Form 6-K

6-K 1 d109957d6k.htm FORM 6-K Form 6-K

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

22 April 2026

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): ☐

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


				22 April 2026

Operational review for the nine months ended 31 March 2026

Strong operational performance in copper and iron ore, as we continue to advance our growth projects

“BHP has delivered strong performance over the past nine months, including record material mined and concentrator throughput at Escondida and record production at WAIO. These results reflect the consistency of our operations and the strength of our high margin diversified portfolio in an evolving operating environment.

In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of FY26 Group copper guidance. We continue to make steady progress across our copper growth program, consistent with our focus on long-life, high-quality copper supply and disciplined capital allocation. During the quarter we submitted a permit application for Escondida’s new concentrator, and Resolution Copper achieved a key milestone, allowing the project to progress drilling required to complete its mine design and feasibility study. Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction and finalising the divestment of Carajás, as well as cash received in relation to the earlier divestment of Blackwater and Daunia.

Our centralised procurement capability and our low-cost operations have positioned us advantageously in the face of industry wide pressure on the cost of energy and consumables as a result of the conflict in the Middle East.

From 1 July 2026, Brandon Craig will assume the role of CEO, taking BHP forward from a strong position with reliable operations and a significant pipeline of copper and potash growth projects, to deliver long term value through the cycle.”

Mike Henry,

BHP Chief Executive Officer


Summary

Operational excellence		CEO succession

Upper half copper; iron ore on track		Brandon Craig to succeed Mike Henry

FY26 Group copper production is now expected to be in the upper half of the guidance range, with Escondida (upper half) and Antamina (increased) offsetting Spence (lowered due to the ongoing challenges of managing variable ore characteristics). Samarco is now expected to achieve the top end of its FY26 production guidance range. FY26 unit cost guidance has been improved at Escondida, with BMA now guiding to the top end of its range. All other assets remain unchanged, however we continue to actively manage the impacts of higher diesel and consumables costs, as well as movements in foreign exchange rates, on the underlying cost base of our assets.		In March, the Board of BHP announced that Brandon Craig will become Chief Executive Officer (CEO) and a Director of BHP Group Limited on 1 July 2026, succeeding the current CEO, Mike Henry, who will step down after six and a half years in the role. Brandon brings more than 25 years of operational and corporate leadership experience at BHP to the role, most recently as BHP’s President Americas. During his time in this role, BHP became the world’s largest copper producer and advanced high quality growth options in copper and potash across Canada, the United States and South America.

Disciplined capital management		Copper growth

Extracting value from non-core assets		Advancing copper growth projects

In April, we completed a silver streaming transaction with Wheaton Precious Metals and received total upfront consideration of US$4.3 bn. We also finalised the divestment of the Carajás assets with US$240 m received on completion (plus cash adjustments), and with potential for up to an additional US$225 m to be received as contingent payments based on performance targets.		In March, we submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, which is the centre piece of Escondida’s growth program. Resolution Copper, a joint venture between Rio Tinto (55% and operator) and BHP (45%), completed a land exchange in Arizona, United States. Resolution Copper can now advance further resource data collection and initiate early underground development at one of the largest untapped, high-Ggrade copper resources in the world.



Production	Quarter performance								YTD performance					FY26 guidance

	Q3 FY26		v Q2 FY26			v Q3 FY25			YTD Mar FY26		v YTD Mar FY25			Previous		Current

Copper (kt)		476.8		(3	%)		(7	%)		1,460.9		(3	%)		1,900 – 2,000		1,900 – 2,000	*Upper half*

Escondida (kt)		303.2		(4	%)		(9	%)		949.3		(3	%)		1,200 – 1,275		1,200 – 1,275	Upper half

Pampa Norte (Spence) (kt)		44.6		(23	%)		(34	%)		158.1		(19	%)		230 – 250		210 – 220	Lowered

