BHP to shut coal mine, cut 750 jobs

* Australian mining giant BHP Group (NYSE:BHP [https://seekingalpha.com/symbol/BHP]) is set to shut down one of its coal mines that it runs with Japan’s Mitsubishi Corp. (OTCPK:MSBHF [https://seekingalpha.com/symbol/MSBHF]) and lay off roughly 750 workers as it struggles with soft coal prices and high royalty rates.
* According to several media reports, BHP will, from November, suspend the Saraji South mine, part of the Saraji Mine Complex run by BHP Mitsubishi Alliance.
* The BMA joint venture is Australia's largest exporter of steelmaking coal, which the companies ship mostly to mills across Asia.
* The company said that it is unsustainable for BMA to keep mining lower-margin areas of its pits under current conditions.
* BHP will also conduct a strategic review of the BHP FutureFit Academy in the city of Mackay.

MORE ON BHP GROUP

* BHP: Future-Focused Mining Giant To Buy Now [https://seekingalpha.com/article/4803979-bhp-future-focused-mining-giant-to-buy-now]
* BHP Group: Supportive Production, But Heavy CAPEX Ahead, Still Neutral [https://seekingalpha.com/article/4802510-bhp-group-supportive-production-but-heavy-capex-ahead-still-neutral]
* Canada says Anglo-Teck merger needs clearer benefits [https://seekingalpha.com/news/4495370-canada-says-anglo-teck-merger-needs-clearer-benefits]
* BHP to pay $72.5M to settle Samarco class action over 2015 dam collapse [https://seekingalpha.com/news/4493449-bhp-to-pay-72_5m-to-settle-samarco-class-action-over-2015-dam-collapse]
* Seeking Alpha’s Quant Rating on BHP Group [https://seekingalpha.com/symbol/BHP/ratings/quant-ratings]