BHP to buy Angle American Coal Mines in Queensland - Surely Not
Following on from the failed takeover of Anglo American by BHP and the subsequent talk of Anglo American divesting their coal mines in Queensland there have been some suggestions that BHP would be a top contender.
If BHP were to buy those mines it would be a backflip of epic proportions. Just last year BHP were furious about the change to coal royalties and wanted to send a clear message to the Queensland Government that they wouldn't be making significant new investments there. If they were to now get involved in buying mines in Queensland then their credibility would be shot and any government would know that they can just anger the mining industry with more royalties but it's nothing to worry about as they are all talk and will be back soon enough anyway. I just couldn't see BHP doing this as it has a risk that other governments will follow the lead from Queensland. Less than a year ago in the BHP annual report in August they wrote the following:
While we intend to continue to invest in the productivity of our existing assets,
BMA is not making significant new investments in Queensland given the
changes to the royalty regime imposed by the State Government in FY2023,
which have increased risk and reduced competitiveness of investments in
the state
Interesting times ahead if Anglo American go out to market to offer these mines but it's still and if up until the for sale signs come out.
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