6-K - BHP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 18, 2023

BHP GROUPLIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA,AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

18 October 2023

Operational review for the quarter ended 30 September 2023

We remain on track to deliver full year production and unit cost guidance at all assets.

First quarter operational performance was highlighted by a 11% uplift in copper production from the previous year. After completing a typically busy quarter of planned maintenance particularly at our Australian assets, we are on track to achieve full year production and unit cost guidance. BMA in particular was impacted by planned maintenance, an extended longwall move and low opening inventory following drawdowns in the prior year.

Jansen Stage 1 in Canada is approximately one-third complete after a productive summer. In South Australia, we saw strong operational performance in the first full quarter of production for the new province, as we bring our copper assets together and progress further exploration drilling.

	Mike Henry
	BHP Chief Executive Officer
Summary
Operational performance	Social value
On track to deliver production guidance	Operational decarbonisation
FY24 production guidance remains unchanged. Copper production increased 11%, including record quarterly production at Spence. BMA production was lower due to maintenance, an extended longwall move and low inventory. We also executed<br>major planned maintenance across our Australian business.	BMA entered into a new renewable power purchase agreement (PPA) which is expected to provide half the forecasted<br>electricity demand of BMA’s operations over five years from January 2026; and we signed a memorandum of understanding (MoU) with Toyota to reduce GHG emissions from light vehicles in Australia.
Large, long-life, low-cost assets	Growth
3 Bt of iron ore shipped to China	Progress in copper and potash provinces
In September, BHP recognised the shipment of 3 Bt of high-quality iron ore to China. Since its initial investment over 30 years ago to the end of FY23, WAIO has delivered 15% average annual<br>returns and, over the past decade, has increased production by >50% and lowered costs by >30%.	We saw strong underlying operational performance in the first full quarter of production from the newly-integrated Copper South Australia, while our Jansen Stage 1 project remains on budget and on track to deliver first production<br>by the end of CY26 (32% complete).
Production	Q1 FY24		FY24 YTD vFY23 YTD		Q1 FY24 vQ4 FY23		Current FY24guidance
---	---	---	---	---	---	---	---	---	---	---
Copper (kt)	****	457.0	****	11%	****	(4%)	****	1,720 – 1,910	****
Escondida (kt)		273.3		8%		(7%)		1,080 – 1,180		Unchanged
Pampa Norte (kt)		78.3		11%		14%		210 – 250	^i^	Unchanged
Copper South Australia (kt)^ii^		71.7		44%		(6%)		310 – 340		Unchanged
Antamina (kt)		32.5		(12%)		(11%)		120 – 140		Unchanged
Carajás (kt)^ii^		1.2		-		(25%)		-		-
Iron ore (Mt)	****	63.2	****	(3%)	****	(3%)	****	254 – 264.5	****
WAIO (Mt)		62.0		(3%)		(3%)		250 – 260		Unchanged
WAIO (100% basis) (Mt)		69.4		(4%)		(4%)		282 – 294		Unchanged
Samarco (Mt)		1.2		7%		1%		4 – 4.5		Unchanged
Metallurgical coal – BMA(Mt)	****	5.6	****	(16%)	****	(34%)	****	28 – 31	****
BMA (100% basis) (Mt)		11.2		(16%)		(34%)		56 – 62		Unchanged
Energy coal – NSWEC (Mt)	****	3.6	****	38%	****	(24%)	****	13 – 15	****	Unchanged
Nickel – Nickel West (kt)	****	20.2	****	(2%)	****	(8%)	****	77 – 87	****	Unchanged
i	Production guidance for FY24 is for Spence only and excludes Cerro Colorado which is now expected to produce ~11 kt, up<br>from previous guidance of ~9 kt, as it transitions to closure by 31 December 2023.
---	---
ii	Q4 FY23 production volumes for the operations acquired from OZL are for the period of 1 May to 30 June 2023.<br>
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BHP | Operational Review for the quarter ended 30 September 2023

