NEWS RELEASE

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Release Time IMMEDIATE Date 28 November 2017 Location Melbourne Release Number 36/17

Minerals Australia Briefing

BHP Minerals Australia President, Mike Henry, today outlined plans to grow value and improve returns on capital across the Company’s Australian operations.

Speaking to investors and analysts at a briefing in Adelaide, Mr Henry said BHP’s large, long-life, low-cost Australian assets underpin current margins and future optionality.

“The quality, scale, concentration and location of our assets support improvement initiatives, compelling latent capacity options, efficient technology deployment and attractive investment opportunities.

“By sharing knowledge and replicating best practice across our global portfolio, we’ve been able to substantially reduce unit costs at our Australian mining operations over the last five years. But we have further to go. We can make ourselves safer and even more productive, and expect to lower our unit costs by a further 10 per cent over the medium-term.

“Through strengthening our maintenance capability and processes, including by bringing in expertise from other industries, and through better leveraging technology, our global Maintenance Centre of Excellence is enabling a step-change in maintenance performance across BHP. With our global technology initiatives and asset-level programs to unlock resources and lower costs, we expect our Australian mining operations to deliver US$1.6 billion of additional productivity gains over the next two years,” Mr Henry said.

“We also have a suite of attractive medium-term investment opportunities. While these remain subject to our strict Group-level capital allocation framework tests, with average returns potentially exceeding 40 per cent, they are well placed to compete for capital.”

Mr Henry highlighted the Brownfield Expansion option (BFX) at Olympic Dam as an example of a project with the potential to deliver sustainable returns to shareholders, government and the local community.

Also speaking at the briefing, Olympic Dam Asset President Jacqui McGill, said the BFX option could provide a capital efficient path to increased capacity through accelerated development into the Southern Mine Area.

“As we move into the Southern Mine Area we expect to see the copper grade increase to 3 per cent by financial year 2023, which we believe would coincide with a structural deficit in the copper market.

“If approved, the BFX option could lift production capacity to 330 ktpa and move Olympic Dam into the first quartile of the cost curve, which is where we strive to be with all our assets at BHP. Any investment however, must compete for capital against all other options, including returns to shareholders.”

Ms McGill also outlined longer-term development options that had the potential to significantly increase the volume of copper produced, including the use of heap leach technology.

Combined, these plans create significant value and support improved returns both at Olympic Dam and across BHP’s minerals operations in Australia.

Presentations will be webcast live at https://edge.media-server.com/m6/p/3vman8qu and all materials be available on our website at http://www.bhp.com//media/documents/media/reports-and-

presentations/2017/171128_mineralsaustraliaupdateandolympicdambriefing.pdf.

Further information on BHP can be found at: bhp.com

Media Relations

Email: [email protected]

Australia and Asia

Ben Pratt Tel: +61 3 9609 3672 Mobile: +61 419 968 734

United Kingdom and South Africa

Neil Burrows Tel: +44 20 7802 7484 Mobile: +44 7786 661 683

North America

Judy Dane Tel: +1 713 961 8283 Mobile: +1 713 299 5342

BHP Billiton Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne Victoria 3000 Australia Tel +61 1300 55 4757 Fax +61 3 9609 3015

Investor Relations

Email: [email protected]

Australia and Asia

Tara Dines Tel: +61 3 9609 2222 Mobile: +61 499 249 005

United Kingdom and South Africa

Rob Clifford Tel: +44 20 7802 4131 Mobile: +44 7788 308 844

Americas

James Wear Tel: +1 713 993 3737 Mobile: +1 347 882 3011

BHP Billiton Plc Registration number 3196209 LEI 549300C116EOWV835768 Registered in England and Wales Registered Office: Nova South, 160 Victoria Street London SW1E 5LB United Kingdom Tel +44 20 7802 4000 Fax +44 20 7802 4111

Members of the BHP Group which is headquartered in Australia

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Mike Henry President Operations, Minerals Australia 28 November 2017

Disclaimer

Forward-looking statements

This presentation contains forward-looking statements, which may include statements regarding: trends in commodity prices and currency exchange rates; demand for commodities; plans, strategies and objectives of management; closure or divestment of certain operations or facilities (including associated costs); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; productivity gains; anticipated cost reductions; provisions and contingent liabilities; tax and regulatory developments.

Forward-looking statements can be identified by the use of terminology such as ‘intend’, ‘aim’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘may’, ‘should’, ‘will’, ‘continue’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of operations or financial condition, or provide other forward-looking statements.

These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements.

For example, future revenues from our operations, projects or mines described in this presentation will be based, in part, upon the market price of the minerals, metals or petroleum produced, which may vary significantly from current levels. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing operations.

Other factors that may affect the actual construction or production commencement dates, costs or production output and anticipated lives of operations, mines or facilities include our ability to profitably produce and transport the minerals, petroleum and/or metals extracted to applicable markets; the impact of foreign currency exchange rates on the market prices of the minerals, petroleum or metals we produce; activities of government authorities in some of the countries where we are exploring or developing these projects, facilities or mines, including increases in taxes, changes in environmental and other regulations and political uncertainty; labour unrest; and other factors identified in the risk factors discussed in BHP’s filings with the US Securities and Exchange Commission (the “SEC”) (including in Annual Reports on Form 20-F) which are available on the SEC’s website at www.sec.gov.

Except as required by applicable regulations or by law, the Group does not undertake any obligation to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.

Non-IFRS and other financial information

BHP results are reported under International Financial Reporting Standards (IFRS). This presentation may also include certain non-IFRS (also referred to as alternate performance measures) and other measures including Underlying attributable profit, Underlying EBITDA (all references to EBITDA refer to Underlying EBITDA), Underlying EBIT, Adjusted effective tax rate, Controllable cash costs, Free cash flow, Gearing ratio, Net debt, Net operating assets, Operating assets free cash flow, Principal factors that affect Underlying EBITDA, Underlying basic earnings/(loss) per share, Underlying EBITDA margin and Underlying return on capital employed (ROCE) (all references to return on capital employed refer to Underlying return on capital employed). These measures are used internally by management to assess the performance of our business and segments, make decisions on the allocation of our resources and assess operational management. Non-IFRS and other measures have not been subject to audit or review and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.

Presentation of data

Unless specified otherwise: variance analysis relates to the relative performance of BHP and/or its operations during the 2017 financial year compared with the 2016 financial year; data is presented on a continuing operations basis from the 2014 financial year onwards; copper equivalent production based on 2017 financial year average realised prices; references to Underlying EBITDA margin exclude third party trading activities; data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP’s share; medium term refers to our five year plan. Queensland Coal (QCoal) comprises the BHP Billiton Mitsubishi Alliance (BMA) asset, jointly operated with Mitsubishi, and the BHP Billiton Mitsui Coal (BMC) asset, operated by BHP. Numbers presented may not add up precisely to the totals provided due to rounding.

‘BHP’, ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’, ‘ourselves’ are used to refer to BHP Billiton Limited, BHP Billiton Plc and, except where the context otherwise requires, their respective subsidiaries listed in Note 13 of the financial statements in BHP’s Annual Report on Form 20-F.

No offer of securities

Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell BHP securities in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.

Reliance on third party information

The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Key messages

Portfolio	Large, long-life, low-cost ore bodies close to key Asian customers Portfolio quality, simplicity and optionality supports current margins and future opportunities

	Productivity gains of >US$1.6 billion to be delivered over the next two years Targeting >10% reduction in copper equivalent unit costs over the medium term
Maximise cash flow

	Attractive investment options well-suited to market outlook but subject to strict capital allocation framework tests >40% average IRR1 for medium-term investment options
Capital discipline

	Driving value through productivity, technology, latent capacity and investment Detailed plans to further improve Return On Capital Employed2 to ~30% by FY22
Value and returns

Latent capacity and brownfield projects for Minerals Australia assets; consensus prices, refer to slide 12 for additional detail.
Average Minerals Australia ROCE is calculated after tax at FY17 realised prices; excludes Nickel West.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Our strategy

Value and returns are at the centre of everything we do

Simple portfolio

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Simple portfolio Distinctive enablers
Shareholder
value and
Diversified exposure to preferred Charter Values and
commodities returns culture of connectivity
Safety, productivity and
Tier 1 upstream assets
operational excellence
Technology and systems to
Attractive geographies
optimise resource and capital
Licence to Capital discipline, balance sheet
Valuable options
strength and shareholder returns
operate
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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Simple portfolio with valuable optionality

High-margin upstream assets competitively placed on the cost curve

Quality resource
average Fe grade of 61%[1] ; ~25% lump; strip ratio of 1.3x[1]
premium hard coking coal (coke strength[2] 64%) and energy coal (calorific value[2] >6,000 kCal/kg)
third largest copper equivalent deposit (ore at >2.5% average copper grade for decades)
Large scale, concentrated footprint in favourable jurisdiction, close to tidewater and to Asian markets
largest seaborne metallurgical coal supplier and major iron ore supplier
Life of Asset plans range from 50 to 125 years, with growth optionality
Experienced leadership team enabled by streamlined operating model
improved connectivity between assets
reducing overheads while improving functional support

Minerals Australia portfolio

(FY17 EBITDA margin, %)

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Western Australia
Note: Bubble size
Olympic Dam Iron Ore
70 represents Life of
with BFX [3] Asset planning
60
100
years
50 Queensland
Coal
NSW
40
Energy Coal
30
Olympic Dam
20 Today
10
1 [st] 2 [nd] 3 [rd] 4 [th]
Cost curve position [4] (quartile)
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Average from FY18 to FY22.
Coke Strength after Reaction (CSR); calorific value is Gross As Received (GAR); Wood Mackenzie data.
BFX project remains subject to strict capital allocation framework tests; consensus prices and FX; Life of Asset planning subject to future mine planning. 4. QCoal coking coal cost curve position excludes Blackwater; Wood Mackenzie data.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Safety is our first priority

We must continue to drive to eliminate fatalities and injuries

Safety performance

(12-month rolling average TRIF)

Fatal incident at Goonyella (August 2017)
Continued reduction in TRIF[1] to 6.2 in FY17

Our approach to improve safety

Safety Field Leadership: deployed across the organisation including in-field verification of material and fatal risks
Manufacturing mindset: improving our tooling, standardising and simplifying our systems, and redesigning our work
Asset integrity: Maintenance practices to reduce unplanned outages and enhanced Process Safety Management
Technology: using automation and data analysis to remove our people from harms’ way
TRIF: Total Recordable Injury Frequency per million hours worked.

