BHP Signs Renewables Deal in Chile; to Record $780 Million Provision on Coal Contracts
20 Octubre 2019 - 6:41PM
Noticias Dow Jones
By Rhiannon Hoyle
SYDNEY--BHP Group Ltd. (BHP.AU) said it has signed four new
renewable-power agreements to meet energy demand for its Chilean
copper operations and will record a roughly US$780-million
provision linked to the cancellation of existing coal
contracts.
BHP said the new renewable energy contracts for its Escondida
and Spence mines in Chile will be value accretive even including
the provision, which will be recognized in its financial results
for the first half of fiscal 2020.
"These new renewable energy contracts will increase flexibility
for our power portfolio and will ensure security of supply for our
operations, while also reducing costs and displacing CO2
emissions," Daniel Malchuk, president of BHP Minerals Americas,
said in a statement. The four contracts are estimated to reduce
energy prices for the two operations by roughly 20%, he said.
The separate contracts agreed by Escondida and Spence include
10- and 15-year terms with ENEL Generación Chile and Colbun, and
are due to start early next decade, BHP said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 20, 2019 19:26 ET (23:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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