Australian miner BHP Billiton has announced that it will sell its 80 percent interest in its metallurgical coal joint venture BHP Mitsui Coal (BMC) to Australia-based Stanmore SMC to focus on producing higher quality metallurgical coal sought after by global steelmakers to help increase efficiency and lower emissions.
The transaction which is worth US$1.35 billion is scheduled to be completed in mid-2022.
BHP will continue to operate BMC until completion.