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8.0
7% reduction
6.0
4.0
Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17
Significant Injuries Frequency (SIF) [[2]]
2.0
1.0
0.0
Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17
SIF (1 month) SIF (3-month moving average)
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Significant Injuries Frequency (SIF)[[2]]

SIF: Significant Injury Frequency per million hours worked (including first aid cases and above that occurred in scenarios that could have resulted in a fatality).

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Contributing to our communities

• Significant contribution to the Australian economy

US$15 billion[1] in FY17
includes US$3.8 billion of taxes and royalties paid to the Australian government (Federal 47%, State 30% and Local 23%)

• Engaging our communities

local buying program started in Queensland, has been extended to NSW and most recently rolled out to SA and WA
school-based trainee and apprenticeship program
Indigenous Employment Plan focused on attraction, retention, and leadership development

• Advocating for our communities

to ensure our success is shared with our host communities

• Operating sustainably

endowments established to ensure sustainable conservation activities, including Five Rivers Conservation
Represents BHP’s economic contribution to Australia; BHP FY17 Economic Contribution Report.

US$15 billion in total economic contribution in FY17

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Communities
Shareholders
Employees
Suppliers
Taxation - local
Taxation - state
Taxation - federal
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Five Rivers Conservation

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Improving returns by driving performance

Specific plans to improve after tax Return On Capital Employed to ~30% by FY22 (at FY17 prices)

	Western Australia Iron Ore Queensland Coal NSW Energy Coal Olympic Dam Minerals Australia
FY17 – ROCE	26% 23% 22% 1% ~20%
Culture, technology, standardised work practices and Global Centres of Excellence	Improved truck productivity Improved truck and shovel productivity Improved truck and wash plant productivity Increased jumbo and truck productivity Rail scheduling optimisation CRSC1 ramp up Ayredale pit development Smelter campaign maintenance Train Loadout remote loading Integrated Remote Operations Centre Multiple Elevated Roadways Integrated Remote Operations Centre Truck and drill automation Truck and drill automation Production creep High-grade Southern Mine Area Port availability program initiatives Blackwater 4 Mtpa expansion Refinery upgrade Production creep Production creep Expand the materials handling capacity
FY22 – ROCE2	~40% ~40% ~30% ~6%3 ~30%

Caval Ridge Southern Circuit.
Minerals Australia assets’ ROCE is calculated after tax at FY17 realised prices; excludes Nickel West.
Prior to the completion of Brownfield Expansion (BFX); if approved.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

Technology improves safety, costs and unlocks resource

Digital technologies will remove overloading and variability providing a stable base for safety and improvement

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MINING &
FOUNDATIONS GEOSCIENCE PLANNING RAIL PORT MARKETING
PROCESSING
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Improving safety

Delivering productivity

Unlocking resource

Removing people from harms’ way

Minimising variability in operations

Improving resource understanding

Jimblebar autonomous haulage demonstrating lower TRIF and a 2% utilisation improvement, plans to replicate at other sites
Automation of blast hole drills at WAIO, to be extended to trucks, longwall and shiploading activities
Real time data capture capability via down hole assay tools in exploration and blast holes minimises drilling in waste
Intelligent risk dashboards allow simple access to material risks, critical controls and verifications
IROC to be replicated at Olympic Dam, building on successful Coal replication from WAIO
Advanced sensors installed at Olympic Dam to establish foundation for Precision Mining
Driver Safety System deployed in buses at Yandi to reduce fatigue-related driver risk

Minimising exposure to environmental hazards

Electric Light Vehicle trials at Olympic Dam to reduce worker exposure to Diesel Particulate Matter by 50%
Real-time condition monitoring to prevent unplanned breakdowns using sensors on conveyors to check belt thickness
Rail scheduling optimiser is improving rail utilisation rates at WAIO by transforming human expertise and data into digital knowledge for faster decisions
Maintenance Centre of Excellence to utilise machine learning and data analytics to reduce unplanned work and accelerate best practice
Blast movement transmitters at Nickel West lift precision in low-grade Nickel Sulphide recovery
NSWEC 3D seismic survey enable us to exploit resource strengths to overcome its challenge
Heap leaching technology program progressing at Olympic Dam with potential to deliver cost efficient processing

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Reducing costs through productivity

Delivers sustained incremental cash flows

Benchmarking with one enterprise system, better integration of operational data and improved efficiency with standardised equipment
US$9 billion productivity gains delivered since FY12 and >50% reduction in copper equivalent unit costs[1]
Expect to deliver >80% of BHP’s US$2 billion productivity gains over next two years and >10% reduction in unit costs[1] over medium term

Unit costs2	WAIO (US$/t) Queensland Coal (US$/t) NSW Energy Coal (US$/t) Olympic Dam (US$/lb) Nickel West (US$/lb)
FY12	30 148 56 4.04 8.54
FY17	14.60 60 41 1.81 4.70
FY18	<14 59 46 ~2.10 ~4.50
Best practice replication and productivity benchmarking	Port Availability Program initiatives Increasing pre-strip productivity Multiple Elevated Roadways Increased jumbo and truck productivity Haul truck utilisation improvement
	Deliver improved equipment productivity Effective equipment allocation via IROC Ayredale pit development Reset asset stability Value chain extended to nickel sulphate
	Crusher interface improvements Improved wet weather haulage Improved wet weather haulage High-grade Southern Mine Area Refinery debottlenecking
Medium term	<13 ~54 ~40 ~1.003 Different product mix

Operating cost per copper equivalent tonne presented on a continuing operations basis excluding royalties and BHP's share of volumes from equity accounted investments; copper equivalent production based on FY17 average realised prices.
WAIO, QCoal and NSWEC exclude freight and royalties; OD FY12 includes freight and is presented gross of by-product credits (~US$1.40/lb), FY17 onwards excludes freight and is presented net of by-product credits; Nickel West includes third party purchases and additional costs to move downstream, with FY18 results normalised using FY17 nickel price. FY18 guidance and medium-term unit cost targets are based on an exchange rate of AUD/USD 0.75 and are in nominal terms.
Prior to the completion of Brownfield Expansion (BFX); if approved.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

Further to go on our productivity journey

Focused on key productivity enablers across the business

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Improvement in WAIO port outflow capacity Outflow
(Tonnes per shiploader/hour) (Mt)
6,000 300
5,000 225
4,000 150
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
Port gross loading rate (LHS) Port outflow (RHS)
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Primary haul truck operating hours[1]

(Hours)

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8,000
4,000
0
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
Nickel West NSWEC WAIO QCoal
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Improving NSWEC stripping productivity
(Mt per truck/year)
6
5
4
3
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
Ultra-class trucks Target
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Rising BMA wash plant productivity
(Production hours)
8,760
6,880
5,000
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
BMA wash plant Target
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Truck hours exclude queue time; 793 trucks for Western Australia Iron Ore and Nickel West, Ultra Class trucks for Queensland Coal (BMA) and NSW Energy Coal.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Simple portfolio with valuable optionality

Attractive options well-suited to the commodity price outlook but subject to strict capital allocation framework tests

Sustaining	Latent capacity Brownfield Greenfield Future optionality
WAIO • South Flank	• Creep to 290 Mtpa • Resource to support beyond 290 Mtpa
Queensland Coal • Saraji pit restarts • Creek diversions	• CRSC • Blackwater expansion • Caval Ridge expansion • Wards Well • Goonyella second longwall • Saraji expansion
NSW Energy Coal	• Potential to increase bypass coal • Ayredale pit development
Olympic Dam • Restore operational stability	• SMA (to 230 ktpa) • BFX (to 330 ktpa) • ODEP (to 450-500 ktpa)
Nickel West • Resource transition *Capital(US$ billion) Average IRR1* (%) *CuEq volume2* (kt)	• Debottlenecking refinery to 84 kt • Nickel sulphate • Cobalt sulphate • Cathode precursor 1.2 2.3
	>70% ~25%
	>380 ~240
	>40% average IRR1 for medium-term growth options

Note: CRSC – Caval Ridge Southern Circuit; SMA – Southern Mine Area; BFX – Brownfield Expansion; ODEP – Olympic Dam Expansion Project. 1. Weighted by capital expenditure; consensus prices.

Copper equivalent production based on FY17 average realised prices; represents average production after ramp-up (irrespective of date achieved); BHP share.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

WAIO: Maximising value from installed infrastructure

Pathway to 290 Mtpa run rate by end FY19

Improving product mix with South Flank[2] (Grade, Fe %)

ramp up of additional primary crusher and conveying capacity at Jimblebar

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65
64
Peer 1
Portfolio
BHP with South Flank
63
production
62
BHP
61
Peer 2
Portfolio
60
59
100
58
Peer 3 Mt
Portfolio
57 Note: Bubble size
represents production
56
-10 0 10 20 30 40
Product mix (% of lump and pellets)
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rail capacity improvement through scheduling optimisation, without additional tracks
working with government and local communities to increase export license to 290 Mtpa
South Flank project to be submitted for Board approval mid-CY18; first ore targeted CY21
capital cost in the range of US$30-40/t, fits within US$4/t sustaining capex over the next five years; IRR >30%[1]
increases Fe grade and lump proportion for overall product mix
improves MAC product grade
Multiple high-grade resources with size >1 Bt as longer-term sustaining options (not required until after 2040)
Consensus prices.
BHP share.

