Australia’s national investment fund makes first bet on mining
Australia’s National Reconstruction Fund will invest $26 million to boost mining equipment manufacturing in the state of Queensland.
BHP Group remains committed to metallurgical coal used in steel making, even as it sells its petroleum business and looks to exit thermal coal, Chief Executive Mike Henry said on Tuesday.
“We do believe that the thematic of carbonisation will support certain types of coal for the foreseeable future,” Henry told reporters after BHP reported its best profit in nearly a decade.
“The ability to produce steel without some kind of coal whatsoever is going to take some time to unfold. In the interim, steel mills are going to need to move to more efficient production that will require high quality coking coal,” he said.
(By Melanie Burton; Editing by Kirsten Donovan)
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