BHP : Opening remarks

Sustainability roundtable	22 September 2020

Tara Dines, Vice President Investor Relations

Welcome everyone and thank you for joining us for BHP's Sustainability Roundtable today. We have the following speakers on the line representing BHP: Rob Telford, Group HSE Officer; Geof Stapledon, Vice President Governance and Company Secretary; Colin Johnston, Principal Indigenous Affairs; Matt Currie, Vice President Tailings Taskforce; Fiona Wild, Vice President Sustainability and Climate Change; Bryan Quinn, Asset President Joint Ventures; and Tony Cudmore, Group Sustainability and Public Policy Officer.

I will now hand over to Rob Telford to open the discussion on health, safety and environment. Thanks Rob.

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Sustainability roundtable	22 September 2020

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Sustainability roundtable	22 September 2020

Rob Telford, Group HSE Officer

Thanks to everyone again for joining us on the call today. It's great to be able to share with you all how our teams have fared in what has been a challenging and most definitely strange year.

In the space of HSE, the ongoing focus on the critical enablers for HSE performance, combined with the hard work of our leaders throughout the business, laid the foundation for the delivery of what was a very strong year. Our strategy of standardising the underpinning systems and tools that matter, allows individual operations to leverage the learnings of the whole business as they strive to improve their own space.

How that showed in numbers was very strong. From a lead indicator point of view, we saw a 20% increase in the amount of time our senior leaders spent in the field coaching the more junior leaders on how to work better with their teams to improve HSE performance. We saw a more than doubling of the identification of hazards with fatal potential. This is a very valuable insight for us, upstream of near misses, upstream of incidents, to help us take further steps to try and eliminate fatalities in the business.

That led into the lag indicator space where we also saw significant improvement. From a safety viewpoint, there were zero fatalities. We saw double-digit percentage decreases across the spectrum of injuries, pleasingly including those injuries that have the potential to be a fatality.

In the health space, again a strong set of results. We saw a 22% decrease in the exposure of our teams to harmful substances, such as diesel particulate matter, crystalline silica and coal dust. It was a year in which we met and exceeded the target we'd set ourselves back in FY17 of halving the number of people exposed to these harmful substances. We did it a full year ahead of schedule.

In the environmental space again a strong year. We saw a 19% decrease in freshwater withdrawal as we ceased completely the extraction of water from the aquifers that historically fed Escondida. That was done a full 10 years ahead of the original plan.

In that same year we were working on the big items that were going to help us continue to drive improvement in the years ahead. The Global Integrated Contractor Management System is a significant piece we were working on to significantly change the way we source, on-board, work alongside, and complete contracts with our contract partners to provide higher safety performance through a strong culture of care and partnership.

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Rob Telford, Group HSE Officer (continued)

The events management solution, which is a piece we put in place at the end of FY19, is a global database which connects all of our teams right across the globe into what hazards are being found around the business, what events have occurred, what investigations have been completed, what's been learned from those investigations, and what actions are underway to drive higher performance in HS&E. All of this is done in real time translating back and forth between English and Spanish.

We worked on those projects to further reduce the exposure of our people to harmful substances. Including the implementation of real time monitoring, which we think can be a real game-changer. To be able to monitor increasing concentrations of harmful substances in real time, provides us the opportunity to act quickly so they never reach levels where our people can be exposed and that for the broader environment as well.

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Sustainability roundtable	22 September 2020

Rob Telford, Group HSE Officer (continued)

It was a year in which most of you would agree, was a year where the mental health framework was important as it's ever been. We continued to strengthen our culture of care and mental resilience with our teams as we adapted our tools to help handle the COVID-19 pandemic. We've got over 44,000 of our people through the resilience training, and over 5,500 of our leaders through the leadership training to do with mental health. As we look to drive a stronger, more resilient culture to handle the pressures of today. We've now made all of our tools and systems in mental health accessible on our website globally to anyone who may wish to find use of them.

In the environmental space, we continued to do the hard work and all the stewardship in the biodiversity programs which, while driving enhanced performance in the environmental space, also contributed, along with the mental health program, to the broader social value platform we operate on.

