ASX COMPANY FACT RECORD
BHP Group — company, project and resource record
Assets, projects, production, resources, reserves and major corporate events by year.

01
1. Company identity, evidence scope and reading rules
This record organises BHP Group Limited disclosures for the financial years ended 30 June 2021–2025. It is descriptive company research: it contains no valuation, target price, investment thesis, recommendation, probability estimate or forecast created by MII.
The following terms remain distinct throughout: actual result; Board approval; study, guidance, target or expected date; Mineral Resource (MR); Ore Reserve (OR); production; ownership; operator; accounting classification; and financial measure. “Not disclosed in the retained evidence”, “not separately reported” and “not comparable” do not mean zero.
02
2. FY2021–FY2025 corporate and portfolio chronology
FY2021
- BHP approved Jansen Stage 1 in August 2021: US$5.7bn (C$7.5bn), then-described capacity about 4.35 Mtpa and initial production targeted for 2027.
- The Board approved US$544m for Shenzi North after acquiring an additional 28% working interest in Shenzi.
- BHP proposed, but had not yet completed, the Petroleum/Woodside combination, corporate-structure unification and exit from non-core coal.
- Nickel West acquired Honeymoon Well and remaining interests in Albion Downs North and Jericho exploration JVs.
- FY2021 financial context retained US$37.4bn underlying EBITDA, US$17.1bn underlying attributable profit and US$27.2bn operating cash inflow; Samarco and energy-coal impairment/exceptional-item context is kept in the financial and rehabilitation sections rather than treated as a portfolio conclusion.
- The FY2021 portfolio still included Petroleum, Samarco and Nickel West in their then-current reporting scope; later Woodside and disposal events do not erase that historical perimeter.
FY2022
- BHP completed dual-listed-company unification and merged Petroleum with Woodside on 1 June 2022. Petroleum became a discontinued operation for the relevant financial-statement presentation.
- BHP sold its 33.33% Cerrejón interest to Glencore on 11 January 2022 and its 80% BHP Mitsui Coal (BMC) interest to Stanmore on 3 May 2022.
- Jansen production shafts were completed in the June quarter; the US$2.97bn shaft/infrastructure project completed in June 2022. Further FY2023 expenditure was planned, not an FY2022 actual.
- COVID-19 variants, flooding, labour/supply constraints and planned maintenance affected several operations, including Olympic Dam access and BMA/WAIO work.
- The FY2022 financial record separately preserves continuing/discontinued-operation measures following the Petroleum transaction; underlying measures are not restated by MII into a single series.
- Samarco proceedings/investigations experienced timing uncertainty in the reported COVID/court-closure context; this is not a liability finding.
FY2023
- BHP acquired OZ Minerals and subsidiaries on 2 May 2023. Olympic Dam, Carrapateena, Prominent Hill, Oak Dam and West Musgrave therefore have an acquisition-date reporting boundary.
- Jansen Stage 1 was reported 26% complete; late-CY2026 first production and calendar-2028 ramp-up were then company expectations. Stage 2 was still conditional/study-stage.
- FY2023 presentation restated FY2022 supplier-payment lines to an accruals operating-cost / cash capital-expenditure basis.
- BHP reported record production at Olympic Dam, Spence and WAIO in FY2023, while asset sections retain their separate production bases and incidents.
- FY2023 revenue, operating cash flow, capital/exploration expenditure and net debt are retained in Section 4 on their reported basis.
FY2024
- BHP approved US$4.9bn for Jansen Stage 2 in October 2023; the report then described 4.36 Mtpa incremental capacity and FY2029 first production as company expectations.
- BMA divested Daunia and Blackwater in April 2024. Historical production/revenue remain recorded through the stated divestment boundary.
- BHP and Lundin Mining agreed the Filo del Sol/Josemaria transaction in July 2024; it was not a completed FY2024 acquisition.
- Western Ridge Crusher was approved; capacity and first-ore dates in the report are project expectations.
- BHP announced the WAN temporary-suspension decision on 11 July 2024; the operational transition occurred later, at the end of H1 FY2025.
- OZ Minerals and the divested BMA assets create distinct FY2024 reporting and comparability boundaries; comparative sustainability data are not assumed to share one common restatement basis.
FY2025
- BHP and Lundin completed Filo Corp acquisition and formed 50:50 Vicuña Corp for Filo del Sol and Josemaria. BHP reported US$2.1bn expenditure for its Vicuña interest.
- Western Australia Nickel (WAN) transitioned to temporary suspension at the end of H1 FY2025 after the July 2024 announcement. Nickel West and greenfield West Musgrave are separate asset categories.
- Jansen Stage 1 was reported 68% complete; BHP revised its estimate to US$7.0–7.4bn including contingencies and estimated first production in mid-CY2027.
- Samarco completed its Phase 2 restart configuration and reported production recovery; legal, remediation, accounting and production records remain separate.
- The FY2025 portfolio record includes the 15 August 2025 Carajás/CoreX agreement as a subsequent event, not a 30 June disposal.
- FY2025 revenue, cash flow, capital expenditure, net debt, Vicuña investment and reported portfolio/methodology restatement conditions are retained in their own stated bases.
Source note: BHP Annual Reports 2021–2024 (respective years ended 30 June; historical page markers are not invented); BHP Annual Report 2025, released 19 August 2025. See Section 15 registry for document-path limits.
03
3. Business model, portfolio map and status taxonomy
BHP’s record includes operated mines, non-operated JVs/associates, developments, exploration/resource-stage deposits, care-and-maintenance assets, temporarily suspended assets and sold/historical assets. An MR is not an OR; neither is production. Aggregate systems (WAIO, Pampa Norte, Copper South Australia, BMA and WAN) are not reverse-allocated to constituent mines unless BHP separately reports the allocation.
The fixed FY2025 coverage contract comprises 39 entries: ten Copper Americas, eight Copper Australia/Brazil, six Iron Ore, six Coal, and nine Potash/Nickel entries. Named subprojects—Southern Mine Area, HydroFloat, PHOX/Wira Shaft, Santa Lucia, Western Ridge, Vicuña, Jansen Lower Patience Lake, Cliffs, West Musgrave and processing/rail/port infrastructure—remain beneath the relevant fixed entry rather than replacing it.
