BHP sells out of coking coal mines it jointly owns with Mitsui

Australian miner aims to decarbonize but Japanese trader will keep investment

BHP will sell its 80% stake in BHP Mitsui Coal for up to $1.35 billion, while Mitsui & Co. will keep the remaining 20%. (Source photos by Reuters and screenshot from BHP's website)

FUMI MATSUMOTO, Nikkei staff writer

November 8, 2021 18:44 JST

SYDNEY -- BHP Group on Monday announced it has signed a deal to sell out of coking coal mines in Australia amid a global push for decarbonization.

BHP will sell its 80% stake in BHP Mitsui Coal to Stanmore SMC Holdings, an Australian resource company, for up to $1.35 billion. The remaining 20% will be kept by Mitsui & Co. The sale is expected to complete in the middle of 2022.