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    BHP   AU000000BHP4

BHP GROUP

(BHP)
  Report
Delayed Quote. Delayed Australian Stock Exchange - 01/25 12:10:14 am
45.03 AUD   -1.25%
01:37aBHP : Community Complaints December 2021
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Activist investor Bluebell urges Glencore to separate its thermal coal unit

11/30/2021 | 07:33am EST
FILE PHOTO: The logo commodities trader Glencore is pictured in Baar

(Reuters) - Activist investor Bluebell Capital Partners Ltd has asked miner and commodity trader Glencore Plc to separate its thermal coal business at a time when global mining firms have come under pressure to move to cleaner energy sources.

Thermal coal is not only the most polluting fossil fuel, its prices have soared recently on the back of Chinese power shortages and a European gas squeeze.

"Due to its coal business, Glencore is not an investible company for investors who place sustainability at the heart of their investment process," Bluebell said in a Nov. 8 letter to Glencore's top management.

Glencore in June bought the remaining 66% stake in the Cerrejon thermal coal mine in Colombia it did not already own from rivals BHP Group and Anglo American for $588 million. Glencore also owns thermal coal assets in Australia.

Its strategy of depleting its coal mines by mid-2040s rather than selling them, reflects a different path from other diversified miners such as BHP and Anglo American.

"Mounting pressure on financial institutions to reduce their lending and cut bond and equity underwriting to the fossil fuel industry, also pose significant risk to your (Glencore's) future access to capital," Bluebell added.

Responding to Bluebell's comments, Glencore said it engages regularly with its investors. The company has its annual investor day scheduled on Thursday.

"We are confident that our business model is uniquely placed to produce, recycle, and market the materials needed to decarbonise energy whilst reducing our own emissions and delivering value for stakeholders," a Glencore spokesman told Reuters.

(Reporting by Aby Jose Koilparambil in Bengaluru, and Clara Denina and Zandi Shabalala in London; Editing by Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -1.25% 45.03 Delayed Quote.9.88%
GLENCORE PLC -5.32% 388.25 Delayed Quote.3.55%
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Analyst Recommendations on BHP GROUP
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Financials (USD)
Sales 2022 60 821 M - -
Net income 2022 18 492 M - -
Net Debt 2022 7 594 M - -
P/E ratio 2022 8,45x
Yield 2022 8,92%
Capitalization 163 B 162 B -
EV / Sales 2022 2,80x
EV / Sales 2023 3,16x
Nbr of Employees 40 110
Free-Float -
Chart BHP GROUP
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Technical analysis trends BHP GROUP
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 32,61 $
Average target price 34,81 $
Spread / Average Target 6,75%
EPS Revisions
Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
BHP GROUP9.88%161 884
RIO TINTO PLC11.55%121 343
GLENCORE PLC9.36%72 779
ANGLO AMERICAN PLC13.71%56 555
GRUPO MÉXICO, S.A.B. DE C.V.1.08%34 349
SAUDI ARABIAN MINING COMPANY (MA'ADEN)15.80%29 886