04
4. Five-year financial and capital record
All table amounts are US$ millions unless stated. Underlying EBITDA and underlying attributable profit are company-defined underlying measures and are not statutory profit.
| FY ended 30 June | Revenue | Underlying EBITDA | Underlying attributable profit | Net operating cash flows | Capital/exploration expenditure | Net debt |
|---|---|---|---|---|---|---|
| FY2021 | US$60.8bn narrative revenue; US$60,817m commodity-table total retained separately | 37,379 | 17,077 | 27,200 | Not comparable in retained group row | Not comparable in retained group row |
| FY2022 | 65,098 | 40,634 excluding Petroleum | 21,319 continuing operations; 23,815 total comparative amount | 32,174; continuing operations 33,055 | 7,545 cash basis | 333 comparative value in FY2023 table; not substituted for another debt basis |
| FY2023 | 53,817 | 27,956 | 13,420 | 18,701 | 7,083 | 11,166 |
| FY2024 | 55,658 | 29,016 | 13,660 | 20,665 | 9,273 | 9,120 |
| FY2025 | 51,262 | 25,978 | 10,157 | 18,692 | 9,794 | 12,924 |
FY2025 profit after taxation was US$11,143m, including US$9,019m attributable to BHP shareholders. FY2024 profit after taxation was US$9,601m and FY2023 was US$14,324m, with statutory/discontinued-operation boundaries retained. FY2025 net-debt drivers stated by BHP included capital/exploration expenditure, Vicuña investment, Samarco settlement-obligation payments and dividends.
Source note: BHP Annual Reports 2021–2024 for their contemporaneous reported rows (historical pages not verified in this corpus); BHP Annual Report 2025, printed pp.14, 79 and 118. Underlying, statutory, continuing/discontinued and cash/accrual bases are not interchangeable.
05
5. Growth pipeline and capital-project record
Jansen Stage 1
| Reported FY | Disclosure type and record |
|---|---|
| FY2021 | Approval: US$5.7bn (C$7.5bn); then-expected 4.35 Mtpa and 2027 initial production. |
| FY2022 | Actual shaft completion and completed US$2.97bn shaft/infrastructure project; further work/expenditure was planned. |
| FY2023 | Actual progress: 26% complete; late-CY2026 first production and 4.35 Mtpa were company expectations. |
| FY2024 | Actual progress: 52% complete; company expectation: about 4.15 Mtpa and late-CY2026 first production. |
| FY2025 | Actual progress: 68% complete; revised US$7.0–7.4bn estimate and mid-CY2027 first production are company estimates. |
Jansen Stage 2 — conflict retained, not resolved
FY2024 records approval and execution commencement. The source corpus contains four separate paths that must not be silently combined: (1) an FY2024 pipeline extraction of 52%, whose scope/header remains unresolved; (2) BHP Annual Report 2025, printed p.205, which reports Stage 2 at 11%, says execution was extended by two years and gives FY2031 first production; (3) a separate FY2025 extracted 68% claim, which remains unresolved and is not selected; and (4) the distinct 25 August 2025 market document, which records 11% and “first saleable product” in 2028. At 30 June 2025 the direct stage table reports Stage 1 at 68% complete and Stage 2 at 11% complete. No completion trend or single schedule is derived from the unresolved records.
Source note: BHP Annual Report 2025, year ended 30 June 2025, released 19 August 2025, printed p.205; official BHP PDF. The separate 25 August 2025 market document is a distinct later document path and is not cited as the source of the annual-report schedule.
Other projects
Vicuña/Filo/Josemaria, Oak Dam, Southern Mine Area, PHOX, Western Ridge, Resolution Copper and West Musgrave remain in their asset chapters. Approvals, studies, expected capacity, target dates and subsequent events are not reported as actual production.
06
6. Copper — Americas
Fixed asset coverage and operating record
| Fixed entry | FY2025 status / basis | Five-year fact record retained |
|---|---|---|
| Escondida | Chile; producing; 57.5% | Production: 1,068 kt FY2021; 1,004 FY2022; 1,055 FY2023; 1,125 FY2024; FY2025 highest in 17 years, Full SaL first copper, 1,127.2 kt concentrate and 177.7 kt cathode. Feed grade, COVID, blockades, geotechnical/resequencing and autonomous-truck context remain year-labelled. |
| Spence | Chile/Pampa Norte; 100%; producing | Pampa Norte aggregate 218 kt FY2021, 281 FY2022, 289 FY2023; Spence separately 240 FY2023, 255 FY2024 and 268 FY2025. Spence Growth Option, molybdenum plant, autonomous haulage and concentrator modification remain recorded. |
| Cerro Colorado | Chile/Pampa Norte; 100%; care and maintenance from Dec-2023 | FY2023 49 kt, FY2024 11 kt pre-closure; closure provision/impairment, environmental-licence timing, temporary closure and SaL1 restart-study status retained. No FY2025 individual production is inferred. |
| Antamina | Peru; 33.75%; equity-accounted associate | BHP-share copper: 144 kt FY2021, 150 FY2022, 138 FY2023, 144 FY2024, 118.9 FY2025. Modified-EIA/life-extension, zinc and grade/throughput context retained. |
| Resolution Copper | Arizona; 45%; Rio Tinto operated | PFS/shaft, engineering/permitting, FEIS rescission-date conflict (March 2021 versus March 2022), USFS republication June 2025, litigation and consultation retained. No FY2025 individual production/MR/OR row. |
| Filo del Sol / Josemaria | Vicuña; 50% | FY2025 resource/development records begin with the acquisition boundary; integrated technical report expected Q1 CY2026 is company guidance. |
| Pampa Escondida / Pinta Verde / Chimborazo | Chile; 57.5%; resource/growth options | Separate FY2025 MR domains retained; no individual FY2025 OR/production rows. |
MR and OR record
Escondida retains its annual oxide/mixed/sulphide MR and oxide/Full SaL/sulphide/leach OR categories. FY2024 Full SaL replaces oxide reserve presentation after a processing-method change and is not treated as like-for-like movement. FY2025 MR: oxide 98 Mt at 0.57% Cu, mixed 104 Mt at 0.47%, sulphide 17,900 Mt at 0.55%. FY2025 OR: Full SaL 200 Mt at 0.78%, sulphide 4,630 Mt at 0.59%, sulphide leach 1,450 Mt at 0.38%.
