BHP and Mitsubishi equalise metallurgical coal interests

BHP and Mitsubishi Development announced an agreement to move to equal ownership of their interests in the Central Queensland Coal Associates (CQCA) and Gregory Joint Ventures (JVs).

Staff Reporter

BHP said the equalisation was a further step in the metallurgical coal strategic alliance BHP and Mitsubishi announced when QCT Resources was bought last year. It follows the announcement of plans to integrate the CQCA Blackwater mine with the QRL South Blackwater mine.

The agreement will result in a transfer of 18.285% of the CQCA JV and 30.325% of the Gregory JV from BHP to Mitsubishi for $1.005 billion.