- Write by:
-
Thursday, October 19, 2023 - 19:32:19
-
197 Visit
-
Print
Mining News Pro - BHP Group said on Wednesday Whitehaven Coal will acquire the mining giant’s Blackwater and Daunia mines, which are part of the BHP Mitsubishi Alliance (BMA) metallurgical coal joint venture in Queensland, for $4.1 billion.
Shares of Whitehaven surged nearly 15% to A$7.790 by 0403 GMT, their best intraday session in more than three years.
The sale decision furthers BHP’s push to exit its coal operations in Queensland, after the world’s largest-listed miner sold out of the South Walker Creek and Poitrel coal mines last year.
The miner has been working towards making a transition to commodities and away from coal-related assets as it seeks to enjoy the benefits of higher demand at a time when the focus shifts to industrial metals like copper and nickel.
BHP earlier this year acquired full control over Australian copper producer OZ Minerals, which is now delisted from the ASX 200 stock exchange, in a deal valued at A$9.6 billion ($6.12 billion). The miner had also offloaded its petroleum assets to oil and gas producer Woodside Energy in 2022.
The acquisition will be “materially earnings accretive” for the company, increasing the exposure to markets in India and Southeast Asia, Whitehaven said on Wednesday.
“This transformational acquisition will pivot our portfolio towards metallurgical coal, which has been a core pillar of our strategy for many years making this a better-balanced business,” Whitehaven CEO Paul Flynn said, adding that the miner’s thermal coal business remains strategically important.
BHP said it will continue to operate the assets until the June quarter of 2024 after which Whitehaven will take economic and operating control of the mines.
Separately, Whitehaven posted a near 33% surge in its first-quarter output as production ramp-up at its key Narrabri mine helped improve operations.
Short Link:
https://www.miningnews.ir/En/News/627530
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
Polish government is abandoning plans to separate coal-fired power plants into a special company and is considering ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Researchers at the University of Edinburgh discovered that bacteria found in areas polluted by acid mine drainage had ...
BMO Bank quietly dropped its policy restricting lending to the coal industry in late 2023, helping it avoid being ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
No comments have been posted yet ...