Pampa Norte retains separate Spence and Cerro Colorado domains, with no allocation of aggregate reporting. FY2025 Spence MR is oxide 12 Mt, supergene 96 Mt, transitional 13 Mt and hypogene 2,190 Mt; FY2025 Spence OR is 9.8, 66, 7.5 and 745 Mt respectively. Cerro Colorado FY2025 MR is oxide 187 Mt, supergene 167 Mt, transitional 205 Mt and hypogene 1,700 Mt; no FY2025 OR row is added.
Antamina FY2025 MR retains open-pit copper-only 1,200 Mt, open-pit Cu-Zn 424 Mt, underground copper-only 282 Mt and underground Cu-Zn 150 Mt; FY2025 OR retains copper-only 375 Mt and Cu-Zn 151 Mt, all on BHP’s 33.75% basis. Differences in category presentation prevent a simple five-year consolidated change.
FY2025 project resources: Filo del Sol sulphide 7,270 Mt, copper oxide 765 Mt, gold oxide 961 Mt and silver oxide 149 Mt; Josemaria sulphide 2,382 Mt; Pampa Escondida sulphide 6,840 Mt; Pinta Verde oxide 183 Mt and sulphide 60 Mt; Chimborazo sulphide 215 Mt. These are MR disclosures, not production or OR.
Source note: BHP Annual Reports 2021–2024 for the respective annual production/MR/OR records; BHP Annual Report 2025, printed pp.21–23, 168, 201, 203, 208, 210 and 212. Pampa Norte is not reverse-allocated.
Independent five-year records: closure, permitting and newly held projects
| Asset | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cerro Colorado | Not separately reported: BHP reported Pampa Norte aggregate output, not a Cerro Colorado production figure. | BHP reported licence expiry at end-CY2023, closure-provision additions and rehabilitation-asset impairment. | 49 kt copper production; BHP stated temporary closure would occur in December 2023. | 11 kt production before closure; temporary care and maintenance from December 2023. | Care and maintenance continued; BHP reported restart-option studies. No separate production line is reported. |
| Resolution Copper | PFS progress; Shaft 9 had been completed in November 2020 and connected with Shaft 10. | Engineering/permitting and USFS analysis/tribal consultation continued. | Engineering/permitting continued; BHP reported no republication timing and three USFS lawsuits. | Engineering/permitting, consultation and litigation continued. | USFS republished the FEIS in June 2025; land exchange and ongoing litigation remained qualifiers. |
| Filo del Sol | Not yet in BHP reporting scope; no BHP operating result is inferred. | Not yet in BHP reporting scope; no BHP operating result is inferred. | Not yet in BHP reporting scope; no BHP operating result is inferred. | Not yet in BHP reporting scope; no BHP operating result is inferred. | Vicuña resource/development project, 50% through Vicuña. MR: sulphide 7,270 Mt at 0.40% Cu, 0.23 g/t Au and 4 g/t Ag; copper oxide 765 Mt at 0.30% Cu, 0.25 g/t Au and 2 g/t Ag; gold oxide 961 Mt at 0.23 g/t Au; silver oxide 149 Mt at 0.22% Cu, 0.27 g/t Au and 60 g/t Ag. No OR row. |
| Josemaria | Historical record predates BHP ownership; no BHP operating result is inferred. | Historical record predates BHP ownership; no BHP operating result is inferred. | Historical record predates BHP ownership; no BHP operating result is inferred. | Historical record predates BHP ownership; no BHP operating result is inferred. | Vicuña resource/development project, 50% through Vicuña. MR: sulphide 2,382 Mt at 0.26% Cu, 0.16 g/t Au and 1 g/t Ag. No OR row. |
For Cerro Colorado, annual MR rows are retained for FY2021, FY2022, FY2024 and FY2025 in the Pampa Norte record; no FY2025 OR row is reported and that absence is not a zero reserve. FY2023 MR/OR information is at Pampa Norte aggregate level and is not allocated to Cerro Colorado. For Resolution, no separate BHP production, MR or OR annual-table row is located in the selected FY2021–FY2025 evidence; this is a disclosure boundary, not a zero value. The FY2021–FY2024 Filo and Josemaria cells are acquisition/reporting-boundary limits, not zero resources or reserves.
Independent five-year records: resource-led Chilean deposits
| Asset | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Pampa Escondida | MR: sulphide 7,440 Mt at 0.45% Cu and 0.05 g/t Au; 57.5% BHP interest. No OR row located. | MR: sulphide 6,890 Mt at 0.46% Cu and 0.06 g/t Au; 57.5% interest. No OR row located. | No supported Pampa Escondida-specific event or annual-table row is retained; not zero. | MR table separately reports measured 294 Mt at 0.53% Cu/0.07 g/t Au and indicated 1,150 Mt at 0.55% Cu/0.10 g/t Au. The retained inferred-row alignment is insufficient for an audited total. No OR row located. | MR: sulphide 6,840 Mt at 0.46% Cu and 0.06 g/t Au; 57.5% interest. No OR row located. |
| Pinta Verde | MR: oxide 188 Mt at 0.57% Cu; sulphide 60 Mt at 0.47% Cu; 57.5% BHP interest. No OR row located. | Same reported oxide/sulphide MR: 188 Mt at 0.57% Cu and 60 Mt at 0.47% Cu; 57.5% interest. No OR row located. | No supported Pinta Verde-specific event or annual-table row is retained; not zero. | MR table separately reports oxide measured/indicated 109/64 Mt at 0.59%/0.52% Cu and sulphide indicated 23 Mt at 0.50% Cu. No OR row located. | MR: oxide 183 Mt at 0.56% Cu; sulphide 60 Mt at 0.47% Cu; 57.5% interest. No OR row located. |
| Chimborazo | MR: sulphide 223 Mt at 0.54% Cu; 57.5% BHP interest. No OR row located. | MR: sulphide 220 Mt at 0.53% Cu; 57.5% interest. No OR row located. | No supported Chimborazo-specific event or annual-table row is retained; not zero. | MR table reports indicated sulphide 135 Mt at 0.50% Cu; retained inferred-row alignment is insufficient for an audited total. No OR row located. | MR: sulphide 215 Mt at 0.54% Cu; 57.5% interest. No OR row located. |
These tables retain only reported MR categories. They do not calculate contained metal, infer Ore Reserves or treat a missing asset-specific line as zero.