Copper South Australia (kt)		82.8		10	%		5	%		230.5		3	%		310 – 340		310 – 340	-

Antamina (kt)		44.1		15	%		43	%		116.2		19	%		140 – 150		150 – 160	Increased

Carajás (kt)		2.1		(11	%)		10	%		6.8		(6	%)		-		-	-

Iron ore (Mt)		62.8		(10	%)		2	%		196.6		2	%		258 – 269		258 – 269	-

WAIO (Mt)		60.9		(10	%)		1	%		190.7		1	%		251 – 262		251 – 262	-

WAIO (100% basis) (Mt)		69.8		(9	%)		3	%		216.3		2	%		284 – 296		284 – 296	-

Samarco (Mt)		1.9		(3	%)		17	%		5.9		37	%		7 – 7.5		7 – 7.5	Top end

Steelmaking coal – BMA (Mt)		3.8		(11	%)		(3	%)		13.0		1	%		18 – 20		18 – 20	-

BMA (100% basis) (Mt)		7.6		(11	%)		(3	%)		25.9		1	%		36 – 40		36 – 40	Lower half

Energy coal – NSWEC (Mt)		4.0		(12	%)		12	%		12.2		11	%		14 – 16		14 – 16	Upper half

Note: Updates with respect to FY26 production guidance since the HY26 Results Announcement are shown in italics.

BHP | Operational review for the nine months ended 31 March 2026

Segment and asset performance | FY26 YTD v FY25 YTD


Copper
Production 1,461 kt ê3% YTD Mar FY25 1,500 kt FY26e 1,900 – 2,000 kt Average realised price US$5.47/lb é31% YTD Mar FY25 US$4.19/lb		Total copper production decreased 3% to 1,461 kt. Copper production guidance for FY26 remains unchanged at between 1,900 and 2,000 kt and is now expected to be in the upper half of the range. Escondida 949 kt ê3% (100% basis) Production decreased primarily due to planned lower concentrator feed grade of 0.91% (FY25 YTD: 1.05%). This was partially offset by strong operational performance, with record material mined and record concentrator throughput, as well as improved recoveries driven by operational enhancements, including the introduction of new reagents. Cathode production increased, supported by higher sulphide leach production and additional leach pad irrigation. Production guidance for FY26 remains unchanged at between 1,200 and 1,275 kt and is now expected to be in the upper half of the range. Concentrator feed grade guidance remains unchanged at between 0.85 and 0.90% for the full year. Unit cost guidance for FY26 has been lowered to between US$1.00 and US$1.20/lb (from US$1.20 to US$1.50/lb previously), reflecting the increased contribution of by-product credits and strong operational performance. The Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, was submitted in March 2026. The new concentrator is expected to require an investment of between US$4.4 and US$5.9 bn to deliver between 220 and 260 ktpa of copper, more than offsetting the existing production capacity of the current Los Colorados plant. Subject to environmental permit approval, the project will progress towards an expected final investment decision (FID) in CY27-28, with potential first production between CY31-32.

		Pampa Norte (Spence) 158kt ê19%

		Production decreased due to challenges with managing the ore complexity, variation and declining grades at both the concentrator and the cathode plant.

		At the cathode plant, production decreased due to the planned decline in stacked feed grade as we progress deeper into the hypogene mineral area of the ore body. We continue to test the implementation of BHP’s Simple Approach to Leaching 2 (SaL2) technology at the sulphide leach pad to enable processing of hypogene ores and utilise latent capacity in the cathode infrastructure.

		At the concentrator, ongoing challenges associated with managing ore complexity and variability have reduced recoveries which requires additional ore blending and flotation time to address these impacts. We plan to invest in upgraded flotation cells, which are expected to enable improved processing and recoveries, with a potential FID in H1 FY27.

		Production guidance for FY26 has been lowered to between 210 and 220 kt (from between 230 and 250 kt previously).