Segment and asset performance | FY24 YTD v FY23 YTD

Copper
Production<br> <br><br><br><br>457.0 kt11%<br> <br><br><br><br>Q1 FY23 410.1 kt<br> <br><br><br><br>FY24e 1,720 – 1,910 kt<br> <br><br><br><br>Average realised price^1,2^<br> <br><br><br><br>US$3.63/lb4%<br> <br><br><br><br>H2 FY23 US$3.80/lb	Total copper production increased by 11% to 457 kt. Guidance for FY24 remains unchanged at between 1,720 and 1,910 kt.<br><br><br><br> <br>Escondida 273 kt8% (100% basis)<br> <br><br><br><br>Increased production was primarily due to higher concentrator feed grade of 0.85%, compared to 0.83% in the September 2022 quarter. Concentrator feed<br>grade is expected to be between 0.85% and 0.90% during FY24. Guidance for FY24 remains unchanged at between 1,080 and 1,180 kt, with production expected to be weighted towards the second half of the year.<br><br><br><br> <br>Escondida successfully completed negotiations for a new collective agreement<br>with the Union N°2 of Supervisors, effective for 36 months from 1 October 2023.<br> <br><br><br><br>Pampa Norte 78 kt11%
	Production at Spence increased 19% to a quarterly record of 69 kt, largely as a result of improved concentrator performance and<br>recoveries. The concentrator plant modifications, which commenced in August 2022, are now expected to be completed in FY24. Guidance for Spence remains unchanged at between 210 and 250 kt for FY24, subject to the remediation of the previously<br>identified anomalies in the Spence Tailings Storage Facility.
	Production at Cerro Colorado was 26% lower at 9 kt as it transitions towards closure by the end of December 2023. Production for<br>H1 FY24 is now expected to be ~11 kt, up from a previous estimate of ~9 kt.
	Copper South Australia 72 kt44%
	Production increased due to the additional 23 kt from Prominent Hill and Carrapateena. Pleasingly, integration of the Olympic Dam,<br>Prominent Hill and Carrapateena assets has gone well, with strong operational performance and continued focus on safe and reliable production, in particular at Olympic Dam (record material mined since FY15) and Carrapateena (record development<br>metres achieved in September). Planned maintenance was completed across the province. In addition, we upgraded a conveyor at Carrapateena, ahead of the planned commissioning of Crusher 2 in Q3 FY24. Olympic Dam also delivered record gold production<br>(for the second time in three quarters) and gold sales in the quarter.
	Production guidance remains unchanged at between 310 and 340 kt for FY24.
	Exploration drilling continued beneath the Olympic Dam ore body with eight active drill rigs and at Oak Dam with 10 operating<br>drill rigs.
	Other copper
	Antamina copper production decreased by 12% to 33 kt reflecting planned lower copper feed grades. Zinc production was 9% higher at<br>36 kt, reflecting higher grades. Copper guidance of 120 to 140 kt and zinc guidance of between 85 and 105 kt remains unchanged for FY24.
	Carajás produced 1.2 kt of copper and 0.8 troy koz of gold. Operations were suspended in August due to a geotechnical<br>event, and are expected to recommence in Q2 FY24.

BHP | Operational Review for the quarter ended 30 September 2023

Iron ore

Production<br> <br><br><br><br>63.2 Mt3%<br> <br><br><br><br>Q1 FY23 65.1 Mt<br> <br><br><br><br>FY24e 254 – 264.5 Mt<br> <br><br><br><br>Average realised price^1^<br> <br><br><br><br>US$98.04/wmt2%<br> <br><br><br><br>H2 FY23 US$99.88/wmt	Total iron ore production decreased by 3% to 63 Mt. Guidance for FY24 remains unchanged at between 254 and 264.5<br>Mt.<br> <br><br> <br>WAIO 62 Mt3%	69 Mt (100% basis)<br> <br><br> <br>Production was lower due to tie-in activity for the Rail Technology Programme (RTP1), the ongoing ramp up and maintenance at the Central Pilbara hub (South Flank and Mining Area C), and the timing of track renewal maintenance.<br><br><br><br> <br>South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the<br>end of FY24. The planned tie-in of the Port Debottlenecking Project (PDP1) continues to progress and remains on track to be completed in CY24.<br><br><br><br> <br>Guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). We<br>are building inventory at the mines while we complete planned maintenance and with South Flank continuing to ramp up, volumes are expected to be weighted to the second half.<br> <br><br><br><br>Samarco 1.2 Mt7%
Coal<br> <br><br><br><br>Metallurgical coal
Production<br> <br><br><br><br>5.6 Mt16%<br> <br><br><br><br>Q1 FY23 6.7 Mt<br> <br><br><br><br>FY24e 28 – 31 Mt<br> <br><br><br><br>Average realised price^1^<br> <br><br><br><br>US$237.07/t13%<br> <br><br><br><br>H2 FY23 US$273.08/t	BMA 5.6 Mt16%	11.2 Mt (100% basis)<br> <br><br> <br>Lower production was due to<br>planned wash plant maintenance at Goonyella, mining in higher strip ratio areas, an extended longwall move at Broadmeadow, and a stoppage at Peak Downs. This was partially offset by strong underlying truck productivity and favourable weather<br>conditions. BMA also opened the period with low inventory levels compared with an inventory drawdown in the prior year due to wet weather.<br> <br><br><br><br>Guidance for FY24 remains unchanged at between 28 and 31 Mt (56 and 62 Mt on a 100% basis). Planned wash plant maintenance at Peak Downs and Caval Ridge and the ramp up<br>of Broadmeadow from the longwall move will continue into Q2. Once completed, we expect underlying operating performance to deliver increased production in the second half.<br> <br><br><br><br>In February 2023, we announced our intention to pursue options to divest the Daunia and Blackwater mines together with our joint venture partner Mitsubishi Development<br>Pty Ltd. BHP confirms that Whitehaven Coal has been selected as the preferred bidder in the divestment process.
Energy coal
Production<br> <br><br><br><br>3.6 Mt38%<br> <br><br><br><br>Q1 FY23 2.6 Mt<br> <br><br><br><br>FY24e 13 – 15 Mt<br> <br><br><br><br>Average realised price^1,3^<br> <br><br><br><br>US$125.66/t20%<br> <br><br><br><br>H2 FY23 US$157.21/t	NSWEC 3.6 Mt38%<br> <br><br> <br>Production increased due to favourable weather<br>conditions and eased labour constraints, which enabled record annualised truck hours for the quarter. This was partially offset by planned wash plant maintenance completed in August.<br><br><br><br> <br>Guidance for FY24 remains unchanged at between 13 and 15 Mt.<br><br><br><br> <br>On 6 September 2023, the NSW Government announced a 2.6% point increase in coal royalties<br>(from 8.2% to 10.8% for open cut mines), which will become effective from 1 July 2024, coinciding with the end of the legislated period for the domestic reservation policy.<br><br><br><br> <br>We have submitted a consent modification to mine beyond FY26 to closure in FY30, and will take into<br>consideration the increase to NSW royalties in the plans for closure.