Source: Publicly available information and BHP internal analysis. Peer group comprises Vale, Fortescue Metals Group and Rio Tinto.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

QCoal: Latent capacity and expansion opportunities

Caval Ridge Southern Circuit latent capacity project tracking to plan
10 Mtpa (100% basis) wash plant capacity enabled through project execution
IRR[1] >80% and capital investment of US$204 million (100% basis)
first production expected in early FY19
Potential future opportunities with attractive returns
Blackwater expansion would support 4 Mtpa (100% basis) capacity increase through increased metallurgical coal bypass
expansion of the Caval Ridge wash plant with the addition of a third module would unlock 5.7 Mtpa (100% basis) capacity
greenfield underground longwall potential at Wards Well premium hard coking coal resource

Productivity offsets closed operations (Production[2] , Mtpa)

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40
30
FY14 Closure Productivity FY17 FY18e Medium term
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Consensus prices.
BHP share.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

NSWEC: Managing monocline challenge

Potential increase in bypass coal with volumes expected to increase to ~22 Mtpa in the medium term
‘Path to Value’ study concluded in CY17
re-opening Ayredale Pit in FY18 to gain earlier access to high margin resource with average strip ratio ~9% lower than the remainder of the operation over the next decade
Multiple Elevated Roadways to mitigate cycle time impacts caused by the monocline: optimised haulage route to reduce cycle times and increase productivity

Multiple Elevated Roadways (MERs) reduces cycle times[1] (Average cycle time, minutes)

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40
30
20
10
FY18 FY19 FY20 FY21 FY22
Without MERs With MERs
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MERs enable flatter haulage to reduce cycle time
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Without MERs

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With MERs
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Estimated results using BHP internal analysis.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

Nickel West: Extending life and increasing margins

Production sustained by the discovery and development of resources at Venus, Yakabindie and Leinster B11
increasing confidence of life extension to 2040
Kwinana Refinery debottlenecking aspiring to take capacity to 84kt over medium term
Margin improvement by moving to higher value products
Stage 1 nickel sulphate plant to 100 kt approved
first production expected in April 2019
capital investment of US$43 million and IRR[1] >40%
Stage 2 to 200 kt nickel sulphate potential

Potential to debottleneck refinery capacity (Capacity, ktpa) 90

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60
30
0
Impala Norilsk Minara Sherritt Ambatovy Nickel Nickel
Nickel Harjavalta Resources (CA) (MG) West West
(ZA) (RU) (AU) (FY17) (Medium
term)
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1. Consensus prices.

Source: BHP analysis.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Key messages

Portfolio	Large, long-life, low-cost ore bodies close to key Asian customers Portfolio quality, simplicity and optionality supports current margins and future opportunities

	Productivity gains of >US$1.6 billion to be delivered over the next two years Targeting >10% reduction in copper equivalent unit costs over the medium term
Maximise cash flow

	Attractive investment options well-suited to market outlook but subject to strict capital allocation framework tests >40% average IRR1 for medium-term investment options
Capital discipline

	Driving value through productivity, technology, latent capacity and investment Detailed plans to further improve Return On Capital Employed2 to ~30% by FY22
Value and returns

Latent capacity and brownfield projects for Minerals Australia assets; consensus prices, refer to slide 12 for additional detail.
Average Minerals Australia ROCE is calculated after tax at FY17 realised prices; excludes Nickel West.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

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Appendix

BHP guidance

Copper	FY18e
Olympic Dam
Production (kt)	150	Major smelter maintenance campaign is phased through August to December 2017.
Unit cash costs (US$/lb)	~2.10
Iron Ore	FY18e
Western Australia Iron Ore
Production (Mt, 100% basis)	275 – 280
Unit cash costs (US$/t)	<14	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t)	4	FY18e–FY22e average; includes capital cost for South Flank; +/- 50% in any given year.
Coal	FY18e
Queensland Coal
Production (Mt)	44 – 46
Unit cash costs (US$/t)	59	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t)	8	FY18e–FY22e average; +/- 50% in any given year.
NSW Energy Coal
Unit cash costs (US$/t)	46	Excludes freight and royalties; based on an exchange rate of AUD/USD 0.75.
Sustaining capital expenditure (US$/t)	5	FY18e–FY22e average; +/- 50% in any given year.

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

WAIO: Asset snapshot

Overview of asset Western Australia Iron Ore (WAIO) is an integrated system of four processing hubs and five mines, connected by more than 1,000 kilometres of rail infrastructure and port facilities in the Pilbara region of northern Western Australia.

At each mining hub – Newman, Yandi, Mining Area C and Jimblebar – ore from mines is crushed, beneficiated (where necessary) and blended to create high-grade hematite lump and fines products. Iron ore products are then transported along the Port Hedland – Newman Rail Line to the Finucane Island and Nelson Point port facilities at Port Hedland.

WAIO’s port facilities at Nelson Point are owned by the Mt Newman JV, and Finucane Island is owned by the Mt Goldsworthy JV. BHP interest varies between 85 and 100% across joint ventures.

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

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(FY18e, %)
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Contractors and consultants
11% 7%
Consumables
5% 13% 28%
Labour
Port and rail
Royalties, rates and taxes
19%
Fuel and electricity
Other
25%
72%
Fixed
20%
Variable
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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Queensland Coal: Asset snapshot

Overview of asset Queensland Coal comprises the BHP Mitsubishi Alliance (BMA) and BHP Mitsui Coal (BMC) assets in the Bowen Basin in Central Queensland, Australia.

BMA operates seven Bowen Basin mines (Goonyella Riverside, Broadmeadow, Daunia, Peak Downs, Saraji, Blackwater and Caval Ridge) and owns and operates the Hay Point Coal Terminal near Mackay. With the exception of the Broadmeadow underground longwall operation, BMA’s mines are open-cut, using draglines and truck and shovel fleets for overburden removal. BMA is owned by BHP (50%) and Mitsubishi (50%).

BMC owns and operates two open-cut metallurgical coal mines in the Bowen Basin (South Walker Creek and Poitrel). BMC is owned by BHP (80%) and Mitsui and Co (20%).

Queensland Coal has access to key infrastructure in the Bowen Basin, including a modern, multi-user rail network and its own coal-loading terminal at Hay Point. Queensland Coal also has contracted capacity at three other multi-user port facilities, including the Port of Gladstone (RG Tanna Coal Terminal), Dalrymple Bay Coal Terminal and Abbot Point Coal Terminal.

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

(FY18e, %)

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Contractors and consultants
Consumables
Labour
Port and rail
Royalties, rates and taxes
Fuel and electricity
Other
70%
Fixed
Variable
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9%
24%
8%
30%
17%
17%
13%
12%
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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

NSWEC: Asset snapshot

Overview of asset New South Wales Energy Coal (NSWEC) consists of the Mt Arthur Coal open-cut energy coal mine in the Hunter Valley region of New South Wales, Australia. The site produces coal for domestic and international customers in the energy sector. BHP interest is 100%.

BHP owns a 35.5% interest in Newcastle Coal Infrastructure Group (NCIG), which operates the Newcastle Third Port export coal loading facility.

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Cash costs Fixed versus variable split (approximate)
(FY18e, %) (FY18e, %)
Contractors and consultants
10%
17%
Consumables
11% 30% Labour
Port and rail
Royalties, rates and taxes
11% 18%
Fuel and electricity
Other
70%
17% Fixed
16%
Variable
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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Olympic Dam: Asset snapshot

Overview of asset Olympic Dam is one of the world’s largest ore bodies. Located 560 kilometres north of Adelaide, it is one of the world’s largest deposits of copper, gold and uranium, and it also has a significant deposit of silver. Olympic Dam operates a fully integrated processing facility from ore to metal.

Olympic Dam’s underground mine is made up of more than 450 kilometres of underground roads and tunnels. The asset extracts copper uranium ore, with the ore hauled by automated train to feed underground crushing, storage and ore hoisting facilities.

Olympic Dam’s processing plant consists of two grinding circuits in which high-quality copper concentrate is extracted from sulphide ore through a flotation extraction process. The asset includes a fully integrated metallurgical complex with a grinding and concentrating circuit, a hydrometallurgical plant incorporating solvent extraction circuits for copper and uranium, a copper smelter, a copper refinery and a recovery circuit for precious metals. BHP interest is 100%.

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

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(FY18e, %) (FY18e, %)
8%
10%
28%
35%
4%
1%
23%
19%
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Contractors and consultants Consumables Labour Port and rail Royalties, rates and taxes Fuel and electricity Other 72% Fixed Variable

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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Nickel West: Asset snapshot

Overview of asset Nickel West is a fully integrated mine-to-market nickel business. All nickel operations (mines, concentrators, a smelter and refinery) are located in Western Australia. The integrated business adds value throughout our nickel supply chain, with the majority of Nickel West’s production sold as powder and briquettes. Low-grade disseminated sulphide ore is mined from Mt Keith, a large open-pit operation. The ore is crushed and processed on-site to produce nickel concentrate. High-grade nickel sulphide ore is mined at Cliffs and Leinster underground mines and Rocky’s Reward open-pit mine. The ore is processed through a concentrator and dryer at Leinster. Nickel West’s concentrator plant in Kambalda processes ore and concentrate purchased from third parties. The three streams of nickel concentrate come together at the Nickel West Kalgoorlie smelter, a vital part of our integrated business. The smelter uses a flash furnace to smelt more than 700 ktpa of concentrate to produce nickel matte. Nickel West Kwinana then refines granulated nickel matte from the Kalgoorlie smelter into nickel powder and premium-grade nickel metal briquettes containing over 99 per cent nickel. Nickel matte and metal are exported to overseas markets via the Port of Fremantle.