		Copper South Australia 231 kt é3%

		Production increased primarily driven by strong underlying operational performance, and the weather-related power outage in the prior period. Olympic Dam achieved record material mined, ore milled and concentrate smelted while production also benefited from higher feed grades at Prominent Hill. Material mined at Carrapateena increased 11%, including record performance in Q3 FY26, which partially offset the impact of planned lower grades.

		Production guidance for FY26 remains unchanged at between 310 and 340 kt.

		By-product production was also strong, including record refined gold volumes.

		In Q3 FY26, concentrate and associated by-product sales decreased due to wet weather impacts at Prominent Hill, including site access road closures which affected logistics. This is expected to result in higher FY26 closing inventories.

BHP | Operational review for the nine months ended 31 March 2026



		Other copper

		At Antamina, copper production increased 19% to 116 kt as a result of planned higher feed grades and improved operational performance. Zinc production is 18% higher at 81 kt, as a result of planned higher feed grades. We now expect Antamina’s copper production for FY26 to be between 150 and 160 kt (from 140 to 150 kt previously). Zinc production guidance for FY26 remains unchanged at between 90 and 110kt.

		The divestment of Carajás to a subsidiary of CoreX Holding was completed on 2 April 2026 with US$240 m (plus cash adjustments) received on completion, and with potential for up to an additional US$225 m to be received as contingent payments based on a range of production and project related targets. Prior to divestment, Carajás had produced 6.8 kt of copper and 5.5 troy koz of gold.
Iron ore
Production 197 Mt é2% YTD Mar FY25 193 Mt FY26e 258 – 269 Mt Average realised price (WAIO) US$84.91/wmt é2% YTD Mar FY25 US$82.93/wmt		Iron ore production increased 2% to 197 Mt. Iron ore production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 191 Mt é1% \| 216 Mt (100% basis) WAIO achieved record production. At the mines, record material mined (up 7%) and draw down of inventory helped deliver record volumes from the Central Pilbara hub (South Flank and Mining Area C) with South Flank exceeding annualised nameplate capacity. At port, Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 FY26 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie- in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow. We have concluded iron ore sales contract negotiations with the China Mineral Resources Group (CMRG). Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt, 100% basis). Samarco 5.9 Mt é37% \| 11.8 Mt (100% basis) Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt and is now expected to be at the top end of the range, as a result of strong operating performance.

Coal Steelmaking coal
Production 13.0 Mt é1% YTD Mar FY25 12.9 Mt FY26e 18 – 20 Mt Average realised price US$200.25/t 0% YTD Mar FY25 US$200.12/t		BMA 13.0 Mt é1% \| 25.9 Mt (100% basis) Production increased with strong operational performance at the open cut operations, supported by the highest YTD stripping volumes in five years. This was partially offset by lower yield driven by mine sequencing in response to significant wet weather (the highest rainfall recorded in 15 years), ongoing geotechnical challenges at Broadmeadow, and Saraji South being placed into care and maintenance. The planned longwall move at Broadmeadow commenced in February and was completed in early April. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt, 100% basis), with production expected to be in the lower half of the range. Unit cost guidance for FY26 remains unchanged at between US$116 and US$128/t and is now expected to be at the top end of the range (previously upper half of the range). We expect to continue building raw coal inventory into CY27, to further improve operating stability.

BHP | Operational review for the nine months ended 31 March 2026


Energy coal

Production		NSWEC 12.2 Mt é11%

12.2 Mt é11% YTD Mar FY25 11.0 Mt FY26e 14 – 16 Mt Average realised price US$99.04/t ê15% YTD Mar FY25 US$115.99/t		Strong operational performance as a result of increased bypass coal due to mine sequencing. This was further supported by mining lower strip ratio areas. Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production expected to be in the upper half of the range.

