BHP will slash the value of its Australian thermal coal assets by up to $1.25bn as it seeks to divest the business and focus on other commodities.
The world’s biggest miner announced in August plans to sell or spin off its New South Wales Energy Coal unit along with stakes in a Colombian coal mine and a joint venture producing another type of coal used in steel making.
Chief executive Mike Henry is looking to shift BHP’s portfolio more towards commodities such as copper and nickel that will be needed in ever greater quantities as the world shifts to cleaner forms or power and transport.
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