How\u2019s this for a study in contrasts: One of the world\u2019s biggest coal miners effectively says the industry is dying just days after Australia\u2019s opposition party suffered a shock election loss, partly blamed on its failure to unambiguously back a new coal mine. BHP Group Chief Financial Officer Peter Beavan told a strategy briefing on Wednesday that the world\u2019s biggest mining company has \u201cno appetite\u201d to grow its thermal coal assets and that the polluting fuel will be phased out \u201cpotentially sooner than expected\u201d.<\/p>\n
To be sure, Beavan was talking about the type of coal used mainly in power generation, and this forms a tiny part of BHP\u2019s total coal portfolio, which is dominated by coking coal used mainly for steelmaking. BHP\u2019s only thermal coal assets are the Mount Arthur thermal coal mine in Australia\u2019s New South Wales state, and a one-third stake in Colombia\u2019s biggest producer, Cerrejon, valued at about $2.5 billion. The company\u2019s joint venture with Japan\u2019s Mitsubishi Corp in Australia\u2019s Queensland state is the world\u2019s largest shipper of coking coal.<\/p>\n","protected":false},"excerpt":{"rendered":"
How\u2019s this for a study in contrasts: One of the world\u2019s biggest coal miners effectively says the industry is dying just days after Australia\u2019s opposition party suffered a shock election loss, partly blamed on its failure to unambiguously back a new coal mine. BHP Group Chief Financial Officer Peter Beavan told a strategy briefing on Wednesday that the world\u2019s biggest mining company has \u201cno appetite\u201d to grow its thermal coal assets and that the polluting fuel will be phased out \u201cpotentially sooner than expected\u201d. To be sure, Beavan was talking about the type of coal used mainly in power generation, […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[198,130,138],"tags":[],"class_list":["post-275914","post","type-post","status-publish","format-standard","hentry","category-coal-the-financial-express","category-newspapers","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/275914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=275914"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/275914\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=275914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=275914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=275914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}