Whitehaven confirms it is ready to take a run at BMA mines
Whitehaven has confirmed it is in the race for the Daunia and Blackwater mines in central Queensland.
BHP is selling the Daunia and Blackwater mines (Pic: BHP)
The two mines are currently a part of the BMA joint venture (BHP and Mitsubishi Alliance) and are expected to net about $5 billion.
Whitehaven is far from alone. Yancoal, BUMA and Coronado have also been named as being interested in the two mines.
Binding bids were made last month.
Whitehaven told the ASX that its share buyback had been suspended while it considered its capital allocation framework in light of growth opportunities.
“Whitehaven confirms that those opportunities include the Daunia and Blackwater mines,” the company said.
“The board will make a decision regarding resumption of the share buyback at the appropriate time.”
However, BMA is offloading the two mines because they are not high quality. It said the State Government’s royalty hike had also been a factor.