Source note: BHP Annual Reports 2021–2024 for the retained annual records; BHP Annual Report 2025, pp. 10, 14, 21–23 and 208–212. No FY2021–FY2024 physical page is estimated where it was not retained in the selected evidence.
07
7. Copper — Australia and Brazil
Copper South Australia (CSA) is a combined reporting group; its production is not allocated to Olympic Dam, Carrapateena or Prominent Hill. FY2025 CSA payable copper was 316 kt, gold 361 thousand troy ounces and uranium 3.2 kt; copper concentrate was 101.9 kt and cathode 214.0 kt. FY2024 comparatives are retained as CSA group figures.
| Fixed entry | Status, projects and resource/reserve boundary |
|---|---|
| Olympic Dam | 100%; producing. Southern Mine Area approval/development retained separately. FY2025 MR includes open-cut sulphide 10,160 Mt and underground sulphide 1,550 Mt; OR includes underground 591 Mt and low-grade 43 Mt. |
| Carrapateena | 100%; producing. HydroFloat commissioned Q4 FY2025; throughput statement is not FY2025 throughput. FY2025 MR 910 Mt; OR 162 Mt. |
| Prominent Hill | 100%; producing. PHOX/Wira Shaft progress and company life/schedule expectation retained as forward-looking. FY2025 underground MR 144 Mt plus 1.7 Mt stockpile; OR 46 Mt plus 1.7 Mt stockpile. |
| Oak Dam / Fremantle Doctor | 100%; exploration/resource stage. Oak Dam 1,340 Mt inferred and Fremantle Doctor 100 Mt inferred; no individual OR or production is inferred. |
| Pedra Branca / Carajás | 100% at FY-end; producing group record, with subsequent 15 August 2025 CoreX agreement kept separate. Pedra Branca MR 26 Mt and OR 3.8 Mt; Carajás production is not Pedra Branca-only. Santa Lucia is historical/permit context, not a standalone FY2025 MR/OR row. |
| Pantera / Succoth | 100%; separately reported resource/exploration entries. Pantera MR 36 Mt at 1.14% Cu/0.14 g/t Au; Succoth MR 120 Mt at 0.54% Cu. No FY2025 OR/individual production row. Geography is not inferred from the selected disclosure. |
Australia/Brazil five-year asset-event matrix
| Fixed entry | FY2021–FY2022 | FY2023 | FY2024 | FY2025 and comparison boundary |
|---|---|---|---|---|
| Olympic Dam | Operating record retained; FY2022 access-road flooding, consumables and longer planned smelter maintenance reported. | Record production reported. | CSA/OZ boundary applies. | Producing; Southern Mine Area approval/development; CSA production remains aggregate. |
| Carrapateena | Not BHP-held before OZ acquisition. | Acquired 2 May 2023; CSA inclusion begins. | Producing CSA asset. | HydroFloat commissioned; MR/OR retained separately; no CSA mine allocation. |
| Prominent Hill | Not BHP-held before OZ acquisition. | Acquired 2 May 2023. | Producing CSA asset. | PHOX/Wira Shaft record; company schedule/life statements are forward-looking; combined transfer figures not mine allocation. |
| Oak Dam | Exploration history retained; no operating production line. | OZ acquisition changes BHP boundary. | Inferred resource announced/retained. | Approvals/exploration and 1,340 Mt inferred MR; no OR/production row. |
| Fremantle Doctor | No BHP five-year operating line retained. | Resource-stage record. | Resource-stage record. | 100 Mt inferred MR; no OR/production row. |
| Pedra Branca / Carajás | OZ Minerals/Carajás history precedes BHP ownership; development/ramp-up history retained by year. | BHP acquired OZ Minerals. | Santa Lucia permit chronology retained. | Carajás group production; Pedra Branca MR/OR; 15 Aug agreement is subsequent event. |
| Pantera | Resource table history only; no geographic inference. | Resource-stage record. | Resource-stage record. | 36 Mt MR; no OR/production row. |
| Succoth | Resource table history only; no geographic inference. | Resource-stage record. | Resource-stage record. | 120 Mt MR; no OR/production row. |
Source note: BHP Annual Reports 2021–2024 (historical annual records; no unverified page numbers) and BHP Annual Report 2025, including CSA and MR/OR tables. CSA and Carajás aggregates are not allocated to component assets.
08
8. Iron ore — WAIO and Samarco
WAIO is an integrated Pilbara mining, processing, rail and port system. Newman JV, Area C/South Flank JV, Yandi JV, Jimblebar operation and Mt Goldsworthy JV are fixed entries, but resource/reserve reporting is aggregate by material type rather than mine-specific.
WAIO’s named hubs/mines/logistics include Mt Newman, Yandi, Mining Area C, South Flank, Newman East/West, Orebody 18, Jimblebar, Goldsworthy Rail Line, Port Hedland–Mt Newman Rail Line, Finucane Island and Nelson Point. Western Ridge, Chichester Deviation, PDP1, RTP1 and car-dumper works are recorded as infrastructure/guidance/approval items, not production outcomes.
FY2025 production disclosures include Newman 54,218 kt, Area C JV 119,110 kt, Yandi 15,890 kt and Jimblebar 67,381 kt; Area C is not split into South Flank. WAIO aggregate MR/OR categories (BKM, CID, DID and MM) remain aggregate. Jimblebar’s 92.5% corporate effective interest and 85% mining-operation interest are not substituted for each other.
Samarco is a 50% joint venture with Vale, separate from WAIO. Its five-year record retains restart phases, second-concentrator ramp-up, FY2025 6,382 kt BHP-share production (12.8 Mt 100% basis), and dam-failure accounting/remediation boundaries. FY2025 MR was 5,160 Mt at 38.6% Fe on BHP’s 50% interest basis; OR was 826 Mt at 42.7% Fe on the same 50% basis, with proved/probable categories retained in the source section.
Source note: BHP Annual Report 2025, WAIO/Samarco production, ownership and MR/OR tables. WAIO categories are aggregate Pilbara categories; Samarco values above state the BHP 50% basis.
