BHPLF BHP Billiton Ltd (PK)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 19, 2022

BHP GROUP LIMITED

(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):  ☐

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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

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NEWS RELEASE

BHP OPERATIONAL REVIEW

FOR THE QUARTER ENDED 30 SEPTEMBER 2022

BHP Chief Executive Officer, Mike Henry:

“We have started the new financial year strongly, achieving safe and reliable operating performance. The first quarter included significant planned major maintenance in Western Australia Iron Ore (WAIO), BHP Mitsubishi Alliance (BMA), and Olympic Dam.

Copper production was up nine per cent on the same quarter last year, with strong concentrator throughput at Escondida and record quarterly anode production at Olympic Dam. WAIO continued to perform strongly, with production up by 3% relative to the same period last year, and we managed through substantial rainfall and labour constraints in our coal assets with production only down marginally year on year. Our full year production and unit cost guidance is unchanged.

The South Flank iron ore ramp-up and the Jansen potash project are tracking well, with work ongoing to bring forward first production from Jansen Stage 1 and accelerate Jansen Stage 2.

During the quarter, BHP struck a new agreement to supply our WAIO port facilities with renewable electricity, which is expected to halve GHG emissions from the electricity used, signed an MoU with India’s Tata Steel to collaborate on lower GHG emission steelmaking and announced a partnership with Pan Pacific Copper to reduce GHG emissions from maritime transportation, as we take further action to reduce GHG emissions from our operations and support decarbonisation of our suppliers and customers.

We expect global macro-economic uncertainty in the short term to continue to affect supply chains, energy costs, labour markets and equipment and materials availability. BHP remains well positioned, with a portfolio and balance sheet to withstand external challenges and a strategy positioned to benefit from the global mega-trends of decarbonisation and electrification.”

Decarbonisation

Throughout the September 2022 quarter we’ve continued to make progress towards our decarbonisation targets and goals and supported efforts to reduce GHG emissions in our value chain.

Copper – Total copper production increased by nine per cent to 410 kt. Guidance for the 2023 financial year remains unchanged at between 1,635 and 1,825 kt.

Escondida copper production increased by four per cent to 253 kt primarily due to higher concentrator feed grade of 0.83 per cent compared to 0.73 per cent in the September 2021 quarter. Guidance for the 2023 financial year remains unchanged at between 1,080 and 1,180 kt, with production weighted toward the second half of the year. Medium term guidance of 1.2 Mtpa of copper production on average over the next five years remains unchanged.

Pampa Norte copper production increased by five per cent to 71 kt reflecting the continued ramp up of the Spence Growth Option (SGO). Guidance for the 2023 financial year remains unchanged at between 240 and 290 kt. This reflects plant design modification shutdowns at SGO and the continued transition towards the planned closure of Cerro Colorado at the end of the 2023 calendar year. The SGO plant modifications started in August 2022 and are planned to finish in the 2023 calendar year, with further studies ongoing for additional capacity uplift.

At Spence, we continue to closely monitor previously identified Tailings Storage Facility (TSF) anomalies. We have reduced the volume of water in the tailings facility and continue to work with the local regulatory agencies, including the implementation of a remediation plan for the TSF. The SGO concentrator continues to operate with no impact to production or market guidance. Spence is expected to reach an average of approximately 270 ktpa of production for four years (including cathodes) following the completion of the SGO plant modifications and remediation of TSF anomalies.

Olympic Dam copper production increased by 68 per cent to 50 kt primarily as a result of the September 2021 quarter having included the SCM21 major smelter maintenance campaign. Strong smelter performance resulted in record gross anode² production in the September 2022 quarter, however copper cathode production was constrained by planned annual refinery maintenance. Near record gold production was also achieved in the quarter as a result of debottlenecking initiatives implemented in the prior year. Production guidance for the 2023 financial year remains unchanged at between 195 and 215 kt.

Antamina copper production increased by four per cent to 37 kt, reflecting higher concentrator throughput. Zinc production decreased by two per cent to 33 kt reflecting lower zinc head grades. Guidance remains unchanged for the 2023 financial year, with copper production of between 120 and 140 kt, and zinc production of between 115 and 135 kt.

Iron Ore

Production

Iron ore – Total iron ore production increased by three per cent to 65 Mt. Guidance for the 2023 financial year remains unchanged at between 249 and 260 Mt.