Quarterly performance | Q3 FY26 v Q2 FY26


Copper		Iron ore
477 kt ê3% Q2 FY26 491 kt	Lower production at Escondida due to planned lower grades and at Spence due to the impact of complex ore characteristics on processing and recovery rates at the concentrator and lower stacked grades at the leach pad, partially offset by increased production at Copper SA and strong performance at Antamina.	63 Mt ê10% Q2 FY26 70 Mt	Lower production at WAIO driven by weather impacts from Tropical Cyclone Mitchell and Tropical Cyclone Narelle that led to a temporary port closure, operational adjustments and higher planned maintenance.
Steelmaking coal		Energy coal
3.8 Mt ê11% Q2 FY26 4.3 Mt	Lower production due to significantly higher rainfall as a result of Tropical Cyclone Koji, which restricted pit access and impacted stripping performance and yield during and after the event. This was partially offset by inventory drawdowns.	4.0 Mt ê12% Q2 FY26 4.6 Mt	Lower production due to lower bypass coal, wash plant feed and yield due to mine sequence, minor planned wash plant maintenance and unfavourable weather.

BHP | Operational review for the nine months ended 31 March 2026

Appendix 1

Average realised pricesⁱ


	Quarter performance						YTD performance

		Q3 FY26	v Q2 FY26		v Q3 FY25			YTD Mar FY26	v YTD Mar FY25

Copper (US$/lb)		5.86	(1	%)	29	%		5.47	31	%

Iron ore (US$/wmt, FOB)		85.35	0	%	(2	%)		84.91	2	%

Steelmaking coal (US$/t)		226.76	15	%	23	%		200.25	0	%

Energy coal (US$/t)ⁱⁱ		105.61	10	%	8	%		99.04	(15	%)

Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product 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.

ii	Export sales only. Includes thermal coal sales from steelmaking coal mines.

Current year unit cost guidance

FY26 unit cost guidanceⁱ

Unit cost

Previous

Current

Escondida (US$/lb)

1.20 – 1.50

1.00 – 1.20

Lowered

Spence (US$/lb)

2.10 – 2.40

Copper SA (US$/lb)ⁱⁱ

1.00 – 1.50

WAIO (US$/t)

18.25 – 19.75

BMA (US$/t)

116 – 128

Top end

i	FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. Italics signify an update since the HY26 Results Announcement.

ii	Copper SA unit cost guidance is calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.

Medium term guidanceⁱ


	Production guidance		Unit cost guidanceⁱⁱ

Escondidaⁱⁱⁱ		900 – 1,000 ktpa		US$1.50 – 1.80/lb

Spence		~235 ktpa		US$2.05 – 2.35/lb

WAIO (100% basis)^iv		>305 Mtpa		<US$17.50/t

BMA (100% basis)		43 – 45 Mtpa		<US$110/t

i	Medium term refers to a five-year time horizon unless otherwise noted.

ii	Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.

iii	FY27 production guidance of 1,000 – 1,100 kt. Medium term refers to an average for FY28 to FY31.

iv	Sustained production of >305 Mtpa (100% basis) from Q4 FY28.

Major projects


Commodity	Project and ownership	Project scope / capacity	Project expenditureⁱ US$M	First production target date	Progress

Potash	Jansen Stage 1 (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.	8,400	Mid-CY27	Project is 78% complete

Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.	Under review – update expected in Q4 FY26	FY31	Project is 15% complete

i	Includes: project capital expenditure, project operating expenditure, cost to construct right-of-use assets (i.e. Westshore port terminal and third-party rail line) and related contingencies.

Exploration

Minerals exploration and evaluation expenditure was US$275 m for YTD March FY26 (YTD March FY25: US$279 m), of which US$235 m was expensed (YTD March FY25: US$241 m).

BHP | Operational Review for the nine months ended 31 March 2026

Appendix 2

Production

Sales

Quarter ended

Year to date

Quarter ended

Year to date

Mar

Jun

Sep

Dec

Mar

Mar

Var

Mar

Jun

Sep

Dec

Mar

Mar

Var

2025

2026

2025

2026

2025

Group production and sales summary

SEC Form 6-K filed by BHP Group Limited