WAIO and Samarco five-year status matrix
| Fixed entry | FY2021–FY2022 | FY2023 | FY2024 | FY2025 boundary |
|---|---|---|---|---|
| Newman JV; Area C / South Flank JV; Yandi JV; Jimblebar operation; Mt Goldsworthy JV | WAIO system production/maintenance and South Flank ramp-up are reported at system/JV level. | WAIO record production; four main JV structure and 85% interests retained. | Integrated WAIO operating/infrastructure record. | Individual production rows only where stated; MR/OR remains WAIO aggregate by material type. |
| Samarco | Restart/rehabilitation and legal/accounting records remain distinct. | Restart record retained. | Phase/ramp-up record retained. | Second concentrator ramp-up, production and 50%-basis MR/OR; recovery does not settle remediation/legal matters. |
Source note: BHP Annual Reports 2021–2024 and BHP Annual Report 2025. The matrix preserves a system/JV reporting boundary rather than inventing mine-level FY21–FY24 output.
09
9. Steelmaking coal and historical energy coal
BMA is 50% owned with Mitsubishi Development. Its current operating record retains Goonyella Riverside/Broadmeadow, Peak Downs, Saraji and Caval Ridge; Saraji South is a separate resource/reserve deposit, not a separately reported producing mine. FY2025 BHP-share production was Goonyella Riverside 5,837 kt, Peak Downs 4,574 kt, Saraji 4,073 kt and Caval Ridge 3,526 kt. BMA total FY2025 production was 18,010 kt; FY2024/FY2023 comparatives include Blackwater and Daunia before their sale and are not mechanically comparable.
Mt Arthur / NSW Energy Coal is 100% owned. FY2025 production was 15,036 kt BHP share. BHP’s planned cessation of mining by FY2030, approvals, closure/rehabilitation and resource/reserve tables remain distinct from current production.
Blackwater and Daunia are former BMA mines, divested 2 April 2024. Togara South is a former NSWEC project. BMC and Cerrejón are historical disposals, not current BHP coal assets. These entries remain for reporting-period and comparison context; a post-sale blank is not a zero.
Coal five-year asset and comparison matrix
| Fixed entry | FY2021–FY2023 | FY2024 | FY2025 | Reporting boundary |
|---|---|---|---|---|
| Goonyella Riverside / Broadmeadow | BMA operating and resource/reserve record retained; Broadmeadow has no standalone saleable-production row. | BMA comparatives include former mines through sale where stated. | Goonyella 5,837 kt BHP share. | Grouped asset; do not create a Broadmeadow number. |
| Peak Downs; Saraji; Caval Ridge | Current BMA mine production/resource/reserve records retained by annual year. | Labour/operating context and disposal-period comparison retained. | 4,574 / 4,073 / 3,526 kt BHP share. | BMA 50%; no mine-level revenue allocation. |
| Saraji South | Resource/reserve deposit record. | Resource/reserve deposit record. | No separate production. | Not a current separately reported producing mine. |
| Mt Arthur / NSW Energy Coal | Operating, approvals and closure-planning record retained. | Managed transition record. | 15,036 kt BHP share; planned cessation by FY2030 is company plan. | Current production separated from closure/rehabilitation. |
Source note: BHP Annual Reports 2021–2025; historical pages are omitted where not verified. Production, resource/reserve, divestment and closure statements use their stated BHP-share, group or period basis.
Independent BMA five-year production record
| BMA production — BHP share, kt | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Goonyella Riverside | 9,448 | 8,360 | 8,310 | 6,434 | 5,837 |
| Peak Downs | 5,892 | 4,944 | 5,480 | 4,217 | 4,574 |
| Saraji | 4,489 | 4,614 | 4,596 | 3,287 | 4,073 |
| Caval Ridge | 3,903 | 3,899 | 3,590 | 3,252 | 3,526 |
| BMA total | 31,884 | 29,142 | 29,020 | 22,275 | 18,010 |
| Blackwater — former BMA mine | 6,224 | 5,834 | 5,055 | 3,572 to sale date | Divested; no current BHP production row |
| Daunia — former BMA mine | 1,928 | 1,491 | 1,989 | 1,513 to sale date | Divested; no current BHP production row |
The FY2025 total of 18,010 kt equals the four current named production lines above. It does not represent separate zero production at Broadmeadow or Saraji South. FY2024 and earlier BMA totals include Blackwater and Daunia through their 2 April 2024 sale date and are therefore not a constant mine-set comparison with FY2025.
Asset-level FY2021–FY2025 operating record
| Fixed BMA entry | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Goonyella Riverside / Broadmeadow | Goonyella Riverside production: 9,448 kt. Broadmeadow was not separately reported in the production line. | Goonyella Riverside: 8,360 kt. Broadmeadow was not separately reported; BHP disclosed BMA-wide labour/supply constraints and interrupted autonomous-haulage rollout, not a Broadmeadow-specific allocation. | Goonyella Riverside: 8,310 kt. BHP reported autonomous-fleet transition at Goonyella Riverside; resource/reserve not separately disclosed, BMA aggregate only. | Goonyella Riverside: 6,434 kt. Goonyella Complex reserve: 473 Mt on the annual-report combined OC/UG basis; this is not a Broadmeadow production figure. | Goonyella Riverside: 5,837 kt. BHP reported geotechnical challenges at Broadmeadow; no standalone Broadmeadow production. Goonyella Complex reserve: 466 Mt on combined OC/UG rows. |
| Peak Downs | Production: 5,892 kt. Mine-specific resource/reserve comparison is not stated here because the retained evidence uses changing BMA table layouts. | Production: 4,944 kt. BMA-wide constraints, not a Peak Downs-specific allocation. Reserve: 1,045 Mt. | Production: 5,480 kt. Resource/reserve not separately disclosed: BHP reported a BMA aggregate including later-divested assets. | Production: 4,217 kt. Reserve: 938 Mt; marketable reserve: 546 Mt. | Production: 4,574 kt. Resource: 1,810 Mt; reserve: 893 Mt; marketable reserve: 503 Mt. BHP attributed the reserve movement to updated modifying factors, depletion and macroeconomics. |
| Saraji | Production: 4,489 kt. Mine-specific resource/reserve comparison is not stated here because the retained evidence uses changing BMA table layouts. | Production: 4,614 kt. BMA-wide constraints, not a Saraji-specific allocation. Reserve: 496 Mt. | Production: 4,596 kt. Resource/reserve not separately disclosed: BHP reported a BMA aggregate including later-divested assets. | Production: 3,287 kt. Aggregate reserve: 382 Mt; marketable reserve: 245 Mt. | Production: 4,073 kt. Resource: 2,060 Mt OC and 169 Mt UG; aggregate reserve: 261 Mt; marketable reserve: 166 Mt. BHP attributed the movement to updated modifying factors, depletion and updated macroeconomics. |
| Caval Ridge | Production: 3,903 kt. Mine-specific resource/reserve comparison is not stated here because the retained evidence uses changing BMA table layouts. | Production: 3,899 kt. BMA-wide constraints, not a Caval Ridge-specific allocation. Reserve: 318 Mt. | Production: 3,590 kt. Resource/reserve not separately disclosed: BHP reported a BMA aggregate including later-divested assets. | Production: 3,252 kt. Reserve: 290 Mt; marketable reserve: 174 Mt. | Production: 3,526 kt. Resource: 488 Mt; reserve: 236 Mt; marketable reserve: 128 Mt. BHP attributed the movement to updated macroeconomics, mine plan and depletion. |
Cells that describe a reporting boundary rather than a number are intentionally not zero. In particular, not separately disclosed means BHP published the group or aggregate rather than an asset-specific resource/reserve value in the retained annual-report evidence.
