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June 16 (Reuters) - Global miner BHP Group Ltd (BHP) said on Thursday it would retain its New South Wales Energy Coal (NSWEC) project as it could not get a viable offer for it, after earlier announcing a two-year review process for it.
BHP has been looking to exit some of its lower-grade metallurgical coal and energy coal assets, and since divested its stakes in the BHP Mitsui Coal and Cerrejón projects over the last year.
"Mt Arthur Coal has been economically challenged for a number of years and despite a recent price strengthening, we know it is a complex pit to operate", said Adam Lancey, vice-president of NSW Energy Coal at BHP.
NSWEC includes the Mt Arthur coal operations near Muswellbrook, New South Wales.
The company will now hold on to the NSWEC project and close it down in 2030, it said, adding that closing and rehabilitating the project site is expected to take an additional 10-15 years.
It had set aside a $700 million provision for the closure of the mine as of Dec. 31, 2021.
News: BHP UPDATE 1-BHP to retain New South Wales Energy Coal project after failing to find buyer
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