BHP | Operational Review for the quarter ended 30 September 2023

Group & Unallocated
Nickel
Production
20.2 kt<br><br><br><br>2% <br>Q1 FY23 20.7 kt
FY24e 77 – 87 kt
Average realised price1
US20,354/t <br><br><br><br>14%
H2 FY23 US23,652/t

All values are in US Dollars.

Quarterly performance | Q1 FY24 v Q4 FY23

Copper		Iron ore
457.0 kt4%<br> <br><br><br><br>Q4 FY23 476.2 kt	Strong underlying operational performance, including record quarterly production at Spence, was offset by planned maintenance across Copper South<br>Australia and lower concentrator and stacking grades at Escondida.	63.2 Mt3%<br> <br><br><br><br>Q4 FY23 65.3 Mt	Lower production at WAIO as a result of planned equipment maintenance and the ongoing ramp-up of the Central<br>Pilbara hub, partially offset by favourable weather following Tropical Cyclone Ilsa in the prior quarter.
Metallurgical coal		Energy coal
5.6 Mt34%<br> <br><br><br><br>Q4 FY23 8.5 Mt	The low opening inventory position following drawdowns in Q4 FY23, along with planned wash plant maintenance at Blackwater and Goonyella, a higher strip<br>ratio, a longer than planned longwall move at Broadmeadow and an unexpected stoppage at Peak Downs resulted in lower volumes at BMA.	3.6 Mt24%<br> <br><br><br><br>Q4 FY23 4.8 Mt	Lower volumes at NSWEC reflected planned wash plant maintenance, and a focus on additional stripping volumes which resulted in higher strip ratios.
Nickel
20.2 kt8%<br> <br><br><br><br>Q4 FY2 3 22.0 kt	Lower volumes in line with higher stripping activity at Mt Keith in the<br>quarter.
Further information in Appendix 1<br> <br><br><br><br>Detailed production and sales information for all operations in Appendix<br>2
---

The following footnotes apply to this Operational Review:

1	Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product<br>and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.
2	Does not include sales from assets acquired through the purchase of OZL.
---	---
3	Export sales only. Includes thermal coal sales from metallurgical coal mines.
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BHP | Operational Review for the quarter ended 30 September 2023

Appendix 1

Average realised prices^1^


Copper (US/lb)2	3.63	3.80	(4%)
Iron ore (US/wmt, FOB)	98.04	99.88	(2%)
Metallurgical coal (US/t)	237.07	273.08	(13%)
Hard coking coal (US/t)3	242.52	276.22	(12%)
Weak coking coal (US/t)3	190.74	250.38	(24%)
Thermal coal (US/t)4	125.66	157.21	(20%)
Nickel metal (US/t)	20,354	23,652	(14%)

All values are in US Dollars.

1	Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and<br>internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.
2	Does not include sales from assets acquired through the purchase of OZL.
---	---
3	Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and<br>above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.
---	---
4	Export sales only. Includes thermal coal sales from metallurgical coal mines.
---	---

Current year unit cost guidance


Escondida unit cost (US/lb)2	1.40 – 1.70	Unchanged
Spence unit cost (US/lb)	2.00 – 2.30	Unchanged
WAIO unit cost (US/t)	17.40 – 18.90	Unchanged
BMA unit cost (US/t)	95 – 105	Unchanged

All values are in US Dollars.

1	FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
2	Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
---	---

Medium term guidance

	Production<br> <br><br><br><br>guidance
Escondida^2^		1,200 – 1,300 kt	US$1.30 – $1.60/lb^3^
Spence^4^		~250 kt
WAIO (100% basis)		>305 Mt	<US$17/t
1	Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.
---	---
2	Medium term refers to FY25 and FY26.
---	---
3	Escondida unit costs for FY24 onwards exclude revenue-based government royalties.
---	---
4	Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not<br>impact operations.
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Major projects

Commodity	Project and ownership	Project scope / capacity	CapitalexpenditureUSM	Firstproductiontarget date		Progress
Potash	Jansen Stage 1<br>(Canada)<br>100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.35 Mtpa.			End-CY26		Project is 32%<br> <br>complete

All values are in US Dollars.

Exploration

Minerals exploration and evaluation expenditure was US$105 m for Q1 FY24, of which US$93 m was expensed.