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Cash costs Fixed versus variable split (approximate)
(FY18e, %) (FY18e, %)
5% Contractors and consultants
11% Consumables
30% 30%
Labour
2%
3% Port and rail
Royalties, rates and taxes
Fuel and electricity
Other
22%
70%
Fixed
27%
Variable
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Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Bulk operations material moved and strip ratios

BMA

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(Material moved, Bt) (Strip ratio [1] , x)
3.0 18.0
1.5 9.0
0.0 0.0
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
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NSW Energy Coal

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(Material moved, Bt) (Strip ratio [1] , x)
0.4 8.0
0.2 4.0
0.0 0.0
FY13 FY14 FY15 FY16 FY17 FY18e FY19e
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Western Australia Iron Ore
BMC
(Material moved, Bt) (Strip ratio [1] , x)
(Material moved, Bt) (Strip ratio [1] , x)
0.4 12.0 1.2 2.0
0.8
0.2 6.0 1.0
0.4
0.0 0.0 0.0 0.0
FY13 FY14 FY15 FY16 FY17 FY18e FY19e FY13 FY14 FY15 FY16 FY17 FY18e FY19e
Material moved Strip ratio
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Represents total overburden stripping (bcm) to production (tonnes).

Minerals Australia: Realising value and improving returns across our portfolio

28 November 2017

Further productivity initiatives to reduce unit costs

WAIO – High margins driven by product mix and improvement initiatives (Unit cost, US$ per tonne)

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16
8
0
FY16 FY17 FY18e Medium term
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FY17 costs of US$14.60/t includes rail program (US$0.20/t), stock write offs (US$0.15/t), exploration (US$0.30/t), and private royalties (US$0.30/t)
Unit cost <US$14/t in FY18 and <US$13/t in medium term
Port Availability Program to reduce downtime
delivery of benchmark equipment productivity
optimising mine plans, reducing no-feed delays and re-handle
optimising shutdown performance (duration and frequency)

QCoal – Low cost producer in the Bowen Basin with competitive margin performance (Unit cost, US$ per tonne)

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60
30
0
FY16 FY17 FY18e Medium term
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FY17 unit costs of US$60/t impacted by Tropical Cyclone Debbie
Unit cost <US$59/t in FY18 and ~US$54/t in medium term
best practice and Playbook program to benchmark and improve truck production hours
Employee agreement renewal to focus on flexibility to better enable simplicity, safe productivity improvements and cost efficiencies

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

On the journey to sustainable unit cost

NSWEC – Mitigating geological constraints (Unit cost, US$ per tonne)

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50
25
0
FY16 FY17 FY18e Medium term
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FY17 cash costs of US$41/t
FY18 cost of US$46/t as we mine through the monocline structure and additional buy-in stripping costs in Southern pit areas
Medium-term guidance of ~US$40/t
Multiple Elevated Roadways (MERs) and new mining sequence has increased stripping productivity enabling lower unit costs in the medium term

Nickel West – Developing higher margin products (Unit cost[1] , US$ per tonne)

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15,000
7,500
0
FY16 FY17 FY18e Medium term
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Margin improvement driven through entry into downstream nickel sulphate investment
Unit costs impacted by nickel price linked third party nickel feed purchases
Transition to our new mines in the northern region will underpin unit cost performance
Nickel West unit costs include third party purchases and additional costs to move downstream; FY18 and medium term unit costs have been normalised using FY17 Nickel price.

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

Optimised mine plan at NSWEC mitigates adverse cost impacts

Reduces truck cycle times delivering sustainable margin improvement

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Without MERs
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With MERs
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New Mine Plan - a fundamental change

Exploits resource strengths to overcome its challenge – large constant strip ratio post monocline enables longterm resource to be traded for lower costs today
Nil “buy-in” cost which benefits low delivery risk
Delivered by underlying mine design

New Mine Plan - traversing the monocline

Traversing the monocline

Still less dump volume released per strip mined
Waste still hauled further back and higher up, but higher bridge has eliminated down haul component
Reduced inefficiency enables lower cycle times

Post the monocline

High, mid and low waste haulage will be

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predominantly flat with down haulage eliminated
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New Mine Plan - post the monocline

Ultimate pit and dump geometry unchanged but, the crosspit bridge grows and more roadways as pit deepens

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New Mine Plan cross-pit bridges

Current Mine Plan cross-pit bridges

Hauling waste down eliminated and much less waste hauled up leading to shorter cycle times and higher truck productivity

Minerals Australia: Realising value and improving returns across our portfolio 28 November 2017

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Marketing Minerals Bringing commercial insight to all steps of the value chain

Vicky Binns Vice President, Marketing Minerals 28 November 2017

Disclaimer

Forward-looking statements

Non-IFRS and other financial information

Presentation of data

No offer of securities

Reliance on third party information

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Key messages

Commercial Leveraging market intelligence from mine to customer to drive value creation acumen Using commercial expertise to ensure products are placed with the right customers for the best price Global Sustained growth in global steel demand over the next decade steel Long-term demand driven by emerging Asia, enabled by China’s Belt and Road Initiative Bulk Chinese policy impacting short-term demand and pricing commodities Structural reform underpins longer-term demand for high-quality iron ore and metallurgical coal Structural deficit to emerge in the early 2020s Copper Demand is expected to grow at 2-3% CAGR to 2025, emerging markets to drive growth outlook Supply growth challenged by grade decline, increased costs and limited new developments Uranium Inventory overhang supressing short-term price outlook outlook Olympic Dam’s first quartile cash cost position ensures profitable uranium stream

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Our approach to value creation is end to end

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Supply Marketing
Total cost of
Shareholder Value-in-use
ownership
Revenue
Unit cost reduction value and
enhancement
Economies of scale
returns Product placement
and scope
Inbound supply chain
Product quality
optimisation
Parts and service Upstream resource
availability value maximisation
Stock management Throughput capacity
Payment terms Distribution
Working capital Supply chain cost
optimisation reduction
Inventory reduction Working capital
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Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

China’s winter restrictions

Will cut steel production but support stronger steel profitability

Map of “2+26” cities in China with winter restriction

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Level I restriction (4 cities)
Level II restriction (24 cities)
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Market share of “2+26” cities in China
(%)
50
25
0
Coking capacity Blast furnace Fixed asset Industrial GDP
capacity investment
China steel gross profit margin
(US$ per tonne)
150
Historical Forward curve
100
50
0
(50)
Jan 15 Jan 16 Jan 17 Jan 18
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Note: Forward margin calculation based on forward curve as of 3 November 2017. Coking capacity includes a few cities outside “2+26” region which also join winter production cut. Source: NBS; Fenwei Energy; Mysteel; SHFE; DCE; BHP.

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Structural reform in China

Underpins long-term demand for high quality iron ore and metallurgical coal

Iron ore fines price realisation relative to Value in Use

Metallurgical coal portfolio skewed towards premium quality

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($/wmt FOB Basis) (BHP supply in the seaborne metallurgical coal market, pictorial representation)
1.5
high
0.0 Premium
low-volatile
Customer target Premium
(1.5) Coke blend box mid-volatile
quality Premium coals
Tier-2 hard
(3.0) Semi-soft
coking coal
coking coal
Semi-hard
5Mt of BHP
BHP Peer 1 Peer 2 Peer 3 coking coal
production volume
low
(4.5)
H1 CY15 H2 CY15 H1 CY16 H2 CY16 H1 CY17
lower Price higher
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Note: The normalised price performance is the difference between the expected price based on ViU on prompt basis. Peer group comprises Rio Tinto, Vale and FMG. Source: BHP assessment based on publically available information.

Marketing Minerals: Bringing commercial insight to all steps of the value chain

28 November 2017

Emerging Asia to drive long-term steel demand

Enabled by China’s Belt and Road Initiative

Map of new integrated steel plants[[2]]

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Global finished steel demand growth breakdown Map of new integrated steel plants [[2]]
(million tonnes finished steel)
2,000
1.7% CAGR Silk Road Economic
Belt
3.1% CAGR
1,500
21 [st] Century Maritime
Silk Road
1,000
500
00
BMA and BMC
Source: Platts; worldsteel; BHP analysis.
1. Emerging Asia includes India, ASEAN and other South Asian countries. New integrated steel mills in India and Southeast Asia
2. New integrated steel projects commissioned or being built since 2017.
RoW
2006A China Emerging Asia¹ 2016A RoW China Emerging Asia¹ 2026E
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Marketing Minerals: Bringing commercial insight to all steps of the value chain

28 November 2017

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l
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Shorter-term copper market drivers

Copper market expected to remain finely balanced over the next few years

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Chinese consumption by source – 2016 Copper concentrate shortfall 2017-2020
(Mt Copper in concentrate)
2
Blister imports
Scrap imports
Domestic scrap
(Cat 7)
~1.5Mt
Scrap imports
(Cat 6)
Domestic mines
1
Cathode imports ~0.7Mt
(less stocks)
Concentrate
0
imports
Chinese primary smelter Copper in concentrate
capacity growth supply growth¹
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Chinese consumption by source – 2016

Source: Wood Mackenzie; BHP analysis.

Source: BGRIMM Li Lan; BHP analysis.

Represents incremental net capacity or mine supply (contained copper basis, net of disruption) in 2020 over 2017 excluding Copperbelt intermediate products which are unlikely to be available as concentrate.

Marketing Minerals: Bringing commercial insight to all steps of the value chain

28 November 2017

Strong longer-term copper fundamentals

Structural deficit to emerge in the early 2020s as additional supply is required to meet growing demand

Significant capital investment required to meet supply gap Grade decline, increased input costs and limited new discoveries (US$bn over the next 10 years)

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40
30
20
10
0
Chile / Peru Other Latin Amercia Asia Canada / Alaska Russia / Other CIS Australia DRC / Zambia USA Other
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Source: BHP analysis.

Two-thirds of the world have significant upside in consumption With demand expected to grow at 2-3% CAGR to 2025 (kg Cu/capita, 2016)

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12
China
10
Advanced
8 Bridging the gap
6
4
Rest of World
2
India
Note: Bubble size
represents population
0
0 10 20 30 40 50
(GDP/capita, 2016)
-2
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Source: Wood Mackenzie, BHP analysis. Consumption per capita is based on Total Copper Consumption. Advanced Economies: USA; Canada; Europe; Japan; Korea; Taiwan; Australia.

