Bhp Group Ltd · ASX:BHP
Bhp — Bank of America Global Metals, Mining & Steel Conference 2025
16 slides from Bhp's conference presentation, May 13, 2025
Slide 1: Bank of America Global Metals, Mining & Steel Conference 2025
Bank of America Global Metals, Mining & Steel Conference 2025 Mike Henry Chief Executive Officer Copper South Australia
Slide 2: Disclaimer
Disclaimer The information in this presentation is current as at 13 May 2025. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the half year ended 31 December 2024. Forward-looking statements This presentation contains forward-looking stateme
Slide 3: BHP's commodities are resilient
BHP's commodities are resilient We are well positioned for the multiple scenarios that could play out Portfolio impacts US effective Global China Steelmaking Copper Potash tariff rate GDP impact materials 4.5 to 5.0% GDP growth Mild Pre-tariffs 2.5% ~3% Stable Positive positive Stimulus expected Esc
Slide 4: Consistent performance through the cycle
Consistent performance through the cycle Our winning strategy, high quality assets and disciplined approach has helped us deliver operational consistency in volatile markets Industry leading margins generated through the cycle…1 …enabled us to deliver strong operating cashflow of >$15 bn2 (Underlyin
Slide 5: Strong balance sheet provides optionality
Strong balance sheet provides optionality Our net debt, leverage and gearing remains low BHP has low absolute leverage vs. sector3 Net debt target range has been revised over time Illustrative leverage (Net debt / LTM EBITDA, x) (Gearing, %) (Net debt, US$ bn) (Net debt US$ scenario / LTM EBITDA) 3.
Slide 6: Our organic options leverage our strengths
Our organic options leverage our strengths We have growth underway from our existing assets and an attractive portfolio of projects Delivering volume growth near term… BHP Operating System (BOS) and our approach to operational excellence… Jansen Western Australia Highest margins vs competitors1 BMA
Slide 7: Consistently delivering operational excellence
Consistently delivering operational excellence Leveraging the BHP Operating System (BOS) we have created an ongoing advantage on costs versus major competitors WAIO continues to outperform6 … …and we are replicating this success at Escondida7 (Iron ore C1 unit cost, US$/t) (Copper net unit cost, US$
Slide 8: WAIO set to generate strong cashflow through the cycle
WAIO set to generate strong cashflow through the cycle China to maintain current steel production rates for several years with iron ore cost support in the range of ~US$80-100/t 8 FY20 to HY25 average demonstrates resilience WAIO’s low cost is a competitive advantage9 2024 US$/dmt All-in cost curve
Slide 9: BMA well positioned
BMA well positioned Growing demand for BMA’s higher-quality steelmaking coal over the medium term and beyond BMA is largest producer of Premium Hard Coking Coal…11 …with sales highly leveraged to growing demand from India and SE Asia (CY24 estimated seaborne sales by product quality, % share) (BMA C
Slide 10: Delivering copper growth and significant future optionality
Delivering copper growth and significant future optionality BHP is world’s largest copper producer12 with largest copper resource base13 Absolute copper EBITDA growth14 (US$ bn) 🠅 US$4.4bn 🠅 US$1.3bn 🠅 US$1.9bn 🠇 US$(0.8)bn 🠅 US$0.2bn Absolute copper EBITDA growth/decline 10.1 5.7 4.5 3.4 3.8…
Slide 11: Dip to be filled as Escondida growth program advances
Dip to be filled as Escondida growth program advances Pre-2030s production update gives confidence to extend medium term guidance; permitting and other initiatives tracking well Growth program schedule continues to be optimised, positive impact on medium term • Building on strong operating performan
Slide 12: Vicuña indicates world class potential
Vicuña indicates world class potential Resource updates at Filo del Sol (FdS) and Josemaria an important step towards the development of emerging copper district A long-term strategic alliance between BHP and Lundin Mining Vicuña large scale vs. global projects17 (Total resource and reserves of unde
Slide 13: Jansen's strengths similar to WAIO's
Jansen’s strengths similar to WAIO’s Developing a best in class new potash mine expected to generate strong cashflow through the cycle WAIO Jansen Pilbara Favourable position in a Saskatchewan Australia world class basin Canada 29.5 Bt 6.5 Bt >60 of total Significant resource base ~55 of total YEARS
Slide 14: Why BHP?
Why BHP? A winning strategy, world class assets operated well and a clear, disciplined approach to capital allocation Winning strategy Focus on commodities with large scale and differentiated drivers leveraged to megatrends Best track record of delivering guidance World’s lowest cost major Operation
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Slide 16: Footnotes
Footnotes 1. Slide 4, 6: BHP Underlying EBITDA margin (excluding third party products). Competitor data compiled from publicly available information (company reports). Bloomberg commodity index (Source: Bloomberg, BCOM Index) as at the end of each quarter. 2. Slide 4, 6: See chart demonstrating cons
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