WAIO production increased by three per cent to 64 Mt (72 Mt on a 100 per cent basis), reflecting continued strong supply chain performance and lower COVID-19 related impacts than the prior period, partially offset by wet weather impacts. South Flank ramp up to full production capacity of 80 Mtpa (100 per cent basis) remains on track. Natural variability in the ore grade is expected as the mine progresses through the close to surface material, however this is expected to stabilise as we move deeper into the ore body and achieve full ramp up.

WAIO production guidance for the 2023 financial year remains unchanged at between 246 and 256 Mt (278 and 290 Mt on a 100 per cent basis) and reflects the tie-in of the port debottlenecking project (PDP1) as well as the continued ramp up of South Flank throughout the year.

Samarco production of 1.1 Mt (BHP share) reflected continued production of one concentrator, following the recommencement of iron ore pellet production in December 2020. Guidance for the 2023 financial year is unchanged at between 3 and 4 Mt (BHP share).

Metallurgical coal – BMA production was marginally lower than the prior period at 7 Mt (13 Mt on a 100 per cent basis) despite record wet weather during the September 2022 quarter³ and ongoing labour shortages. These impacts have been largely offset by an inventory drawdown, and the continued ramp up of autonomous haul truck fleets at Goonyella. Maintenance activities completed in the quarter included a planned longwall move at Broadmeadow, planned wash plant maintenance at both Saraji and Blackwater, and the commencement of wash plant maintenance at Goonyella in September.

The near tripling of top end royalties by the Queensland Government remains a serious concern and threat to investment and jobs in that state. We see strong long-term demand from global steelmakers for Queensland’s high-quality metallurgical coal. In the absence of fiscal terms that are both competitive and predictable, we are unable to make significant new investments in Queensland.

Guidance for the 2023 financial year remains unchanged at between 29 and 32 Mt (58 and 64 Mt on a 100 per cent basis).

Energy coal – New South Wales Energy Coal (NSWEC) production decreased by 38 per cent to 3 Mt, reflecting the ongoing impacts of significant wet weather with more than three times the amount of rainfall than the prior year,⁴ continued labour shortages impacting stripping performance and mine productivity, and an increased proportion of washed coal. Higher quality coals made up approximately 85 per cent of sales compared to approximately 70 per cent in the September 2021 quarter. Guidance for the 2023 financial year remains unchanged at between 13 and 15 Mt.

Nickel – Nickel West production increased by 16 per cent to 21 kt, reflecting the completion of planned maintenance across the supply chain in the prior period. Guidance for the 2023 financial year remains unchanged at between 80 and 90 kt, weighted to the second half of the year due to planned smelter maintenance in the December 2022 quarter.

Potash – Our major potash project under development is tracking to plan. For the 2023 financial year, we will continue to focus on civil and mechanical construction on the surface and underground, as well as equipment procurement and port construction.

Minerals exploration

Minerals exploration expenditure for the September 2022 quarter was US$73 million, of which US$58 million was expensed.

Following our agreement with Midland Exploration in April 2022 to fund a new nickel exploration program in Nunavik, Quebec, on 21 July 2022 we extended our strategic alliance for one year until August 2023, including agreement to provide additional funding for the program.

At Oak Dam in South Australia, BHP is continuing next stage resource definition drilling with six drill rigs.

Variance analysis relates to the relative performance of BHP and/or its operations during the three months ended September 2022 compared with the three months ended September 2021, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding.

The following footnotes apply to this Operational Review:

The following abbreviations may have been used throughout this report: cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); megawatt (MW); metre (m); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand ounces (koz); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 28 ‘Subsidiaries’ of the Financial Statements in BHP’s 30 June 2022 Appendix 4E 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, particularly in light of the current economic climate and significant volatility, uncertainty and disruption arising in connection with COVID-19. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

Further information on BHP can be found at: bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

BHP Group Limited ABN 49 004 028 077

LEI WZE1WSENV6JSZFK0JC28

Registered in Australia

Registered Office: Level 18, 171 Collins Street

Melbourne Victoria 3000 Australia

Tel +61 1300 55 4757 Fax +61 3 9609 3015

BHP Group is headquartered in Australia

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Production summary

Production summary

Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.

Production and sales report