BHP | Operational Review for the quarter ended 30 September 2023

Appendix 2

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var		Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var
			2022		2022		2023		2023		2023		2023		2022		%		2022		2022		2023		2023		2023		2023		2022		%
Group Production and SalesSummary
By Commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate<br>that this figure has been adjusted since it was previously reported.
Copper	Payable metal in concentrate	kt	****	268.8	****	276.0	****	262.4	****	310.7	****	317.3	****	317.3	****	268.8	****	18%	****	260.3	****	272.7	****	268.4	****	323.1	****	298.0	****	298.0	****	260.3	****	14%
	Escondida	kt		203.1		208.3		200.8		220.5		221.3		221.3		203.1		9%		196.7		216.0		197.3		220.3		209.5		209.5		196.7		7%
	Pampa Norte	kt		28.6		32.5		32.0		32.2		38.8		38.8		28.6		36%		26.0		22.0		38.7		38.6		31.3		31.3		26.0		20%
	Copper South Australia	kt								19.9		23.5		23.5												27.6		22.2		22.2
	Antamina	kt		37.1		35.2		29.6		36.5		32.5		32.5		37.1		(12)%		37.6		34.7		32.4		34.5		32.8		32.8		37.6		(13)%
	Carajás	kt								1.6		1.2		1.2												2.1		2.2		2.2
	Cathode	kt	****	141.3	****	148.3	****	143.5	****	165.5	****	139.7	****	139.7	****	141.3	****	(1)%	****	134.2	****	155.9	****	130.3	****	179.9	****	131.9	****	131.9	****	134.2	****	(2)%
	Escondida	kt		49.6		49.7		50.8		72.5		52.0		52.0		49.6		5%		45.9		53.5		43.8		78.0		49.2		49.2		45.9		7%
	Pampa Norte	kt		42.0		44.2		41.0		36.3		39.5		39.5		42.0		(6)%		42.4		45.6		36.0		42.4		36.6		36.6		42.4		(14)%
	Copper South Australia	kt		49.7		54.4		51.7		56.7		48.2		48.2		49.7		(3)%		45.9		56.8		50.5		59.5		46.1		46.1		45.9		0%
	Total	kt	****	410.1	****	424.3	****	405.9	****	476.2	****	457.0	****	457.0	****	410.1	****	11%	****	394.5	****	428.6	****	398.7	****	503.0	****	429.9	****	429.9	****	394.5	****	9%
Lead	Payable metal in concentrate	t	****	228	****	114	****	169	****	146	****	96	****	96	****	228	****	(58)%	****	130	****	91	****	181	****	143	****	154	****	154	****	130	****	18%
	Antamina	t		228		114		169		146		96		96		228		(58)%		130		91		181		143		154		154		130		18%
Zinc	Payable metal in concentrate	t	****	32,685	****	29,929	****	23,612	****	38,822	****	35,669	****	35,669	****	32,685	****	9%	****	33,820	****	29,127	****	25,851	****	37,629	****	33,912	****	33,912	****	33,820	****	0%
	Antamina	t		32,685		29,929		23,612		38,822		35,669		35,669		32,685		9%		33,820		29,127		25,851		37,629		33,912		33,912		33,820		0%
Gold	Payable metal in concentrate	troy oz	****	43,757	****	52,277	****	57,106	****	96,655	****	89,024	****	89,024	****	43,757	****	103%	****	43,757	****	52,277	****	57,106	****	108,552	****	87,703	****	87,703	****	43,757	****	100%
	Escondida	troy oz		38,236		48,402		48,954		53,503		48,063		48,063		38,236		26%		38,236		48,402		48,954		53,503		48,063		48,063		38,236		26%
	Pampa Norte	troy oz		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%
	Copper South Australia	troy oz								32,736		36,228		36,228												44,098		34,176		34,176
	Carajás	troy oz								1,153		802		802												1,688		1,533		1,533
	Refined gold	troy oz	****	47,184	****	43,280	****	49,086	****	46,479	****	53,028	****	53,028	****	47,184	****	12%	****	49,542	****	41,900	****	47,300	****	49,182	****	54,036	****	54,036	****	49,542	****	9%
	Copper South Australia	troy oz		47,184		43,280		49,086		46,479		53,028		53,028		47,184		12%		49,542		41,900		47,300		49,182		54,036		54,036		49,542		9%
	Total	troy oz	****	90,941	****	95,557	****	106,192	****	143,134	****	142,052	****	142,052	****	90,941	****	56%	****	93,299	****	94,177	****	104,406	****	157,734	****	141,739	****	141,739	****	93,299	****	52%
Silver	Payable metal in concentrate	troy koz	****	2,652	****	2,678	****	2,556	****	2,592	****	2,582	****	2,582	****	2,652	****	(3)%	****	2,477	****	2,605	****	2,523	****	2,409	****	2,527	****	2,527	****	2,477	****	2%
	Escondida	troy koz		1,210		1,510		1,346		1,008		1,168		1,168		1,210		(3)%		1,210		1,510		1,346		1,008		1,168		1,168		1,210		(3)%
	Pampa Norte	troy koz		252		245		409		412		356		356		252		41%		252		245		409		412		356		356		252		41%
	Copper South Australia	troy koz								201		260		260												242		258		258
	Antamina	troy koz		1,190		923		801		971		798		798		1,190		(33)%		1,015		850		768		747		745		745		1,015		(27)%
	Refined silver	troy koz	****	295	****	261	****	277	****	256	****	261	****	261	****	295	****	(12)%	****	320	****	233	****	307	****	270	****	219	****	219	****	320	****	(32)%
	Copper South Australia	troy koz		295		261		277		256		261		261		295		(12)%		320		233		307		270		219		219		320		(32)%
	Total	troy koz	****	2,947	****	2,939	****	2,833	****	2,848	****	2,843	****	2,843	****	2,947	****	(4)%	****	2,797	****	2,838	****	2,830	****	2,679	****	2,746	****	5,273	****	5,274	****	0%
Uranium	Payable metal in concentrate	t	****	817	****	943	****	833	****	813	****	825	****	825	****	817	****	1%	****	272	****	1,127	****	683	****	1,275	****	481	****	481	****	272	****	77%
	Copper South Australia	t		817		943		833		813		825	****	825	****	817	****	1%		272		1,127		683		1,275	****	481	****	481		272		77%
Molybdenum	Payable metal in concentrate	t	****	296	****	564	****	636	****	666	****	612	****	612	****	296	****	107%	****	275	****	514	****	789	****	594	****	564	****	564	****	275	****	105%
	Pampa Norte	t		34		216		407		333		329		329		34		868%		25		216		492		367		303		303		25		1,112%
	Antamina	t		262		348		229		333		283		283		262		8%		250		298		297		227	****	261	****	261		250		4%
Iron ore	Western Australia Iron Ore (WAIO)	kt		63,925		65,807		58,725		64,074		62,004		62,004		63,925		(3)%		62,257		64,496		59,204		62,926		64,180		64,180		62,257		3%
	Samarco	kt		1,148		1,095		1,048		1,221		1,231		1,231		1,148		7%		1,146		1,097		1,111		1,160		1,136		1,136		1,146		(1)%
	Total	kt	****	65,073	****	66,902	****	59,773	****	65,295	****	63,235	****	63,235	****	65,073	****	(3)%	****	63,403	****	65,593	****	60,315	****	64,086	****	65,316	****	65,316	****	63,403	****	3%
Metallurgical coal¹	BHP Mitsubishi Alliance (BMA)	kt	****	6,662	****	6,952	****	6,929	****	8,477	****	5,601	****	5,601	****	6,662	****	(16)%	****	6,482	****	7,027	****	6,186	****	8,876	****	5,325	****	5,325	****	6,482	****	(18)%
Energy coal	NSW Energy Coal (NSWEC)	kt	****	2,622	****	2,851	****	3,934	****	4,765	****	3,613	****	3,613	****	2,622	****	38%	****	2,441	****	2,862	****	3,667	****	4,894	****	3,307	****	3,307	****	2,441	****	35%
Nickel	Nickel West	kt	****	20.7	****	17.7	****	19.6	****	22.0	****	20.2	****	20.2	****	20.7	****	(2)%	****	20.7	****	18.4	****	19.6	****	23.4	****	18.9	****	18.9	****	20.7	****	(9)%
Cobalt	Nickel West	t	****	238	****	93	****	175	****	246	****	192	****	192	****	238	****	(19)%	****	238	****	93	****	175	****	246	****	192	****	192	****	238	****	(19)%

