Page 293 - Annual Report 2020

Copper

Mineral Resources
As at 30 June 2020 As at 30 June 2019 Strategic Report
Measured Resources Indicated Resources Inferred Resources Total Resources BHP Total Resources
Commodity Interest
Deposit (1) Ore Type Mt %TCu %SCu ppmMo g/tAu Mt %TCu %SCu ppmMo g/tAu Mt %TCu %SCu ppmMo g/tAu Mt %TCu %SCu ppmMo g/tAu % Mt %TCu %SCu ppmMo g/tAu
Copper Operations
Escondida (2) Oxide 113 0.65 − − − 42 0.58 − − − 5.0 0.59 − − − 160 0.63 − − − 57.5 185 0.63 − − −
Mixed 98 0.58 − − − 63 0.47 − − − 25 0.44 − − − 186 0.52 − − − 179 0.51 − − −
Sulphide 5,280 0.61 − − − 3,510 0.50 − − − 10,200 0.53 − − − 19,000 0.55 − − − 19,200 0.55 − − −
Cerro Colorado (3) Oxide 73 0.61 0.43 − − 116 0.64 0.45 − − 6.2 0.58 0.41 − − 195 0.63 0.44 − − 100 204 0.62 0.44 − −
Supergene Sulphide 44 0.60 0.11 − − 92 0.61 0.12 − − 21 0.65 0.10 − − 157 0.61 0.11 − − 164 0.62 0.11 − −
Transitional Sulphide 78 0.45 − − − 110 0.42 − − − 29 0.42 − − − 217 0.43 − − − 207 0.43 − − − Governance at BHP
Hypogene Sulphide − − − − − − − − − − 1,500 0.37 − − − 1,500 0.37 − − − 1,410 0.36 − − −
Spence (4) Oxide 36 0.63 0.42 − − 1.7 0.66 0.42 − − − − − − − 38 0.63 0.42 − − 100 39 0.64 0.42 − −
Low-grade Oxide 0.9 0.23 − − − 34 0.20 − − − 24 0.14 − − − 59 0.18 − − − 63 0.18 − − −
Supergene Sulphide 114 0.60 − − − 9.6 0.45 − − − 0.3 0.43 − − − 124 0.59 − − − 140 0.65 − − −
Transitional Sulphide 22 0.67 − 100 − 0.5 0.53 − 60 − − − − − − 23 0.66 − 100 − 22 0.68 − − −
Hypogene Sulphide 620 0.46 − 180 − 761 0.45 − 130 − 841 0.42 − 90 − 2,220 0.44 − 130 − 2,210 0.44 − 130 −
Copper Projects
Pampa Escondida Sulphide 294 0.53 − − 0.07 1,150 0.55 − − 0.10 6,000 0.43 − − 0.04 7,440 0.45 − − 0.05 57.5 7,440 0.45 − − 0.05
Pinta Verde Oxide 109 0.60 − − − 64 0.53 − − − 15 0.54 − − − 188 0.57 − − − 57.5 188 0.57 − − −
Sulphide − − − − − 23 0.50 − − − 37 0.45 − − − 60 0.47 − − − 60 0.47 − − − Remuneration Report
Chimborazo Sulphide − − − − − 139 0.50 − − − 84 0.60 − − − 223 0.54 − − − 57.5 223 0.54 − − −
Pinto Valley Miami unit (5) In situ Leach − − − − − − − − − − − − − − − − − − − − 100 214 0.31 − − −
Copper Uranium Gold Operations Mt %Cu kg/tU 3 O 8 g/tAu g/tAg Mt %Cu kg/tU 3 O 8 g/tAu g/tAg Mt %Cu kg/tU 3 O 8 g/tAu g/tAg Mt %Cu kg/tU 3 O 8 g/tAu g/tAg Mt %Cu kg/tU 3 O 8 g/tAu g/tAg
Olympic Dam OC Sulphide 3,300 0.66 0.21 0.33 1 3,440 0.61 0.20 0.26 1 3,330 0.60 0.20 0.23 1 10,070 0.62 0.21 0.27 1 100 9,880 0.63 0.21 0.28 1
UG Sulphide 412 1.74 0.49 0.68 4 524 1.64 0.47 0.59 3 105 1.65 0.40 0.63 3 1,041 1.68 0.47 0.63 3 1,012 1.70 0.48 0.64 3
Copper Zinc Operations Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo
Antamina (6) Sulphide Cu only 223 0.83 0.11 6 280 418 0.83 0.13 8 260 589 0.81 0.13 8 290 1,230 0.82 0.13 8 280 33.75 1,200 0.80 0.13 8 280
Sulphide Cu-Zn 102 0.85 1.84 16 80 226 0.93 1.87 16 90 235 1.00 1.55 15 90 563 0.94 1.73 16 90 601 0.93 1.71 16 90 Directors’ Report
UG Sulphide Cu only − − − − − − − − − − 301 1.31 0.22 11 210 301 1.31 0.22 11 210 296 1.28 0.22 13 200
UG Sulphide Cu-Zn − − − − − − − − − − 171 1.28 1.54 17 80 171 1.28 1.54 17 80 174 1.26 1.35 17 70

