BHP Billiton (NYSE:BHP) won’t be taking advantage of cheaply priced coal assets amid the weak market environment, the Sydney Morning Herald reported.
As quoted in the publication:
Mike Henry, the newly minted president of BHP’s minerals operations in Australia, has warned that the coal industry’s downturn could last longer than in previous cycles.
Mr Henry told The Australian Financial Review that expanding in the coal sector was not BHP’s priority, with chief executive Andrew Mackenzie making it clear the miner is keen to add top-quality assets in copper and conventional oil if it can snare assets on the cheap from weakened competitors.
“Is our preferred path forward on coal? No,” said Mr Henry, who has responsibility for BHP’s coal, iron ore, copper and nickel assets in Australia.
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