BHP Group Ltd., the world's largest mining company, intends to retain its remaining metallurgical coal assets after concluding the current sales process, citing a positive outlook for higher-quality raw materials.

BHP is actively working on divesting its interests in the Daunia and Blackwater sites in Queensland, with both operations held in a joint venture with Mitsubishi Corp. The stakes in these ventures are valued at approximately $4.2 billion, according to Liberum Capital Ltd.

Johan van Jaarsveld, BHP's Chief Development Officer, emphasized that the assets left behind are among the best metallurgical coal assets globally and are in close proximity to China. While BHP reviews its portfolio annually, there are presently no plans to sell additional assets. The company's joint venture also holds stakes in five other Queensland operations, and BHP intends to continue operating its last thermal coal mine until around 2030.

Steel producers worldwide are striving to reduce greenhouse gas emissions and eventually replace metallurgical coal with cleaner processes. However, they anticipate that metallurgical coal will continue to play a significant role for several more decades.

BHP believes that hard, high-quality coking coal remains a strong market with promising prospects.

In addition to the coal assets, BHP recently completed a $6 billion takeover of OZ Minerals Ltd. to expand its copper and nickel assets in Australia. The company is currently reviewing the future of its operations in Brazil, although these assets are not on the market.

BHP is cautious about pursuing further major acquisitions and sees greater potential in creating value through the improvement of existing operations and exploration activities.