BHP Group Ltd/BHP Group Plc
BHP
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exclusion reason
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
BHP Group is a diversified mining company that remains one of the world's largest producers of metallurgical coal through the BHP Mitsubishi Alliance (BMA). BMA operates five mines in Queensland, Australia, producing approximately 17.8 million tonnes of steelmaking coal in FY2025. BHP has positioned BMA as a supplier of premium hard coking coal for blast furnace steelmaking. Per BHP's FY2025 operational review, coal equity sales production has fallen 58% over the past decade as the company divested lower-quality assets, but the remaining portfolio still generated US$1.65 billion in energy coal revenue in FY2025, with BMA posting a 17% EBITDA margin.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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