Published: February 15, 2021
CEO says China’s policy on coal burned to make electricity is a ‘key uncertainty’ in trade of fossil fuel
The BHP chief executive, Mike Henry, says a Chinese ban on Australian coal has added to the woes of BHP’s Mount Arthur coalmine, which the company has already written down by US$1.2bn and is trying to sell.
Writedowns of Mount Arthur and other coal assets helped drive BHP’s profit for the six months to the end of 2020 down by 20%, even as booming iron ore prices led to a rise in operating profits and a record dividend payment to shareholders.
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