Energy transition and ESG were cited as key issues by the chief executives of Rio Tinto and BHP in their conversations with analysts in late February. The big bosses of resources companies typically "do the rounds" with investors following the release of their latest financial reports. High iron ore prices resulted in a very tidy set of accounts, meaning the execs were not on the defensive and could just discuss what was top of mind. A couple of things stood out: BHP's Mike Henry said the miner expected its metallurgical coal division to be around for at least another two decades. BHP has divested or looked to divest thermal and lower quality met coal assets as part of its decarbonization efforts. Rio Tinto is already out of the coal business. Given investor antipathy and carbon neutral targets, another 20 odd years may be all that met coal has left.
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