In the year ahead, we'll continue to drive these initiatives because they are long-termpay-off propositions but we have added one important safety program, which we call the fatality elimination next steps. We're going to focus in on controlled reliability and move to a much greater degree of hard controls. Focus in on human performance, and how that affects the resilience of these controls so that we get a better outcome in the long-term and take us a big step closer to eliminating fatalities altogether.

The results are significant, but even more so when we take into account the background of the COVID-19 pandemic. The teams and their leaders did an outstanding job absorbing the added workload of implementing the controls for COVID-19, ensuring they remain in place and working well on top of their normal high standard of day job which has culminated in the delivery of these results.

Now for those of you who I spoke to last year about the performance, I would caution you again. Yesterday's performance does not guarantee today's. The efforts of last year will mean little if we drop our guard. But having said this, we have continued to build confidence that there is further upside to be had in the HSE performance space as we continue to execute on our strategy.

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Sustainability roundtable	22 September 2020

Geof Stapledon, Vice President Governance and Company Secretary

Thanks a lot to everyone who has joined the call today. I'm going to touch on some topics in the areas of corporate governance and transparency. They're on slide five in the pack if you've had a chance to have a look at that already. Then also slide six on the three shareholder resolutions that are coming up at our AGMs in the middle of next month.

So first of all, Board succession on slide five. You can see from the summary that the refreshing of the Board that Ken MacKenzie initiated when he became the Chair of the Board three years ago has well and truly continued. A couple of the longer-serving directors, Lindsay Maxsted and Shriti Vadera, both are past the nine-year mark, which we use as a rule of thumb in terms of tenure; it's not hard and fast but it's a rule of thumb. Lindsay has just recently retired and Shriti will step off at the second of our AGMs.

We've added mining experience through Gary Goldberg. And then the result of a refresh of our Board skills matrix, again, after Ken became Chairman, the Board identified that technology was an area that they wanted to enhance on the Board. So the two appointments there, Dion Weisler, quite recently the CEO of HP Inc. and Xiaoqun Clever, who was among other things Head of Technology at SAP during her career, she will be joining the Board next month and Dion came on a few months ago. Finally, Christine O'Reilly is also joining the Board next month and she brings wide ranging executive and non-executive experience.

Secondly, still on slide five, executive pay. Mike Henry, who became Chief Executive on 1 January this year, just in time for COVID-19, was appointed on the same salary as our former Chief Executive, Andrew Mackenzie. However - and this sometimes comes up in questions - as a less experienced CEO, should he perhaps have started on a lower salary? I would note two things, first of all Andrew Mackenzie had been on that salary since 2013, so he didn't actually have a pay-rise for seven years. Secondly, Mike's pension, or the Company's pension contribution for Mike, is 10%, whereas Andrew's was 25%. So, I guess if you think about it in fixed pay terms, Mike is actually on a fairly significantly lower fixed pay than Andrew was. Just as an aside on pensions, it's been a bit of a market-wide issue in the UK more so than Australia, well it's certainly been an issue in the UK. By reference to the workforce average - as I said Mike's on 10%, the workforce average if you're interested, at BHP is about 11.5%.

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Geof Stapledon, Vice President Governance and Company Secretary (continued)

I should also highlight the increased weighting to climate change in our CDP, that's our Cash and Deferred Plan. This is the plan, the new plan from last year's newly approved remuneration policy from last year's AGM, which represents now about three quarters of the executives' variable pay, and climate is now 10% of the scorecard for this plan up from around about 4% previously.

Also just to add, it's not on the slide, but clearly with our five-year, Long Term Incentive Plan which uses relative total shareholder return as a performance metric, if we are not delivering on climate then you would expect that to show up eventually through the performance of BHP under the Long Term Incentive Plan as well.

Our economic contribution finally on slide five, just some figures there. You can see more information on page 21 in the Annual Report or if you want even more information, we've got a standalone Economic Contribution Report, which is available on our website.

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Sustainability roundtable	22 September 2020

Geof Stapledon, Vice President Governance and Company Secretary (continued)

So turning to slide six then, the shareholder resolutions. So as I said, we've got three of these on the agenda for the AGM, all filed by essentially the same organisation and supporting group of small shareholders. I won't really delve into it but I'm very happy to talk to it in questions if people are interested. I'll leave for questions item 23 on the constitutional amendment and item 25 on industry associations. Bear in mind also that my colleague Tony Cudmore is on the line as well if people want to delve into industry associations Tony would be the best person to speak to that.