1 Includes BMA thermal coal sales.

BHP | Operational Review for the quarter ended 30 September 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep<br><br><br>2022		Dec<br><br><br>2022		Mar<br><br><br>2023		Jun<br><br><br>2023		Sep<br><br><br>2023		Sep2023		Sep<br><br><br>2022		Var<br><br><br>%		Sep<br>2022		Dec<br><br><br>2022		Mar<br>2023		Jun<br>2023		Sep2023		Sep2023		Sep<br><br><br>2022		Var<br><br><br>%
Production and Sales
By Asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹		BHP interest 57.5%
	Material mined	kt		110,248		101,987		106,170		95,451		87,462		87,462		110,248		(21)%
	Concentrator throughput	kt		32,894		33,911		33,309		30,750		33,332		33,332		32,894		1%
	Average copper grade - concentrator	%		0.83%		0.76%		0.78%		0.93%		0.85%		0.85%		0.83%		2%
	Production ex mill	kt		214.6		212.8		210.0		228.9		225.7		225.7		214.6		5%
	Payable copper	kt		203.1		208.3		200.8		220.5		221.3		221.3		203.1		9%		196.7		216.0		197.3		220.3		209.5		209.5		196.7		7%
	Copper cathode (EW)	kt		49.6		49.7		50.8		72.5		52.0		52.0		49.6		5%		45.9		53.5		43.8		78.0		49.2		49.2		45.9		7%
	Oxide leach	kt		15.2		17.6		14.7		29.3		17.5		17.5		15.2		15%
	Sulphide leach	kt		34.4		32.1		36.1		43.2		34.5		34.5		34.4		0%
	Total copper	kt	****	252.7	****	258.0	****	251.6	****	293.0	****	273.3	****	273.3	****	252.7	****	8%	****	242.6	****	269.5	****	241.1	****	298.3	****	258.7	****	258.7	****	242.6	****	7%
	Payable gold concentrate	troy oz		38,236		48,402		48,954		53,503		48,063		48,063		38,236		26%		38,236		48,402		48,954		53,503		48,063		48,063		38,236		26%
	Payable silver concentrate	troy koz		1,210		1,510		1,346		1,008		1,168		1,168		1,210		(3)%		1,210		1,510		1,346		1,008		1,168		1,168		1,210		(3)%
1 Shown on a 100% basis.
Pampa Norte, Chile		BHP interest 100%
Copper	Payable metal in concentrate	kt		28.6		32.5		32.0		32.2		38.8		38.8		28.6		36%		26.0		22.0		38.7		38.6		31.3		31.3		26.0		20%
	Cathode	kt		42.0		44.2		41.0		36.3		39.5		39.5		42.0		(6)%		42.4		45.6		36.0		42.4		36.6		36.6		42.4		(14)%
	Total copper	kt	****	70.6	****	76.7	****	73.0	****	68.5	****	78.3	****	78.3	****	70.6	****	11%	****	68.4	****	67.6	****	74.7	****	81.0	****	67.9	****	67.9	****	68.4	****	(1)%
Gold		troy oz		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%
Silver		troy koz		252		245		409		412		356		356		252		41%		252		245		409		412		356		356		252		41%
Molybdenum		t		34		216		407		333		329		329		34		868%		25		216		492		367		303		303		25		1,112%
Cerro Colorado
	Material mined	kt		3,179		583		172		145		-		-		3,179		(100)%
	Ore stacked	kt		4,373		4,119		3,567		3,928		154		154		4,373		(96)%
	Average copper grade - stacked	%		0.54%		0.56%		0.57%		0.53%		0.58%		0.58%		0.54%		7%
	Copper cathode (EW)	kt		12.8		12.2		12.0		12.2		9.5		9.5		12.8		(26)%		13.3		12.2		10.9		14.1		8.8		8.8		13.3		(34)%
Spence
	Material mined	kt		26,956		26,980		24,858		25,622		27,654		27,654		26,956		3%
	Ore stacked	kt		5,577		5,155		4,947		5,625		5,113		5,113		5,577		(8)%
	Average copper grade - stacked	%		0.70%		0.66%		0.60%		0.58%		0.60%		0.60%		0.70%		(14)%
	Concentrator throughput	kt		6,433		7,602		7,290		6,927		8,473		8,473		6,433		32%
	Average copper grade - concentrator	%		0.63%		0.60%		0.61%		0.61%		0.64%		0.64%		0.63%		2%
	Payable copper	kt		28.6		32.5		32.0		32.2		38.8		38.8		28.6		36%		26.0		22.0		38.7		38.6		31.3		31.3		26.0		20%
	Copper cathode (EW)	kt		29.2		32.0		29.0		24.1		30.0		30.0		29.2		3%		29.1		33.4		25.1		28.3		27.8		27.8		29.1		(4)%
	Total copper	kt	****	57.8	****	64.5	****	61.0	****	56.3	****	68.8	****	68.8	****	57.8	****	19%	****	55.1	****	55.4	****	63.8	****	66.9	****	59.1	****	59.1	****	55.1	****	7%
	Payable gold concentrate	troy oz		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%		5,521		3,875		8,152		9,263		3,931		3,931		5,521		(29)%
	Payable silver concentrate	troy koz		252		245		409		412		356		356		252		41%		252		245		409		412		356		356		252		41%
