BHP’s fossil fuel-free push gets Chile reception

  • 8/20/2021
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MELBOURNE, Aug 20 (Reuters Breakingviews) - This was supposed to be Mike Henry’s big week. On Tuesday the BHP (BHP.AX) boss unveiled an overhaul including a $14 billion-odd sale of its oil and gas division read more to Woodside Petroleum (WPL.AX) as he tries to focus the miner on cleaner “future-facing commodities” like potash and metals for electric vehicles. Shareholders, though, have nixed some 15% of the company’s market value since the news. Now Chile is dinging BHP for poor water use at a copper mine. A court has ordered the Melbourne-based company to cease pumping groundwater for its Cerro Colorado operations in the country’s northern desert after years of complaints from indigenous communities. Water issues in the increasingly arid state make mining the red metal costly: BHP has already spent more than $4 billion on a desalination plant at another of its properties, while Barrick Gold(ABX.TO) had to close a $5 billion project on environmental concerns. This latest chastisement in Chile marks a poor start to Henry’s push for a cleaner company. (By Antony Currie) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Sydney Airport fails to upgrade buyout defence read more Robinhood users’ diamond hands read more Amazon steps closer to modern Sears GlobalFoundries IPO would give Arm a leg up read more Sea’s high tides have a mild drag read more

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