BHP completes divestment of BMC interest

RNS Number : 0706K

BHP Group Limited

03 May 2022

 

NEWS RELEASE

Release Time	IMMEDIATE
Date	3 May 2022
Release number	13/22

BHP completes the divestment of its BMC interest

BHP has today completed the sale of its 80 per cent interest in BHP Mitsui Coal (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned entity of Stanmore Resources Limited (Stanmore Resources).

Stanmore Resources has paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of approximately US$200 million for working capital. US$100 million cash remains payable to BHP in six months on 3 November 2022 with potential for an additional amount of up to US$150 million in a price-linked earnout payable to BHP in the 2024 calendar year. The total cash consideration for the transaction will be up to US$1.35 billion plus the final completion adjustment amount.

Stanmore Resources is an Australian Securities Exchange listed business with operations in Queensland's Bowen Basin and has committed to oversee and operate BMC in compliance with industry best practice in relation to safety and environmental performance, as well as regulatory, community and workforce engagement.

ENDS

About BMC

BMC is an operated metallurgical coal joint venture in Queensland Australia which comprises the Poitrel and South Walker Creek operations, Red Mountain Infrastructure and the Wards Well development.

Further information on BHP can be found at: bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary
 

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