BHP · BHP Group Limited

BHP delivered robust operational results for the nine months to 31 March 2026, highlighted by record material mined and concentrator throughput at Escondida and record production at WAIO, demonstrating operational consistency amid challenges like higher energy costs from Middle East conflict and weather disruptions. Copper production of 1,461 kt was 3% below prior year but guidance upgraded to upper half of 1,900-2,000 kt, driven by Escondida (upper half, lower unit costs US$1.00-1.20/lb) and Antamina (increased to 150-160 kt), offsetting Spence challenges with lowered guidance to 210-220 kt due to ore variability. Iron ore rose 2% to 197 Mt, on track for 258-269 Mt, with WAIO hitting records via higher mining volumes and port efficiency post-CD3 rebuild; Samarco up 37% to top end of guidance. Steelmaking coal at BMA to lower half of 18-20 Mt amid weather and geotech issues, while energy coal to upper half of 14-16 Mt. CEO Mike Henry transitions to Brandon Craig on 1 July 2026, with Craig's Americas leadership making BHP top copper producer and advancing growth. Capital discipline shone with US$4.3bn from Antamina silver stream to Wheaton Precious Metals, US$240m plus contingents from Carajás sale to CoreX, plus prior Blackwater/Daunia proceeds totaling ~US$4.8bn, bolstering balance sheet. Copper growth advances with Escondida new concentrator DIA permit submitted (220-260 ktpa capacity, FID CY27-28) and Resolution Copper land exchange enabling drilling. These updates signal reliable execution, growth optionality in copper/potash, and leadership continuity for cycle value.