What I did want to talk about is item 24, the resolution on Indigenous cultural heritage. The slide outlines some of the concerns the Board has with this resolution and the Notice of Meeting contains quite a bit of additional information. We have on the line from Western Australia, from our Indigenous heritage team, Colin Johnston, who is going to talk to these issues in a moment. Again, if there are questions in regards to this shareholder resolution I'm sure Colin, if you wish, can help out with those as well.

Just before we move to questions, I wanted to make one point. A number of investors have asked questions to the effect, could a Juukan Gorge happen to BHP? These are completely understandable questions and we are absolutely not complacent in how we think about these issues. In that respect, I'd urge you to look at page 30 of our Notice of Meeting. Without being complacent and knowing that we can always strive to improve, our Notice of Meeting clarifies that BHP's Heritage Team sits within a broader Planning and Technical Team within operations, which is also responsible for mine planning. This structure is designed to ensure that heritage matters are closely integrated with the operations, and in particular the mine project and planning processes. Secondly, in terms of how is new information dealt with, the Notice of Meeting outlines how our heritage information databases are updated in real time to reflect new information. Also how we've engineered into our approvals processes the need to refresh after 12 months any internal Heritage Team approval to land disturbance. That is, an internal Heritage Team approval remains valid only for 12 months and then it's got to be refreshed, thereby allowing new information to be taken into account.

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Sustainability roundtable	22 September 2020

Colin Johnston, Principal Indigenous Affairs

First, thanks to everyone for their time and interest today. My name is Colin Johnston, and I work within our national Indigenous Engagement Team, and I'm very pleased to have the opportunity to talk through some of the aspects of our approach to Indigenous engagement in Australia and in the relation to our WA iron ore operations in the Pilbara, in particular.

To commence, I was proposing to provide a brief overview of the intersections between BHP's Pilbara operations, Indigenous land use agreement making and the management of Indigenous cultural heritage values. Before I do so, it's only appropriate that I take a moment to acknowledge the traditional owners of the land upon which those operations are situated and whose culture I may have cause to reference today.

Starting here in Perth, where I live and work on the customary land of the Whadjuk Nyoongar people, up to where our eastern Pilbara mines of Whaleback, Eastern Ridge and Jimblebar are situated upon Nyiyaparli country, onto our central Pilbara mines of Mining Area C, Yandi and South Flank, which are located upon Banjima Country. From our mining hubs our product is railed over Palyku and Kariyarra land before being shipped to the world from a place the Kariyarra people call Marapikurrinya.

It is clear that recent industry events have rightly given rise to a considerable focus on Aboriginal cultural heritage practices in the Pilbara. This focus provides a valuable opportunity for BHP and for others to examine issues relating to cultural heritage and to the effectiveness of the laws and policies that govern the management of Aboriginal and Torres Strait Islander cultural heritage values.

It's a juncture at which there's a paramount importance, that we listen to our traditional owner partners and Indigenous stakeholders and respond productively to the issues and ambitions that they share with us. One way in which our community is currently doing just this is via the Western Australian government's reform of the Aboriginal Heritage Act. The draft consultation Bill has recently been released and we will continue to actively engage in that consultation process.

It is already clear that the draft Bill seeks to respond appropriately and meaningfully to the dimensions of concern that have been expressed in recent times. But beyond compliance with local laws, BHP's Indigenous People's Policy Statement and Indigenous People's Strategy articulate BHP's commitment to operating in a manner consistent with a series of globally consistent public commitments when working with Indigenous peoples around the world, standards which have of course been informed by the UN declaration of the rights of the Indigenous peoples, the UN guiding principles on business and human rights, and the ICMM position statement on Indigenous peoples and mining.

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Colin Johnston, Principal Indigenous Affairs (continued)

One key vehicle through which we translate this greater approach into our WA iron ore operations is via Indigenous land use agreement making, a process which is designed to recognise native title rights and interests and to formalise the essential aspects of our relationships with traditional owners.

In addition to benefit sharing, these agreements provide a framework for consultation and discussion and are set at a mutually agreed way of working in relation to cultural heritage management. In this way, BHP's performance does not turn on overarching legislation at a point in time, but on the standards that we hold ourselves to and the commitments which we have made to others.

