Name: BHP's coal portfolio to halve in push for quality
Brand: Wood Mackenzie
SKU: 131931
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Author: Wood Mackenzie

Insight 20 August 2020

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On 18 August, BHP announced an intention to high grade and halve the size of its coal business, by exiting thermal coal and off-loading lower quality coking coal assets. Stakeholder pressure continues to mount on miners to take action on ESG, with BHP set to be the next major miner to depart the thermal coal sector. BHP is looking at options to exit BMC, which consists of the Poitrel and South Walker Creek met coal mines in Queensland, NSWEC, which includes the Mt Arthur thermal coal operation in NSW and associated port interest in NCIG as well as its non-operated one-third stake in the Cerrejon thermal coal mine in Colombia. All options are on the table, including trade-sales or a spin-off of all assets into a new company in the same vein as South32 back in 2015.</div>
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        The new BHP and what the new spin-off could look like
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        Asset summary
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        <li class="list__item push-quarter--bottom">Pro-forma production (BHP)</li><li class="list__item push-quarter--bottom">Pro-forma production (NewCo spinoff)</li><li class="list__item push-quarter--bottom">2020 total cash cost plus sustaining (TCPS), quality adjusted to HCC benchmark</li><li class="list__item push-quarter--bottom">2020 total cash cost plus sustaining (TCPS), quality adjusted to Newc 6000 benchmark</li>
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<p class="font-regular" >BHP's coal portfolio to halve in push for quality.xlsx</p>
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<p class="font-regular" >BHP's coal portfolio to halve in push for quality</p>
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