (296) 122 (418) 1,148 -
Other(5) 85 (256) 114 (370) (60) 44
Total Petroleum
from Group
production 3,947 2,308 1,871 437 8,073 994
Third party
products 11 1 - 1 - -
Total Petroleum 3,958 2,309 1,871 438 8,073 994 322 382
Adjustment for
equity
accounted
investments(6) (12) (3) (3) - - - - -
Total Petroleum
statutory
result 3,946 2,306 1,868 438 8,073 994 322 382
Inter-segment
adjustments (50) - - - - - - -
Total
Discontinued
Operations -
Petroleum 3,896 2,306 1,868 438 8,073 994 322 382
-- Petroleum revenue includes: crude oil US$769 million H1 FY21
(FY21: US$2,013 million), natural gas US$434 million H1 FY21 (FY21:
US$977 million), LNG US$292 million (FY21: US$682 million), NGL
US$96 million (FY21: US$212 million) and other (including
Inter-segment adjustments) US$4 million (FY21: US$12 million).
-- Includes US$14 million of capitalised exploration H1 FY21 (FY21: US$26 million).
-- Includes US$61 million of exploration expenditure previously
capitalised, written off as impaired (included in depreciation and
amortisation) H1 FY21 (FY21: US$86 million).
-- Australia Production Unit includes Macedon and Pyrenees.
-- Predominantly divisional activities, business development and
Neptune (sale finalised in May 2021). Also includes the Caesar oil
pipeline and the Cleopatra gas pipeline, which are equity accounted
investments. The financial information for the Caesar oil pipeline
and the Cleopatra gas pipeline presented above, with the exception
of net operating assets, reflects BHP's share.
-- Total Petroleum statutory result revenue excludes US$6
million H1 FY21 (FY21: US$12 million) revenue related to the Caesar
oil pipeline and the Cleopatra gas pipeline. Total Petroleum
statutory result Underlying EBITDA includes US$2 million H1 FY21
(FY21: US$3 million) D&A related to the Caesar oil pipeline and
the Cleopatra gas pipeline.
38
Alternative Performance Measures
We use various Alternative Performance Measures (APMs) to
reflect our underlying financial performance.
These APMs are not defined or specified under the requirements
of IFRS, but are derived from the Group's restated Financial
Statements for the half year ended 31 December 2020 and year ended
30 June 2021 prepared in accordance with IFRS. The APMs and below
reconciliations included in this document for the restated half
year ended 31 December 2020 and year ended 30 June 2021 periods are
unaudited. The APMs are consistent with how management review
financial performance of the Group with the Board and the
investment community.
The definitions and calculation methodology to compute the
Group's APMs have not changed as a result of the proposed Merger.
For further information and a list of the "Definition and
calculation of alternative performance measures" refer to the
Group's 2021 published Annual report.
Comparative periods have been adjusted for the effects of
applying IFRS 5/AASB 5 'Non-current Assets Held for Sale and
Discontinued Operations'.
The following tables provide reconciliations between the APMs
and their nearest respective IFRS measure. As the Group's balance
sheet is not required to be restated under IFRS 5/AASB 5
'Non-current Assets Held for Sale and Discontinued Operations',
certain APMs such as Net Debt Waterfall, Net debt and gearing ratio
and Underlying ROCE have not been restated and are presented
consistently as previously published in respective comparable
period financial information.
Exceptional items
To improve the comparability of underlying financial performance
between reporting periods some of our APMs adjust the relevant IFRS
measures for exceptional items.
39
Exceptional items are those gains or losses where their nature,
including the expected frequency of the events giving rise to them,
and impact is considered material to the Group's Financial
Statements. The exceptional items included within the Group's
profit for each restated comparative period are detailed below.
