Looking to buy BHP Group Ltd (ASX: BHP) shares? You might be interested to learn of rumours regarding a potential $2 billion asset sale. Making the whispers more interesting, other ASX miners could be waiting in the wings to snap up the discarded assets.
Right now, the BHP share price is 0.8% higher at $44.29.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has dropped 0.41% today while the S&P/ASX 200 Materials Index (ASX: XMJ) is up 0.74%.
Let's take a closer look at the $2 billion sale apparently on the table at the iron ore giant.
Own BHP shares? The miner may be considering a $2b sale
Plenty of eyes are likely on BHP shares today amid rumours the company is gearing up to offload two of its coal mines.
The mining goliath is understood to have tapped UBS to sell its Blackwater and Daunia coal mines, The Australian reports.
Both mines are located in Queensland's Bowen Basin and are said to collectively command a $2 billion valuation.
It follows what could ultimately be a US$1.35 billion sale of its 80% interest in BHP Mitsui Coal earlier this year. That business was snapped up by All Ordinaries Index (ASX: XAO) coal producer Stanmore Resources Ltd (ASX: SMR).
The publication claims the potential sale of the two Queensland mines could mark another step in BHP's spin towards the energy transition.
Meanwhile, shares in BHP takeover target OZ Minerals Limited (ASX: OZL) are in a trading halt today pending news of a "change of control transaction" for the copper miner. All eyes will likely be on the ASX 200 miners as the market waits to hear more juicy details in coming days.
The potential sale of the Blackwater and Dauina mines was recently anticipated by Glenmore Asset Management's Robert Gregory. The fundie wrote, via Livewire, earlier this month:
We believe it is likely that BHP will also look to divest its Daunia and Blackwater mines at some stage and [Stanmore Resources] would be a strong candidate for both.
It's also worth noting Stanmore's Poitrel mine is mere kilometres from BHP's Dauina mine.
ASX 200 coal stock Coronado Global Resources Ltd (ASX: CRN) has also been flagged by media as a potential buyer. Its Curragh complex is located nearby the Blackwater mine.