To illustrate this in practice, it is useful to do so with reference to BHP's present South Flank project, which is situated upon Banjima land. BHP first entered into land use agreements with the Banjima community in relation to the development of Mining Area C in around 2001. Now, that arrangement was later contemporised through the execution of the 2015 Banjima comprehensive agreement which shortly followed the Native Title determination of the Banjima people.

That agreement was entered into following extensive negotiations with Banjima and it ultimately met with their informed consent. Under this agreement, among other things, BHP and the Banjima have agreed the lands on which mining may take place, where the Banjima will support BHP's iron ore business, the land of higher cultural significance which BHP has agreed not to impact or seek Section 18 approvals in relation to which the Banjima people have retained their rights to oppose future land use disturbance. Importantly, the agreement includes a heritage protocol which sets out an agreed approach to cultural heritage management in all its many aspects.

Heritage consultations first began at South Flank in 2005 and since that time, with Banjima's assistance, BHP has undertaken approximately 700 days of cultural heritage field work alongside Banjima people. This has allowed for the conduct of over 100 related heritage projects to date, including six ethnographic surveys, 20 baseline archaeological surveys and 15 detailed studies. It is this level of consultation that has been necessary to inform a project as significant as South Flank and this level of engagement that we are committed to for the duration of our operation upon Banjima country.

Only through this process can we adequately understand Banjima's cultural heritage landscape and can the Banjima have confidence in the adequacy of our understanding. Consistent with this I am pleased that this alliance has been further bolstered recently through the establishment of a Heritage Advisory Council that was only just jointly announced recently.

So, while cultural heritage values have certainly received considerable community attention lately, BHP has long been alive to this profound value set and our responsibilities when operating within what is a very rich cultural landscape. These learnings have been built over years of operating in the Pilbara and are being implemented with an appreciation that we are committed to that region and to operating sustainably within it for at least the next 100 years.

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Sustainability roundtable	22 September 2020

Fiona Wild, Vice President Sustainability and Climate Change

Good morning to everybody on the call. As you would be aware, we have been taking action on climate change for a long time at BHP, starting back in the 1990s, setting operational emission targets, reporting emissions and making sure that we hit those targets, to developing a much more comprehensive strategy that now addresses a broad range of what we call physical and transition risks.

The strategy at BHP is based on an understanding of the science of climate change and then thinking about the implications for our operations, but also our supply chain, investments, portfolio, communities and ecosystems, so a very broad-based approach as you would expect given the range of risks that climate change poses.

I want to bring you up to speed on some of the things we have been doing over the last year. You may remember last July, our then CEO Andrew Mackenzie, announced our US$400 million climate investment program and also made four additional commitments. The first was to set a medium-termscience-based target for our operational emissions. The second was to set Scope 3, or value chain, emissions goals. The third was, as Geof Stapledon mentioned, to clarify and strengthen the link between climate change performance measures and executive remuneration or compensation. The fourth was to update our portfolio analysis to include what a 'well below 2°C scenario'.

A couple of weeks ago the CEO, Mike Henry, our Chief Development Officer and myself unveiled delivery around these four commitments and launched our Climate Change Report 2020. I thought I would just run through how we have delivered on these commitments.

The first thing I'll cover is the medium-term target. We have set a medium-term target to reduce our operational emissions by 30% by 2030. This is a science-based target, as it's aligned with the goals of the Paris Agreement and what it does is help us to chart the decarbonisation of BHP and the pathway to meet our net zero goal by 2050. I think it's really important for our businesses to have an idea of where we're going and enable them to have those anchor points along the way so we can start to plan for that decarbonisation trajectory.

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Fiona Wild, Vice President Sustainability and Climate Change (continued)

When we think about decarbonising BHP it largely focuses on reducing emissions from electricity, predominantly by switching to renewables, and reducing emissions from diesel use. We are going to prioritise what we call 'structural abatement' over the use of offsets. In other words, we are going to focus on absolute emissions reductions before we consider the use of offsets, but we understand there may be some hard to abate emissions across BHP where it may make sense for us to utilise offsets in the longer term and certainly beyond 2050.