Marketing Minerals: Bringing commercial insight to all steps of the value chain

28 November 2017

Electric Vehicles – positive for long-term copper demand

EVs contain four times as much copper as a conventional medium sized car

Global light duty EV annual sales forecast (2018-2030)

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‘Green’ EV sales
(~40% CAGR)
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‘Central’ EV sales
(~30% CAGR)
Range of analyst
forecasts
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2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

BEV copper intensity by car segment in China – 2016 (kg/unit)

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Buses
Executive cars
Large cars
Medium cars
Small cars
Mini cars
0 50 100 150 200
Battery Motor Wire harness Others
Source: Fbetter.
BEV: battery electric vehicles.
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Incremental copper demand from Hybrids and EVs
(Mt copper) 1.9
1.5
Electric buses
1.3
Light duty vehicles 1.1
0.9
0.7
0.6
0.5
0.3
0.3
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
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Analyst forecast to 2025 includes UBS; BoAML; IDTechEx; Liberum; Woodmac; BNEF; Navigant and IHS. Source: BHP analysis.

‘EVs’ include both Battery Electric Vehicles and Plugin Hybrid Electric Vehicles

Source: IDTechEx.

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Renewables – positive for long-term copper demand

Attractive long-run economics and the importance of decarbonisation drive a sustained high-growth path for wind and solar

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Global power generation capacity Cu intensity by power generation type
(TW) (kg/KW)
12.0
Wind + Solar:
29% Wind - Offshore ~10
10.0
Solar ~5
8.0 Wind + Solar:
10%
Wind - Onshore ~3.5
6.0
Natural gas ~3
4.0
Nuclear ~2.5
2.0
Hydro ~2
0.0
2015 2020 2025 2030 2035
Coal ~2
Fossil fuels Nuclear Hydro Wind Solar Other
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Source: BHP analysis.

Source: ICA; BHP analysis.

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Risks – China substitution and emergence of scrap

Risks from aluminium substitution in power cable and growing use of scrap

Tracking substitution developments

China semis copper demand and old scrap generation

National Key Draft National Design Code[1] to codification recommend not using Aluminium Alloy Cables Government CNIA[2] and MIIT[2] policy-neutral, with no policy promotion of Aluminium over Copper Share of copper in the State Grid in 2016 Power • dominant in medium-voltage cable • grid some pressure in low-voltage cable

some pressure in low-voltage cable
Power cable production up +2% YoY YTD[3]

Spot Copper: Aluminium price ratio ~3.2 Price Historically ratios ~3.5 to 4 x encourage faster difference substitution

Source: ICA; BHP analysis.

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Actual Forecast
~20 year lag
1980 1990 2000 2010 2020 2030
China semis China old scrap
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National Code for Design of Cables for Electric Engineering (GB50217). Recommendation applies to voltages above 1kV.
CNIA: China Non-Ferrous Industry Association, MIIT: Ministry of Industry and Information Technology.
International Copper Association: power cable production Mar-Aug 2017 vs Mar-Aug 2016.

Source: BHP analysis.

Marketing Minerals: Bringing commercial insight to all steps of the value chain

28 November 2017

Uranium outlook muted in the short term

Reliable supplier despite subdued short-term market conditions

Low spot price exposes many mines despite long-term contracts
many producers are “out of the money” at spot prices
Inventory overhang prevails amid lacklustre short-term growth

Our position is resilient in a long-term downside scenario

Even if US and EU reactor retirements advance or renewables gain larger share, Asia will need uranium
Olympic Dam envious position
proximity to growing Asian market
first quartile cash cost position with uranium as a by-product

Operating reactors

(# reactors)

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800
 Forecast
400
0
1955 1965 1975 1985 1995 2005 2015 2025 2035
Forecast History
Cost curve in FY2030
(US$/lb U3O8, real 1 January 2017)
120 BHP Other
60
0
0 10 20 30 40 50 60 70 80 90 100 110 120 130 140
)
Olympic Dam (post BFX
Secondary supply
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Source: BHP analysis.

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

Key messages

Marketing Minerals: Bringing commercial insight to all steps of the value chain 28 November 2017

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Brandon Craig Vice President, Maintenance 28 November 2017

Disclaimer

Forward-looking statements

Non-IFRS and other financial information

Presentation of data

No offer of securities

Reliance on third party information

Maintenance Centre of Excellence: A distinctive enabler 28 November 2017

Key messages

Safety and productivity	Maintenance Centre of Excellence (MCoE) to drive step-change in safety and productivity Analysing data and designing processes to reduce unplanned work and accelerate continuous improvement

	Data analytics applied to a single enterprise-wide system leverages BHP’s scale and simplicity Standardised, repeatable process applied to our most critical equipment, replicated globally
Efficiency

	Targeting a >3.5% increase in the availability of our top 70 equipment categories by FY22 Equivalent to an additional ~8 Mt iron ore, ~2 Mt coal and ~45 kt copper
Performance

	Targeting a 15-25% reduction in maintenance costs by FY22 Delivers savings of US$60 million in FY18, US$170 million in FY19 and ~US$700 million p.a. by FY22
Value and returns

Maintenance Centre of Excellence: A distinctive enabler 28 November 2017

Why a Maintenance Centre of Excellence?

A critical enabler to delivering a step-change in safety, operating and capital costs

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~35% US$3.5 billion p.a. 10,000 people
of injuries occur in maintenance spend (16% of Group
maintenance (~30% of operational spend) workforce)
Over 3,000 780,000
machines ~1.75 million unique materials
(trucks, loaders, dozers, jobs annually (~25% of Group
drills, excavators) trade working capital)
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Maintenance Centre of Excellence: A distinctive enabler

28 November 2017

BHP’s Maintenance Centre of Excellence

A fundamentally different way of partnering with our operations

Operating Model increases specialisation of maintenance professionals
global hub and spoke model
drives improved performance across each stage of the maintenance value chain
Leading-edge data science and analytical techniques applied to one enterprise-wide system
Globally standardised ways of planning and performing work
scale leads to greater frequency of task repetition and faster improvement cycle
rapid identification and replication of best practice
planning co-located with supply chain teams for optimal frontline productivity
Automation and continuous improvement of maintenance systems and processes

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Houston
(in planning)
Master Data Manila (in design)
(Group Asset Services)
Master Data
Kuala Lumpur Identifying and deploying
(Group Asset best practice
Services)
Perth planning
centre MCoE global hub
Brisbane planning centre
Santiago
Adelaide planning centre
(in detailed design)
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Maintenance Centre of Excellence: A distinctive enabler 28 November 2017

Harnessing our systems to enhance safety and culture

Designing for safety across maintenance work

Targeting a significant reduction in BHP’s total recordable injury frequency (TRIF)
maintenance represents ~35% of all injuries occurring across our operations
Development and continuous improvement of equipment strategies and work design is integral to safety
eliminating unnecessary work
standardising how tasks get performed
Planning accuracy and stability has reduced unplanned activity, leading to a safer and more productive working environment

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A more controlled and stable working environment
(Schedule adherence to the week [1] , %)
90
80
70
60
MCoE begins partnering with Minerals Australia
50
Oct 16 Dec 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17
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Schedule adherence to the week measures whether a work order was completed within the week that it was scheduled to be executed. Represents work associated with the control of material risks (Minerals Australia).

Maintenance Centre of Excellence: A distinctive enabler

28 November 2017

Data analysis to accelerate improvement

Leveraging our enterprise-wide system to extract value from millions of data points

Data science and analytical techniques enable optimised equipment strategies

Automated analysis of component failure history
Optimised equipment strategies to reduce life of asset cost and improve availability
Allows us to better predict failures through machine learning algorithms
Identifies critical spare parts to support inventory management

Global solutions that accelerate continuous improvement

Algorithms perform analysis in “real-time” and more accurately than our traditional approach
System produces recommendations for review
Our time is spent making decisions not performing analysis
Best practice can be rapidly implemented across the globe

Current maximum component ages for Caterpillar 793F haul truck fleet (thousand hours)

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25
20
15
10
5
0
Legend
Max
75% value
Mean
25% value
Min
Daunia Yandi Jimblebar OB18 Area C Escondida Peak Downs Poitrel Spence Cerro Colorado Eastern Ridge Jimblebar Saraji Goonyella Riverside Caval Ridge
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Maintenance Centre of Excellence: A distinctive enabler

28 November 2017

Maintenance planning hubs deliver improved performance

Planning, scheduling and executing optimised work strategies leads to improved performance and reduced cost

Quality planning turns our maintenance strategies into reality

Optimises the supply chain with the right parts at the right time
Enhances frontline safety and productivity
Reduces unplanned work which lowers costs and increases asset availability

Our approach is already improving performance[1]

Schedule accuracy[2] (i.e. no changes to plan) has improved from 40% to 85%
Supply chain accuracy (i.e. right parts at the right time) has improved from 86% to 92%
Schedule adherence to the week[3] has improved from 70% to 79%
Workforce utilisation has improved from 74% to 86%
Improvement since MCoE began partnering with Minerals Australia in February 2017.
Schedule accuracy measures how much change occurs from when a work order is created until it is executed.
Schedule adherence to the week measures whether a work order was completed within the week that it was scheduled to be executed.

