BHP Completes Sale of Another 2 Queensland Mines

BHP announced the proposed sale after it said it would no longer invest in further growth in Queensland due to the state’s significantly high coal royalties.

BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company's logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo

BHP and Mitsubishi Development, through their joint venture BHP Mitsubishi Alliance, have completed the sale of its Blackwater and Daunia coal mines in Queensland to Whitehaven Coal in a deal expected to be worth up to US$4.1 billion (AU$6.3 billion).

“This is a significant milestone for Whitehaven that transforms us into a leading metallurgical coal producer and will deliver benefits for all of our stakeholders,” Whitehaven Coal CEO Paul Flynn said.