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BHP’s operational review

BHP’s operational review

(Posted on 25/01/21)

Chief Executive Officer, Mike Henry has released a statement on BHP’s operational review for the half year ended 31 December 2020:

“BHP delivered strong safety and operational performance in the first half of the 2021 financial year, including record production at Western Australia Iron Ore and concentrator throughput at Escondida.

Overall group production for the half was in line with previous strong results. We achieved a number of milestones, bringing on new production through the Spence Growth Option in Chile and the safe restart of Samarco in Brazil. In petroleum, we increased our stake in the high-quality Shenzi asset and Atlantis Phase 3 began production ahead of schedule. Coal production was impacted by wet weather in Australia and strike action in Colombia.

Our major development projects in iron ore, petroleum and potash are progressing well. We continue to build on our strong foundations, increasing future-facing options in copper and nickel through exploration, partnerships and acquisitions.

We are well positioned to sustainably grow shareholder and social value as the global economy recovers from the pandemic."

BHP expects to recognise an impairment charge of between US$1.15 billion and US$1.25 billion post tax in relation

to NSWEC and associated deferred tax assets, resulting in net operating assets of between US$250 million and

US$350 million (excluding tax). This reflects current market conditions for Australian thermal coal, the strengthening

Australian dollar, changes to the mine plan and updated assessment of the likelihood of recovering tax losses. This

will be reported as an exceptional item in the December 2020 half year. The broader carrying value assessment of

the Group’s assets is ongoing and will be finalised in conjunction with the release of the financial results on

16 February 2021.

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