793F schedule accuracy (Minerals Australia) (Schedule accuracy week +1, %)

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MCoE begins partnering with Minerals Australia
100
65
30
Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17
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Stream planning productivity (Minerals Australia)
(Planned work orders, count) (Schedule adherence to the week, %)
MCoE begins partnering with Minerals Australia
17,500 100
15,500 85
13,500 70
11,500 55
Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17
Planned work order count Schedule adherence to the week
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Maintenance Centre of Excellence: A distinctive enabler

28 November 2017

Value-driven pipeline of work

A standardised, repeatable process applied to our most critical equipment first to create new global strategies

Cat 793F trucks US$8.6m in cost savings in FY18 and US$88m over the life of BHP’s existing Minerals Australia fleet (20% reduction)

Leibherr T282 trucks US$2.4m in cost savings in FY18 and US$17m over the life of BHP’s existing global fleet (22% reduction)

Cat D10/D11 dozers US$29m over the life of BHP’s existing global fleet (18% reduction) Joy 4100 shovels

Blackwater Coal Handling Processing Plant Shovel and truck strategies target productivity improvements at both BMA and Escondida Cat 495HR/7495 shovels

Cat 797B/F trucks Coal Handling Processing Plant strategies complement improved mining productivity Peak Downs Coal Handling Processing Plant additional opportunities Saraji Coal Handling Processing Plant Marion 8050 Draglines Bucyrus 1370W Draglines Port Hedland Inflow Goonyella Riverside Coal Handling Processing Plant Area C Inflow & Outflow Yandi Inflow OHP3 & OHP1 additional opportunities

Maintenance Centre of Excellence: A distinctive enabler 28 November 2017

Case study: Caterpillar 793F haul trucks

Caterpillar 793F maintenance strategy outcomes at Yandi (Western Australia Iron Ore)

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Improved maintenance Optimised
Inputs into data analysis
strategy and planning supply chain
13%
2m 200k 85%
delay records work orders analysed
$550m
costs analysed
1%
10%
3 % of plans unchanged % of plans unchanged % of parts unavailable % of parts unavailable
pre-MCoE post-MCoE pre-MCoE post-MCoE
years 265
• Strategy redesigned to be fully • 99% of parts available in full and on
trucks
13 comprehensive and fit for purpose time for planned work
• Better schedule accuracy with 85%
mines
of plans remaining unchanged
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Maintenance execution
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Safety

Multiple catastrophic failure modes analysed
Maintenance strategy developed to minimise exposure of people to unplanned high-risk activities (e.g. transmission catastrophic failures; frame cracking)
40% reduction in injuries related to 793F truck maintenance across Minerals Australia since implementation

Cost

US$5.5 million in cost savings for 793F fleet at Yandi in FY17

US$88 million in cost savings over the life of BHP’s existing Minerals Australia fleet of Caterpillar 793F haul trucks and US$8.6 million in savings for FY18

Maintenance Centre of Excellence: A distinctive enabler

28 November 2017

Key messages

Safety and Maintenance Centre of Excellence (MCoE) to drive step-change in safety and productivity productivity Analysing data and designing processes to reduce unplanned work and accelerate continuous improvement Data analytics applied to a single enterprise-wide system leverages BHP’s scale and simplicity Efficiency Standardised, repeatable process applied to our most critical equipment, replicated globally Targeting a >3.5% increase in the availability of our top 70 equipment categories by FY22 Performance Equivalent to an additional ~8 Mt iron ore, ~2 Mt coal and ~45 kt copper Value and Targeting a 15-25% reduction in maintenance costs by FY22 returns Delivers savings of US$60 million in FY18, US$170 million in FY19 and ~US$700 million p.a. by FY22

Maintenance Centre of Excellence: A distinctive enabler 28 November 2017

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Olympic Dam A world-class resource with valuable optionality Jacqui McGill Asset President, Olympic Dam 28 November 2017

Disclaimer

Forward-looking statements

Non-IFRS and other financial information

Presentation of data

No offer of securities

Reliance on third party information

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Statement of Mineral Resources

Mineral Resources

The information in this presentation that relates to the FY2017 Mineral Resources (inclusive of Ore Reserves) was first reported by the Company in compliance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012’ (‘The JORC Code 2012 Edition’) in the 2017 BHP Annual Report of September 2017.

All reports are available to view on www.bhpbilliton.com.

Olympic Dam Mineral Resources are reported by Shane O’Connell (MAusIMM). Escondida and Antamina Mineral Resources are compiled by Martin Williams (MAusIMM).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

The above-mentioned persons are full-time employees of BHP, and have the required qualifications and experience to qualify as Competent Persons for Mineral Resources under the 2012 edition of the JORC Code. The compilers verify that this presentation is based on and fairly reflects the Mineral Resources information in the supporting documentation and agree with the form and context of the information presented.

Copper Operations BHP interest 30 June 2017 Resource Measured Resources	Indicated Resources	Inferred Resources	Total Resources
% Ore Type Tonnes Cu U3O8 Au Ag Mo Zn millions % kg/t g/t g/t ppm %	Tonnes Cu U3O8 Au Ag Mo Zn millions % kg/t g/t g/t ppm %	Tonnes Cu U3O8 Au Ag Mo Zn millions % kg/t g/t g/t ppm %	Tonnes Cu U3O8 Au Ag Mo Zn millions % kg/t g/t g/t ppm %
Olympic Dam 100 Sulphide 1,460 0.96 0.30 0.41 2 - -	4,680 0.79 0.25 0.34 1 - -	3,920 0.71 0.24 0.28 1 - -	10,100 0.78 0.25 0.33 1 - -

Escondida 57.5 Sulphide 5,350 0.63 - - - - -	3,510 0.57 - - - - -	9,570 0.51 - - - - -	18,400 0.56 - - - - -
Oxide 104 0.69 - - - - -	83 0.57 - - - - -	20 0.53 - - - - -	207 0.63 - - - - -
Mixed 70 0.62 - - - - -	82 0.47 - - - - -	59 0.44 - - - - -	211 0.51 - - - - -
Escondida (Pampa Escondida) 57.5 Sulphide 294 0.53 - 0.07 - - -	1,150 0.55 - 0.10 - - -	6,000 0.43 - 0.04 - - -	7,440 0.45 - 0.05 - - -
Escondida (Pinta Verde) 57.5 Sulphide - - - - -	23 0.50 - - - - -	37 0.45 - - - - -	60 0.47 - - - - -
Oxide 109 0.60 - - - - -	64 0.53 - - - - -	15 0.54 - - - - -	188 0.57 - - - - -
Escondida (Chimborazo) 57.5 Sulphide - - - - - - -	139 0.50 - - - - -	84 0.60 - - - - -	223 0.54 - - - - -

Antamina 33.75 Sulphide Cu only 155 0.89 - - 7 330 0.14	517 0.86 - - 8 260 0.15	816 0.82 - - 8 240 0.14	1,490 0.84 - - 8 260 0.14
Sulphide Cu-Zn 75 0.94 - - 17 100 1.91	322 0.92 - - 15 80 1.80	430 0.98 - - 15 80 1.52	827 0.95 - - 15 80 1.66

Metal equivalents

The metallurgical recoveries and price information used to calculate copper equivalent figures in this presentation that relates to the FY2017 Mineral Resources (inclusive of Ore Reserves) were sourced from and can be found in the 2017 BHP Annual Report of September 2017 and the 2017 United States Securities and Exchange Commission Form 20-F.

All reports are available to view on www.bhpbilliton.com.

Copper equivalent grade calculations for BHP assets are listed below.

Olympic Dam: CuEq = Cu % + (U3O8 kg/t x 0.901) + (Au g/t x 0.504) + (Ag g/t x 0.0066); Escondida: CuEq = Cu % + (Au g/t x 0.687); Antamina: CuEq = Cu % + (Zn % x 0.38) + (Mo % x 1.99) + (Ag g/t x 0.0082); Molybdenum price used = US$7.41/lb.

Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Key messages

Unique resource	World’s third largest copper equivalent deposit offers scale and optionality Copper grade to average >2.5% (~3.6% CuEq)1 over next 30 years

	Detailed plans to improve operational reliability underway Move into the Southern Mine Area will see copper grade increase to 3% by FY23
Maximise cash flow

	Three stage option-based approach to development with potential to more than double capacity Medium-term focus on capital-efficient BFX option, subject to capital allocation tests
Capital discipline

	If approved, BFX would move Olympic Dam into the first quartile on the cost curve Increase in asset-level ROCE to 13% with BFX option (at consensus prices)
Value and returns

Copper equivalent grade calculated per metal equivalents note on slide 3.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Staged resource development strategy

Resource development via staged, independent, investment options, subject to strict capital allocation framework tests

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1 Stabilise base operations 2 Brownfield expansion option (BFX) [2] 3 ODEP optionality [2]
IRR >50% [1] IRR >20% [1] Studies underway
De-bottleneck mine, focus on productivity and stability Capital efficient increase in capacity Potential to transition to a low
cost, high-volume operation
• •
Mine expansion into Southern Mine Area (SMA) BFX being studied
•
• Large scale underground and
Restore operational stability −smelter capacity upgrade
greenfield surface expansion
−largest planned smelter shut −new refinery tankhouse
• Possible heap leach ~500
−refinery upgrade −additional milling capacity
−Whenan hoist refurbishment • Accelerate mine development, ~450
associated infrastructure BFX;
−new tailings storage facility
SMA MHS Stage 2
BFX first production; ~330
SMA MHS Stage 1
~280
Refinery upgrade Whenan SCM;
refurbishment Tailings storage facility
First ore from SMA; 215
SCM
150
FY18e FY19e FY20e FY21e FY22e FY23e Long-term
Production guidance (Cu ktpa) Indicative capacity (Cu ktpa)
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At consensus price and exchange rate forecasts.
Subject to internal and third party approvals.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Our relentless pursuit to improve safety

Our goal is zero fatalities
committed to reducing TRIF by systematically managing risk through operational control and management processes
Safety Field Leadership replicating best practice across BHP
single fatality and material risk management
implementation of Safety Management System
improved hazard reporting
Investing in safety performance

Safety performance and Field Leadership activities (12-month rolling average TRIF per million hours worked) (Number of activities) 12 8,000 6,000 6 4,000 2,000 0 0 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 TRIF 12 month moving average Field Leadership activites

Whenan shaft refurbishment enables personnel movement and removes trucks
extension of Rail Materials Handling System (MHS) to remove trucks
trialling use of electric light-vehicles underground to reduce exposure to diesel particulates

Investing to reduce safety risk

(Number of trucks required post MHS completion, index, baseline=100)

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100
50
0
Baseline Whenan Extension of Rail Projected
refurbishment Materials Handling
System
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Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Building social investment and community partnership

