Mining giant BHP has revealed plans to sell off two more of its Australian coal mines as it posted a sharp fall in half-year profit and cut its dividend.
Mining giant BHP has revealed plans to sell off two more of its Australian coal mines as it posted a sharp fall in half-year profit.
BHP on Tuesday confirmed it had launched a process to sell its Daunia and Blackwater metallurgical coal mines that it jointly owns with Mitsubishi in Queensland. Releasing the company’s half-year results on Tuesday, BHP chief executive Mike Henry said operating performance had been solid across the period, including a record half-year of production of the steel-making material iron ore from its mines in Western Australia.“We continued to make strong progress on executing our strategy, including the development of growth options.
However, after bottoming out below $US80 a tonne in October last year, iron ore prices have been rallying this month amid China’s sudden retreat from its zero-COVID strategy.
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