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The Australian reported that BHP Billiton (NYSE:BHP) is intending to increase its production of coking coal by improving its productivity. The company will also look at new expansion options, according to the publication.
As quoted in the Australian:
BHP is keeping the coal business because of the large, expandable, low-cost assets in the portfolio, putting only the smaller Illawarra coking coal mines and South African thermal coal assets into a $US17 billion ($19bn) spin-off of non-core assets planned next year.
Mr Mackenzie has said all projects will have to compete for BHP’s investment capital, which is capped at $US14bn a year, and that preferred projects will have a rate of return of more than 20 per cent.