Despite President Donald Trump’s repeated assertions of its bright future, coal mining is a dying industry and the secret to a long life in this twilight era is accepting mortality.
BHP Billiton last week agreed to sell its U.S. shale oil and gas assets for $10.5 billion, while Rio Tinto appears on track to exit its troubled investment in the giant Grasberg copper and gold mine in Indonesia for about $3.5 billion.
He has been given more time to make a firm offer or walk away from a deal to buy out minority shareholders in Vedanta Resources for 778 million pounds ($1 billion).
BHP Billiton Ltd.’s $10.8 billion of deals to exit its troubled U.S. shale unit will allow Chief Executive Officer Andrew Mackenzie to shower investors with returns. It may also be a chance for him to bow out on top.
Adani is looking to buy mines in countries such as Indonesia and is securing financing for its Carmichael mine in Australia amid challenges from environmental groups concerned about climate change and potential damage to the Great Barrier Reef.