We achieved another strong operational performance during the half. Measures to counter the risk from
COVID-19 remain in place.
Record production was achieved at Western Australia Iron Ore (WAIO) and record average concentrator
throughput was delivered at Escondida.
Group copper equivalent production was broadly flat in the December 2020 half year. Strong underlying
operational performance offset the impacts of planned maintenance, natural field decline, copper grade
decline and adverse weather.
Production guidance for the 2021 financial year remains unchanged for petroleum and metallurgical
coal. Iron ore guidance has increased to between 245 and 255 Mt as a result of the restart of Samarco
in December 2020. Copper guidance has been narrowed to between 1,510 and 1,645 kt and reflects
strong performance at Escondida. Energy coal guidance has been reduced to between 21 and 23 Mt
following a 91-day strike at Cerrejón.
Full year unit cost guidance(1) (based on exchange rates of AUD/USD 0.70 and USD/CLP 769) remains unchanged for the 2021 financial year.
Our major projects under development are progressing to plan. The Spence Growth Option achieved
first production in December 2020, on schedule and on budget. The Jansen Stage 1 project remains on
track for Final Investment Decision in the middle of the 2021 calendar year. South Flank is tracking well
and is on schedule for first production in the middle of the 2021 calendar year.
In petroleum, we completed the acquisition of an additional 28% interest in Shenzi, a tier one asset with
optionality, on 6 November 2020.
The financial results for the December 2020 half year are expected to reflect certain items as
summarised in the table on page 3 and includes an impairment charge of between US$1.15 billion and
US$1.25 billion post tax (exceptional item) in relation to New South Wales Energy Coal (NSWEC) and
associated deferred tax assets.
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