BHP has reached a deal to divest up to $1.35bn from two coal mines in Australia, as the world’s biggest miner continues its retreat from fossil fuels.
The company is selling its 80 per cent interest in BHP Mitsui Coal, which operates the South Walker Creek and Poitrel coking coal mines in Queensland, to Stanmore Resources. The remaining stake in the joint venture is owned by Japan’s Mitsui.
The sale comes amid the COP26 global climate talks in Glasgow and soaring prices for coking coal, a crucial ingredient in steelmaking. It also continues BHP’s retreat from fossil fuels as the Anglo-Australian miner seeks a greener portfolio.
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