Coal miner Whitehaven Coal has confirmed it was ‘participating in the sale process’ initiated by the BHP Mitsubishi Alliance (BMA) over the Duania and Blackwater metallurgical coal mines in Queensland. Diversified miner BHP has previously flagged plans to divest of the Daunia and Blackwater coal mines as BMA would focus its coal portfolio on the highest quality metallurgical coal assets.
PERTH – Coal miner Whitehaven Coal has confirmed it was ‘participating in the sale process’ initiated by the BHP Mitsubishi Alliance over the Duania and Blackwater metallurgical coal mines in Queensland.
Diversified miner BHP has previously flagged plans to divest of the Daunia and Blackwater coal mines as BMA would focus its coal portfolio on the highest quality metallurgical coal assets. BHP said at the time that while being high quality assets with growth potential, the Daunia and Blackwater mines would struggle to compete for capital under BHP’s capital allocation framework, including given its choices for deploying capital globally.
The miner said at the time that it was seeking to divest these assets to an operator who is more likely to prioritise the necessary investments for continued successful operation.“As communicated in Whitehaven’s 2023 financial results announcement in August, Whitehaven’s share buy-back has been temporarily suspended while the Company is considering application of its capital allocation framework in light of growth opportunities.
The board will make a decision regarding resumption of the share buy-back at the appropriate time, it added.
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