	Payable molybdenum	t		34		216		407		333		329		329		34		868%		25		216		492		367		303		303		25		1,112%

BHP | Operational Review for the quarter ended 30 September 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var		Sep		Dec		Mar		Jun		Sep		Sep		Sep		Var
			2022		2022		2023		2023		2023		2023		2022		%		2022		2022		2023		2023		2023		2023		2022		%
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt								19.9		26.2		26.2												27.6		22.2		22.2
	Cathode	kt		49.7		54.4		51.7		56.7		48.2		48.2		49.7		(3)%		45.9		56.8		50.5		59.5		46.1		46.1		45.9		0%
	Total copper	kt	****	49.7	****	54.4	****	51.7	****	76.6	****	74.4	****	74.4	****	49.7	****	50%	****	45.9	****	56.8	****	50.5	****	87.1	****	68.3	****	68.3	****	45.9	****	49%
	Payable metal in concentrate transfer to Olympic Dam¹	kt										(2.7)		(2.7)
	Net copper	kt	****	49.7	****	54.4	****	51.7	****	76.6	****	71.7	****	71.7	****	49.7	****	44%
Gold	Payable metal in concentrate	troy oz								32,736		41,424		41,424												44,098		34,176		34,176
	Refined gold	troy oz		47,184		43,280		49,086		46,479		53,028		53,028		47,184		12%		49,542		41,900		47,300		49,182		54,036		54,036		49,542		9%
	Total gold	troy oz	****	47,184	****	43,280	****	49,086	****	79,215	****	94,452	****	94,452	****	47,184	****	100%	****	49,542	****	41,900	****	47,300	****	93,280	****	88,212	****	88,212	****	49,542	****	78%
	Payable metal in concentrate transfer to Olympic Dam¹	troy oz										(5,196)		(5,196)
	Net gold	troy oz	****	47,184	****	43,280	****	49,086	****	79,215	****	89,256	****	89,256	****	47,184	****	89%
Silver	Payable metal in concentrate	troy koz								201		271		271												242		258		258
	Refined silver	troy koz		295		261		277		256		261		261		295		(12)%		320		233		307		270		219		219		320		(32)%
	Total silver	troy koz	****	295	****	261	****	277	****	457	****	532	****	532	****	295	****	80%	****	320	****	233	****	307	****	512	****	477	****	477	****	320	****	49%
	Payable metal in concentrate transfer to Olympic Dam¹	troy koz										(11)		(11)
	Net silver	troy koz	****	295	****	261	****	277	****	457	****	521	****	521	****	295	****	77%
Uranium		t	****	817	****	943	****	833	****	813	****	825	****	825	****	817	****	1%	****	272	****	1,127	****	683	****	1,275	****	481	****	481	****	272	****	77%
Olympic Dam
	Material mined	kt		2,412		2,264		2,317		2,356		2,639		2,639		2,412		9%
	Ore milled	kt		2,570		2,687		2,433		2,755		2,596		2,596		2,570		1%
	Average copper grade	%		2.13%		2.08%		1.95%		2.00%		1.96%		1.96%		2.13%		(8)%
	Average uranium grade	kg/t		0.58		0.58		0.59		0.55		0.56		0.56		0.58		(3)%
	Copper cathode (ER and EW)	kt		49.7		54.4		51.7		56.7		48.2		48.2		49.7		(3)%		45.9		56.8		50.5		59.5		46.1		46.1		45.9		0%
	Refined gold	troy oz		47,184		43,280		49,086		46,479		53,028		53,028		47,184		12%		49,542		41,900		47,300		49,182		54,036		54,036		49,542		9%
	Refined silver	troy koz		295		261		277		256		261		261		295		(12)%		320		233		307		270		219		219		320		(32)%
	Payable uranium	t		817		943		833		813		825		825		817		1%		272		1,127		683		1,275		481		481		272		77%
Prominent Hill²
	Material mined	kt								661		1,110		1,110
	Ore milled	kt								1,228		1,652		1,652
	Average copper grade	%								0.77%		0.85%		0.85%
	Production ex mill	kt								16.3		23.8		23.8
	Payable copper	kt								8.2		12.1		12.1												15.7		8.4		8.4
	Payable gold concentrate	troy oz								17,432		22,031		22,031												28,856		15,524		15,524
	Payable silver concentrate	troy koz								44		63		63												87		53		53
Carrapateena²
	Material mined	kt								880		969		969
	Ore milled	kt								856		1,230		1,230
	Average copper grade	%								1.52%		1.29%		1.29%
	Production ex mill	kt								30.1		37.6		37.6
	Payable copper	kt								11.7		14.1		14.1												11.9		13.8		13.8
	Payable gold concentrate	troy oz								15,304		19,393		19,393												15,242		18,652		18,652
	Payable silver concentrate	troy koz								157		208		208												155		205		205

