BHP commits to selling its thermal coalmines within two years

Move follows pressure from investors but company stops short of full exit from coalmining

BHP has announced it plans to sell off its thermal coalmines within two years as part of moves by the global mining giant to ready itself for a low-carbon future.

The move stops short of a complete exit from coalmining because BHP will retain its stake in a venture that produces the higher coking coal used to make steel. BPH said coking, or metallurgical, coal will be in higher demand in coming years as steelmakers clean up their processes.