Deposit Ore Type Mineral Resources Ore Reserves
Olympic Dam OC Sulphide Variable between 0.10%Cu and 0.30%Cu −
UG Sulphide Variable between 0.80%Cu and 1.30%Cu Variable between 1.10%Cu and 1.40%Cu
Low-grade − ≥ 0.65%Cu
Antamina Sulphide Cu only Net value per concentrator hour incorporating Net value per concentrator hour incorporating
all material revenue and cost factors and includes all material revenue and cost factors and includes
metallurgical recovery (see footnote 9 for averages). metallurgical recovery (see footnote 9 for averages).
Mineralisation at the US$0/hr limit is equivalent Mineralisation at the US$6,000/hr limit is equivalent
0.17%Cu, 3.2g/tAg, 89ppmMo with 6,700t/hr to 0.17%Cu, 2.2g/tAg, 139ppmMo with 6,700t/hr Financial Statements
mill throughput. mill throughput.
Sulphide Cu-Zn Net value per concentrator hour incorporating Net value per concentrator hour incorporating
all material revenue and cost factors and includes all material revenue and cost factors and includes
metallurgical recovery (see footnote 9 for averages). metallurgical recovery (see footnote 9 for averages).
Mineralisation at the US$0/hr limit is equivalent Mineralisation at the US$6,000/hr limit is equivalent
to 0.07%Cu, 0.59%Zn, 6.1g/tAg with 6,500t/hr to 0.08%Cu, 0.72%Zn, 8.7g/tAg with 6,500t/hr
mill throughput. mill throughput.
UG Sulphide Cu only Net smelter return (NSR) value incorporating –
all material revenue and includes metallurgical 6
recovery. Only sub-level stoping mining method
at US$53.8/t break-even cut-off was applied,
equivalent to 0.84%Cu, 8.9g/tAg and 220ppmMo.
NSR estimates are based on Cu price of US$3.30/lb,
Ag price of US$19.95/oz and Mo price of US$10.00/lb
and predicted metallurgical recoveries of 89% for
Cu, 77% for Ag and 35% for Mo.
UG Sulphide Cu-Zn NSR value incorporating all material revenue and – Additional information
includes metallurgical recovery. Only sub-level
stoping mining method at US$53.8/t break-even
cut-off was applied, equivalent to 0.70%Cu, 1.00%Zn
and 13.8g/tAg. NSR estimates are based on Cu price
of US$3.30/lb, Zn price of US$1.23/lb and Ag price
of US$19.95/oz and predicted metallurgical
recoveries of 78% for Cu, 80% for Zn and 44% for Ag.
Antamina – All metals used in net value calculations are assumed to be recovered into concentrate and sold.
(2) Escondida – The decrease in Oxide ore type was mainly due to depletion and an update in the resource estimate supported by additional drilling. Change in Mineral
Resources Sulphide ore type cut-off criteria aligned to updated Sulphide Leach Ore Reserves cut-off criteria.
(3) Cerro Colorado – The decrease in the Supergene Sulphide ore type was mainly due to depletion. Shareholder information
(4) Spence – The decrease in Low-grade Oxide and Supergene Sulphide ore types was mainly due to depletion. The increase in Transitional Sulphide ore type was due
mainly to an update in the resource estimate supported by additional drilling.
(5) Pinto Valley Miami unit – Project review has been performed and does not currently meet the reasonable prospects for eventual economic extraction.
(6) Antamina – The decrease in Sulphide Cu-Zn ore type was mainly due to depletion partially offset by an update in the resource estimate supported by
additional drilling.

BHP Annual Report 2020 291