BHP responds to investor pressure with thermal coal exit

FINANCIAL TIMES 🔒| BHP will shrink its coal business and consider selling older oil and gas assets as the world’s biggest mining group prepares for a lower carbon future.

After months of speculation and pressure from investors, the Anglo-Australian company on Tuesday confirmed plans to exit thermal coal and to dispose of its 80 per cent share in a joint venture with Mitsui that owns two lower quality coking coal mines in Queensland.

Thermal coal is used to generate electricity in power stations while coking, or “metallurgical” coal and iron ore are key ingredients in steelmaking.

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