August 17, 2020 Read More →

Australian giant announces plan to sell its thermal coal mines

The Guardian:

BHP has announced it plans to sell off its thermal coalmines within two years as part of moves by the global mining giant to ready itself for a low-carbon future.

The move stops short of a complete exit from coalmining because BHP will retain its stake in a venture that produces the higher coking coal used to make steel. BPH said coking, or metallurgical, coal will be in higher demand in coming years as steelmakers clean up their processes.

In a note published earlier this month, Tim Buckley, of the Institute for Energy Economics and Financial Analysis, said the mines might be worthless and as a result BHP might have to spin them off as a separate company, which would prevent it needing to find a buyer willing to take on the assets. 

[Ben Butler]

More: BHP commits to selling its thermal coalmines within two years

Posted in: IEEFA In the News

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