What I would say is that this target is more than an aspiration - we have a clear and committed plan and intended capital expenditure between US$100 million to US$200 million per year over the next five years. The good news is we have already started. You have probably seen our shift to renewables at Escondida and Spence in Chile and more recently the announcements we made around shifting to renewables for our Queensland Coal operations.

Now on to Scope 3 goals. Scope 3 emissions are those emissions associated with our value chain, from our suppliers all the way down to the customers who use our products, for example in steelmaking. In setting Scope 3 goals it's really important to understand where we have control and where we have influence and the importance of collaboration and partnership in order for us to influence the way the sector can decarbonise in line with the goals of the Paris Agreement.

What we are doing is focusing on where we can have the most influence and also where we have the most material Scope 3 emissions footprint. For BHP this is about steelmaking and the maritime sectors. As one of the world's largest charterers of ships, we have an opportunity to significantly influence the maritime sector, and with the majority of our Scope 3 emissions coming from our customers' use of iron ore and met coal to make steel, it makes sense for us to focus on the steelmaking sector.

For both of those areas, we have a vision of sectoral decarbonisation in line with the goals of the Paris Agreement. Supporting that, we have reduction goals set for 2030, which again are supported by an annual action plan. This isn't just about setting goals far in the future and keeping our fingers crossed and hoping others do the work. This is about taking actions on an annual basis that will directly support sectoral decarbonisation for steel and the maritime sector. Again, we have already started this work. A couple of weeks ago we announced a partnership to develop LNG-fuelled bulk carriers taking our iron ore from Western Australia to China.

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Fiona Wild, Vice President Sustainability and Climate Change (continued)

The third area is around our targets and goals and linking to executive remuneration. As Geof mentioned, we now have 10% of the Cash and Deferred Plan aligned to delivery of the medium-term target, the net zero goal and our Scope 3 goal. It's important for us that we tie these executive remuneration changes to these targets and goals that we are announcing. This applies to all our executive team members and cascades to the broader workforce and it reinforces the strategic importance of this work and keeps people motivated and focused.

The fourth area is around assessing the resilience of the portfolio in a well below 2°C scenario. We actually extended that and looked at the resilience of the portfolio across a whole range of temperature outcomes. At the lower end 1.5°C, all the way up to a plus 3°C scenario. What we found was that BHP does best in a world which is rapidly decarbonising and this highlights the value of the future facing commodities in our portfolio like copper, nickel and potentially potash.

What we found, for example, was that in a 1.5°C world, copper production will have to double over the next 30 years and nickel production would have to increase nearly fourfold. This analysis also reinforced the importance of iron ore and metallurgical coal to support development of renewable technologies and other decarbonisation enabling infrastructure. For example, in a 1.5°C scenario, the world is expected to need almost twice as much steel in the next 30 years as it did in the last 30. The detailed analysis of our scenarios and disclosure of key assumptions and financial impacts is included in our Climate Change Report 2020.

Just on that, the Climate Change Report we have launched reinforces our commitment to transparency and disclosure, so all of our targets, goals, plans and scenario analyses are in that report, in the Investor Briefing that was hosted by Mike Henry a couple of weeks ago and are also available online on our website.

In summary, I think it's fair to say the nature of climate change risks change over time. It's really important for a company like ours to keep up to date with the science, but also the economics, technology, policy and importantly societal expectations. We do have an evolving approach to climate change, as you can see, but also an unwavering commitment to action.

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Sustainability roundtable	22 September 2020

Matthew Currie, Vice President Tailings Taskforce

Thanks again to everyone for attending the call today. My name's Matt Currie and I lead the BHP Tailings Taskforce, and I'm going to spend a few minutes today providing an update on the various workstreams that are underway to manage our tailing storage facilities.

As you are no doubt aware, when it comes to this topic we have had a long journey of improvement. And if you look back since with tragic Samarco Fundão failure in 2015, we've taken significant steps forward to improve how we manage tailings risk.

We have spoken to these earlier improvements in depth in prior presentations so I'm not going to spend a lot of time on this now but I just want to re-emphasise the focus of these improvements which was on dam integrity, dam governance, emergency preparedness and response and monitoring and surveillance.