Supportive policy environment in South Australia
South Australia’s Copper Strategy aims to produce 1 Mtpa by 2030
Secure tenure under the Roxby Downs (Indenture Ratification) Act
Raising profile of BHP in South Australia through value-driven partnerships
Mining Minds (community-driven education program in Roxby Downs)
Arid Recovery (predator-free ecosystem restoration and research)
TARNANTHI (festival of Aboriginal and Torres Strait Islander contemporary art)
Adelaide Crows AFL Women’s team
Collaborating to increase local participation in Olympic Dam
Local Buying Program launched in South Australia
establishing a new project construction services panel
One of the largest employers in South Australia

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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Experienced leadership and workforce

Asset Leadership Team

Bringing the best talent from across our portfolio with global expertise and proven track-records
80 years combined experience in mining and minerals processing across functions, commodities and continents

Workforce

Largest private sector employer in South Australia
Female and Indigenous participation levels increasing
female target ~30% by FY22 (current 14%)
indigenous target ~8% by FY22 (current 4%)

Leveraging our Operating Model

Connecting global expertise to replicate best practice

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Jacqui McGill | Asset President Olympic Dam

25+ years of industry experience
Underground / open cut mining
Processing
Business development
Australia

Troy Wilson | General Manager Mine

20+ years of industry experience
Underground mining
Business development
Australia; USA

Chris Barnesby | General Manager Surface

20+ years of diverse industry experience
Steel making, processing, oil and gas
Major projects; maintenance; operations; HSE
Australia; USA; Trinidad and Tobago
Leveraging functional support
Minerals Australia leadership in same geography and time zone

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Dan Heal | General Manager Integrated Operations

15+ years of industry experience
Underground / open cut mining
Business development
Australia; Canada; Chile

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

A unique resource with valuable optionality

Large, polymetallic ore body: 10.1 Bt at 0.78% Cu (1.18% CuEq)[1,2]
third largest copper equivalent deposit in the world
largest uranium and third largest gold deposit
resource remains open at depth, offering potential upside
High-grade ore body, suited to selective underground mining
1 Bt of minable underground material
Cu grade projection increasing to ~3% (~4.2% CuEq)[1]
Cu grade to average >2.5% (~3.6% CuEq)[1] over next 30 years
Largely untapped, particularly in the Southern Mine Area (SMA) which represents ~70% of remaining resource
Supports medium and long-term optionality
Copper equivalent resource and grade figures calculated per metal equivalents note on slide 3.
Breakdown by Resource classification is provided on slide 3.
Industry average copper grade represents average grade weighted by ore processed. Source: WoodMackenzie.
Olympic Dam previous plan represents underground mine plan using traditional grade estimation.

Resource size

(Contained copper equivalent, Mt)[1]

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160
120
80
40
0
Copper Uranium Gold By-product
Copper grade
(%)
3.0
2.0
1.0
0.0
FY15 FY16 FY17 FY18e FY19e FY20e FY21e FY22e FY23e
3 4
Olympic Dam Industry average Olympic Dam previous plan
Chuquicamata
Grasberg
KGHM Polska Miedz
Tenke Fungurume Oyu Tolgoi Kamoa-Kalula Los Pelambres
Radomiro Tomic Los Bronces Udokan Antamina Cananea
Escondida Andina Olympic Dam El Teniente Collahuasi Pebble
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Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Resource modelling supports more efficient development

Increased understanding supports optimal mine development

Ore body is well defined (>3,200 km resource drilling in over 11,000 drill holes, >1 million drill core samples)
Geostatistical algorithms improved our understanding of the grade variability through the resource
identified significant volumes of high-grade ore (>2.5% Cu)
suited to selective sub-level open stoping (SLOS)
Optimal resource development strategy leverages grade variability
tailored stope design
sequence stopes to prioritise high-grade ore first
Development strategy improves overall resource recovery and capital efficiency, while lowering operating costs to maximise investment returns
Preserves optionality for future development scenarios
defer lower-grade ore for a transition to a high-volume strategy

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Very wide-spaced holes
100m blocks
Wide-spaced holes
30m blocks
Close-spaced
holes
5m blocks
Long-term
planning
resolution
Medium-term
Copper grade (%)
0.0 to 0.20.2 to 0.4 planning
0.4 to 0.60.6 to 0.8 resolution Mining
0.8 to 1 resolution
1 to 2
2 to 4
>4
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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Mine development

Significant volume of untapped mineralisation, particularly in the SMA
Resource continues to be open at depth in parts of the SMA and laterally in the NMA

Existing and near-term mine development (Year 2025)

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Northern Mine Area
Southern Mine Area
Clark shaft
Whenan shaft under
refurbishment
Third decline
under execution
New SMA mine blocks currently
under development
Rail extension into SMA
currently under study
1km
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Olympic Dam: A world-class resource with valuable optionality

BFX Life of Mine development and stope inventory (Year 2100)

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Northern Mine Area
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----- Start of picture text -----

Southern Mine Area
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1km
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Existing development
Historical produced stopes
FY18,19 stope production
Life of mine development
Future life of mine stope inventory
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28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Yet to realise Olympic Dam’s full potential

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EBITDA and copper equivalent production [1]
(EBITDA, US$ million) (Copper equivalent production, kt)
1,000 300
EBITDA CuEq production
280
SCM [2]
800 260
240
600 220
Clark Power outage 200
hoist
Refinery crane
400 180
SCM Svedala mill
SCM
160
200 140
120
0 100
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Copper price (US$/lb) [3] : 2.36 3.24 3.59 2.18 3.08 4.00 3.72 3.46 3.19 2.88 2.22 2.48
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Infrastructure integrity issues and external factors have affected historical financial performance
average ROCE over 5-year period (FY13-FY17) of 1%
Maintaining operational stability has been challenging as major asset integrity events have impacted operational reliability
Clark hoist (FY10)
Svedala mill (FY15)
External factors have also impacted financial performance
power supply instability on the South Australian grid led to statewide blackouts in 2016 (US$105 million FY17 EBITDA impact)
power costs increased by 100% since FY15 to ~9% of FY17 cost base (US$50 million FY17 EBITDA impact)
Copper equivalent production based on FY17 average realised prices.
SCM refers to a major smelter maintenance campaign.
Copper price represents average LME copper cash spot index. Source: Bloomberg.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Sustainably lowering costs and investing in stability

Cost out and transformation initiatives underpin a ~50% improvement in unit costs since FY12
Systematic review of infrastructure risk undertaken, improvement plans developed and being executed
Targeting unit cash costs of US$1.65-1.85/lb in FY19e
- investing to restore operational stability
Future cost reduction initiatives underway
improved plant and equipment utilisation
optimised maintenance strategies reduce unplanned work
Development strategy has shifted to prioritise high-grade ore suited to selective sub-level open stoping
expand the mine footprint into the higher-grade SMA
new materials handling system (MHS) into SMA

Unit cash costs[1]

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(US$/lb)
5
4
3
2
1
0
FY12 FY13 FY14 FY15 FY16 FY17 FY18e FY19e
AUD/USD: 1.03 1.03 0.92 0.84 0.73 0.75 0.75 0.75
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Capital expenditure

(US$ million) 900

600 300 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18eFY19e Maintenance Latent Capacity Improvement Major projects Total capex

FY14 onwards excludes freight and is presented net of by-product credits. FY12 and FY13 include freight and are presented gross of by-product credits (~US$1.40/lb).

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview Resource

ODEP

Base operations

BFX

Investing in operating stability on the surface

Delivering stability through ~US$0.8 billion (FY18-FY21e) planned investment[1] in surface infrastructure
smelter campaign maintenance in FY18 (>80% complete)
- reline flash furnace refractories
- electric slag furnace rebuild
- waste heat/gas system replacement
water supply upgrade (~30% complete)
electrolytic refinery upgrade (~50% complete)

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Ore milled, concentrate smelted
(Index, FY17=100)
180
Impact of higher
Cu grade
SCM
120
SCM
Stabilise operations BFX
60
FY17 FY18e FY19e FY20e FY21e FY22e FY23e
Ore milled Concentrate smelted
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tailings storage facility (study, execute FY19-FY21)
SCM21, during which BFX smelter scope tied-in
Investment increases Cu production to ~215ktpa in FY19, with improved risk profile
Technology in development – IROC (FY19) and automated smelter tapping (during FY21/26 SCM)

Electrostatic Precipitator Replacement (Oct 2017)

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Excludes BFX option investment; subject to internal and third party approvals.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

Investing in operating stability in the mine

Delivering stability and a strong foundation for growth through planned investment of ~US$1.3 billion[1] (FY14-FY22e) in the mine
expansion into SMA commenced in 2014
- 3 new SMA blocks being developed (1st SMA ore Q1 FY18)
- 20km mine development, 6 ventilation raise bores in SMA
increased resource production drilling (6 drill rigs FY17, 12 drill rigs FY18, increasing further)
expand materials handling capacity (~US$0.7 billion)
- development of a third decline (~45% complete)
- Whenan shaft refurbishment (~25% complete)
- extension of underground rail into SMA (study, execute FY20-FY22, staged delivery)
Technology to be deployed to improve productivity, utilisation and safety
underground fleet management system
rapid advance mine development
electric light-vehicles
Includes ~US$230 million spend FY14-FY17; excludes BFX option investment; subject to internal and third party approvals. 2. Ore hoist excludes ore decline volumes.
Jumbo metres advance per day; truck tonne kilometers per month.

