BHP Group (ASX:BHP) explored the separation of its Australian iron ore and coal units, including a potential listing, as part of the mining giant's medium-term growth strategy of focusing on potash and copper, Reuters reported Wednesday, citing three people familiar with the matter.
Talks of a spin-off were underway amid the company's efforts to lower its carbon emissions and its takeover bid for Anglo American in 2023 and 2024, Reuters said.
BHP's South Australian copper assets were excluded from such discussions, per the report.
In the end, the company decided to abort the plan as the revenue generated from the two units was necessary to fund the Escondida copper complex in Chile and the Jansen potash development in Canada, according to Reuters.
BHP did not immediately respond to a request for comment by MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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