Following the Brumadinho tragedy in January 2019, we further increased our improvement efforts including forming the Tailings Taskforce which aims to build on the earlier improvement work and make a further step change improvement towards our aspiration to eliminate the risk of catastrophic failure from our operations. The taskforce is accountable for integrating and accelerating our short, medium and long-term improvement efforts and provides oversight on the governance and assurance of our operated tailings storage facilities. This includes a focus on short-term risk reduction, strengthening emergency preparedness and response, and enhancing our preventative and governance controls.

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Matthew Currie, Vice President Tailings Taskforce (continued)

I'd like to take a few minutes to explain some of this work just to bring it to light a bit. I'd like to highlight two examples of some of the mitigation work, one that's completed and the other that is continuing which is aimed to reduce the risk of safety impacts to our people and nearby communities in the unlikely event that a failure were to occur. The first example is the construction of a protective barrier wall at our Newman operations in Western Australia and the second example is the continuing work which is underway towards the relocation of tailings from the Miami Avenue tailings project in Miami, Arizona which is part of our legacy assets portfolio. The work already completed at the Newman operations has led to the hazard classification for this tailings storage facility reducing from extreme to high and in the case of Miami Avenue, the work that is continuing, once completed will remove the extreme classification storage facility entirely.

Now just for your reference, because I know I'm talking some technical terminology here, the hazard classifications I'm referring to are in accordance with the Canadian Dams Association and for more details of these case studies, I direct you to our public website.

Now, as well as the risk mitigation activity, we have worked to improve governance and risk management and in FY20, we completed the Priority Group Risk Review. This is a review process that partners leading independent industry experts, our own risk team, as well as our internal tailings experts to review our controls framework for managing tailings risk and identified opportunities for improvement both at the company level and at the individual site level.

The outcomes of this review will improve consistency and effectiveness of our approach to tailing storage facilities management and governance.

Now, looking more broadly across the industry, BHP welcome the recent announcement of the new Global Industry Standard on Tailings Management and we see it as a significant positive step forward for the industry. The new standard provides a framework for safer tailings management and includes the ambition to achieve zero harm to people and the environment. Our focus now is working proactively to implement the requirements of this standard.

So in conclusion, I'd like to highlight that BHP continues to progress on our journey to improve tailings management. We have made significant progress; however, we acknowledge there is more work to do.

We look forward to implementing the global industry standard and see it as a platform to lift the standard across the industry.

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Sustainability roundtable	22 September 2020

Bryan Quinn, Asset President Joint Ventures

Thank you all for the opportunity to present this update. As Tara mentioned, Bryan Quinn is my name. I've been the Asset President of our Joint Ventures Minerals Americas and obviously that includes Brazil for the last four and a half years.

I might start by highlighting that BHP has continued to put a consistent and high priority on the remediation and compensation efforts in line with our commitments after the tragic dam failure in 2015. We have a dedicated team of around 50 or 60 people providing governance, technical assessments and support to both Renova and Samarco. This is a tough role for the team, but they are relentlessly pushing to deliver the commitments through governance and influence across Renova and Samarco.

As at the end of August 2020, we are three months away from the five-year anniversary of the Samarco Fundão dam failure, the tragic event that happened on 5 November in 2015.

The focus continues to be prioritising the remediation and compensation activities through the Renova Foundation in addition to the remediation activities underway at Samarco. Samarco also has re-start and decommissioning for two large complex dams inside the Samarco organisation to focus on at present.

With regard to Renova, calendar year '21, '22 has a large proportion of spend contributing to paying compensation to individuals impacted from the dam failure and makes up about 30% of the total spend for Renova.

Resolving the compensation payments has been a significantly complex process just to get to the point where we can agree who gets paid, how much they get paid and how they get paid. It's had many groups involved. Technical experts, prosecutors experts, government agencies, local judges and many others. Thankfully, more recently the 12th Court federal judge has intervened and started providing clear direction to all parties on these outstanding issues. This intervention has been very welcome from BHP as a good change.

The foundation has distributed around 14,700 financial aid cards, which have been ongoing for the last four and a half years. The cards basically provide funding and support for registered and informal commercial fisher folks who had their activities impacted by the dam failure and who relied on fishing of the Rio Doce in both Minas Gerais and the coast of Espírito Santo. Renova has also put a lot of effort into providing compensation to 270,000 people who had lost temporary water for a period of four to seven days at the time of the incident, which has contributed around BRL$280 million being paid. In addition, there has been additional payments for injury, property, business impacts, loss of income and moral damages for more than 10,000 families. That has contributed to around BRL$910 million spend to date.

