Top Miner BHP Sees an End to the Era of Coal
- Producer prioritizing copper, nickel, oil investment, CFO says
- Thermal coal is seen being phased out ‘sooner than expected’
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BHP Group, the world’s biggest miner, sees the outlook for thermal coal as challenged and won’t add production as it prioritizes growth in commodities tied to the shift to renewable energy and electric transport.
There’s the prospect that the material will be “phased out, potentially sooner than expected,” Chief Financial Officer Peter Beaven said in an investor presentation on Wednesday. The Melbourne-based producer has “no appetite for growth in energy coal regardless of asset attractiveness,” he said.