BHP shifts focus to EVs and renewables

Global mining giant BHP Group forecasts an end to the coal era sooner than expected and is moving to commodities related to renewable energy and electric vehicles.

The Melbourne-based firm will add more nickel sulphide resources to its portfolio, chief financial officer Peter Beaven says, adding thermal coal will be phased out potentially sooner than expected.

BHP follows competitors Rio Tinto Group and Glencore Plc in questioning the future role of coal used for power generation, as investors seek more action to tackle climate change and tighten restrictions on holding companies that produce the fuel, Bloomberg

reports.

Rio sold its final coal mines last year, while Glencore aims to limit production.

BHP has previously said it will retain its Nickel West operation in Western Australia for dealing with growth in EV battery markets. Metals like lithium and cobalt, also used in EV battery production, are seen as less attractive, Beaven says.