EVEN the big rise in global coal prices has not been enough to stop a river of red ink through BHP's Mount Arthur coalmine in the company's annual results for the year to June 30.
COAL: The big focus last night was on the oil and gas spinoff, but the focus will intensify on BHP's coal holdings, and who will pay the clean-up bill when the mines it sells are finally shuttered.
The results posted just before 5pm yesterday to coincide with a morning announcement in London were dominated by the Big Australian's divestment of its oil and gas assets into a new stand-alone company with Woodside Petroleum.
BHP said the new company would emerge from an all-stock transaction with BHP shareholders holding 52 per cent and Woodside 48 per cent of the new company valued at $41 billion.
The merger has been mooted for months, with BHP under pressure from climate-concerned activist investors to get out of fossil fuels.