FY2025 BMA resource and reserve record
| Asset / annual-report row | Mineral Resource | Total Coal Reserve | Total Marketable Reserve | Relevant boundary |
|---|---|---|---|---|
| Goonyella Complex open cut | 455 Mt | 443 Mt | 323 Mt | FY2025 product recovery 73%; reserve includes dilution/loss allowances at 4% moisture. |
| Goonyella Complex underground | 2,680 Mt | 23 Mt | 17 Mt | FY2025 product recovery 74%; separate OC/UG reporting row. |
| Peak Downs | 1,810 Mt | 893 Mt | 503 Mt | Product recovery 56%. |
| Saraji open cut | 2,060 Mt | Included in aggregate Saraji reserve row | Included in aggregate Saraji reserve row | Resource row is not a separate reserve row. |
| Saraji underground | 169 Mt | Included in aggregate Saraji reserve row | Included in aggregate Saraji reserve row | Resource row is not a separate reserve row. |
| Saraji aggregate reserve row | — | 261 Mt | 166 Mt | Product recovery 64%. |
| Caval Ridge | 488 Mt | 236 Mt | 128 Mt | Product recovery 54%. |
| Saraji South | 437 Mt | 53 Mt | 34 Mt | Product recovery 64%; deposit, not separately reported production. |
Total Coal Reserves include mining dilution and loss allowances and are reported at 4% moisture. Marketable Coal Reserves are saleable product after beneficiation at the stated moisture and air-dried quality bases; they are not annual production. FY2023 reported an aggregate BMA reserve of 955 Mt and marketable reserve of 619 Mt, covering Goonyella Complex, Daunia, Caval Ridge, Peak Downs, Saraji, Saraji South and Blackwater. It is not reverse-allocated to construct per-mine FY2023 changes.
Mt Arthur and historical coal boundaries
| Mt Arthur / NSWEC production — BHP share, kt | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Saleable energy-coal production | 14,326 | 13,701 | 14,172 | 15,368 | 15,036 |
In June 2022 BHP decided to retain NSWEC, seek approval to mine beyond the consent then ending in FY2026 and proceed with a managed process to cease mining by the end of FY2030. In FY2025, BHP reported New South Wales Government approval for July 2026–June 2030. The approval is an operating-period decision, not a completed closure. At 30 June 2025, Mt Arthur MR was 113 Mt (77 Mt measured, 31 Mt indicated, 4.8 Mt inferred), Total Coal Reserve 100 Mt (79 Mt proved, 21 Mt probable), Marketable Coal Reserve 78 Mt (62 Mt proved, 16 Mt probable) and the reported overall product-recovery assumption 70%.
Blackwater and Daunia were divested on 2 April 2024; their FY2025 absence is not a zero-production conclusion. Togara South appeared in FY2021–FY2024 as an underground thermal-coal project and its divestment was completed in FY2025. BHP Mitsui Coal was sold on 3 May 2022, and BHP's Cerrejón 33.3% interest was sold on 11 January 2022. Those are historical reporting boundaries, not current BHP coal assets.
Source note: BHP Annual Reports 2021–2024 for annual production/resource/reserve and divestment-period records; BHP Annual Report 2025, pp. 24–25, 61, 129, 191 and 203–204, 215–217. FY2021–FY2024 page numbers are not estimated where they were not retained in the selected evidence.
Source note: BHP Annual Reports 2021–2024 for annual BMA/NSWEC records and divestment-period boundaries; BHP Annual Report 2025 for FY2025 production/resource/reserve records. BMA aggregate comparisons retain Blackwater/Daunia timing.
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10. Potash, Nickel West and suspended developments
Jansen Stages 1 and 2 are 100%-BHP Canadian potash projects sharing the Lower Patience Lake MR/OR basis. At 30 June 2025, the direct FY2025 stage table reports Stage 1 at 68% complete and Stage 2 at 11% complete. Stage 2’s FY2031 first-production timing is company-stated and not an achieved result. The resource table reports 6,510 Mt total MR at 25.6% K2O and 1,070 Mt probable OR at 24.9% K2O.
WAN aggregate FY2025 saleable production was 30.2 kt nickel and 450 t cobalt. The aggregate includes specified matte/refined/by-product streams and is not allocated to individual mines or facilities. The July 2024 decision and December 2024 temporary-suspension transition remain separately dated.
