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Outlook for coal challenged as no appetite for growth - BHP

Coal News - Published on Fri, 24 May 2019

Image Source: SteelGuru
BHP, the world's biggest miner, said that the outlook for coal was challenged and there was no appetite for growth as it sought to capitalise on opportunities in electric transport and renewables. BHP's chief financial officer Mr Peter Beaven said in a briefing "Thermal coal should remain a large market - but over time we expect it to plateau and then decline as headwinds strengthen." In a slide presentation, he highlighted BHP's outlook that energy coal assets were challenged and could be phased out, potentially sooner than expected, as there was no appetite for growth in energy coal regardless of asset attractiveness.”

BHP said two key trends, the electrification of transport and the move away from fossil-fuel based power plants, meant there would be demand for its nickel, copper and oil assets.

The miner outlined its long-term strategy months after other major global commodities giants, including Glencore and Rio Tinto, said they were limiting or moving away from coal production.

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Posted By : Sanju Moirangthem on Fri, 24 May 2019
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