The miner said it was unwilling to take the steps required to satisfy Australian steel makers to get the approval of the transaction, which would have its major deal since spinning off from BHP in 2015.
Analysts expect BHP to argue that a demerged petroleum business would need to fund offshore growth projects by raising debt. It may also contend that a stand-alone division won’t have the same ability to defer production until oil prices improve.
BHP Mitsubishi Alliance (BMA) has announced it will invest over two hundred million dollars into the Bowen Basin, creating hundreds of jobs, which shows the ongoing strength of Queensland’s coal industry.
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