| Fixed entry | Status and FY2025 resource/production boundary |
|---|---|
| Leinster; Mt Keith; Yakabindie / Mt Keith Satellite; Honeymoon Well; Jericho | Nickel West mines/satellite/resource areas. Individual MRs remain separately disclosed where available; production is WAN aggregate only. Kalgoorlie Smelter, Kambalda Concentrator and Kwinana Refinery are named infrastructure, not additional register mines. |
| Nebo; Babel | West Musgrave deposits within suspended greenfield nickel-copper development. FY2025 MR: Nebo 50 Mt at 0.34% Ni/0.32% Cu; Babel 340 Mt at 0.30% Ni/0.33% Cu. No individual FY2025 production row. |
Nickel West and West Musgrave five-year status matrix
| Fixed entry | FY2021–FY2023 | FY2024 | FY2025 | Production/MR/OR boundary |
|---|---|---|---|---|
| Leinster | WAN operating-system record; mine-level production not separately reported. | WAN decision announced July 2024. | WAN temporary suspension. | WAN aggregate production only; named MR retained. |
| Mt Keith | WAN operating-system record. | WAN decision announced July 2024. | WAN temporary suspension. | WAN aggregate production only; named MR retained. |
| Yakabindie / Mt Keith Satellite | Satellite/resource record. | WAN decision announced July 2024. | Suspended/resource-area record. | No mine-level production allocation. |
| Honeymoon Well | Nickel resource/development history retained. | WAN decision announced July 2024. | Resource-project record under WAN suspension context. | Named MR; no individual production/OR row. |
| Jericho | Exploration/resource history retained. | WAN decision announced July 2024. | Resource-project record under WAN suspension context. | Named MR; no individual production/OR row. |
| Nebo | West Musgrave development/deposit record. | Construction suspension context. | Suspended development; 50 Mt MR. | No individual production/OR row. |
| Babel | West Musgrave development/deposit record. | Construction suspension context. | Suspended development; 340 Mt MR. | No individual production/OR row. |
Source note: BHP Annual Reports 2021–2024 for dated Jansen/Nickel West records; BHP Annual Report 2025, including printed p.205 and FY2025 MR/OR tables. WAN production is aggregate only.
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11. Complete mining-operation, project, production, MR and OR register
This is the fixed 39-row coverage register. “Not separately reported” is not zero. Aggregate production, MR or OR is not reverse-allocated from Pampa Norte, CSA, WAIO, BMA, WAN or Carajás.
| Asset / project | Geography where disclosed | BHP interest / basis | FY2025 status | Production availability | MR / OR availability and boundary |
|---|---|---|---|---|---|
| Escondida | Chile | 57.5% | Producing | BHP-share concentrate/cathode | MR and OR reported separately |
| Spence | Chile, Pampa Norte | 100% | Producing | Pampa Norte / stated Spence lines | MR and OR reported separately |
| Cerro Colorado | Chile, Pampa Norte | 100% | Care and maintenance since Dec-2023 | No FY2025 individual line | MR reported; no FY2025 OR row |
| Antamina | Peru | 33.75%, associate | Producing | BHP-share concentrate | MR and OR reported |
| Resolution Copper | Arizona, US | 45%, Rio Tinto operator | Engineering/permitting | Not separately reported | No FY2025 individual MR/OR row |
| Filo del Sol | Vicuña | 50% | Resource/development | No production row | MR reported; no OR row |
| Josemaria | Vicuña | 50% | Resource/development | No production row | MR reported; no OR row |
| Pampa Escondida | Chile | 57.5% | Resource/growth option | No individual line | MR reported; no OR row |
| Pinta Verde | Chile | 57.5% | Resource/growth option | No individual line | MR reported; no OR row |
| Chimborazo | Chile | 57.5% | Resource/growth option | No individual line | MR reported; no OR row |
| Olympic Dam | South Australia | 100% | Producing; Southern Mine Area development | CSA aggregate only | MR and OR reported |
| Carrapateena | South Australia | 100% | Producing; HydroFloat | CSA aggregate only | MR and OR reported |
| Prominent Hill | South Australia | 100% | Producing; PHOX | CSA aggregate only | MR and OR reported |
| Oak Dam | South Australia | 100% | Exploration/resource | No individual line | MR reported; no OR row |
| Fremantle Doctor | Geography not stated in selected evidence | 100% | Exploration/resource | No individual line | MR reported; no OR row |
| Pedra Branca / Carajás | Pará, Brazil | 100% at FY-end | Producing at FY-end; later divestment agreement | Carajás aggregate only | Pedra Branca MR and OR reported |
| Pantera | Geography not stated in selected evidence | 100% | Resource/exploration | No individual line | MR reported; no OR row |
| Succoth | Geography not stated in selected evidence | 100% | Resource/exploration | No individual line | MR reported; no OR row |
| Newman JV | Western Australia | 85% | WAIO producing | 54,218 kt | WAIO aggregate MR/OR only |
| Area C / South Flank JV | Western Australia | 85% | WAIO producing | 119,110 kt Area C; not split | WAIO aggregate MR/OR only |
| Yandi JV | Western Australia | 85% | WAIO producing | 15,890 kt | WAIO aggregate MR/OR only |
| Jimblebar operation | Western Australia | 85% mining-operation basis | WAIO producing | 67,381 kt | WAIO aggregate MR/OR only |
| Mt Goldsworthy JV | Western Australia | 85% | WAIO producing | Not separately reported | WAIO aggregate MR/OR only |
| Samarco | Brazil | 50% | Producing/ramp-up | 6,382 kt BHP share | MR and OR on BHP 50% basis |
| Goonyella Riverside / Broadmeadow | Queensland | 50% BMA | Producing grouping | 5,837 kt Goonyella; Broadmeadow not separate | Resource/reserve group records |
| Peak Downs | Queensland | 50% BMA | Producing | 4,574 kt BHP share | MR and OR reported |
| Saraji | Queensland | 50% BMA | Producing | 4,073 kt BHP share | MR and OR reported |
| Caval Ridge | Queensland | 50% BMA | Producing | 3,526 kt BHP share | MR and OR reported |
| Saraji South | Queensland | 50% BMA | Resource/reserve deposit | Not separately reported | MR and OR reported |
| Mt Arthur / NSW Energy Coal | New South Wales | 100% | Producing; planned mining cessation | 15,036 kt BHP share | MR and OR reported |
| Jansen Stage 1 | Saskatchewan, Canada | 100% | Construction | No production | Shared Jansen LPL MR/OR |
| Jansen Stage 2 | Saskatchewan, Canada | 100% | Construction | No production | Shared Jansen LPL MR/OR; conflict hold |
| Leinster | Western Australia | 100% | WAN temporary suspension | WAN aggregate only | MR reported; no individual OR/production line |
| Mt Keith | Western Australia | 100% | WAN temporary suspension | WAN aggregate only | MR reported; no individual OR/production line |
| Yakabindie / Mt Keith Satellite | Western Australia | 100% | WAN suspended/resource area | WAN aggregate only | MR reported; no individual OR/production line |
| Honeymoon Well | Western Australia | 100% | Nickel resource project | WAN aggregate only | MR reported; no individual OR/production line |
| Jericho | Western Australia | 100% | Nickel resource project | WAN aggregate only | MR reported; no individual OR/production line |
| Nebo | West Musgrave, Western Australia | 100% | Suspended greenfield nickel-copper development | No individual line | MR reported; no individual OR/production line |
| Babel | West Musgrave, Western Australia | 100% | Suspended greenfield nickel-copper development | No individual line | MR reported; no individual OR/production line |
Source note: BHP Annual Report 2025, year ended 30 June 2025, including asset, production, Mineral Resource and Ore Reserve tables; official BHP PDF. The 39-row placement of Pantera/Succoth is a coverage-register placement only; geography is not inferred.
