No 1 source of global mining news and opinion
BHP and Mitsubishi Development Pty announced Tuesday they have completed the divestment of the Blackwater and Daunia mines to Whitehaven Coal for $4.1 billion.
The sale, first announced in October 2023, 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. Daunia and Blackwater were part of the BHP Mitsubishi Alliance metallurgical coal joint venture in Queensland. Each of BHP and MDP hold a 50% interest in BMA.
Whitehaven Coal has paid BMA $2. billion cash consideration on completion plus a preliminary completion adjustment of $44.1 million for working capital. Whitehaven Coal paid a US$100 million deposit on signing of the asset sale. $1.1 billion cash remains payable by Whitehaven Coal to BMA over 3 years after completion and a potential additional amount of up to $900 million in a price-linked earnout may also be payable by Whitehaven Coal to BMA over 3 years, the minerBHP has been working towards making a transition to commodities and away from coal-related assets at a time when the focus shifts to industrial metals like copper and nickel.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China’s younger steel industry slows net zero path, BHP CEO saysNo 1 source of global mining news and opinion
Read more »
Former Teck CEO joins BHP boardNo 1 source of global mining news and opinion
Read more »
Top miner BHP stands down 25% of nickel project workforceNo 1 source of global mining news and opinion
Read more »
BHP becomes first miner in Chile to exceed 40% female representationNo 1 source of global mining news and opinion
Read more »
Mitsubishi and Nissan Could Build the Frontier's Successor TogetherThe alliance could reportedly result in both an electric truck and a mid-size Mitsbuishi pick-up sold in America.
Read more »
Nissan, Mitsubishi to work on pickup, EVs for North America | Car NewsNissan and Alliance partner Mitsubishi plan to jointly develop one or more pickups and EVs for the North American market. Auto123 has more.
Read more »