1 Excludes prior year production previously reported and transferred during the period.

2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.

BHP | Operational Review for the quarter ended 30 September 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep<br>2022		Dec<br>2022		Mar<br>2023		Jun<br>2023		Sep<br><br><br>2023		Sep<br><br><br>2023		Sep<br>2022		Var<br>%		Sep<br>2022		Dec<br>2022		Mar<br>2023		Jun<br>2023		Sep2023		Sep2023		Sep<br>2022		Var<br>%
Copper (continued)
Antamina, Peru		BHP interest 33.75%
	Material mined	kt		63,865		68,750		57,939		62,894		63,310		63,310		63,865		(1)%
	Concentrator throughput	kt		13,858		14,272		12,349		13,897		14,246		14,246		13,858		3%
	Average head grade - copper	%		0.93%		0.86%		0.88%		0.88%		0.83%		0.83%		0.93%		(11)%
	Average head grade - zinc	%		1.09%		0.99%		1.06%		1.25%		1.17%		1.17%		1.09%		7%
	Payable copper	kt		37.1		35.2		29.6		36.5		32.5		32.5		37.1		(12)%		37.6		34.7		32.4		34.5		32.8		32.8		37.6		(13)%
	Payable zinc	t		32,685		29,929		23,612		38,822		35,669		35,669		32,685		9%		33,820		29,127		25,851		37,629		33,912		33,912		33,820		0%
	Payable silver	troy koz		1,190		923		801		971		798		798		1,190		(33)%		1,015		850		768		747		745		745		1,015		(27)%
	Payable lead	t		228		114		169		146		96		96		228		(58)%		130		91		181		143		154		154		130		18%
	Payable molybdenum	t		262		348		229		333		283		283		262		8%		250		298		297		227		261		261		250		4%
Carajás, Brazil¹		BHP interest 100%
	Material mined	kt								103		74		74
	Ore milled	kt								100		70		70
	Average copper grade	%								1.71%		1.91%		1.91%
	Production ex mill	kt								6.6		5.2		5.2
	Payable copper	kt								1.6		1.2		1.2												2.1		2.2		2.2
	Payable gold concentrate	troy oz								1,153		802		802												1,688		1,533		1,533
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia		BHP interest 85%
	Newman	kt		14,053		16,172		11,925		14,795		13,234		13,234		14,053		(6)%
	Area C Joint Venture	kt		26,971		26,302		25,284		28,818		25,804		25,804		26,971		(4)%
	Yandi Joint Venture	kt		5,497		5,613		4,941		5,359		3,150		3,150		5,497		(43)%
	Jimblebar¹	kt		17,404		17,720		16,575		15,102		19,816		19,816		17,404		14%
	Total	kt	****	63,925	****	65,807	****	58,725	****	64,074	****	62,004	****	62,004	****	63,925	****	(3)%
	Total (100%)	kt	****	72,135	****	74,292	****	66,163	****	72,717	****	69,448	****	69,448	****	72,135	****	(4)%
	Lump	kt																		19,561		20,375		18,021		20,022		20,969		20,969		19,561		7%
	Fines	kt																		42,696		44,121		41,183		42,904		43,211		43,211		42,696		1%
	Total	kt																	****	62,257	****	64,496	****	59,204	****	62,926	****	64,180	****	64,180	****	62,257	****	3%
	Total (100%)	kt																	****	70,276	****	72,688	****	66,580	****	71,172	****	71,748	****	71,748	****	70,276	****	2%
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil		BHP interest 50%
	Total	kt	****	1,148	****	1,095	****	1,048	****	1,221	****	1,231	****	1,231	****	1,148	****	7%	****	1,146	****	1,097	****	1,111	****	1,160	****	1,136	****	1,136	****	1,146	****	(1)%

