BHP Starts Review of Coal Mines: Australia Briefing

Good morning from Canberra, where it’s already getting a bit chilly as we head into winter. US Vice President JD Vance is scheduled to head back to Pakistan today for more talks with Iran, as both sides continue to blockade the Strait of Hormuz and threaten each other. Oil prices dropped this morning on signs that Iran will also attend.

And later today, the Australian Senate will start hearings on a proposed tax on gas exports, with the Greens pushing for a hike to take advantage of the windfall profits energy companies are getting from the war. Industry is opposed (as you’d expect) but with the government needing more revenue to pay for defense, the cut in the fuel tax and other programs, it’s an idea that is gaining momentum. - James Mayger, reporter in Canberra

BHP has started reviewing and ranking the financial health of all its coal mines in Queensland, according to people within the joint venture who asked not to be named because the process is not public. The firm shut one of its mines in the state last year and along with Japanese partner Mitsubishi, has said that the none of the pits are profitable.