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Exceptional items Restated Restated
--------------------------------------------------------------------------------- --------------- --------------
Continuing operations
Revenue - -
Other income - 34
Expenses excluding net finance costs, depreciation, amortisation and impairments (286) (545)
Depreciation and amortisation - -
Net impairments (547) (2,371)
Loss from equity accounted investments, related impairments and expenses (678) (1,456)
Profit/(loss) from operations (1,511) (4,338)
Financial expenses (41) (85)
Financial income - -
Net finance costs (41) (85)
Profit/(loss) before taxation (1,552) (4,423)
Income tax (expense)/benefit (590) (1,057)
Royalty-related taxation (net of income tax benefit) - -
Total taxation (expense)/benefit (590) (1,057)
Profit/(loss) after taxation from Continuing operations (2,142) (5,480)
Discontinued operations
Profit/(loss) after taxation from Discontinued operations (28) (317)
Profit/(loss) after taxation from Continuing and Discontinued operations (2,170) (5,797)
Total exceptional items attributable to non-controlling interests (10) (24)
Total exceptional items attributable to BHP shareholders (2,160) (5,773)
Exceptional items attributable to BHP shareholders per share (US cents) (42.8) (114.2)
Weighted basic average number of shares (Million) 5,057 5,057
APMs derived from Consolidated Income Statement
Underlying attributable profit - Continuing operations
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Underlying attributable profit - Continuing operations Restated Restated
------------------------------------------------------------------------------------ ---------------- --------------
Profit after taxation from Continuing and Discontinued operations attributable to
BHP shareholders 3,876 11,304
Loss after taxation from Discontinued operations attributable to BHP shareholders 192 225
Total exceptional items attributable to BHP shareholders 2,160 5,773
Total exceptional items attributable to BHP shareholders for Discontinued operations (28) (317)
Underlying attributable profit - Continuing operations 6,200 16,985
40
Underlying basic earnings per share - Continuing operations
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Underlying basic earnings per share - Continuing operations Restated Restated
------------------------------------------------------------------------------------ ---------------- --------------
Underlying attributable profit - Continuing operations 6,200 16,985
Weighted basic average number of shares (Million) 5,057 5,057
Underlying attributable earnings per ordinary share - Continuing operations (US
cents) 122.6 335.9
Underlying EBITDA
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Underlying EBITDA Restated Restated
------------------------------------------------------------------------ ---------------- --------------
Profit from operations 9,889 25,515
Exceptional items included in profit from operations 1,511 4,338
Underlying EBIT 11,400 29,853
Depreciation and amortisation expense 2,405 5,084
Net impairments 629 2,507
Exceptional item included in Depreciation, amortisation and impairments (547) (2,371)
Underlying EBITDA 13,887 35,073
Underlying EBITDA margin
Half year ended 31 Dec 2020
US$M Group and unallocated items/
Restated Copper Iron Ore Coal eliminations(1) Total Group
--------------------------------------------- ------- --------- ------ ----------------------------- ------------
Revenue - Group production 6,129 14,050 2,170 737 23,086
Revenue - Third party products 938 8 - 12 958
Revenue 7,067 14,058 2,170 749 24,044
Underlying EBITDA - Group production 3,683 10,241 (201) 106 13,829
Underlying EBITDA - Third party products 55 3 - - 58
Underlying EBITDA 3,738 10,244 (201) 106 13,887
Segment contribution to the Group's
Underlying EBITDA(2) 27% 74% (1%) 100%
Underlying EBITDA margin(3) 60% 73% (9%) 60%
41
Year ended 30 June 2021
US$M Group and unallocated items/
Restated Copper Iron Ore Coal eliminations(1) Total Group
--------------------------------------------- ------- --------- ------ ----------------------------- ------------
Revenue - Group production 13,482 34,457 5,154 1,543 54,636
Revenue - Third party products 2,244 18 - 23 2,285
Revenue 15,726 34,475 5,154 1,566 56,921
Underlying EBITDA - Group production 8,425 26,277 288 18 35,008
Underlying EBITDA - Third party products 64 1 - - 65
Underlying EBITDA 8,489 26,278 288 18 35,073
Segment contribution to the Group's
Underlying EBITDA(2) 24% 75% 1% 100%
Underlying EBITDA margin(3) 62% 76% 6% 64%
(1) Group and unallocated items includes functions, other
unallocated operations including Potash, Nickel West, legacy assets
and consolidation adjustments.
(2) Percentage contribution to Group Underlying EBITDA, excluding Group and unallocated items.
(3) Underlying EBITDA margin excludes Third party products.
APMs derived from Consolidated Cash Flow Statement
Capital and exploration expenditure
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Capital and exploration expenditure Restated Restated
------------------------------------------------------------------------- ---------------- --------------
Capital expenditure (purchases of property, plant and equipment) 2,835 5,612
Add: Exploration expenditure 86 192
Capital and exploration expenditure (cash basis) - Continuing operations 2,921 5,804
Capital and exploration expenditure - Discontinued operations 693 1,316
Capital and exploration expenditure (cash basis) - Total operations 3,614 7,120
Free cash flow
Year
Half year ended ended
31 Dec 2020 30 June 2021
US$M US$M
Free cash flow Restated Restated
---------------------------------------------------- ---------------- --------------
Net operating cash flows from Continuing operations 9,148 25,883
Net investing cash flows from Continuing operations (3,229) (6,325)
Free cash flow - Continuing operations 5,919 19,558
Free cash flow - Discontinued operations (759) (169)
Free cash flow - Total operations 5,160 19,389
42
APMs derived from Consolidated Balance Sheet
The Group's balance sheet is not required to be restated under
IFRS 5, however Net operating assets presented below, has been
restated to reflect the exclusion of Petroleum from the Group's
reportable segments which is to be recognised as held for sale as
at 31 December 2021.