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Ore hoist [2] and grade
(Mt) (Cu grade %)
13 3.3
9 2.5
Stabilise operations BFX
5 1.7
FY17 FY18e FY19e FY20e FY21e FY22e FY23e
Ore hoist Grade
Jumbo and truck productivity
(Equipment productivity [3] , index, FY17=100)
150
MHS online
115
Stabilise operations BFX
80
FY17 FY18e FY19e FY20e FY21e FY22e FY23e
Jumbo productivity Truck productivity
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Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

BFX option: the second stage of the Olympic Dam story

BFX would accelerate planned development into SMA to access more ore at higher grade (12 Mtpa at 3% Cu), increasing copper production to 330 ktpa
Investment of US$2.1 billion[1] with 45% related to mine development
subject to strict capital allocation framework tests
Ore processed utilising latent capacity and targeted debottlenecking of existing surface facilities

BFX project	IRR (nominal) Investment1 (US$bn nominal)	Payback (years)	Payback (years)
Consensus prices	>20% 2.1		4 - 5
	10-year average (FY23-FY32)2
Cu production (kt)	330 Opex (US$m/year, real)		1,300
Cu Eq production (kt)	510 Sustaining capex (US$m/year,	real)	400
U production (kt)	7 C1 (net) / Cu (US$/lb, real)		0.10
Auproduction(ktoz)	270 Capital intensity (US$k/t CuEq)		14

No change required to existing primary government approvals for water, power supply and production
BFX currently in study phase, indicative milestones
seek Board approval to execute mid-CY20
first incremental production targeted late-CY21
project ramp-up and completion targeted late-CY22
Execution amount, excludes study costs of ~US$240 million, subject to internal and third party approvals. 2. At consensus price and exchange rate forecasts.

Olympic Dam ROCE

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----- Start of picture text -----

(% including US$3.2 billion of mineral rights)
14
7
0
Stabilise operations BFX
(7)
FY17A FY19e FY21e FY23e FY25e
3
ROCE at consensus prices ROCE at FY17 realised prices ROCE at spot prices
----- End of picture text -----

Spot prices as at 13 November 2017.

Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

BFX option: improving cost and capital competitiveness

Targeting first quartile cost curve position in the medium term
higher metal volumes would dilute our fixed cost base
Attractive capital intensity despite additional investment required for downstream smelting and refining processes
no third party treatment and refining costs incurred

Copper C1 Cost Curve[1] (CY17 curve, US$/lb)

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0% 25% 50% 75% 100%
OD FY15A
OD FY17A
OD FY19e
OD post BFX
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Brownfield project capital intensity[2,3]

(Capital expenditure, US$ million)

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----- Start of picture text -----

5,000
4,000
3,000
BFX
2,000
1,000
100 150 200 250
(Incremental copper equivalent production, kt)
----- End of picture text -----

Source: Wood Mackenzie; BHP analysis.

Olympic Dam forecasts at consensus price and exchange rates.
BFX incremental copper equivalent production based on consensus prices, represents 10-year average (FY23-FY32).
Project peer group includes Collahuasi grinding line 5, El Teniente 137-180kt/d, Metalkol, Andina expansion, Centinela Mill 2, Quebrada Blanca, Zaldivar Sulphide Project, Spence, Lomas Bayas.

Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

BFX option: investment in the mine to access grade

BFX mine investment of US$1.0 billion would include
increase in resource production drilling (18 drill rigs)
new mining blocks development
mine ventilation, services and infrastructure (including additional fourth decline)
ore and waste materials handling capacity
US$0.7 billion of mine development costs accelerated from existing plans
Technology enabling transformational change in underground (e.g. rapid advance development, fleet management system)

Underground development and copper grade

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----- Start of picture text -----

(km) (%)
80 4.0
60 3.0
40 2.0
20 1.0
0 0.0
Underground development (actual) Underground development (SMA)
Underground development (NMA) Copper grade
FY89 FY92 FY95 FY98 FY01 FY04 FY07 FY10 FY13 FY16 FY19e FY22e FY25e FY28e FY31e FY34e
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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

BFX option: would utilise existing latent surface capacity

Simplified BFX flowsheet

~70% of planned BFX surface plant spend is in the primary copper production stream
Increases ore throughput towards limit of current water / power capacity and Government production approvals (350 ktpa Cu)
Would utilise existing latent capacity in the surface processing and debottleneck targeted areas to deliver efficient incremental Cu
Investment of US$1.1 billion would include:
mill and concentrator expanded to ~12 Mtpa (from ~10 Mtpa)
existing smelter to ~800 ktpa concentrate (from ~540 ktpa)
copper refinery to ~330 ktpa (from ~235 ktpa)
uranium and gold capacity expanded
Technology enabling change in surface operations (e.g. automated refinery, smelter tapping)

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Copper
Cathode
Mill / Smelter Electrolytic
Concentrator Refinery Gold
Acid Plant
Silver
Tails Leach Copper Uranium 99% U3O8
Solvent Solvent
Extraction Extraction
Major Capex
>$100m
Electrowinning Copper
Refinery Cathode
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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview Resource Base operations BFX ODEP BFX option: would utilise existing latent surface capacity

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Courtesy Outotec.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Overview

ODEP

Base operations

BFX

Resource

BFX option: power and water solutions in place

Power

Existing power infrastructure expected to meet BFX requirements
South Australian government working hard to resolve power issues
Demand reduction initiatives underway (e.g. mine ventilation on demand)
Studies underway to evaluate reliable, lower-cost supply and technologies to reduce emissions

Power requirements

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(MW, 10-year average FY23-32)
300
200
100
0
Current capacity Base operation BFX
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Water

BFX option covered by existing water approvals of 42 ML/d capacity

Water requirements

(ML/d, 10-year average FY23-32)

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60
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Water infrastructure continuing to be upgraded to meet reliability requirements and BFX growth
Studies underway investigating water saving efficiencies

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30
0
Current capacity Base operation BFX
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Olympic Dam: A world-class resource with valuable optionality

28 November 2017

Overview

ODEP

Base operations

BFX

Resource

ODEP option: longer-term development being evaluated

Indicative ODEP mine schematic

Long-term options under study to identify highest returning alternative

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alternative Clark Shaft NMA Whenan Shaft SMA Logistics Shaft SMA SMA Shaft Rock
–
subject to strict capital allocation framework tests
ROM Stacker(s)
Overland Conveyors
Potential for significant increase in volume of ore
Bob Crew Decline + TDEC
Service Decline
ODEP Decline
–
~22 Mtpa ore at ~2.4% Cu
Jaw Crusher
– Clark 64L Rail 64L MHS
average Cu production to 450-500 ktpa (700-780 ktpa
CuEq) [1] Gyratory Crusher
Low-cost mining and surface processing are key to high-
volume expansions
–
investment in mine footprint, access to ore
– additional materials handling capacity, including new ~100L Haulage Level
Gyratory
SMA rock and logistics hoist
–
cost efficient heap leach technology, integrated with the
existing surface plant
Heap leach technology development program progressing
Not to Scale
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Potential for significant increase in volume of ore
Low-cost mining and surface processing are key to highvolume expansions
Heap leach technology development program progressing
Studies for power and water options underway
1. At consensus price forecasts. Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Key messages

Unique resource	World’s third largest copper equivalent deposit offers scale and optionality Copper grade to average >2.5% (~3.6% CuEq)1 over next 30 years

	Detailed plans to improve operational reliability underway Move into the Southern Mine Area will see copper grade increase to 3% by FY23
Maximise cash flow

	Three stage option-based approach to development with potential to more than double capacity Medium-term focus on capital-efficient BFX option, subject to capital allocation tests
Capital discipline

	If approved, BFX would move Olympic Dam into the first quartile on the cost curve Increase in asset-level ROCE to 13% with BFX option (at consensus prices)
Value and returns

Copper equivalent grade calculated per metal equivalents note on slide 3.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

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Appendix

Production

(Copper equivalent production, kt)[1]

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300
250
200
150
100
50
0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Copper Gold Uranium
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Copper equivalent production based on FY17 average realised prices.

Olympic Dam: A world-class resource with valuable optionality 28 November 2017

Current / BFX Flowsheet

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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

ODEP potential flowsheet

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Olympic Dam: A world-class resource with valuable optionality 28 November 2017

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AI assistant

BHP Group Limited — Investor Presentation 2017

14787_rns_2017-11-27_1615eb23-6e71-4d6e-9af5-6156a58b8ab7.pdf

NEWS RELEASE

Minerals Australia Briefing

Media Relations

Australia and Asia

United Kingdom and South Africa

North America

Investor Relations

Australia and Asia

United Kingdom and South Africa

Americas

Disclaimer

Forward-looking statements

Non-IFRS and other financial information

Presentation of data

No offer of securities

Reliance on third party information

Key messages

Our strategy

Value and returns are at the centre of everything we do

Simple portfolio

Simple portfolio with valuable optionality

High-margin upstream assets competitively placed on the cost curve

Minerals Australia portfolio

Safety is our first priority

We must continue to drive to eliminate fatalities and injuries

Safety performance

Our approach to improve safety

Significant Injuries Frequency (SIF)[[2]]

Contributing to our communities

• Significant contribution to the Australian economy

• Engaging our communities

• Advocating for our communities

• Operating sustainably

US$15 billion in total economic contribution in FY17

Improving returns by driving performance

Specific plans to improve after tax Return On Capital Employed to ~30% by FY22 (at FY17 prices)

Technology improves safety, costs and unlocks resource

Digital technologies will remove overloading and variability providing a stable base for safety and improvement

Improving safety

Delivering productivity

Unlocking resource

Removing people from harms’ way

Minimising variability in operations

Improving resource understanding

Minimising exposure to environmental hazards

Reducing costs through productivity

Delivers sustained incremental cash flows

Further to go on our productivity journey

Focused on key productivity enablers across the business

Primary haul truck operating hours[1]

Simple portfolio with valuable optionality

Attractive options well-suited to the commodity price outlook but subject to strict capital allocation framework tests

WAIO: Maximising value from installed infrastructure

QCoal: Latent capacity and expansion opportunities

NSWEC: Managing monocline challenge

Nickel West: Extending life and increasing margins

1. Consensus prices.

Key messages

Appendix

BHP guidance

WAIO: Asset snapshot

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

Queensland Coal: Asset snapshot

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

NSWEC: Asset snapshot

Olympic Dam: Asset snapshot

Cash costs

Fixed versus variable split (approximate) (FY18e, %)

Nickel West: Asset snapshot

Bulk operations material moved and strip ratios

BMA

NSW Energy Coal

Further productivity initiatives to reduce unit costs

On the journey to sustainable unit cost

NSWEC – Mitigating geological constraints (Unit cost, US$ per tonne)

BHP Group Limited Investor Presentation 2017