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12. Ownership, operator, accounting classification and reporting boundaries
Ownership is not one concept. BHP interest, operator, controlled subsidiary, joint operation, joint venture, associate/equity-accounted investment and legal-entity share capital are recorded separately. Key FY2025 project interests include Escondida 57.5%; Antamina 33.75%; Resolution Copper 45% (Rio Tinto operator); Vicuña 50%; Samarco 50%; BMA 50%; and principal WAIO operations 85% on the stated operating basis.
Portfolio timing controls include Petroleum/Woodside 1 June 2022, BMC 3 May 2022, Cerrejón 11 January 2022, OZ Minerals 2 May 2023, Blackwater/Daunia 2 April 2024, and the post-balance-date Carajás agreement. Sustainability, climate, water and safety comparatives may be adjusted/recast for some portfolio changes; each relevant metric retains its stated methodology/boundary.
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13. Disclosed risks, realised events and safety record
Risk statements describe company-identified exposures, not proof an incident occurred. Actual events remain dated separately: FY2022 COVID/flooding/supply constraints; FY2023 fatalities at WAIO and Olympic Dam; the January 2024 Saraji fatality; Jansen cost/schedule revisions; WAN suspension; Cerro Colorado closure work; and Samarco legal/accounting/remediation matters.
FY2025 reported no fatalities. The annual report’s combined employee/contractor series reported HPIF 0.09 (FY2025), 0.11 (FY2024), 0.18 (FY2023), 0.14 (FY2022) and 0.21 (FY2021); TRIF was 4.5, 4.8, 4.4, 4.1 and 3.8. Portfolio exclusions and later restatement/reclassification notes remain part of the comparison boundary.
Source note: BHP Annual Report 2025, FY2025 safety presentation. The displayed multi-year HPIF/TRIF series is a later comparative presentation and does not silently replace each contemporaneous annual disclosure.
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14. Climate, water, communities, Indigenous peoples, tailings, Samarco and rehabilitation
BHP’s climate, nature and community goals are company targets, not MII outcome assertions. FY2025 reports its FY2030 operated-asset Scope 1 and 2 reduction target from FY2020, the stated role of PPAs and technology, and separate treatment of non-operated JV emissions. The report’s time horizons are risk-management conventions, not forecasts.
FY2025 water withdrawals in water-stressed areas were 31,830 ML versus 33,450 ML in FY2024, with Cerro Colorado groundwater cessation and methodology boundaries stated. BHP reported Indigenous procurement spend of US$853m and participation metrics for Australia, Canada and Chile; these are company disclosures, not independent social-outcome assessments.
Tailings, Samarco restart/production, dam-failure accounting, settlement payments, legal process, closure provisions and rehabilitation are separate records. Samarco production recovery does not settle legal, liability, remediation or closure questions. Cerro Colorado’s historical licence, care-and-maintenance, groundwater and provision/impairment disclosures are not converted into a current licence or liability conclusion.
Source note: BHP Annual Reports 2021–2024 for dated risk, closure and sustainability records; BHP Annual Report 2025 for FY2025 climate, water, communities, tailings and methodology presentation. Targets and reported outcomes remain separate.
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15. Primary sources, AI-led method and important disclaimer
Primary sources are BHP FY2021–FY2025 annual reports, including the FY2023 annual reporting suite and BHP Annual Report 2025. Sources are grouped by coherent annual, asset or table block; historical pages are not fabricated where the retained evidence has no verified page number.
Primary-source registry and date boundary
- BHP Annual Report 2021, year ended 30 June 2021, released 14 September 2021. Historical printed pages are not estimated where they were not retained in the selected evidence.
- BHP Annual Report 2022, year ended 30 June 2022, released 6 September 2022. The technical-report attachment, where relevant, remains distinct; historical printed pages are not estimated where they were not retained in the selected evidence.
- BHP 2023 annual reporting suite, year ended 30 June 2023.
- BHP Annual Report 2024, year ended 30 June 2024, released 27 August 2024. Historical printed pages are not estimated where they were not retained in the selected evidence.
- BHP Annual Report 2025, year ended 30 June 2025, released 19 August 2025. Verified printed pages are used only where retained with the source record, including p.205 for the direct Jansen Stage 2 table.
- 25 August 2025 BHP market document is a distinct later source path. It is cited only beside statements taken from that document; it is not interchangeable with the 19 August annual report.
The reporting as-of boundary for FY2025 facts is 30 June 2025 unless a statement is expressly labelled as a subsequent event. The 15 August 2025 Carajás/CoreX agreement is a post-balance-date event and does not reclassify the 30 June 2025 asset snapshot.
Source note: report titles above are the primary-source registry for the compact source notes in Sections 1–14. This report paraphrases, organises and compares public disclosures for explanatory purposes. Copyright in linked reports, company names, logos and third-party materials remains with their respective owners; MII Research does not claim affiliation with or endorsement by BHP, the ASX or cited organisations.
AI tools were used actively for evidence extraction, comparison, organisation, translation, drafting and explanatory visuals. Reasonable review was performed, but source and AI-system limits may leave errors, omissions, inconsistencies or translation/classification/interpretation issues.
This material is for descriptive and educational company-information purposes only. It is not investment advice, a securities recommendation, an invitation to buy or sell, a target price or a valuation. Public sources are used in good faith but accuracy, completeness and timeliness are not guaranteed. To the fullest extent permitted by law, MII Research disclaims liability for loss arising from use of or reliance on this material; nothing excludes liability that cannot lawfully be excluded. Readers should verify primary disclosures and obtain independent professional advice.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance, and should not be the sole or primary basis for any decision.
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