BHP considered spinning off iron ore, coal

BHP Group considered spinning off its Australian iron ore and coal divisions as part of a medium-term growth strategy, said Reuters on Thursday citing three sources with knowledge of the matter.As part of a planned focus on future-facing commodities potash and copper, BHP weighed separating out the divisions, as it did with South32 in 2015, with an Australian listing most likely before management decided not to go ahead, said Reuters.The consideration was underway as BHP was pushing hard to green its business and preparing its bid for Anglo American in 2023 and 2024, before it was shelved. BHP declined to comment on Reuters article.Such a move would radically reshape BHP, divorcing it from more than half a century of iron ore mining in Australia, where it was incorporated in 1885. Iron ore accounts for approximately 60% of its profits, said the newswire. Unbundling coal with iron ore would also remove the bulk of its carbon exposure.BHP would, however, keep its South Australian copper assets, backing its strategy to be a leading supplier of the metal needed for the energy transition.While BHP opted not to progress with its plans for now, the discussions are an insight into the scale of transformation the miner would consider as it recalibrates its future direction with a change in senior leadership, said Reuters.The post BHP considered spinning off iron ore, coal appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com