BHP to Weigh Pullout From Coal Mining, CEO Says
By Carl Surran
August 20, 2019 - BHP (BHP -1.5%) is considering selling off coal assets, CEO Andrew Mackenzie, a move that would join global peers in the move toward environmentally sustainable businesses.
"We increasingly have concluded that this is not a business that is going to offer the prospects for growth and would compete for capital... compared to our other businesses," Mackenzie said today during BHP's full-year earnings conference call.
BHP owns the Mount Arthur thermal coal mine in the Australian state of New South Wales, as well as the Cerrejon project in Colombia; the company's thermal coal production fell 6% Y/Y to 27M metric tons during the latest fiscal year ended June.