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Bryan Quinn, Asset President Joint Ventures (continued)

So there's been a lot of work in compensation and Renova still has a lot to be done. We are hopeful now with the judge's involvement on making some firm decisions on how much we pay, when we pay, and who we pay, Renova can continue to move at the right pace over the next 12 months.

In terms of the resettlement for families that lost their houses during the dam failure, progress has been slower than planned and challenged by many issues, including and not limited to families committing to rebuild, permits to build not being release from municipalities who hold the pen on approvals, contractor underperformance due to the modality of the contract, and some performance issues in Renova management which have been addressed through the Renova Board. Last but not least, in March this year when progress started to improve for the delivery in resettlements, Renova were hit by COVID very hard in the Mariana region where 6,500 people are actually working for Renova. Obviously, due to the type of manual work undertaken at these resettlement sites, e.g. building houses and infrastructure, social distancing issues and COVID protocols start restricting the number of people on site and the type of work being completed.

Resettlement operations actually stopped in April 2020 to reassess COVID controls and safety towards the people working on site, and then resumed back in July 2020. Renova are now operating at about 30% capacity with people on the site doing the work. This is obviously constraining Renova progress and will have flow on impacts to the critical path being further delayed.

There are several other important programs that are progressing more slowly than planned due to COVID constraints. Water supply system infrastructure upgrades and new builds, dredging along some of the river areas and other major community development projects that Renova have agreed with the governments to progress. These programs will obviously be ongoing, and Renova is focussing on how to do them differently to get the work done but obviously, safety and health is first and foremost the priority irrespective of the external pressures.

The Renova Board continues to challenge and monitor progress on these critical programs and through the BHP-appointed directors, ensuring that the framework agreement - commitments are in line with our original commitment. That is to remediate and compensate to pre-dam failure conditions in a fair and reasonable manner.

It is important that the risk management focus in health and safety is paramount with so many contractors working across Renova sites, as is making sure that the companies are working with good compliance and contractor management standards.

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Bryan Quinn, Asset President Joint Ventures (continued)

If I turn to Samarco, it has continued to progress their remediation and re-start preparation works. They're safety record has been very good. Actually at benchmark levels for themselves. Currently they are working on building a large filtration facility on-site which is around 85% complete. They are also progressing the dry-stacking construction site for the sands that will be deposited from the concentrator production. Earlier this year Samarco finished their slimes dam which was an old mine pit that was converted to a slimes dam inside virgin rock.

In addition, Samarco have undertaken a large project on site to decommission two large tailings dams which were underway as part of the legislative change in Brazil post the Brumadinho incident that happened in January 2019. So Samarco have approximately 5,000 people onsite at Samarco completing remediation works, re-start preparation and this decommissioning work and are all working in line with strict COVID controls.

The key change for restart is the filtration technology that is being constructed on site that was not used prior to the dam failure. The rest of the operational activities - mining and concentrator - are still operating the same way, although Samarco will only operate at 30% capacity for the first couple of years. But the big change in process is how the sands and slimes are separated and stored. This is all done with safety as top priority.

The re-start is due in the first quarter of 2021. That is assuming no more large COVID impacts prevent progress. The restart provides good opportunities for the communities to regain some of their livelihoods back to normal, both the direct employees and indirect employees, and one of BHP key drivers for restart. Having the restart and decommissioning working in parallel does provide some synergies also where there can be cross use of the people and contracting groups to both ensure they can optimise equipment, technologies and technical people.

In summary, Renova is progressing slower than we hoped on the basis of some of the issues and complexities in getting work done, but now with the federal judges being involved and starting to resolve some of these issues and making decisions that allows Renova to progress faster than previous.

Obviously, COVID-19 is one of the biggest impacts on infrastructure and construction works and, like I said, Renova is operating at approximately 30% of the capacity of people to do the work until they see some COVID-19 improvements in the region.

Samarco is on track to restart in quarter one, 2021. They have all the licenses and permits in place now and their focus is getting the operation ready, commissioned and set up to go with all the right training and risks being addressed as they progress.

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Sustainability roundtable	22 September 2020

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Sustainability roundtable	22 September 2020

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Sustainability roundtable	22 September 2020

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