📑 What This Document Is

This document is a 6-K filing from BHP Group Ltd, an operational review covering the nine months ended March 31, 2026. Think of this as BHP's detailed progress report to investors and the public, explaining how their massive mining operations performed over that period. The goal is to show that despite global challenges, the company had a strong operational year, highlighting key successes and updating its outlook for the upcoming fiscal year (FY26).

👉 This filing is rich with metrics, so the key takeaway is that BHP is positioning itself for long-term growth by upgrading key assets and managing costs across its diverse global portfolio.

👷 Company Background and Scope

BHP Group Ltd is a global resources giant headquartered in Melbourne, Australia. It operates across several critical sectors—including copper, iron ore, and coal—meaning it is a diversified supplier to the global economy. The company runs massive, complex mining and processing operations in multiple countries, such as Chile, Australia, and Peru.

👉 As a major player in essential commodities, BHP’s revenue and performance are tied to the global demand for industrial metals and energy sources.

👑 Leadership and Strategy Shifts

The leadership team made a significant change during this reporting period. Mike Henry, the current CEO, announced his departure after six and a half years. He will be succeeded by Brandon Craig, who will assume the role of Chief Executive Officer on July 1, 2026. Brandon Craig brings over 25 years of experience, most recently serving as BHP’s President Americas.

👉 The transition signals continuity, as Brandon Craig has deep, established experience within BHP and has previously overseen the group becoming the world's largest copper producer.

💰 Financial and Capital Activity

BHP highlighted a major achievement in its balance sheet management: realizing significant capital from non-core assets. These transactions strengthen the company's overall financial stability and provide cash for future growth.

• Silver Streaming: In April, BHP completed a silver streaming transaction with Wheaton Precious Metals and received a total upfront consideration of US$4.3 billion.
• Divestments: The company finalized the divestment of Carajás assets, receiving US$240 million on completion. Additionally, cash was received from earlier divestments of Blackwater and Daunia.
• Total Cash Inflow: Combined with cash received from the Antamina silver streaming transaction (which amounted to ~US$4.8 billion), BHP has shown strong capacity to raise capital through strategic asset sales.

⚙️ Copper Production & Growth

Copper is a major focus for BHP, and the nine months show strong operational activity, particularly at the Escondida and Antamina sites. The company emphasized its focus on long-life, high-quality copper supply and disciplined capital allocation.

• Escondida (Chile): The company successfully submitted the Environmental Impact Declaration (DIA) permit for the crucial Escondida New Concentrator. This project, which requires an investment of US$4.4 to US$5.9 billion, is expected to boost capacity by between 220 and 260 kilotonnes per annum (ktpa) once operational.
• Antamina (Peru): Copper production at Antamina increased by 19% to 116 kt during the nine months. For the full fiscal year (FY26), BHP now expects copper production from Antamina to be between 150 and 160 kt (up from 140 to 150 kt previously).
• Pampa Norte (Spence): Despite challenges with managing complex ore characteristics, production was 158 kt (a decrease of 19% compared to the previous nine months). BHP noted that unit cost guidance for Escondida has been improved, lowering the estimate to between US$1.00 and US$1.20/lb.

⛏️ Iron Ore & Coal Performance

BHP reported robust performance in its bulk commodities, most notably Iron Ore and Coal. The strong results help position the company in an "evolving operating environment."

• WAIO (Australia): Iron ore production was 197 million tonnes (Mt), increasing by 2% compared to the previous nine months. The company concluded iron ore sales contract negotiations with the China Mineral Resources Group (CMRG).
• Samarco (Brazil): Production for Samarco was 5.9 Mt, a significant jump of 37% compared to the previous nine months. Management now expects Samarco’s FY26 production guidance to be at the top end of its range (7 to 7.5 Mt).
• BMA (Australia) - Steelmaking Coal: Production increased to 13.0 Mt, up 1% over the nine months. Although unit cost guidance remains stable, it is now expected to be at the top end of its range.

🚀 Key Growth & Projects

Beyond existing mines, BHP is actively investing in or developing future sources of revenue. These projects are crucial for maintaining long-term supply.

• Resolution Copper (Arizona, USA): This key joint venture advanced significantly by completing a land exchange, which allows it to proceed with further resource data collection and early underground development at one of the world's largest untouched, high-grade copper deposits.
• Jansen (Canada): This potash project has two stages. Stage 1 is 78% complete, and Stage 2 is currently "under review," with an update expected in Q4 FY26.

💎 Global Commodity Unit Costs

The operational review provided updated guidance on the costs to extract different materials. The ability to manage unit costs is vital to profitability.

• Escondida Copper: The unit cost guidance was proactively lowered to between US$1.00 and US$1.20/lb (down from US$1.20 to US$1.50/lb previously).
• Samarco: The production guidance, while stable, was updated to reflect stronger operating performance, now expecting to be at the top end of its range.
• Energy Coal (NSWEC): The average realized price for this commodity increased by 15% to US$99.04/t (from US$115.99/t in the prior period).

📅 Key Dates and Contacts

This section provides essential information for stakeholders needing to connect with BHP or follow future corporate events.

• CEO Transition: Brandon Craig is scheduled to assume the role of CEO on July 1, 2026.
• Media Relations: For media inquiries, please use the email [email protected].
• Investor Relations: For investor inquiries, the contact email is [email protected].
• Australia and Asia Contacts: For regional support, you can reach Gabrielle Notley at +61 411 071 715 or John-Paul Santamaria at +61 499 006 018.
• Latin America Contact: Renata Fernandez is available at +56 9 8229 5357.

🧠 The Analogy

Running a company like BHP is like managing a huge, multi-region orchestra. You aren't just playing one instrument (like iron ore); you are managing dozens of different sections—the powerful brass (copper), the steady strings (iron ore), and the rhythm section (coal). When one section, like the cello section at an old venue, faces logistical hurdles (like the complex ore at Spence), the rest of the orchestra—especially the star solos (Antamina and Escondida)—have to step up their performance and maintain the overall harmony while planning new, ambitious concert pieces (Jansen, Resolution Copper) for the future.

🧩 Final Takeaway

BHP showcased resilience and strong execution across its core commodities, successfully raising significant capital through divestments while updating its growth prospects for copper. The focus is clearly on advancing major, high-potential assets to secure long-term value in a demanding global market.