BHP | Operational Review for the quarter ended 30 September 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep<br>2022		Dec<br>2022		Mar<br>2023		Jun<br>2023		Sep<br><br><br>2023		Sep<br><br><br>2023		Sep<br>2022		Var<br>%		Sep<br>2022		Dec<br>2022		Mar<br>2023		Jun<br>2023		Sep2023		Sep2023		Sep<br>2022		Var<br>%
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%
	Blackwater	kt		1,283		1,160		1,107		1,505		1,295		1,295		1,283		1%
	Goonyella	kt		1,780		1,997		2,185		2,348		827		827		1,780		(54)%
	Peak Downs	kt		1,325		1,480		1,251		1,424		1,121		1,121		1,325		(15)%
	Saraji	kt		1,020		1,243		1,007		1,326		1,010		1,010		1,020		(1)%
	Daunia	kt		324		441		607		617		545		545		324		68%
	Caval Ridge	kt		930		631		772		1,257		803		803		930		(14)%
	Total¹	kt	****	6,662	****	6,952	****	6,929	****	8,477	****	5,601	****	5,601	****	6,662	****	(16)%
	Total (100%)	kt	****	13,324	****	13,904	****	13,858	****	16,954	****	11,202	****	11,202	****	13,324	****	(16)%
	Coking coal	kt																		5,615		5,872		5,372		7,448		4,497		4,497		5,615		(20)%
	Weak coking coal	kt																		600		727		710		1,064		529		529		600		(12)%
	Thermal coal	kt																		267		428		104		364		299		299		267		12%
	Total	kt																	****	6,482	****	7,027	****	6,186	****	8,876	****	5,325	****	5,325	****	6,482	****	(18)%
	Total (100%)	kt																	****	12,964	****	14,054	****	12,372	****	17,752	****	10,650	****	10,650	****	12,964	****	(18)%
1 Production figures include some thermal coal.
NSWEC, Australia		BHP interest 100%
	Export	kt																		2,441		2,862		3,667		4,693		3,087		3,087		2,441		26%
	Domestic¹	kt																								201		220		220
	Total	kt	****	2,622	****	2,851	****	3,934	****	4,765	****	3,613	****	3,613	****	2,622	****	38%	****	2,441	****	2,862	****	3,667	****	4,894	****	3,307	****	3,307	****	2,441	****	35%
1 Domestic sales are made under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice<br>2023.
Other
Nickel production is reported on the basis of saleable product.
Nickel West, Australia		BHP interest 100%
Mt Keith	Nickel concentrate	kt		42.6		39.6		38.8		44.5		42.7		42.7		42.6		0%
	Average nickel grade	%		17.0		15.5		16.5		16.2		16.7		16.7		17.0		(2)%
Leinster	Nickel concentrate	kt		66.8		47.9		68.4		71.1		66.0		66.0		66.8		(1)%
	Average nickel grade	%		9.9		9.4		8.6		8.5		8.1		8.1		9.9		(18)%
	Refined nickel¹	kt		17.5		10.8		13.2		13.1		13.8		13.8		17.5		(21)%		18.1		10.2		13.0		13.1		13.2		13.2		18.1		(27)%
	Nickel sulphate²	kt		1.2		0.4		0.9		0.7		0.9		0.9		1.2		(25)%		0.8		0.5		0.9		0.8		0.8		0.8		0.8		0%
	Intermediates and nickel by-products³	kt		2.0		6.5		5.5		8.2		5.5		5.5		2.0		175%		1.8		7.7		5.7		9.5		4.9		4.9		1.8		172%
	Total nickel	kt	****	20.7	****	17.7	****	19.6	****	22.0	****	20.2	****	20.2	****	20.7	****	(2)%	****	20.7	****	18.4	****	19.6	****	23.4	****	18.9	****	18.9	****	20.7	****	(9)%
	Cobalt by-products	t		238		93		175		246		192		192		238		(19)%		238		93		175		246		192		192		238		(19)%
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.
---	---

BHP | Operational Review for the quarter ended 30 September 2023

Variance analysis relates to the relative performance of BHP and/or its operations during the three months ended September 2023 compared with the three months ended September 2022, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding.

The following abbreviations may have been used throughout this report: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ Minerals Limited (OZL); pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 30 ‘Subsidiaries’ of the Financial Statements in BHP’s 30 June 2023 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina and Samarco. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

Further information on BHP can be found at bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

Media Relations	Investor Relations
Email: media.relations@bhp.com	Email: investor.relations@bhp.com
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Tel: +61 3 9609 3830 Mobile: +61 411 071 715	Mobile: +61 499 006 018
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BHP Group Limited
Date: October 18, 2023	By:	/s/ Stefanie Wilkinson
	Name:	Stefanie Wilkinson
	Title:	Group Company Secretary