BHP has continued its move away from thermal coal after completing its divestment of the Cerrejón thermal coal mine in Colombia.
New Hope Group is buoyed by the steadfast demand for coal in Asia, which the company says will sustain its assets going forward.
By Anthony Fensom.
Australia’s listed coal miners are back in the spotlight, with surging prices and merger and acquisition (M&A) deals providing a “generational opportunity” for growth.
BHP has divested its 80 per cent stake in BHP Mitsui Coal (BMC) to Stanmore Coal as the company targets higher quality metallurgical coal in its hunt for decarbonisation.
BHP’s iron ore production for the September 2021 quarter has declined by six per cent due to planned maintenance and ongoing labour shortages caused by COVID-19-related border closures in Australia.
As the build-up continues to the pandemic-delayed UN Climate Change Conference (COP26), all eyes – and hopefully all agendas – are on how to reach net-zero carbon emissions.
New Hope Group chief executive officer Reinhold Schmidt has credited rising Newcastle 6000 Index coal prices for pushing the company into a stronger financial position.
The Federal Government has approved Whitehaven Coal’s Vickery extension project in New South Wales, which will see an additional 135 million tonnes of coal produced at the site over a 30-year mine life.
Mineral exploration expenditure has increased by 33 per cent in the year to June 2021, according to data from the Australian Bureau of Statistics (ABS).
South32 is anticipating that its operating costs for metallurgical coal will be “moderately higher” for the 2021 financial year than its guidance of $US83 ($113) per tonne.