Net operating assets
Half year ended Year
31 Dec 2020 ended
US$M 30 June 2021
Restated US$M
Restated
---------------- --------------
Net assets 53,423 55,605
Less: Non-operating assets
Cash and cash equivalents (9,291) (15,246)
Trade and other receivables(1) (202) (280)
Other financial assets(2) (2,225) (1,516)
Current tax assets (295) (279)
Deferred tax assets (3,178) (1,912)
Assets held for sale - (324)
Petroleum discontinued operations operating assets(3) (13,745) (13,757)
Add: Non-operating liabilities
Trade and other payables(4) 218 227
Interest bearing liabilities 22,719 20,983
Other financial liabilities(5) 752 588
Current tax payable 1,184 2,800
Non-current tax payable 173 120
Deferred tax liabilities 3,603 3,314
Liabilities directly associated with the assets held for sale - 17
Petroleum discontinued operations operating liabilities(3) 5,197 5,684
Net operating assets 58,333 56,024
(1) Represents loans to associates, external finance receivable
and accrued interest receivable included within other
receivables.
(2) Represents cross currency and interest rate swaps, forward
exchange contracts related to cash management and investment in
shares and other investments.
(3) Represents the Petroleum operating assets and operating
liabilities as at 31 December 2020 and 30 June 2021 that are to be
recognised as held for sale as at 31 December 2021 under IFRS
5.
(4) Represents accrued interest payable included within other payables.
(5) Represents cross currency and interest rate swaps and
forward exchange contracts related to cash management.
43
Other APMs
The definition and calculation methodology to compute the
Group's underlying ROCE calculation below, has not changed as a
result of the discontinued operations impacts connected with the
planned Petroleum Merger. As per our definitions, the Group's
underlying ROCE includes the contribution from Discontinued
operations.
However, Underlying ROCE by segment and Underlying ROCE by
assets presented below, have been restated to reflect the portion
attributable to the Group's Petroleum Discontinued operations and
the Group's continued operations.
For further information and a list of the "Definition and
calculation of alternative performance measures" refer to the
Group's 2021 published Annual report.
Underlying return on capital employed (ROCE) by segment
Half year ended 31 Group and
Dec 2020 unallocated Petroleum
US$M items/ Total Discontinued
Restated Copper Iron Ore Coal eliminations(1) Continuing operation Total Group
------------------- ------- --------- -------- ------------------ ------------ ------------------- ------------
Annualised profit
after taxation
excluding net
finance costs and
exceptional items 3,918 12,454 (1,066) 256 15,562 (260) 15,302
Average capital
employed 23,941 16,367 8,743 5,877 54,928 9,813 64,741
Underlying Return
on Capital
Employed 16% 76% (12%) - 28.3% (2.6%) 23.6%
Year ended 30 June Group and
2021 unallocated Petroleum
US$M items/ Total Discontinued
Restated Copper Iron Ore Coal eliminations(1) Continuing operation Total Group
------------------- ------- --------- -------- ------------------ ------------ ------------------- ------------
Profit after
taxation excluding
net finance costs
and exceptional
items 4,191 16,640 (454) (395) 19,982 149 20,131
Average capital
employed 23,710 16,042 8,262 4,470 52,484 9,489 61,973
Underlying Return
on Capital
Employed 18% 104% (5%) - 38.1% 1.6% 32.5%
(1) Group and unallocated items includes functions, other
unallocated operations including Potash, Nickel West, legacy assets
and consolidation adjustments.
44
Underlying return on capital employed (ROCE) by asset
Half
year
ended New
31 Dec Western South
2020 Australia Wales Petroleum
US$M Iron Pampa Olympic Queensland Cerrej Energy Total Discontinued Total
Restated Ore Antamina Escondida Norte Potash Dam Coal n Coal Other Continuing operation(1) Group
------------ ---------- --------- ---------- ------ ------- -------- ----------- ------- ------- ------ ----------- ------------- -------
Annualised
profit
after
taxation
excluding
net
finance
costs
and
exceptional
items 12,458 522 3,292 172 78 78 (330) (58) (482) (168) 15,562 (260) 15,302
Average
capital
employed 18,614 1,364 10,593 3,752 4,468 8,028 7,622 519 557 (589) 54,928 9,813 64,741
Underlying
Return
on Capital
Employed 67% 38% 31% 5% 2% 1% (4%) (11%) (87%) - 28.3% (2.6%) 23.6%
Year
ended New
30 June Western South
2021 Australia Wales Petroleum
US$M Iron Pampa Olympic Queensland Cerrej Energy Total Discontinued Total
Restated Ore Antamina Escondida Norte Potash Dam Coal n Coal Other Continuing operation(1) Group
------------ ---------- --------- ---------- ------ ------- -------- ----------- ------- ------- -------- ----------- ------------- -------
Profit
after
taxation
excluding
net
finance
costs
and
exceptional
items 16,665 593 3,281 302 5 214 (103) (13) (203) (759) 19,982 149 20,131
Average
capital
employed 18,661 1,353 10,353 3,760 3,710 8,021 7,475 483 269 (1,601) 52,484 9,489 61,973
Underlying
Return
on Capital
Employed 89% 44% 32% 8% 0% 3% (1%) (3%) (75%) - 38.1% 1.6% 32.5%
(1) Includes exploration expenditure previously classified in Group and unallocated.
45
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