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BHP Hires JP Morgan to sell Australian Thermal Coal Mine

Coal News - Published on Wed, 24 Jun 2020

Image Source: BHP Mt Arthur Coal Mine
Reuters reported that BHP has hired JP Morgan to sell its Australian thermal coal mine, following pressure from investors concerned about global warming. The report quoted banking sources as saying that BHP's Mt Arthur open cut mine, in the Hunter Valley region of New South Wales, supplies thermal coal to domestic and international customers and could fetch between AUD 1.5-1.8 billion

Increased scrutiny from investors, regulators and climate change activists is prompting miners to limit their exposure to fossil fuels. Its activist investor Elliott, which holds a 4.7% stake in the mining company, has pushed for the sale of the thermal coal assets, which also include one third of the Cerrejon mine in Colombia. Thermal coal only accounts for 3% of the portfolio of BHP, which has been asked by green groups and some shareholders to leave any industry associations with policies that fail to match the company's support for the 2015 Paris climate accord.

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Posted By : Yogender Pancholi on Wed, 24 Jun 2020
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